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The second quarter had seen South Korea slipping into recession. This came to be the country’s sharpest economic downturn in more than two decades as the novel coronavirus crisis weighed on exports and social distancing measures halted factory activities.
Asia’s fourth-biggest economy declined a seasonally adjusted 3.3% last quarter from three months earlier, the Bank of Korea said on Thursday. The figure came sharper than the 2.3% decline predicted in a Reuters survey, surpassing records monitored since the first quarter of 1998.
South Korea’s gross domestic product recorded a 2.9% drop in year-on-year terms, the largest drop since the fourth quarter of 1998 and sharper than the 2.3% decline expected in the same survey.
Exports recorded a 16.6% on-quarter decline, hitting its lowest level since 1963. This dragged the country’s growth since exports cover almost 40% of the economy.
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
China's diesel exports for June fell by 50% year-on-year, a record low since September 2018 as lockdown measures around the world continued to curb fuel demand. China exported has 1.04 million tons of diesel, compared to the 1.45 million and ...
The second quarter likely saw South Korea’s economy hitting its sharpest downturn in over two decades, a Reuters survey showed on Tuesday. This was mainly from the pandemic dragging the labor market, consumer spending, and global export ...
June had seen Singapore’s non-oil domestic products advancing 16.1% from a year earlier. The reading managed to place above estimates backed by strong activity in shipments of pharmaceuticals, specialized machinery, and electronics, ...
After a steep decline at the start of the year, China’s economy showed vast recovery in the second quarter despite still getting plagued with major economic debacles in weak domestic consumption and investment amid the unrelenting coronavirus ...
KYC Policy