Market

South Korea’s economy contracts sequentially in Q4 for first time in 2 years

[ad_1]

South Korea’s economy contracted sequentially in the fourth quarter of 2022 for the first time in more than two years due to weak exports and private consumption.

Gross domestic product shrank 0.4% from the prior quarter during the October-December period–the first sequential contraction since the second quarter of 2020–after a 0.3% expansion in the third quarter, showed preliminary Bank of Korea data on Thursday.

The latest reading–compared with a market forecast of a 0.3% contraction–showed that private consumption fell and exports declined sharply on sluggish global demand for semiconductors, petrochemicals and other Korean goods. Government spending remained strong but construction and facility investments remained weak.

Year-on-year, the economy expanded 1.4% in the fourth quarter–below the market forecast of 1.5% growth–following the prior quarter’s 3.1% growth.

For the full year of 2022, the economy grew 2.6% as projected by the Bank of Korea. The pace of growth slowed from 4.1% in 2021.

The central bank expects the economy to lose steam further this year, forecasting 1.7% growth in 2023.

[ad_2]

Source link

Jake

Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *