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S. Korea's revised GDP contracts 0.4 pct in Q4

SEOUL
2023-03-07 13:54

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SEOUL, March 7 (Xinhua) -- South Korea's revised figure for the real gross domestic product (GDP), adjusted for inflation, contracted 0.4 percent in the fourth quarter of last year compared to the previous quarter, central bank data showed Tuesday.

It was unchanged from the preliminary reading unveiled in January, according to the Bank of Korea (BOK).

The seasonally-adjusted real GDP gained 0.6 percent in the first quarter, 0.7 percent in the second quarter and 0.3 percent in the third quarter respectively.

For the whole year of 2022, the real GDP expanded 2.6 percent, unchanged from the preliminary figure.

Private consumption declined 0.6 percent in the fourth quarter on a quarterly basis, but fiscal spending increased 2.9 percent.

Facility investment and investment in the construction sector climbed 2.7 percent and 0.8 percent each, but export tumbled 4.6 percent in the October-December quarter.

The seasonally-adjusted real gross national income (GNI), which measures the combined amount of income earned at home and abroad by people and businesses, fell 0.1 percent in the fourth quarter compared to the prior quarter.

The GDP deflator, or the ratio of nominal GDP to real GDP to gauge the price change for all goods and services produced in the country, added 0.4 percent in the fourth quarter from a year earlier.
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