SEOUL: Sales growth at South Korea's top three department stores in April almost doubled, government data showed on Tuesday, adding to evidence of a sustained recovery in Asia's fourth-largest economy.

Combined sales at Lotte Shopping Co Ltd, Shinsegae Co Ltd and Hyundai Department Store Co Ltd rose 8.8 percent from a year earlier, compared to 4.6 percent in March, the Ministry of Knowledge Economy said in a statement on Tuesday May 18.

Combined sales at major discount stores in April edged up 0.3 percent from a year ago after rising 1.6 percent in the previous month, the data showed.

The data came a day after the president issued his most upbeat comments on the economy since the current global crisis began, interpreted by some traders and analysts as a sign the government and central bank had agreed to raise rates in coming months. - Reuters
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