According to the Bank of Korea (BOK), the average daily spending using credit and debit cards in South Korea rose 8.4% in the first half of the year compared to the same period in 2020, amounting to 3.3 trillion won (US$2.47 billion). Credit card spending saw a 8.8% increase, largely due to e-commerce platforms. The use of credit cards for tours, auto purchases, and dining-out were the main drivers of the overall rise.
South Korea’s economy has been growing at a slightly faster rate in the second quarter of 2021 than in the first, despite a decline in exports. The country’s real gross domestic product (GDP) increased 0.6% on-quarter in the April-June period, matching an earlier estimate, and is higher than the 0.3% expansion in the first quarter.
sam@yna.co.kr
(END)