SEOUL, May 6 -- Private consumption in South Korea has slowed down after a ferry sinking disaster occurred, as people refrained from leisure activity amid the nationwide mourning for victims.

Finance Minister Hyun Oh-seok said at a meeting for economic conditions that last month's ferry sinking accident has had a more or less negative influence on consumption and service industry activity.

Retail sales, usage of cultural facilities and tourism have shown sluggishness since the 6,825-ton passenger ferry Sewol capsized and sank off the country's southwestern coast on April 16, Hyun said.

A paroxysm of grief swept all over the country as two-thirds of the 476 passengers aboard the ill-fated ship were high school students. Memorial altars were set up nationwide to mourn the victims. Cheering at baseball stadiums has been prevented, and schools canceled class trips. Celebration ceremony for the Buddha' s May 6 birthday was also held to mourn the victims.

As of Tuesday afternoon, 264 people have been confirmed dead, and 38 others were still missing. There have been no survivors reported since 174 people were saved from the ship and sea the day the ferry sank.

Hyun said the South Korean economy will maintain its overall recovery trend despite the ferry sinking tragedy, but he noted the government will monitor possible changes in the recovery trend as the economy is related with sentiment among consumers.