South Korea’s economy recovers on solid export
South Korea’s economy continued to recover for nine straight months on solid export, a government report said Friday.
The Ministry of Economy and Finance said in a monthly economic assessment report that the economy maintained a recovery momentum helped by robust export.
The ministry kept the assessment of economic recovery for the ninth consecutive month though signs of economic slowdown were spotted in recent months.
The report said external uncertainties spread amid the deepening trade conflict among major economies that led to correction of production and investment.
The government revised down its forecast last month for this year’s economic growth rate by 0.1 percentage point to 2.9 percent.
The total number of those employed added 106,000 in June from a year earlier, hovering around 100,000 for a fifth straight month. The labor market condition was the worst since the 2008 global financial crisis.
Private consumption gained 0.6 percent in June from a month ago, but the government expected the consumption to slow down in the second half of this year.
The number of Chinese tourists visiting South Korea jumped 42.4 percent in July from a year earlier, but it was down from a 49.0 percent increase in the previous month.
Production in all industries reduced 0.7 percent in June from a month ago, marking the first decline in three months.
Facility investment tumbled 5.9 percent in June from the previous month, keeping a downward trend for the fourth straight month.
Export, which accounts for about half of the export-driven economy, topped 50 billion U.S. dollars for five months through July. During the January-July period, the export increased 6.4 percent compared with the same period of last year.