The economy posted negative growth in the first quarter amid sluggish domestic demand and investment. 

According to the preliminary data from the Bank of Korea on Thursday, the country’s real gross domestic product(GDP) contracted zero-point-two percent in the January-March period from three months earlier. 

The economy shrank zero-point-two percent in the second quarter of last year and barely grew zero-point-one percent per quarter for the rest of the year. 

It is the first time since 1960, when the nation started compiling related data, that the GDP growth rate has failed to exceed zero-point-one percent for four consecutive quarters. 

Private consumption decreased zero-point-one percent on-quarter in the first quarter, while facility investment declined two-point-one percent. 

The real gross domestic income decreased by zero-point-four percent from the fourth quarter of last year.