The South Korean government has assessed that the coronavirus outbreak is causing the domestic economy to shrink.

In an economic trends report released Friday, the Finance Ministry said economic activity and sentiment have been contracting with growing instability in the real economy and financial market due to the continued spread of the coronavirus.

The report noted that globally, growth outlooks for the world economy and major countries were being revised down as downside risks were expanding with increasing volatility in the finance and raw materials markets.

The economic fallout from COVID-19 is supported by data. Department store sales in the country plunged 31 percent and convenient store sales by 20 percent last month while online sales jumped 27 percent. The number of Chinese tourists was down 76 percent while automobile sales continued to post minus growth.