Seoul, Nov 2 (IANS) Finance Minister Koo Yun-cheol on Sunday pledged to step up efforts to promote domestic consumption as South Korea’s annual nationwide shopping event is being held on the largest-ever scale, his office said.

The Korea Grand Festival, the country’s equivalent of Black Friday, is taking place both online and offline nationwide from Wednesday through Nov. 9, with around 37,000 companies participating, according to the Ministry of Economy and Finance.

Major department store chains, discount retailers, traditional markets and convenience stores, as well as various online platforms, are offering large discounts, while the government is organising a range of promotional events nationwide, reports Yonhap news agency.

“Private consumption has risen at the fastest pace in years. This festival is expected to help boost the economy and support small business owners,” Koo said, calling for the public’s active participation in the event.

“The government will continue efforts to make sure that livelihood-related policy measures are properly implemented and make necessary improvements,” he added.

South Korea’s industrial production expanded from a month earlier in September, while retail sales lost ground for the second consecutive month.

Industrial production went up 1 percent last month compared with the previous month, according to data from the Ministry of Data and Statistics. Retail sales, a gauge of private spending, inched down 0.1 percent on-month. Facility investment jumped 12.7 percent, rebounding from an on-month decline in August.

Meanwhile, the South Korean economy expanded at the fastest pace in 1 1/2 years in the third quarter, supported by solid exports and rising private consumption, central bank data showed.

Real gross domestic product (GDP), a key gauge of economic growth, rose 1.2 per cent in the July-September period from the previous quarter, preliminary data from the Bank of Korea (BOK) showed, reports Yonhap news agency.

—IANS

na/