S. Korean economy shrinks 1.4% q/q in Q1; sharpest decline since 2008 global financial crisis
Arirang News
2020-04-23
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1분기 성장률 -1.4%, 11년 만에 최저...코로나 충격 가시화
We start with the big economic news of the day...
It has been confirmed that South Korea posted its biggest economic contraction since the 2008 global financial crisis in the January to March period.
Self-isolation and COVID-19 health concerns took a sledgehammer to domestic consumption... and forced thousands upon thousands of businesses to close.
Yoon Jung-min reports.
South Korea's economy has suffered its biggest drop in over 11 years,... a hit not seen since the fourth quarter of 2008... when the world economy was reeling from the global financial crisis.
The Bank of Korea revealed Thursday that South Korea's preliminary first quarter GDP growth was down 1-point-4 percent from the previous quarter.
On-year, the country's GDP edged up 1-point-3 percent, but that's also the lowest growth in around a decade.
Private consumption fell 6-point-4 percent,... as goods and services were hammered by the COVID-19 outbreak.
Growth for South Korea's wholesale, retail, food and accommodation sectors fell over 6 percent,... while transportation plunged over 12 percent.
Government spending edged up point-9 percent.
Construction investment expanded 1-point-3 percent,... while facilities investment was up point-2 percent.
South Korea's exports were down 2 percent,... due mainly to lower shipments of automobiles, machinery and chemical products.
However, semiconductor exports were up.
Imports dropped over 4 percent,... due mostly to cheaper oil and fewer imported cars coming into the country.
On the same day, South Korea's Finance Minister Hong Nam-ki said there's a rising possibility the real economy and job market experience shocks during and after the second quarter due to the worsening global recession.
Hong said a recovery in investment and exports since the end of last year somewhat cushioned a sharp decline for South Korea's GDP growth in the first quarter.
He added the government will do its utmost to ensure domestic consumption and exports pick up in the second half,... despite looming downside risks.
The finance ministry is expected to focus on boosting South Korea's job numbers in April and May.
In June, the South Korean government will announce its economic policies for the second half of the year.
Yoon Jung-min, Arirang News.
We start with the big economic news of the day...
It has been confirmed that South Korea posted its biggest economic contraction since the 2008 global financial crisis in the January to March period.
Self-isolation and COVID-19 health concerns took a sledgehammer to domestic consumption... and forced thousands upon thousands of businesses to close.
Yoon Jung-min reports.
South Korea's economy has suffered its biggest drop in over 11 years,... a hit not seen since the fourth quarter of 2008... when the world economy was reeling from the global financial crisis.
The Bank of Korea revealed Thursday that South Korea's preliminary first quarter GDP growth was down 1-point-4 percent from the previous quarter.
On-year, the country's GDP edged up 1-point-3 percent, but that's also the lowest growth in around a decade.
Private consumption fell 6-point-4 percent,... as goods and services were hammered by the COVID-19 outbreak.
Growth for South Korea's wholesale, retail, food and accommodation sectors fell over 6 percent,... while transportation plunged over 12 percent.
Government spending edged up point-9 percent.
Construction investment expanded 1-point-3 percent,... while facilities investment was up point-2 percent.
South Korea's exports were down 2 percent,... due mainly to lower shipments of automobiles, machinery and chemical products.
However, semiconductor exports were up.
Imports dropped over 4 percent,... due mostly to cheaper oil and fewer imported cars coming into the country.
On the same day, South Korea's Finance Minister Hong Nam-ki said there's a rising possibility the real economy and job market experience shocks during and after the second quarter due to the worsening global recession.
Hong said a recovery in investment and exports since the end of last year somewhat cushioned a sharp decline for South Korea's GDP growth in the first quarter.
He added the government will do its utmost to ensure domestic consumption and exports pick up in the second half,... despite looming downside risks.
The finance ministry is expected to focus on boosting South Korea's job numbers in April and May.
In June, the South Korean government will announce its economic policies for the second half of the year.
Yoon Jung-min, Arirang News.
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