Published: 15:46, May 17, 2024
S. Korean govt sees signs of economic recovery
By Xinhua
Pedestrians pass near a money exchange office in downtown Seoul, South Korea, Jan 11, 2023. (PHOTO / AP)

SEOUL - The South Korean government saw signs of economic recovery in its monthly economic report on Friday due to export expansion and consumption growth.

The Ministry of Economy and Finance said in its monthly report, called Green Book, that the South Korean economy recently showed a gradual recovery thanks to the growth of manufacturing output and export and the recovery of domestic demand, caused by an increase in tourists visiting South Korea and improved service industry.

Export advanced 13.8 percent in April from a year earlier, continuing to grow for the seventh consecutive month

The ministry noted that the global economy showed an overall recovery on improved trade and manufacturing, but it cautioned that uncertainties remained such as volatility in global raw material prices and geopolitical risks in Europe and the Middle East.

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Export advanced 13.8 percent in April from a year earlier, continuing to grow for the seventh consecutive month.

Private consumption and construction investment expanded 0.8 percent and 2.7 percent each in the January-March quarter compared to the previous quarter.

Production in the manufacturing and service industries increased 1.2 percent and 0.7 percent in the first quarter from the previous quarter.

The number of jobs rose 261,000 in April from a year earlier, while the unemployment rate added 0.2 percentage points to 3.0 percent.

Consumer prices gained 2.9 percent in April from a year earlier, lower than an increase of 3.1 percent in the previous month.