South Korea's central bank has released its data on real GDP growth for the first quarter, and it does NOT paint a pretty picture.<br />For more details, we connect to our business correspondent Kim Hyesung who is at the Bank of Korea.<br />Hyesung, we've known the economy has been in the doldrums for a while, but this is one of the worst figures we've seen in years....<br />Mark, South Korea's economy actually SHRANK in the first quarter, declining zero-point-three percent on-quarter.<br />This is the worst contraction since the height of the global financial crisis, when the South Korean economy sank three-point-three percent in the fourth quarter of 2008. <br />On-year, first quarter real GDP expanded one-point-eight percent. <br />This shows government spending failed to keep up the previous quarter’s strong pace of one percent amid falling exports and as companies slashed investment.<br />Exports tumbled two-point-six percent on-quarter, a sharper drop than the one-point-five percent decline in the fourth quarter of last year...mainly on decreases in exports of electrical and electronic equipment like LCDs.<br />Government consumption edged up zero-point-three percent, with increased health care benefits, but that's still the lowest in about 16 quarters.<br />Capital investment plummeted nearly 11 percent to a 21-year-low due to decreases in machinery and transportation equipment.<br />Construction investment edged down zero-point-one percent. <br />This contraction in GDP growth came as quite a shock to the market, as most economists had expected a slight rise.<br />Led by finance minister Hong Nam-ki, economy-related ministers including the trade minister and labor minister, are holding a meeting at the government complex to assess the GDP numbers and come up with measures.<br />That's all I have for now, back to you, Mark. <br />
