South Korea's GDP shrinks 0.2 pct in Q1: BOK

The South Korean economy posted negative growth for the first time in about a year in the first quarter of 2025, central bank data showed Thursday, amid a domestic political crisis and uncertainties stemming from the Donald Trump administration's sweeping tariff scheme. The country's real gross domestic product (GDP) -- a key measure of economic growth -- contracted 0.2 percent in the January-March period from three months earlier, according to the preliminary data from the Bank of Korea (BOK). Asia's fourth-largest economy expanded 1.3 percent in the first quarter of 2024 but slipped into contraction in the second quarter with a 0.2 percent decline, before barely growing 0.1 percent in both the third and fourth quarters. The negative growth came as the growth of exports has slowed and domestic demand remained in the doldrums. Former President Yoon Suk Yeol's shocking imposition of martial law on Dec. 3 caused a political chaos. Yoon was removed from office on April 4. The U.S.' sweeping tariff scheme has also affected the trade-dependent South Korean economy. Trump earlier announced "recWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times