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Korean economy shrinks 1.4 pct in Q1 amid virus fallout, sharpest contraction since 2008

All News 08:00 April 23, 2020

SEOUL, April 23 (Yonhap) -- South Korea's economy shrank 1.4 percent on-quarter in the first quarter of this year, as the coronavirus pandemic crippled industrial output, consumer spending and job markets, the Bank of Korea (BOK) said Thursday.

It marked the sharpest quarterly contraction since the fourth quarter of 2008, when the nation's economy sank 3.3 percent on-quarter.

The first-quarter gross domestic product, however, was above market expectations. A survey conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency, had expected the nation's economy to contract 1.81 percent in the quarter.

In the fourth quarter of last year, Korea's economy grew 1.3 percent.

On an annual basis, South Korea's economy added 1.3 percent in the first quarter, marking the weakest growth since the third quarter of 2009, when the economy increased 0.9 percent.

Private consumption sank 6.4 percent on-quarter in the first quarter, marking the sharpest decline since the first quarter of 1998, when it plunged 13.8 percent.

Korean economy shrinks 1.4 pct in Q1 amid virus fallout, sharpest contraction since 2008 - 1

kdh@yna.co.kr
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