S. Koreans' annual education spending exceeds 40 tln won: BOK

SEOUL, Feb. 10 (Yonhap) -- South Korea's annual spending on education surpassed 40 trillion won (US$34.6 billion) last year despite a global economic slowdown that cramped private consumption, data by the central bank showed Wednesday.

Education spending amounted to 40.5 trillion won in the October 2008-September
2009 period, up 3.5 percent from the same period a year earlier, according to the
gross national income data compiled by the Bank of Korea (BOK).
It was the first time ever spending for schooling and other education exceeded
the 40 trillion won mark. Education spending accounted for 7.4 percent of the
total household consumption, the same as a year before.
Meanwhile, household spending for alcohol and tobacco declined 0.5 percent to
come to 13.98 trillion won in the same period as drinkers and smokers cut back
amid an economic slowdown, according the data.
It was the first time alcohol and tobacco spending logged an on-year decrease
since the BOK started compiling data in 1971.
The data is the sum of household purchases at liquor shops or other retail
outlets and does not include purchases made at restaurants or bars.
Spending on groceries and non-alcoholic beverages climbed 8 percent to 70.95
trillion won on the back of rising raw material prices, according to the data.
pbr@yna.co.kr
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