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South Korea revised Q2 GDP contracts 3.2 pct

Christian Fernsby ▼ | September 1, 2020
South Korea's revised real gross domestic product (GDP), adjusted for inflation, contracted 3.2 percent in the second quarter from the previous quarter, central bank data showed Tuesday.
South Korea
Revised   South Korea
It was 0.1 percentage point higher than a 3.3-percent contraction announced in July, according to the Bank of Korea (BOK). The real GDP declined 1.3 percent in the first quarter from three months earlier.

Topics: South Korea

From a year earlier, the second-quarter GDP retreated 2.7 percent, 0.2 percentage points higher than the preliminary figure. It was the lowest since the fourth quarter of 1998 when the foreign exchange crisis roiled the economy.

During the April-June quarter, export declined 16.1 percent on a quarterly basis owing to an economic fallout from the coronavirus outbreak across the world.

Private consumption grew 1.5 percent in the second quarter from three months earlier thanks to the government's offer of relief grants to households in May. Almost 90 percent of the relief grants was spent within two months.

Facility investment fell 0.5 percent in the cited quarter, with investment in the construction sector sliding 1.5 percent.

By industry, production in the manufacturing industry slumped 8.9 percent during the second quarter, marking the lowest in 57 years since the second quarter of 1963.

Output in the services industry lost 0.9 percent in the second quarter, while production in the agricultural, forestry and fishery sector diminished 9.5 percent in the quarter.