S. Korea's real GDP contracts 0.4 pct in Q4 on quarter
South Korea's real gross domestic product (GDP), adjusted for inflation, contracted 0.4 percent in the fourth quarter of 2022, compared to the previous quarter, Bank of Korea data showed Thursday.
It marked the first fall in 10 quarters since the second quarter of 2020 when the outbreak of the COVID-19 pandemic roiled the Asian economy.
Private consumption retreated 0.4 percent in the October-December quarter from three months earlier.
Facility investment grew 2.3 percent in the fourth quarter, while export declined by 5.8 percent as fast interest rate hikes in major economies boosted worries about global economic downturn.
Fiscal spending expanded 3.2 percent, and investment in the construction sector rose 0.7 percent in the cited quarter.
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!