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The Korea Herald
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THE INVESTOR
March 29, 2024

Economy

Korea’s household debt loses steam in Q1

  • PUBLISHED :May 23, 2017 - 14:12
  • UPDATED :May 23, 2017 - 14:12
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[THE INVESTOR] Korea’s household debt expansion appeared to have slightly lost its steam in the first quarter, the Bank of Korea said May 23.

However, the first-quarter household debt posted a double-digit growth on an annual basis, making it harder for the central bank to increase its key interest rate.

Household debt jumped 11.1 percent on-year to 1,359.7 trillion won (US$1.21 trillion) at the end of the first quarter, the central bank said in a statement.

The first-quarter growth rate was slightly lower than the 11.6 percent on-year growth in the fourth quarter of last year and 11.3 percent growth in the third quarter of last year.

On a quarterly basis, household debt grew 1.3 percent in the first quarter of this year, compared with 3.6 percent growth in the fourth quarter of last year and 3.1 percent growth in the third quarter of last year.

The central bank said the pace of household debt growth has shown signs of “stabilization,” but the growth rate is “still high.”

By Alex Lee and newswires (alexlee@heraldcorp.com)

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