Seoul: Daily card spending in South Korea gained 6.2 percent last year, but its growth slowed from the previous year amid a decline in domestic demand, central bank data showed on Monday.
Credit and debit card holders spent an average of 3.3 trillion won ($2.46 billion) a day last year, compared with 3.1 trillion won in the previous year, according to data from the Bank of Korea (BOK), reported the Yonhap news agency.
Credit card spending rose 6.9 percent annually to a daily average of 2.62 trillion won, slowing from the 13.5 percent annual gain the year before, the data showed.
The country’s real gross domestic product — a key measure of economic growth — rose 1.4% last year, but marked a slowdown from a 2.6% advance in 2022 and 4.3% growth in 2021, and the lowest since 0.7%. cent contraction in 2020 during the coronavirus pandemic.
Private spending gained 5.3 percent last year, slowing from the previous year’s 8.7 percent advance, the data showed.