South Korean economy narrows 0.4% in Q4

ISTANBUL

South Korea’s economy shrank by 0.4% in the last quarter of 2022 on a quarterly basis, according to the Bank of Korea’s estimate on Thursday.

The country’s posted its first quarter-on-quarter GDP decline since the second quarter of 2020.

On a yearly basis, the GDP of the country expanded by 1.4% in the last quarter of 2022.

Meanwhile, the GDP also rose by 2.6% year-on-year in the year of 2022.