The index of service industry activities dropped by 0.8 point for the April_June period from the previous quarter, marking a decline for the third consecutive quarter due to the economic slump, the International Trade and Industry Ministry said Thursday.
This made the quarterly index reach 111.4, based on a 100-point benchmark set in 1990. Ministry officials attribute the service industry’s decline to struggling wholesale and cargo transport industries due to a slump in industrial production and shipment. Furthermore, low individual spending and housing demand due to sluggish income and job insecurity dragged down growth of retailers and real estate agents, they said.
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