Menu Content

Economy

S. Korea's Energy Consumption Set to Drop for First Time in 10 Years

Write: 2019-11-10 14:08:00Update: 2019-11-10 14:42:50

S. Korea's Energy Consumption Set to Drop for First Time in 10 Years

Photo : YONHAP News

South Korea's annual energy consumption is expected to decline for the first time since 2009 amid the economic slowdown.

According to the report by the Korea Energy Economics Institute on Sunday, the country's overall energy consumption came to 137-point-six million tons of oil equivalent (TOEs) in the first seven months of the year, down point-93 percent from the same period last year.

If the current pace continues in the remainder of the year, the country will likely post its first negative growth in energy use since 2009.

Since the country started compiling related data in 1990, it posted negative on-year growth in energy use only two times, in 1998 and 2009.

The report did not provide any specific reasons for the drop, but the reduced energy consumption appears to be associated with the slow economic growth.

The local economy shrank point-four percent in the first quarter and grew one percent in the second quarter, but slowed again to a growth of point-four percent in the third quarter.

Editor's Pick