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Korean economy shrinks revised 0.4 pct in Q1: BOK

All News 08:00 June 04, 2019

SEOUL, June 4 (Yonhap) -- South Korea's economy shrank at a faster rate in the first quarter than earlier expected, the central bank said Tuesday, due to sluggish investment and exports that are expected to further deteriorate on escalating trade tension between the U.S. and China.

The country's real gross domestic product (GDP) backtracked 0.4 percent in the first quarter of the year from three months earlier, the Bank of Korea said.

The latest revision is lower than the central bank's earlier estimate of a 0.3 percent contraction made in April.

From the same period last year, Asia's fourth-largest economy expanded 1.7 percent, also lower than the 1.8 percent earlier estimated.

The on-quarter contraction was largely attributed to a dip in manufacturing output, which plunged 3.3 percent on decreases in production of computers, electronics and optical equipment, the bank said.

Exports also dipped 3.2 percent on-quarter in the January-March period, and business spending also plummeted 9.1 percent over the cited period, according to the BOK.

South Korea's exports have been falling for six consecutive months as of May, with its shipments to China, the world's single largest importer of South Korean goods, dipping for seven consecutive months.


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