In annual terms, South Korea’s GDP in April-June decreased by 2.9% after rising 1.4 percent three months earlier.
Gross domestic product (GDP) of South Korea in the second quarter of 2020 decreased by 3.3% compared with the previous three months. It is reported Nikkei, citing preliminary data from the Bank of Korea on Thursday, 23 July.
In the first quarter of this year the economy contracted by 1.3%. Thus, the South Korean economy went into recession for the first time since 2003. The fall in GDP was the highest since 1998.
In annual terms, GDP in April-June decreased by 2.9% after rising 1.4 percent three months earlier.
While analysts had expected a smaller decline to 2.3% QoQ and 2% yoy, according to data from TradingEconomics.
The export of South Korea in the last quarter fell by a maximum in 1963 to 16.6%, imports decreased by 7.4%.
Consumer spending rose by 1.4%. This is due to the increase in spending on durable goods.
Earlier it was reported that China’s economy returned to growth in the second quarter of 2020, after a historic decline in the previous three months.