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Finance minister expects Oct. economic data to deteriorate due to long holiday

Finance Minister Kim Dong-yeon said Friday he expects exports and other economic data for next month to deteriorate due to the 10-day Chuseok holiday.

Kim made the remarks during a meeting with religious leaders earlier in the day. 

Finance Minister Kim Dong-yeon (Yonhap)
Finance Minister Kim Dong-yeon (Yonhap)

This year's Chuseok, or autumn harvest celebration, which falls next Wednesday, will be longest in decades because of its nearness to two other national holidays. The government even declared next Monday a one-off holiday to bridge the gap between this weekend and Chuseok.

The traditional holiday is one of the most important for Koreans, along with Seollal, or the Lunar New Year celebration.

Economic data, including exports, will fall in October as plants will be closed and people will take time off from work, South Korea's top economic policymaker said.

South Korea's financial markets will all be closed during the Chuseok holiday, which runs through Oct. 9. (Yonhap)
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