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Sales Growth in S. Korea's Service Sector Slows Down in 2018

Written: 2019-12-24 12:03:35Updated: 2019-12-24 13:48:36

Sales Growth in S. Korea's Service Sector Slows Down in 2018

Sales in South Korea's service industry continued to expand last year, but the increase was slowed, reflecting the global economic downturn.

Provisional data from Statistics Korea on Tuesday showed sales in the country's service sector totaled two-point-16 trillion won in 2018, up five-point-six percent from a year earlier.

The increase is lower than the seven-point-four-percent on-year expansion in 2017, which is also the ten-year average growth.

An official from the statistical agency said consumer sentiment weakened as the economy began to slow down last year, leading to relatively smaller increases in sales in the wholesale and retail businesses.

Sales in wholesale and retail totaled one-point-29 trillion won last year, but the on-year growth rate was four-point-seven percent, far below the total average.

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