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Financial News: South Korea GDP Sinks 3.2% In Q2

South Korea GDP Sinks 3.2% In Q2

08/31/2020 - 19:07:00 (RTTNews)

(RTTNews) - South Korea's gross domestic product was down a seasonally adjusted 3.2 percent on quarter in the second quarter of 2020, the Bank of Korea said on Tuesday.

That follows the 1.3 percent contraction in the first quarter, putting South Korea firmly into a recession.

On a yearly basis, GDP fell 2.7 percent after advancing 1.4 percent in the three months prior.

Real gross national income sank 2.2 percent on quarter and 1.7 percent on year. That follows the 0.8 percent quarterly drop and the flat annual reading in the previous three months.

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