S. Korea's GDP shrinks 0.4% in Q1, worse than earlier estimate
- 5 years ago
South Korea's economy shrank more than previously estimated in the first three months of 2019.
According to the Bank of Korea's revised figures, GDP decreased by zero-point-four percent in the first quarter, down from the previously estimated drop of zero-point-three percent.
It's South Korea's worst quarterly GDP since the 2008 global financial crisis.
Construction investment and exports fared worse than estimated.
Exports plunged more than three percent on lower shipments of semiconductors and LCDs.
Construction investment shrank zero-point-eight percent, and facilities investment dropped nine percent, driven by decreases in machinery and transportation equipment. On-year, GDP grew 1-point-seven percent, but real gross national income fell zero-point-three percent.
According to the Bank of Korea's revised figures, GDP decreased by zero-point-four percent in the first quarter, down from the previously estimated drop of zero-point-three percent.
It's South Korea's worst quarterly GDP since the 2008 global financial crisis.
Construction investment and exports fared worse than estimated.
Exports plunged more than three percent on lower shipments of semiconductors and LCDs.
Construction investment shrank zero-point-eight percent, and facilities investment dropped nine percent, driven by decreases in machinery and transportation equipment. On-year, GDP grew 1-point-seven percent, but real gross national income fell zero-point-three percent.