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S. Korea's real GDP down 1.3% q/q in Q1 amid COVID-19 Updated: 2020-06-02 17:08:23 KST

South Korea has seen its economy shrink in the first quarter of this year amid the COVID-19 pandemic.
The Bank of Korea announced on Tuesday that South Korea's preliminary real gross domestic product fell 1.3 percent on-quarter from January to March.
That's the lowest figure since the fourth quarter of 2008.
The latest figure, however, is actually point-1 percentage points higher than the BOK's earlier estimate.
The manufacturing sector shrunk by one-percent, while services contracted 2.4 percent.
Private consumption plunged over 6-percent.
The central bank expects an even larger contraction in the second quarter.

"Considering today's first quarter growth of minus 1.3 percent, we expect growth for the second quarter to be a little worse than minus 2-percent."

Meanwhile, real gross national income shrunk by point-8 percent on-quarter during the first three months of the year.
It seems COVID-19 has affected the country's overall economic growth in that period.

The central bank also released data on the same day showing that gross national income per capita was tallied at 32,115 U.S. dollars last year, down over 4 percent on-year.
That's actually the biggest decline in around a decade.
The bank said it was mainly because of low growth and a weaker Korean Won.

South Korea's consumer price index was down point-3 percent on-year in May, posting the first negative growth in eight months.
Statistics Korea attributed the contraction to falling oil prices and lower public service costs.
Petroleum product prices plunged over 18 percent, while industrial goods prices fell 2 percent.
The price of agriculture and fishery products, however, went up by around 3 percent.
Yoon Jung-min, Arirang News.
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