South Korea Q2 GDP -0.2% qoq, unchanged from Reuters advance estimate

SEOUL (Reuters) – South Korea’s economy contracted 0.2 percent in the second quarter, revised central bank data showed on Thursday, unchanged from a July forecast.

It was the strongest quarterly contraction since the fourth quarter of 2022, when the economy contracted 0.5%.

On an annual basis, gross domestic product was 2.3% higher in the April-June quarter, weaker than the 3.3% increase in the first quarter.