Korea Leisure Industry Consulting (KOLEC) said Friday South Korea's leisure market is expected to exhibit robust growth of over 18 percent in 2004 thanks to a recovering economy and the phasing-in of a five-day workweek.

According to the private think tank's estimate, the value of the nation's leisure market would grow 18.3 percent to 21.3 trillion won (US$17.75 billion) next year, up from 18 trillion won this year.

KOLEC said that with national economic growth projected to leap to between 4 and 5 percent next year and the five-day workweek slated for expanded enforcement in July, domestic households are expected to substantially increase spending on leisure activities.

The volume of the local leisure market is expected to show an annual growth rate of 6.1 percent this year, following its post-economic crisis rebound from 10.7 trillion won in 1998 to 17 trillion won in 2002.

The think tank also forecast that per-capita leisure spending would expand 17.6 percent to 443,000 won next year, marking a near twofold increase from 230,000 won in 1998.