SEOUL (XINHUA) – The South Korean government saw signs of economic recovery for the third consecutive month in its monthly economic report yesterday due to strong manufacturing and export.
The Ministry of Economy and Finance said in its monthly report, called Green Book, that the South Korean economy recently showed a gradual expansion of recovery thanks to robust manufacturing and export in addition to domestic demand recovery amid the stable inflation.
The ministry noted that the global economy showed an overall recovery on the improved trade and manufacturing, but it cautioned that uncertainties remained such as geopolitical risks in Europe and the Middle East and the tighter trade restrictions among major economies.
Export gained 5.1 per cent in June from a year earlier, continuing to grow for the ninth straight month.
Production in the mining and manufacturing industry increased 3.5 per cent in May from a year earlier, while output in the service sector mounted 2.3 per cent in the cited month.
Sentiment among consumers over economic situation improved in June, and business sentiment was also enhanced last month.
The number of jobs rose 96,000 in June from a year earlier, higher than an increase of 80,000 in the previous month.
