Private consumption has picked up after a slump following the ferry disaster in April. According to the Ministry of Strategy and Finance on Sunday, major economic indicators showed signs of recovery last month.
Sales at major department stores rose 4.2 percent on-year in July. This is particularly noteworthy given diminished sales in the first half of this year.
Sales of passenger cars also increased 0.7 percent on-year in July to 107,000 units. Petroleum sales steadily increased and credit card transactions increased by 5.1 percent.
The job market seems to be improving as well. The number of employed people increased by 505,000 last month compared to a year earlier. This is an improvement on-year as the figure decreased every month since February to stand at 398,000 in June.