South Korea's economy shrunk by 0.3% in the first quarter

The Bank of Korea published preliminary data on the state of the economy in the first quarter, which showed a decline in GDP by 0.3% compared to the fourth quarter of last year and its growth by 1.8% compared with the same quarter a year earlier. In the previous quarter, the economy grew by 1% in quarterly terms and by 3.1% in annual terms. According to economists' forecasts, in the first quarter the first indicator was expected to grow by 0.3% and the second one - by 2.4%. Exports, which account for about 40% of the country's economy, fell by 2.6% compared with the fourth quarter. The decrease was shown by investments in the means of production - by 10.8%, and in construction - by 0.1%. At the same time, South Korea increased public spending by 0.3%, while consumer spending increased by only 0.1%.

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