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Friday August 17, 5:00 AMSouth Korea's July dept store sales growth slowsSEOUL, Aug 17 (Reuters) - Annual growth in sales at South Korea's top three department store sales slowed in July, data showed on Friday, weakening hopes for a recovery in domestic demand in Asia's fourth-largest economy.July sales at stores run by Lotte Shopping Co. , Shinsegae Co. Ltd. and Hyundai Department Store Co. Ltd. rose 0.2 percent from a year earlier, compared to a 4.4 percent rise in June, the commerce ministry said in a statement. But the latest figure was better than the finance ministry's preliminary data showing an annual 2.2 percent fall in July department store sales reported earlier this month. Sales from the three department stores fell an annual 0.1 percent in May and 2.3 percent in April. July's department store sales figures compared to recent data showing a recovery in South Korea's local consumption including July's consumer expectation index, which hit a 19-month high. On Aug. 9, South Korea's central bank raised its key interest rate to a six-year high of 5.0 percent to check accelerating money supply growth that was seen fueling inflation. |
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