crashbandicoot™2|S. Korea's construction contracts fall in Q1

SEOULcrashbandicoot™2, June 25 (Xinhua) -- South Korea's construction contracts fell in the first quarter due to lower demand in the private sector, government data showed Tuesdaycrashbandicoot™2.

Contracts for construction work amounted to 63.1 trillion won (45.5 billion U.S. dollars) in the January-March quarter, down 7.9 percent from a year earlier, according to the Ministry of Land, Infrastructure and Transport.

It turned downward after growing 7.9 percent in the fourth quarter of 2023 as construction demand reduced in the private sector amid the real estate market slump.

Private construction contracts dipped 15.0 percent over the year to 41.7 trillion won (30.1 billion dollars) in the first quarter.

Public construction contracts, ordered by the central and local governments and public institutions, expanded 10.1 percent to 21.4 trillion won (15.4 billion dollars).

By type, civil engineering contracts diminished 14.4 percent to 24.0 trillion won (17.3 billion dollars) on weak demand for industrial facilities.

Construction contracts shrank 3.3 percent to 39.1 trillion won (28.2 billion dollars) in the cited quarter.■