SEOUL (XINHUA) – The South Korean government saw signs of economic recovery for the fourth consecutive month in its monthly economic report yesterday thanks to robust export and manufacturing production.
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 modest recovery in domestic demand and facility investment 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, raw materials price volatility, and concerns about economic slump in major economies.
Export advanced 13.9 per cent in July from a year earlier, continuing to grow for the 10th straight month.
Production in the mining and manufacturing industry gained 0.5 per cent in June from a month earlier, while output in the service sector added 0.2 per cent in the cited month.
Retail sale, which reflects private consumption, swelled 1.0 per cent in June on a monthly basis, and facility investment expanded 4.3 per cent in the same month.
Production in the construction industry declined 0.3 per cent in June compared to the previous month on the back of the still lackluster real estate market.
The number of jobs rose 172,000 in July from a year earlier, higher than a growth of 96,000 in the previous month. Consumer prices mounted 2.6 per cent in July on a yearly basis after going up 2.4 per cent in June.
