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SEOUL (XFN-ASIA) - Service sector output expanded 4.8 pct year-on-year in March, easing from February’s 6.7 pct rise, with the real estate, education services, transportation and wholesale and retail sectors seeing a slowdown, the National Statistical Office said.

The growth rate was at its lowest level since a gain of 3.4 pct last October.

Seasonally adjusted, service sector output declined 1.2 pct month-on-month in March, reversing February’s 1.0 pct rebound, the NSO said.

Output growth in the real estate industry eased to 2.5 pct in March from 7.1 pct in February, reflecting a cooling-off in the property market after the government introduced a series of stricter measures to dampen prices.

Growth rates in the education and transportation service sectors more than halved to 3.8 pct and 4.2 pct, respectively.

Wholesale and retail sector output growth also dropped to 3 pct from 6.9 pct in February.

Financial and insurance sector output, however, accelerated to 10.6 pct from 8.3 pct.

Output by hotels and restaurants rebounded to 1.8 pct from a 1.2 pct contraction in February.

In the first quarter of 2007, service sector output grew 5.5 pct year-on-year, retreating from a 6.2 pct rise a year earlier.

eunkyung.seo@xinhuafinance.com