Data from South Korea:
Q4 2022 GDP s/adj -0.4% q/q (vs. expected -0.3%)
- first contraction for tow-and-half years, post-pandemic spending slowing and global trade fell away the reasoning cite
Q4 2022 GDP +1.4% y/y (vs. expected +1.5%, prior +3.1%)
Q4 2022 private consumption s/adj -0.4% q/q
Q4 2022 construction investment s/adj +0.7% q/q
Q4 2022 facility investment s/adj +2.3% q/q
Q4 2022 exports s/adj -5.8% q/q
Q4 2022 imports s/adj -4.6% q/q
2022 GDP +2.6% y/y (vs +4.1% in 2021)
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South Korea's fin min says the government will take further steps to help ease the softness in the property sector
- will spend in the budget to support growth in the economy
- Q1 2023 likely to return to economic growth
