Korean GDP contraction by 0.2% during the first quarter
Seoul on April 24/ WAM/ Central Bank data in the Republic of Korea showed today, Thursday, that the Korean economy recorded negative growth for the first time in about a year during the first quarter of 2025.
The Korean Yonhap News Agency said that the country’s real GDP, which is a main measure of economic growth, has shrunk 0.2% from January to March 2025 compared to the previous quarter of this period, according to the initial data issued by the Central Bank of Korea.
She added that the Korean economy recorded a growth of 1.3% during the first quarter of 2024, but it shrinkled in the second quarter, recording a decrease of 0.2%, before barely growing by 0.1% in the third and fourth quarters.
The negative growth came in light of the slowdown of exports and the continued stagnation of the local demand.
The Bank of Korea had previously made expectations of the growth of the Korean economy by 1.5% in 2025.
According to Yonhap, Ri Chang -Young, the governor of Korea Bank, said in a statement to reporters last week that the expectations may have been “very optimistic”, given the American customs duties.
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