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S. Korea economy shows signs of recovery led by exports in September

정부, 6개월째 '내수 회복 조짐' 진단… "수출 중심 경기 회복" Domestic demand appears to be on road to recovery but the pace remains varied depending on sector. Now this is according to the Finance Ministry's latest assessment. Our correspondent Moon Hye-ryeon reports. South Korea’s economy continues to recover, primarily due to strong export performance, while domestic consumption is showing gradual signs of improvement. That's according to the latest economic greenbook a monthly economic assessment report released by the Finance Ministry on Friday. "Our economy continues to recover, led by exports and manufacturing, with price stability improving. Domestic demand is gradually picking up, mainly in facility investment and services, but recovery rates vary across sectors." The government has been consistently diagnosing domestic consumption as showing "signs of recovery" since May, citing improvements in the services sector, among other factors. However, it has also noted a disparity between the recovery of exports and domestic demand. Service production increased by point-2 percent in August compared to the month before, marking the third consecutive month of growth. Retail sales an indicator of consumer spending were also up by 1-point-7 percent month-on-month. However, compared to the same month last year, retail sales decreased by 1-point-3 percent, showing an ongoing downward trend. The government reported that it expects an increase in retail sales to be tallied for September due to recorded growth in credit card spending and domestic car sales also noting that the Chuseok holiday and the release of the new iPhone series could have an impact. While domestic demand has shown mixed signals, exports continued to perform well on the back of the booming IT sector. Exports increased by 7-point-5 percent in September, marking 12 consecutive months of growth. Driven by strong export performance, manufacturing production also increased by 4-point-1 percent in September compared to the previous month, and by 3-point-8 percent compared to the same period last year. The government maintained its assessment that inflation is stabilizing. Consumer prices rose by 1-point-6 percent year-on-year in September, marking the first time since March 2021 that the growth rate has fallen below 2 percent. The government identified potential risks, including concerns about a global economic slowdown and fluctuations in commodity prices. The ongoing conflict in the Middle East, such as between Israel and Iran, could lead to volatility in international oil prices. Moon Hye-ryeon, Arirang News. #SouthKorea #Economy #Domestic #Price #Export #수출 #경기 #물가 #내수 #회복 #Arirang_News #아리랑뉴스 📣 Facebook :   / arirangtvnews   📣 Twitter :   / arirangtvnews   📣 Homepage : https://v2.arirang.com/ 2024-10-18, 17:00 (KST)