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S. Korea's economy contracts 0.2 percent in second quarter

[25/07/2024 11:50]

SEOUL-SABA
South Korea's economy retreated in the second quarter of the year as weaker domestic demand clouded recovery prospects, despite robust exports, S. Korean News Agency (Yonhap) reported.

The country's real gross domestic product -- a key measure of economic growth -- contracted 0.2 percent on-quarter in the April-June period, according to preliminary data from the Bank of Korea (BOK).

The second-quarter figure compares with the 1.3 percent on-quarter expansion in the January-March period, which marked the highest since the fourth quarter in 2021, when the economy expanded 1.4 percent.

On a yearly basis, South Korea's economy advanced 2.3 percent in the second quarter, slowing from 3.3 percent growth for the first quarter of the year.

Earlier this month, the central bank held its key interest rate steady at 3.5 percent for the 12th straight time amid moderating inflation and high household debt, according to Yonhap.