South Korea’s Q2 GDP Declines 0.2% q/q, Stays Consistent with Advanced Estimate by Reuters

SEOUL (Reuters) – South Korea’s economy contracted by 0.2% in the second quarter, according to revised data from the central bank released on Thursday. This figure remains unchanged from the initial estimate made in July.

The decline marks the steepest quarterly contraction since the fourth quarter of 2022, when the economy experienced a 0.5% shrinkage.

On an annual basis, the gross domestic product (GDP) saw an increase of 2.3% in the April-June quarter, though this figure is notably lower than the 3.3% growth observed in the first quarter.