Korea's national income falls 1.4%, GDP drops 0.2% in Q2 amid weak demand

Workers on duty at a construction site in Seoul on Aug. 21. [NEWS1]

 
Korea’s economy shrank by 0.2 percent in the second quarter, while gross national income (GNI) declined by 1.4 percent amid sluggish domestic demand. 
 
According to preliminary data from the Bank of Korea (BOK) on Thursday, the country’s real GDP decreased by 0.2 percent from the previous quarter during the April-June period. This figure aligns with the advance estimate announced by the central bank on July 25.
 

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• Korea's economy retreats 0.2 percent in Q2

• Korea's national income grows 2.4%, GDP 1.3% in Q1

 
The quarterly contraction, driven by a decline in construction investments and facility investments, followed a strong 1.3 percent growth in the preceding three-month period. It is the first negative on-quarter growth since the fourth quarter of 2022, when GDP decreased by 0.5 percent. 
 
Meanwhile, the country’s real GNI fell by 1.4 percent from the previous quarter, following a 2.4 percent increase in the January-March period. 

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]