(MENAFN) Central bank data showed that South Korea's firms' sales dropped 4.7 percent in the first quarter, as the economy has faltered on sluggish domestic demand, Yonhap News reported.
The on-year drop marks a shift from a 1.6 percent gain a year earlier, according to the quarterly data by the Bank of Korea (BOK) which analyzed the financial sheets of 16,281 companies between June 8 and 19.
Large companies saw a sharper fall in their sales, dropping 5.5 percent on-year in the January-March period, compared with a 1.7 percent rise a year earlier, the BOK added.
Meanwhile, small and medium enterprises (SMEs) saw their sales dropping 0.6 percent, compared with a 1.5 percent gain registered in the previous year.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.