Gov't cash handouts estimated to have created $8.9 bil. in additional sales

The Korea Times

Gov't cash handouts estimated to have created $8.9 bil. in additional sales

The government's 13.5 trillion won ($8.9 billion) in cash handouts is estimated to have created an additional 2.8 trillion won in sales and contributed 0.12 percent to the country's economic growth last year, a central bank report showed Wednesday. As part of the Lee Jae Myung government's efforts to stimulate domestic consumption, 150,000 won was provided to all Koreans residing in the country in July under the "consumption coupon" program. Another round of payments worth 100,000 won per person was granted to 90 percent of citizens beginning in September. Some 9.1 trillion won, or 70 percent of the total, was distributed through credit cards, while the remainder was provided in the form of prepaid cards or local government-issued gift certificates. According to a report published by the Bank of Korea (BOK), sales at shops and restaurants accepting consumption coupons increased 2.91 percent compared with stores where the coupons could not be used, based on related credit card data. By region, sales rose 6.37 percent in provincial areas, while sales in the greater Seoul area slipped 0.04 p

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