S. Korean economy shrinks in Oct.-Dec. for 1st time in 10 quarters

Published by
Kyodo News

South Korea’s economy shrank a real 0.4 percent in the October to December period from the preceding three months, marking the first contraction since the second quarter of 2020, central bank data showed Thursday. The first quarterly contraction since the early phase of the coronavirus pandemic resulted mainly from a 0.4 percent fall in private consumption amid high inflation and a 5.8 percent decrease in exports, such as semiconductors and chemical products. Capital spending grew 2.3 percent, slowing from a 7.9 percent increase in the July to September period, amid a surge in materials prices…

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