ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Economy

South Korea's economy posts worst quarter since global financial crisis

Unexpected contraction in GDP comes as manufacturers cut back spending

Businessmen walk in central Seoul last month.   © Reuters

SEOUL -- South Korea's economy unexpectedly contracted in the first quarter, with a sharp decline in manufacturing investment and continued weakness in exports underscoring its worst performance since the height of the global financial crisis.

Gross domestic product for the January-March period fell a seasonally adjusted 0.3% from the previous three months -- the first decline in five quarters and the biggest slump since the final quarter of 2008, the Bank of Korea said on Thursday. The economy grew 1% in the October-December quarter.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more