South Korea's GDP shrank by one percent in 2020 compared to the previous year.
According to the Bank of Korea on Tuesday, this is the first time the nation's economy has seen an on-year contraction since it shrank five.one percent in 1998.
Last year's on-quarter GDP shrank 1.3 percent in the first quarter and 3.2 percent in the second quarter.
It then grew in the third and fourth quarters by 2.1 percent and 1.1 percent, respectively.
In the fourth quarter, exports did relatively well, mainly in semiconductors and chemical products, but private consumption was hit by the effects of the pandemic.