South Korea's economy shrank one-point-three percent in the first quarter amid the COVID-19 pandemic, marking the slowest growth in about eleven years.
According to tentative data by the Bank of Korea on Tuesday, the country's real gross domestic product(GDP) contracted one-point-three percent in the January-March period from three months earlier.
The figure is point-one percentage point lower than the one-point-four percent contraction in advance data.
From the same period last year, the country's real GDP expanded one-point-four percent in the first quarter, also point-one percentage point higher than the preliminary estimate.
Additionally, the country's gross national income decreased point-eight percent on-quarter in the cited period.
The central bank predicted the second quarter figure would be even gloomier, estimating a contraction in the low- or mid-two percent range for the April-June period.