S. Korea's economy contracts 0.2 percent in second quarter

Transport Minister discusses with Economic Advisor to UN Envoy economic situations, navigation traffic

The Minister of Transport Dr. Abdulsalam Humaid discussed today, Thursday, in the temporary capital Aden, with the Economic Advisor of the Office of the UN Envoy to Yemen Reddick Metzger and his accompanying delegation the economic and humanitarian situation, as well as the movement of air, sea and land transport.

Israeli Occupation Forces Arrest 4 Palestinians in Ramallah

Israeli occupation forces arrested four Palestinians in Ramallah province today, Thursday, after raiding their homes.

Oil declines amid concerns of possible oversupply

Oil prices fell today, Tuesday, as investors weigh the OPEC+ alliance's decision to suspend production increases during the first quarter of next year, amid ongoing concerns about a potential surplus in global supply.

Paris Saint-Germain defeats Nice, underpins their lead in French Ligue 1

Paris Saint-Germain strengthened its lead in the French Ligue 1, after defeating its guest Nice 1-0 in a match held as part of the eleventh round of the French Ligue 1.

Last Update: ، 2025/11/07 Time 05:56:09
Latest News:

Minister al-Soqatri discusses with FAO joint cooperation

Leadership Council Member Tariq Saleh meets with Syrian President

Presidential Leadership Council Member Tariq Saleh arrives in Brazil to join Climate Summit

Deputy Minister of Planning Discusses Food Insecurity and Malnutrition with UN Agencies

Vice FM Praises Germany's Political and Developmental Support

S. Korea's economy contracts 0.2 percent in second quarter

[25/07/2024 11:50]

SEOUL-SABA
South Korea's economy retreated in the second quarter of the year as weaker domestic demand clouded recovery prospects, despite robust exports, S. Korean News Agency (Yonhap) reported.

The country's real gross domestic product -- a key measure of economic growth -- contracted 0.2 percent on-quarter in the April-June period, according to preliminary data from the Bank of Korea (BOK).

The second-quarter figure compares with the 1.3 percent on-quarter expansion in the January-March period, which marked the highest since the fourth quarter in 2021, when the economy expanded 1.4 percent.

On a yearly basis, South Korea's economy advanced 2.3 percent in the second quarter, slowing from 3.3 percent growth for the first quarter of the year.

Earlier this month, the central bank held its key interest rate steady at 3.5 percent for the 12th straight time amid moderating inflation and high household debt, according to Yonhap.