SEOUL (Reuters) -South Korea’s retail sales fell for a third straight month in November, data showed on Thursday, clouding economic growth in the current quarter as demand from China and other major markets loses momentum.
The retail sales index fell 1.8% in November, on a seasonally adjusted monthly basis, after declines of 0.2% and 2.0% in October and September, the Statistics Korea data showed. The index rose 1.2% in the third quarter.
The finance ministry said in a statement soon after the data release that uncertainty was increasing over the economic growth path. The ministry reaffirmed its pledge to expedite spending in the early part of next year.
“The government will execute a record 65% of the next year’s budget spending during the first half,” it said in the statement, while promising flexible financial and economic policies to respond the increasing risks to growth.
A broader index measuring the whole service sector also decreased for a third straight month by 0.6% after falling 1.1% and 0.1% in October and September, respectively.
In the manufacturing sector, the output edged up by 0.4%, after four straight months of losses, although it posted the worst drop in 2-1/2 years of 3.7% on a year-on-year basis.
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(Reporting by Jihoon LeeEditing by Chris Reese, Choonsik Yoo and Gerry Doyle)