South Korea GDP Sinks 0.4% In Q4

South Korea's gross domestic product contracted a seasonally adjusted 0.4 percent on quarter in the fourth quarter of 2022, the Bank of Korea said on Thursday.

That missed expectations for a decline of 0.3 percent following the 0.3 percent increase in the previous three months.

Real gross domestic income increased 0.1 percent on quarter.

On the expenditure side, private consumption fell 0.4 percent as expenditures on goods (household appliances, clothing and footwear) and services (restaurants and accommodation, recreation and culture) decreased.

Government consumption rose 3.2 percent, with increased expenditures on goods and health care benefits. Construction investment expanded by 0.7 percent, as non-residential building construction increased. Facilities investment was up by 2.3 percent, driven by increases in machinery investment.

Exports contracted by 5.8 percent, as exports of goods such as semiconductors and chemical products decreased. Imports declined by 4.6 percent, owing to decreased imports of crude oil and basic metals.