ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

South Korean economy shrinks in Q4 for first time since 2020

Post-restrictions consumption falls off while global trade drops

South Korea's 5.8% decline in exports pulled the country's gross domestic product into decline for the first time since the second quarter of 2020.   © Reuters

SEOUL (Reuters) -- South Korea's economy contracted in the final quarter of 2022 for the first time in two and a half years as a post-pandemic spending spree faded and global trade tumbled, central bank estimates released on Thursday show.

Gross domestic product (GDP) shrank 0.4% in the October-December period from the previous quarter, the Bank of Korea estimated, after a 0.3% gain in the July-September quarter. Economists in a Reuters poll had expected a 0.3% fall.

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