South Korea's GDP fell by 0.4% in the first quarter

The economy of South Korea in the first quarter of 2019 decreased by 0.4% compared to the fourth quarter. According to the estimates of the South Korean Central Bank, preliminary data of which indicated a reduction in GDP of 0.3%, the quarterly figure was the worst since the fourth quarter of 2008. Compared to the first quarter of 2018, GDP grew by 1.7%, while preliminary data suggested an annual growth of 1.8%. Economists had not expected a revision of the preliminary estimates of the Central Bank. Exports, which accounted for about 40% of GDP, fell by 3.2% over the quarter. In the past quarter, investment in construction also reduced by 0.8%. Investment in capital goods fell 9.1%. At the same time, consumer spending increased by 0.2% and public spending by 0.4%. Production growth was observed in the agricultural and insurance sectors, while the mining and manufacturing sectors recorded a decline.

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