South Korea’s construction contracts fell for the second consecutive quarter in the first quarter amid the continued housing market slump, government data showed on Monday.
Contracts for construction work amounted to 68.4 trillion won (52.5 billion U.S. dollars) in the January-March quarter, down 6.3 percent from the same quarter of last year, according to the Ministry of Land, Infrastructure and Transport.
The contract amount kept a downward trend after dropping 18.4 percent in the previous quarter as the real estate market remained in a slump due to higher interest rates and rising worry about economic downturn.—Xinhua
