South Korea’s economy contractedby 0.2% in the second quarter compared to the previous quarter after growing by 1.3% in the first quarter, according to the Bank of Korea. Compared to the same period last year, the real gross domestic product (GDP) — which adjusts for inflation — grew by 2.3%. Nominal gross national income (GNI), which measures the total income earned by a country’s residents, increased by 0.9% from the previous quarter and 6.0% from the same time last year. However, this growth was slower than the growth in nominal GDP because of a drop in income from abroad.