Biggest GDP fall in South Korea

Biggest GDP fall in South Korea

Agency News

South Korea said its economy shrank 1.4 percent during the first three months of the year, the worst contraction since late-2008, reflecting the enormous shock unleashed by the coronavirus on domestic demand and trade.

The Bank of Korea said domestic consumption decreased 6.4 percent from the previous quarter as people, while staying at home to avoid virus transmissions, spent less on restaurants, leisure activities, clothing and cars.

Amid worldwide lockdowns, exports shrank 2 percent despite a seasonal rebound in shipments of semiconductors, one of the country's major export items.