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South Korea Household Income Sees Slowest Growth in Six Quarters

Feb. 22 (Bloomberg) -- South Korean household income grew at the slowest pace in six quarters, tracking a decline in economic expansion as the won strengthened.

Average household monthly income increased 5.4 percent to 4 million won ($3,682) in the three months ending December from a year earlier, Statistics Korea said in a report today. It was the slowest expansion since the second quarter of 2011, when the figure was 4.7 percent.

Household monthly spending excluding tax and social security-related payments increased 1.4 percent to 2.4 million won in the fourth quarter from a year earlier.

South Korea’s economy grew 1.5 percent in the fourth quarter, the slowest expansion in three years.

To contact the reporter on this story: Cynthia Kim in Seoul at ckim170@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net

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