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S. Korean economy shrinks revised 3.2 pct on-quarter in Q2: BOK

All News 08:00 September 01, 2020

SEOUL, Sept. 1 (Yonhap) -- South Korea's economy shrank at a slower-than-estimated pace in the second quarter from three months earlier amid the COVID-19 pandemic, central bank data showed Tuesday.

The country's real gross domestic product (GDP) contracted 3.2 percent in the April-June period from the previous quarter, according to preliminary data from the Bank of Korea (BOK).

The 3.2 percent contraction marks the biggest on-quarter drop since a 3.3 percent retreat posted in the last three months of 2008, it noted.

But the reading marks a slight increase from an earlier estimate of a 3.3 percent contraction estimated in July and compares with a 1.3 percent decrease in the first quarter of the year, the data showed.

From a year earlier, the local economy shrank 2.7 percent in the second quarter, compared with a 1.4 percent on-year expansion in the previous quarter.

S. Korean economy shrinks revised 3.2 pct on-quarter in Q2: BOK - 1

entropy@yna.co.kr
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