AlwaysFree: South Korea Revised Q4 GDP -0.4% Q/Q, Matching Earlier Estimate

According to Reuters article published on March 7, 2023, South Korea's economy contracted 0.4% in the fourth quarter from a quarter earlier, revised central bank data showed on Tuesday, matching its advance estimate released in January.

The contraction followed 0.3% growth in the third quarter and marked the first quarterly fall since the second quarter of 2020.

By expenditure, private consumption fell 0.6%, but facilities and construction investments rose 2.7% and 0.8%, respectively. Exports dropped 4.6%, while imports declined 3.7%.

The country's gross domestic product grew 1.3% in the October-December quarter from the same period a year before, revised down from 1.4% estimated earlier. The full 2022 GDP growth was unchanged at 2.6%.

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