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Due to high oil prices and a slowdown in exports, Korea recorded its largest monthly current account deficit in history in August. Other indicators of the present and future of economy have been negative for seven months in a row, showing the Korean economy plunging into a prolonged slump.
The Bank of Korea said Tuesday that the country¡¯s current account posted a deficit of US$4.71 billion in August, the largest since it began compiling relevant statistics in 1980.
The accumulated current account deficit between January and August this year increased to US$12.59 billion.
The National Statistics Office said the coincident composite index, which shows the current economic situation, dropped 0.2 percent from July, continuing the downward trend of the last seven months.
(englishnews@chosun.com )
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