South Korea’s economy shrank more than previously estimated in the first three months of 2019, according to revised official figures, dragged down by slowing global demand for electronics.
The country’s gross domestic product decreased by 0.4 per cent in the first quarter compared to the previous period, according to the Bank of Korea, down from the advanced estimate of a 0.3 per cent fall, which was the largest drop since 2008.
A 3.3 per cent drop in manufacturing thanks to lower production of electronics contributed to the overall fall. South Korea’s high-tech industry has been hit by slowing global demand for semiconductors and uncertainty sparked by the US-China trade war.
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