SEOUL, Aug. 2 (Korea Bizwire) — South Korea’s economy contracted 3.3 percent in the second quarter from a quarter earlier, but it fared well compared with other major economies, data showed Sunday.
South Korea’s gross domestic product (GDP) growth rate was the second highest among the 14 countries that included the United States, China, Germany and France, according to the Organization for Economic Cooperation and Development (OECD), a group of 36 mostly rich and advanced nations.
The OECD has released GDP growth rates for 13 out of 36 member states, as well as six other major economies — China, Russia, India, Indonesia, Brazil and South Africa.
Among the 14 countries, China topped the list as its economy rose 11.5 percent in the April-June period from the previous quarter.
In comparison, the U.S. economy shrank 9.5 percent in the second quarter compared with the preceding three months.
Germany, France, Italy and Spain also suffered double-digit declines in their economic growth due to the fallout of the COVID-19 pandemic.
The German economy contracted 10.1 percent, the French economy fell 13.8 percent, and the Spanish economy shrank 18.5 percent.
On average, the economies of the 14 countries decreased 9.5 percent on-quarter.