SEJONG -- In 2016, South Korea saw collective household debt to net disposable income reach 174.52 percent, according to the research by the Organization for Economic Cooperation and Development. The figure grew further to 181.81 percent in 2017, 184.99 percent in 2018 and 190.59 percent in 2019 amid a continuous climb in financial services firms’ outstanding loans, such as mortgages and credit-based lending, issued to the household sector. The 16.07 percentage point increase of Korea d

South Korea’s economy posted negative growth amid the prolonged COVID-19 pandemic last year, but it ranked third in terms of economic growth rate among major economies, data showed Tuesday.  The local economy shrank 1 percent in 2020 from a year earlier, the worst on-year growth estimate since 1998 when the gross domestic product contracted 5.1 percent in the wake of the Asian financial crisis. The latest figure, however, marked the third-highest among 15 major economies, according

South Koreans' overseas card spending plummeted 46.1 percent on-year in 2020, hit by a sharp decline in the number of outbound travelers amid the COVID-19 pandemic, central bank data showed Tuesday. The amount of money spent overseas by South Koreans with cards, including credit and debit cards, totaled $10.31 billion last year, compared with $19.12 billion in 2019, according to the data from the Bank of Korea (BOK). The number of outbound South Koreans plunged 85.1 percent on-year to 4.28 mi

The employment rates for minor cities and counties in South Korea fell in the six-month period ending in October last year as the job market was hit by the pandemic, data showed Tuesday. The employment rate for smaller cities in nine provinces came to 59.5 percent in the May-October period, down 1 percentage point from a year earlier, according to the data compiled by Statistics Korea. The corresponding rate for counties across the nation declined 0.3 percentage point on-year to 67 percent. T

South Korea's household credit grew at a slightly slower pace in the fourth quarter of last year, as banks tightened rules on unsecured loans, central bank data showed Tuesday. Household credit reached a record high of 1,726.1 trillion won ($1.55 trillion) as of December last year, up 44.2 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). Household credit refers to credit purchases and loans for households that have been extended by financial institut

South Korea's imports of onions grew more than fourfold in the first two months of 2021 from a year earlier, as the long rainy season and a series of typhoons have dealt a harsh blow on the production. Imports of onions came to 13,715 tons this year through Wednesday last week, rising sharply from 3,027 tons posted over the January-February period of 2020, according to the Ministry of Agriculture, Food and Rural Affairs. Of the import volume, those from China accounted for 63 percent, trailed

South Korea's economy is expected to stage a modest recovery, supported by exports and investment, but its job markets would recover at a slow pace as the coronavirus pandemic continues to hit the service sector, the head of the Bank of Korea (BOK) said Tuesday. In a report to the National Assembly, BOK Gov. Lee Ju-yeol repeated that the central bank will continue its easing of the monetary policy to prop up the pandemic-hit economy. "The domestic economy continues to show a trend of mo

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street that stemmed from inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 20.28 points, or 0.66 percent, to 3,059.47 points in the first 15 minutes of trading. Overnight, the Nasdaq dipped 2.46 percent as tech stocks, sensitive to high inflation, retreated. In Seoul, top cap Samsung Electronics retreated 0.61 percent, and No. 2 chipmaker SK hynix shed 1.47 percent. Top automaker Hyun

South Korea's economic growth rate ranked third among major economies across the globe in 2020 despite an on-year contraction due to the coronavirus pandemic, data showed Tuesday. Asia's fourth-largest economy contracted 1 percent last year from a year earlier, but it posted the third-best performance among 15 major nations, according to the data from the Organization for Economic Cooperation and Development (OECD). China, the world's No. 2 economy, was the top performer with a 2.3 percent on-

South Korea's consumer sentiment gained for a second straight month in February as a third wave of coronavirus infections showed signs of slowing down, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 97.4 for February, up 2 points from the previous month, according to the data from the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists. The latest reading marks the second on-month gain following a drop in December last yea

South Korea's corporate direct financing rose 12 percent in January from the previous month due to a modest gain in bond sales, data showed Tuesday. Local companies raised a combined 15.4 trillion won ($13.8 billion) by selling stocks and bonds last month, up 1.66 trillion won from a month ago, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales sank 40.8 percent on-month to 1.31 trillion won, with the value of initial public offerings declining 11.1 perc

Bitcoin gave up all its gains from weekend trading as analysts questioned whether the cryptocurrency is overheated. Prices dropped as much as 8.2 percent during the European session, falling back to around $53,000. The world’s largest cryptocurrency has been on a tear this month, propelled by purchases from Tesla and institutional investors who say Bitcoin is an attractive alternative to gold and the dollar. In February alone, Bitcoin is up more than 60 percent, prompting comme

A proposed revision of a South Korean law is expected to maintain Korean commercial banks’ solvency and keep its funding cost low, Moody’s Investors Service said Monday. Announced by the Financial Services Commission on Thursday, the revision is designed to introduce measures to improve the recovery and resolution planning of significantly important financial institutions, namely banking groups here. Effective starting July, the new rule is expected to urge banks to specify action

Amid pandemic-induced digitalization and toughened regulations, foreign banks question whether to stay

South Korean investors who make more than 2.5 million won ($2,260) from cryptocurrency trading will face a 20 percent tax starting next year, according to the Ministry of Economy and Finance on Monday. The first 2.5 million won is tax-free. For instance, if an investor makes a 10 million won profit from trading Bitcoin, 7.5 million won of that amount will be subject to the 20 percent tax. Inheritances and gifts of cryptocurrency will also be taxed. In such cases, the price of the asset wil