South Korea’s Economic Contraction

SEOUL (Reuters) – South Korea’s economy shrank by 0.2% in the second quarter, according to revised central bank data released on Thursday. This figure remains unchanged from the advance estimate released in July.

This contraction marks the sharpest quarterly decline since the fourth quarter of 2022 when the economy contracted by 0.5%.

On an annual basis, the gross domestic product (GDP) increased by 2.3% in the April-June quarter, which is weaker than the 3.3% growth recorded in the first quarter.