South Korean Gov't Sees Signs of Economic Recovery for 5th Month
The Ministry of Economy and Finance said in its monthly report, called Green Book, that the South Korean economy recently continued a steady recovery due to solid export and manufacturing production as well as a modest recovery in domestic demand and facility investment amid the stable inflation.
The ministry noted that the global economy showed an overall recovery in trade improvement and the changed monetary policy stance in major economies, but it cautioned that uncertainties remained over economic downturn in major economies and geopolitical risks in Europe and the Middle East.
Export expanded 11.4 percent in August from a year earlier, continuing to grow for the 11th straight month.
Production in the mining and manufacturing industry gained 5.5 percent in July from a year earlier, while output in the service sector grew 2.2 percent in the cited period.
Retail sale, which reflects private consumption, declined 2.1 percent in July on a yearly basis, while facility investment advanced 18.5 percent in the cited month.
The number of jobs rose 123,000 in August from a year ago, lower than a growth of 172,000 in the previous month.
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