Revised S. Korean GDP declines 1.3 pct in Q1

The revised South Korean GDP dipped 1.3 percent in the first quarter from the previous quarter, central bank data showed Tuesday.

The revised real GDP, adjusted for inflation, was 0.1 percentage point higher than the preliminary figure announced in April, according to the Bank of Korea (BOK).

It was the biggest decline in over 11 years since the fourth quarter of 2008. From a year ago, the first-quarter GDP gained 1.4 percent.

Private consumption dropped 6.5 percent in the first quarter from three months earlier, recording the fastest slide since the first quarter of 1998.

People refrained from outside activities such as shopping, traveling and eating out due to the fear over the COVID-19 outbreak.

Export, which takes up about half of the export-driven economy, slipped 1.4 percent in the first quarter, and import reduced 3.6 percent on a quarterly basis.

Facility investment added 0.2 percent, and investment in the construction sector grew 0.5 percent.

Real gross national income (GNI) dipped 0.8 percent in the first quarter from three months earlier.

GDP Deflator, or the ratio of nominal GDP to real GDP, retreated 0.6 percent during the quarter.