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Biz News Korea(Eng)
S. Korea’s net savings rise to 7.7% amid slower spending
- Collected
- 2016.03.30
- Distributed
- 2016.03.31
- Source
- Go Direct
According to data from the Bank of Korea (BOK), the net savings rate for households and non-profit organizations came to 7.7 percent in 2015, up 1.4 percentage points from the previous year.
Net savings by households totaled 74.6 trillion won ($64.14 billion), up by 16.7 trillion won from the year before. Net savings refer to the remaining after final spending in disposable income. Net savings reached the highest level last year since 8.4 percent in 2000.
Gross national savings stood at 35.4 percent, up 0.9 percentage point from 34.5 percent a year earlier. The central bank said gross national savings increased as gross disposable income gained 5.1 percent, whereas final spending edged up 3.6 percent.
The steady increase may be resulted from slower spending by households rather than increasing income just like the country’s current account surplus that has improved by decreased imports, some experts say.
A BOK official said the increased savings amid a low interest rate trend reflects people’s sentiment against consumption in a fast-aging society and investment sentiment cooled by speculation that asset values would further decline.
By Chung Ui-hyun
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