SoKor’s second-quarter GDP to hit sharpest level in over 20 years

21.07.2020 - Davydova Maria
SoKor’s second-quarter GDP to hit sharpest level in over 20 years

The second quarter likely saw South Korea’s economy hitting its sharpest downturn in over two decades, a Reuters survey showed on Tuesday. This was mainly from the pandemic dragging the labor market, consumer spending, and global export demand.

From April to June, Asia’s fourth-largest economy likely declined 2.0% from a year earlier. This came to be the economy’s sharpest downturn since 1998, following a 1.4% growth monitored in the first quarter of 2020.

On a quarterly basis, gross domestic product is expected to have contracted a seasonally adjusted 3.3% in the same period. This followed after recording a total of 1.3% decline in the first quarter of 2020, tallying its largest quarterly drop since 2008.

Meanwhile, shipments dropped a total of 20.3% in the second quarter. Though this came milder than the 1.8% drop seen in the first quarter, it was the weakest figure in 11 years.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or Market Solutions limited." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?