SEOUL, Sept 5 (Bernama-Xinhua) -- South Korea's revised real gross domestic product (GDP), adjusted for inflation, declined by 0.2 per cent in the second quarter of 2024 compared to the previous quarter, according to data released by the central bank on Thursday.
The contraction reflects ongoing economic pressures in the region, reported Xinhua.
It was unchanged from the preliminary figure unveiled in late July, marking the first decline in one and a half years, according to the Bank of Korea (BOK).
Export increased 1.2 per cent in the April-June quarter, lower than an expansion of 1.8 per cent in the January-March quarter.
Private consumption shrank 0.2 per cent on weaker demand for clothing and cars, but fiscal spending advanced 0.6 per cent in the second quarter from three months earlier.
Construction investment contracted 1.7 per cent, while facility investment diminished 1.2 per cent on lower machinery demand.
The seasonally-adjusted real gross national income (GNI), which measures the combined amount of income earned at home and abroad by people and businesses, dwindled 1.4 per cent in the second quarter on a quarterly basis.
The GDP deflator, or the ratio of nominal GDP to real GDP to gauge the change of prices for all goods and services produced in the country, was up 4.8 per cent in the second quarter, higher than the growth of 3.9 per cent in the prior quarter.
--BERNAMA-XINHUA
