Seoul, October 18 (IANS). Even after six months, economic improvement is being seen in South Korea. The Finance Ministry on Friday said the economic recovery will continue for the sixth consecutive month due to strong exports and manufacturing output.
The Ministry of Economy and Finance said in its monthly report titled Green Book that the South Korean economy has recently maintained a recovery trend led by solid export and manufacturing output as well as a modest improvement in domestic demand and facility investment amid stable inflation. .
According to Xinhua news agency, the ministry said the overall improvement in the global economy was due to trade reforms and changes in monetary policy stance in major economies, but it cautioned that economic slowdown in major economies, volatility in raw material prices and Europe. And uncertainties remain regarding geopolitical risks in the Middle East.
Exports in September increased by 7.5 percent compared to last year, which continued for the 12th consecutive month. Production in the mining and manufacturing industry increased by 3.8 percent in August compared to a year earlier. Whereas production in the services sector increased by 0.9 percent during this period.
Retail sales declined 1.3 percent year-on-year in August, but facility investment rose 7.8 percent this month. The number of jobs in September increased by 144,000 from a year earlier, better than the previous month’s increase of 123,000.
Consumer prices rose 1.6 percent year-on-year in September, following a 2.0 percent rise in August.
–IANS
RK/CBT
