S. Korea's economy shrinks in Q1 amid COVID-19
- 4 years ago
1분기 성장률 -1.3%, 국민소득 -0.8%...5월 소비자물가 0.3%하락
Our starting point this afternoon.
South Korea’s economy contracted in the first quarter of this year compared to the previous quarter.
That's slightly better than previous estimates, but the central bank said it’s still the slowest growth in over a decade amid growing economic uncertainties stemming from the COVID-19 pandemic.
For more, we have our business correspondent Yoon Jung-min on the line for us.
Jung-min, talk us through the latest figures.
Mark, the Bank of Korea says South Korea's real gross domestic product fell 1-point-3 percent on-quarter from January to March.
But, that latest figure is actually point-1 percentage points higher than the BOK's earlier estimate.
The manufacturing sector shrunk by one-percent,... while services contracted 2-point-4 percent.
Private consumption plunged over 6-percent.
Meanwhile, real gross national income contracted 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 this morning showing that gross national income per capita was tallied at 32-thousand-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.
On top of that, the country's key measure of inflation edged down point-3 percent in May the first decline in 8-months.
And this too, is largely because of the COVID-19 pandemic...
That's right. 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 declined 2 percent.
The price of agriculture and fishery products, however, went up around 3 percent.
That's all from me at this hour. Mark.
Our starting point this afternoon.
South Korea’s economy contracted in the first quarter of this year compared to the previous quarter.
That's slightly better than previous estimates, but the central bank said it’s still the slowest growth in over a decade amid growing economic uncertainties stemming from the COVID-19 pandemic.
For more, we have our business correspondent Yoon Jung-min on the line for us.
Jung-min, talk us through the latest figures.
Mark, the Bank of Korea says South Korea's real gross domestic product fell 1-point-3 percent on-quarter from January to March.
But, that latest figure is actually point-1 percentage points higher than the BOK's earlier estimate.
The manufacturing sector shrunk by one-percent,... while services contracted 2-point-4 percent.
Private consumption plunged over 6-percent.
Meanwhile, real gross national income contracted 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 this morning showing that gross national income per capita was tallied at 32-thousand-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.
On top of that, the country's key measure of inflation edged down point-3 percent in May the first decline in 8-months.
And this too, is largely because of the COVID-19 pandemic...
That's right. 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 declined 2 percent.
The price of agriculture and fishery products, however, went up around 3 percent.
That's all from me at this hour. Mark.