AlwaysFree: South Korea’s GDP Contracting 3.3% In Second Quarter

South Korea’s economy marked its first technical recession in the second quarter of 2020 to June  since 2003, when pandemic measures restriction halted economic activities and demand globally. South Korea’s GDP fell to a seasonally adjusted 3.3% in the Q2, after a decline of 1.3% in Q1. The GDP slid down much lower than expected in the previous media polls of 2.3%. The trade-reliant economy countries' export of services and goods plunged by 16.6%, recording the worst reading since more than five decades ago, in the Q4 of 1963. 

The plunge made up around 40% of the last year of national GDP nominal. Nearly another half of GDP was generated from private consumptions, which increased 1.4% compared to last quarter, after the decrease of 6.5% in the Q1. Contrasting to the previous year, the country’s economy is declining by 2.9% in the Q2, overturning an expansion of 1.4% in Q1 and deeper than previous prediction of 2.0%.

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