On the economic front.
South Korea’ finance ministry believes the country’s economy continues to show signs of recovery, thanks to robust trading and better domestic demand.
Our Park Kun-woo has the details.
The South Korean government for the fifth straight month in September says domestic demand is showing signs of recovery.
That’s according to the latest economic green book -a monthly economic assessment report -released by the Finance Ministry on Friday.
But it’s also the second consecutive month that the government used the expression “gradually” recovering, which it said reflects the GDP growth rate in the second quarter that dropped on-quarter.
The green book said domestic demand is recovering differently by sector and that facility investment and the service industry in particular are recovering.
Facility investment was up by over 18 percent on-year in July, while production for the service industry saw a rise of over 2 percent.
But, retail sales dropped by nearly 2 percent on-month in July while the index showing performance in the construction sector dropped by 1-point-7 percent.
The Finance Ministry also pointed out that recent steady export performances contributed to the economy showing signs of recovery.
Exports saw a rise of over 11 percent on-year in August due to strong shipments of IT products including chips.
The economic trends report also showed consumer prices have been stabilizing with inflation down to two percent year on year last month.
That was mainly due to a drop in international oil prices and the release of newly harvested fruits.
And the government said it would do its best to keep stabilizing consumer prices and supporting small businesses before the Chuseok holiday.
The green book also showed that the global economy has been recovering recently due to better trading conditions and changes in monetary policies although the pace could differ by country.
It also said geopolitical risks caused by the Russia-Ukraine war and tension in the Middle East are still factors causing instability.
Park Kun-woo, Arirang News.
source : https://www.arirang.com/news/view?id=276083
