The Bank of Korea said Thursday that South Korea's economy shrank one-point-four percent in the first quarter due to the economic impact of the COVID-19 pandemic.

It marks the first on-quarter contraction since the fourth quarter of 2008, when the economy shrank three-point-three percent.  

From a year earlier, the economy grew one-point-three percent, marking the weakest on-year gain since the third quarter in 2009, when it marked point-nine percent growth. 

Private consumption plunged six-point-four percent on-quarter in the first quarter, posting the largest drop since the first quarter of 1998, when it slipped 13-point-eight percent.

Exports decreased two percent in the first quarter from the previous one, but facility investment increased point-two percent and construction investment gained one-point-three percent.