Anjali Sharma
GG News Bureau
WASHINGTON DC, 26th March. The central bank data showed on Monday that daily card spending in South Korea gained 6.2 per cent last year, but its growth slowed from the previous year after a slump in domestic demand.
According to the data from the Bank of Korea the news reported that holders of credit and debit cards spent an average 3.3 trillion won ($2.46 billion) per day last year, compared with 3.1 trillion won the previous year.
The data showed that credit card spending rose 6.9 per cent on-year to a daily average of 2.62 trillion won, slowing from the previous year’s 13.5 percent on-year gain.
It said that the country’s real gross domestic product a key measure of economic growth increased 1.4 per cent last year, but marked a slowdown from a 2.6 per cent advance in 2022 and 4.3 per cent growth in 2021, and the lowest since a 0.7 per cent contraction in 2020 during the corona virus pandemic.
The data showed that private spending gained 5.3 per cent last year, decelerating from the previous year’s 8.7 per cent advance.
