South Korea’s economy contracts sequentially in Q4 for first time in 2 years

South Korea’s economy contracted sequentially in the fourth quarter of 2022 for the first time in more than two years due to weak exports and private consumption.

Gross domestic product shrank 0.4% from the prior quarter during the October-December period–the first sequential contraction since the second quarter of 2020–after a 0.3% expansion in the third quarter, showed preliminary Bank of Korea data on Thursday.

The…