South Korea's retail sales jumped 4.1 percent from a year earlier in August 2019, recovering from a 0.3 percent drop in the previous month. Sales at duty free shop rose the most (30.3 percent), followed by non-store retailers (16.6 percent), department stores (6.3 percent), and convenience stores (6 percent). By contrast, sales at specialized retailers fell 3.5 percent and those at supermarkets and general stores declined 1.9 percent. On a monthly basis, retail trade climbed 3.9 percent. Retail Sales YoY in South Korea averaged 3.90 percent from 1996 until 2019, reaching an all time high of 20.20 percent in May of 2000 and a record low of -21.50 percent in July of 1998.
Retail Sales YoY in South Korea is expected to be 2.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Retail Sales YoY in South Korea to stand at 3.50 in 12 months time. In the long-term, the South Korea Retail Sales YoY is projected to trend around 6.00 percent in 2020, according to our econometric models.