S. Korea's retail sales growth hits 21-month low

SEOUL, Dec. 3 (Yonhap) -- South Korea's retail sales grew at the slowest pace in
21 months in October amid deepening worries that anemic domestic demand could
derail the nation's economic growth, a report showed Wednesday
According to the report by the National Statistical Office (NSO), retail sales
rose 1.6 percent on-year to 20.6 trillion won (US$14 billion) in October. The
growth is the slowest since January 2007 when it fell 0.4 percent.
The growth of retail sales has been slowing down for three consecutive months
since expanding 12.3 percent in July.
The sluggish sales figure comes as consumers curtail spending on daily
necessities including fuel, clothes as well as durable goods such as cars amid
deteriorating economic conditions.
Sales of clothes and shoes fell 8.7 percent on-year, while sales of electronics
goods and furniture shrank 0.5 percent and 11 percent, respectively. Car sales
also declined 0.5 percent from a year earlier, the report said.
pbr@yna.co.kr
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