BUSINESS S. Korea's real GDP contracts 0.4 pct in Q4 on quarter


S. Korea's real GDP contracts 0.4 pct in Q4 on quarter


11:30, January 26, 2023

SEOUL, Jan. 26 (Xinhua) -- South Korea's real gross domestic product (GDP), adjusted for inflation, contracted 0.4 percent in the fourth quarter of 2022, compared to the previous quarter, Bank of Korea data showed Thursday.

Tourists visit the Gyeongbokgung Palace in snow in Seoul, South Korea, Dec. 3, 2022. (File photo: Xinhua)

It marked the first fall in 10 quarters since the second quarter of 2020 when the outbreak of the COVID-19 pandemic roiled the Asian economy.

Private consumption retreated 0.4 percent in the October-December quarter from three months earlier.

Facility investment grew 2.3 percent in the fourth quarter, while export declined by 5.8 percent as fast interest rate hikes in major economies boosted worries about global economic downturn.

Fiscal spending expanded 3.2 percent, and investment in the construction sector rose 0.7 percent in the cited quarter.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue