Annual growth in sales at South Korea’s major department stores retreated in June from a month earlier, government data showed on Thursday, underlining concerns that domestic demand is faltering.

Sales at major department stores grew 10.1 percent in June from a year earlier, compared to an annual 11.3 percent rise in May, data from the Ministry of Strategy and Finance showed.

The ministry also said in its Green Book report containing preliminary economic indicators that the value of credit card usage in June rose 18.8 percent from a year earlier, slower than a 20.0 percent annual rise in May.

The statement said that sales at the country’s top three discount store chains slipped 1.6 percent in June from a year ago, compared to a 4.9 percent gain in May.

The figures came the same day the country’s central bank held interest rates steady at 5.0 percent for the 11th consecutive month.

Source: http://www.afxnews.com

Random Posts