'코로나 충격' 2분기 성장률 22년만에 최저 -3.3%...홍남기 "예상보다 하회"<br /><br />We start with the huge, but given the current circumstances, not wholly unexpected economic contraction in South Korea.<br />In the second quarter, the country endured its worst three months since the late 1990s as exports took an enormous hit due to the COVID-19 pandemic.<br />Yoon Jung-min reports.<br />South Korea's gross domestic product was sharply down in the April to June period,... due mostly to COVID-19 hammering exports.<br />The Bank of Korea released its preliminary figures Thursday,... showing that the country's second quarter GDP plunged 3-point-3 percent on-quarter.<br />It's the lowest since the first quarter of 1998,... when South Korea's economy contracted by over 6 percent at the height of the Asian financial crisis.<br />On-year, the economy contracted 2-point-9 percent,... also the lowest in over two decades.<br />Real gross domestic income fell 2 percent on-quarter.<br />South Korea's exports plummeted over 16 percent the biggest decline in over five decades.<br />Exports of automobile and petroleum products continued to fall as COVID-19 hammered global trade.<br />Imports also fell more than 7 percent.<br />"Exports of goods were largely lower than expected due to travel restrictions overseas, a sharp decline in overseas demands for cars and smartphones and shutdowns."<br />Investment in construction and facilities was also down.<br />South Korea's manufacturing sector dropped 9 percent,... while the agriculture sector plunged 9-point-7 percent.<br />Private consumption, however, edged up 1-point-4 percent.<br />This was thanks to COVID-19 relief funds and a lower consumption tax rate on cars.<br />Finance minister Hong Nam-ki said Thursday that the performance was worse than expected due to external shocks,... despite a pick up in private consumption.<br />Hong added that, if South Korea continues to keep the COVID-19 situation in check, it will see a rebound in the third quarter.<br />The finance minister said a recovery in the third quarter would largely depend on the effects of the supplementary budget, the administration's ambitious Korean New Deal project, and the reopening of social and economic activities.<br />Yoon Jung-min, Arirang News.<br />
