South Korea Q2 GDP -0.2% q/q, unchanged from advanced estimate

SEOUL (Reuters) – South Korea’s economy shrank 0.2% in the second quarter, revised central bank data showed on Thursday, unchanged from its advance estimate issued in July.

It was the sharpest quarterly contraction since the fourth quarter of 2022 when the economy shrank by 0.5%.

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