The growth of South Korea's private consumption is expected to hit a six-year low in 2019, as economic growth slowed amid decreased exports and investments.
According to the Bank of Korea (BOK) on Sunday, the country's private consumption is projected to grow one-point-nine percent on-year in 2019.
It would mark the slowest growth since 2013, when it stood at one-point-seven percent.
Given that last year's private consumption increased two-point-eight percent on-year, the country is expected to see a contraction of point-nine percentage points in the growth of private consumption this year, which is larger than a projected contraction of point-seven percentage points in the country's economic growth for this year.
With sluggish exports and investments, the BOK slashed its growth forecast last week for this year to two percent, point-seven percentage points lower than last year's growth of two-point-seven percent.