S. Korea's construction production dips by most in over 26 years in Q1
South Korea's production in the construction sector declined by the most in more than 26 years in the first quarter amid industry slumps and political uncertainty caused by former President Yoon Suk Yeol's martial law bid, data showed Monday, Yonhap reports.
The value of construction completed, a measure of production in the construction sector, fell 20.7 percent on-year in the January-March period, compared with a 9.7 percent on-year decline in the fourth quarter of last year, according to data by Statistics Korea.
The first-quarter figures marked the steepest fall since the third quarter of 1998, when the corresponding data dipped 24.2 percent. It also represented the fourth consecutive quarterly decline.
The value of construction orders received also declined for the first time in one year in the first quarter by falling 7.7 percent on-year.
The sluggish construction production apparently stemmed from prolonged industry slumps and heightened political uncertainty following Yoon's short-lived martial law declaration in December, according to experts.
Slumps in the construction industry also dented households' income, according to data.
Households whose breadwinners work in the electricity, sewage and construction sectors saw their income grow a mere 1.4 percent in the fourth quarter of last year, below a 3.8 percent increase of households' average income, it showed.
The South Korean economy contracted 0.2 percent in the first quarter from three months earlier, the first on-quarter fall in nine months, amid the domestic political crisis and uncertainties stemming from the Donald Trump administration's sweeping tariff scheme, central bank data showed.
As earlier reported, Kazakhstan becomes a popular destination for South Korean tourists.