South Korean households' spending on durable goods increased nearly 12 percent in the fourth quarter of 2005, pointing to a fast pace of recovery in domestic demand, a central bank report said, according to Asia In Focus.
According to the Bank of Korea, household spending on durable goods, including flat-screen TVs and cars, increased 11.5 percent in the 3-month period from October to December 2005.
The bank said it was the highest growth rate since the 21.9-percent rise for the first quarter of 2002, when a consumer credit bubble hit the region. Following the collapse of the credit bubble in late 2002, household spending on durable goods contracted for seven consecutive quarters from the January to March period of 2003.
to Daily News