South Korea's economy contracted more than three percent from the first to second quarter amid the economic fallout of the COVID-19 pandemic.

According to the Bank of Korea on Thursday, the country's real gross domestic product(GDP) shrank three-point-three percent in the April to June period from the previous quarter.

It marks the largest on-quarter drop since the first quarter of 1998, when it contracted six-point-eight percent. The economy also shrank for the second consecutive quarter after declining one-point-three percent in the January to March period. 

From a year earlier, the economy shrank two-point-nine percent in the second quarter, the lowest since the fourth quarter of 1998, when it contracted three-point-eight percent.

South Korea's exports plunged 16-point-six percent in the three months ending in June, the largest on-quarter drop since the fourth quarter of 1963. Imports also slipped seven-point-four percent.