South Korean companies’ sales growth dropped to the lowest level in more than 10 years as Asia’s fourth-largest economy struggled from slackening domestic demand, central bank data showed Thursday.
Sales expanded 2.1 percent in 2013, sharply slowing from 5.1 percent in the previous year, according to a Bank of Korea report that covers 492,288 companies that close their books in the June-December period. The survey does not include nonprofit agencies and financial firms.
The 2013 figure marks the lowest level since the central bank began compiling relevant data in 2002.
Other growth indicators also showed signs of worsening, with their asset growth reaching 4.6 percent last year, the lowest since 4.2 percent in 2002.
The average ratio of operating profit to sales came in at 4.1 percent, staying flat from last year, while their pretax net income to sales slipped to 2.9 percent from 3.4 percent a year earlier.
Despite sluggish growth and profitability, the report showed that companies saw their stability improve in 2013. (Yonhap)
