The economy contracted zero-point-two percent in the second quarter. 

The Bank of Korea said Thursday that the real gross domestic product decreased zero-point-two percent in the April-June period, compared with the previous quarter.

It was the worst quarterly performance since the fourth quarter of 2022, when the economy shrank zero-point-five percent.  

The central bank attributed the contraction to a sharp rise in imports as well as the base effect, considering the one-point-three percent growth the economy experienced in the first quarter.

Exports increased one-point-two percent, while imports grew one-point-six percent. Domestic consumption declined zero-point-two percent, while facility investment decreased one-point-two percent. 

The real gross national income slipped one-point-four percent from the previous quarter, the worst performance since the third quarter of 2021, when it declined one-point-six percent.