SEOUL: South Korea's economy reported its biggest contraction since 2008 in the first quarter, as the spread of the coronavirus hit consumption, closed businesses and pummelled trade.
Gross domestic product decreased by a seasonally-adjusted 1.4 per cent in the first quarter from the previous three months, the central bank said on Thursday , a slightly smaller decline than the 1.5 per cent contraction seen in a Reuters survey and reversing the 1.3 per cent growth in the fourth quarter.Private consumption, which generates nearly half of South Korea's GDP, shrank 6.4 per cent, the worst reading since a 13.8 per cent contraction in the first quarter of 1998.
From a year earlier, however, the economy grew 1.3 per cent in the first quarter, slowing from 2.3 per cent growth in the fourth quarter and compared with 0.6 per cent seen in the poll.
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