Retail Sales in Korea

Korea Retail Sales | Economic News & Forecasts

Korea - Retail Sales

GDP growth likely weakened in Q1. The trade balance fell into deficit in the quarter amid rising energy costs, which also fed into higher inflation, hitting private spending and the industrial sector. Consumer confidence was down, while year-on-year industrial output growth and the manufacturing PMI fell in February and March, respectively. An Omicron-induced spike in Covid-19 cases and recent interest rate hikes also contributed to the darker economic landscape. Heading into Q2, economic momentum appears likely to remain stifled, with business confidence down in April. Continued government support for the SME sector—with a second supplementary budget soon to be introduced to Parliament—as well as the end of most Covid-19 restrictions from April will likely be insufficient to soften the blow to activity coming from rising energy costs and the economic slowdowns of Korea’s main trading partners.

Korea - Retail Sales Data

2015   2016   2017   2018   2019  
Retail Sales (annual variation in %)2.4  3.9  3.7  5.6  1.8  

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Korea Retail Sales Chart

Korea Retail
Note: Annual variation of retail sales in %.
Source: Korea National Statistics Office and FocusEconomics calculations.

Korea Facts

Value Change Date
Bond Yield1.681.55 %Dec 31
Exchange Rate1,1560.21 %Dec 31

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