Credit card spending grew at the slowest pace in four years, registering just 6.2 percent in January compared to the same month last year.

The Ministry of Strategy and Finance attributed the slowdown to the fact that the Lunar New Year holiday fell in January last year but in February this year, shifting the benefits of the traditional spending spree to the following month. A similar figure was last seen in March 2009 during the height of the financial crisis.

Meanwhile, sales at department stores and large retail outlets have declined for two months in a row by 8.4 percent and over 24 percent respectively.