June 1, 2020 / 11:02 PM / 2 months ago

S.Korea first-quarter GDP slightly upgraded from earlier estimates

SEOUL, June 2 (Reuters) - South Korea’s economy turned out to have shrunk by a seasonally adjusted 1.3% in the January-March period from the previous quarter, revised central bank data showed on Tuesday, an inch better than a 1.4% contraction estimated earlier.

Private consumption, which generates nearly half of South Korea’s gross domestic product, decreased a revised 6.5% in sequential terms, a notch slower than a 6.4% fall estimated earlier, while construction investment growth was revised down to 0.5%, from 1.3% reported earlier.

From a year earlier, Asia’s fourth-largest economy grew a revised 1.4% during the first quarter, slightly faster than a 1.3% rise estimated earlier. (Reporting by Joori Roh in Seoul Editing by Matthew Lewis)

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