SEOUL (Reuters) – 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%.
(Reporting by Jihoon Lee; Editing by Chris Reese)
