S. Korea's real income contracts in Q2 amid economic woes

SEOUL, Aug. 28 (Yonhap) -- South Korean household income contracted in the second
quarter of this year amid a protracted economic slump, a government report showed
Friday.
According to the report by the National Statistical Office (NSO), the average
real income, adjusted for inflation, amounted to 2.92 million won (US$2,340) from
April through June, down 2.8 percent from the same three-month period a year
earlier.
Household spending adjusted for inflation also contracted 1.1 percent to 1.85
million won.
The decline in household income and spending comes as the nation's economy is
reeling from the global economic downturn due to diminished overseas demand for
locally made goods, domestic consumption and business investment.
yonngong@yna.co.kr
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