South Korea’s construction output fell 7.9% year on year to 335 trillion won ($244.3 billion) last year, the steepest decline since the 12.9% contraction during the 1998 Asian financial crisis. Domestic output dropped 6.0% to 297 trillion won, while overseas output plunged 20.8% to 38 trillion won. Private-sector domestic output fell 9.5% to 204 trillion won, accounting for virtually all of the domestic decline, while public-sector output rose 3.0% to 92 trillion won. Building construction, including apartments and offices, fell 8% and represented about 98% of the domestic contraction. Total construction contract value slipped 0.4% to 307 trillion won, as overseas contracts fell 28.1% to 30 trillion won but domestic contracts increased 4.0% to 277 trillion won. The improvement in domestic contracts was driven by an 11.8% rise in public-sector orders, while private-sector contracts were essentially flat, leaving a broad recovery uncertain.