South Korea’s national income reduces

Seoul, Sep 3 (IANS) South Korea’s national income reduced for the first time in four and a half years, central bank data revealed on Thursday.

Real gross national income (GNI), which gauges income by South Koreans at home and abroad, slid 0.1 percent in the second quarter from the previous quarter, according to the Bank of Korea (BOK).

It was the first decline in four and a half years since the fourth quarter of 2010 when the national income reduced to 1.9 percent, Xinhua news agency reported.

According to sources, dry weather and the Middle East Respiratory Syndrome (MERS) outbreak contributed to the slow economic growth in the second quarter, helping drag down the national income growth.

The South Korean government has unveiled a fiscal stimulus package, including extra budget, for the second half to reinvigorate the economy. The BOK cut its policy rate to an all-time low of 1.5 percent.

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