S. Korea's non-resident consumption soars 37.4 pct in Q3

Non-residents'consumption in South Korea soared 37.4 percent in the third quarter from three months earlier as Chinese tourists spent more in the country amid the South Korean currency's depreciation against the U.S. dollar, the central bank said Tuesday. Domestic expenditures by non-residential consumers reached 3.4 trillion won (2.94 billion U.S. dollars) during the July-Sept. period, up 37.4 percent from three months before, according to the Bank of Korea (BOK). The non-residential consumption contributed to the country's gross domestic product (GDP) growth by 0.3 percentage points in the third quarter, the BOK said. The third-quarter growth was mainly attributable to a rise in expenditures by Chinese and Japanese visitors who spent more in the country amid the won's depreciation against the greenback, according to the central bank. The BOK noted that Chinese tourists'spending in South Korea has grown since 2009 as their income level continued to be improved amid the persistent growth of the world's No.2 economy, saying that people in 11 Chinese cities, including Shanghai and Shenzhen, have the same purchasing power as that of advanced nations. The central bank forecast that Chinese tourists would continue to increase their spending in South Korea that has various merits such as geographical proximity and spread of Korea Wave.