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Exports help S. Korea maintain economic recovery pace: KDI

All Headlines 12:00 March 08, 2018

SEJONG, March 8 (Yonhap) -- South Korea's economy is maintaining its modest rate of expansion on the back of exports, a state-run think tank said Thursday.

"Indicators related to production and construction showed a relatively strong rebound largely due to temporary factors, but the improvement trend appears limited," the Korea Development Institute (KDI) said in its monthly evaluation of the country's economic conditions.

Facilities investment grew rapidly, led by the machinery sector, and retail sales continued the upward trend, indicating that key domestic demand indicators sustained moderate improvements, it said.

"Moreover, a stronger global economy, and average daily exports posting relatively high growth, is pointing to continued robustness," the KDI said.

The country's industrial output grew 4.6 percent in January from a year earlier, rebounding from a 4.6 percent on-year dip in the previous month.

Retail sales gained 1.4 percent in January, following the same growth of 1.4 percent in December, the think tank said.

Facility investment soared 22.5 percent in January, sharply accelerating from the previous month's 2.5 percent gain.

On the exports side, February's outbound shipment growth decelerated, but exports are maintaining a decent pace of growth, according to the KDI.

The country's outbound shipments in February moved up 4 percent, decelerating from the previous 22.3 percent gain, but daily gains expanded 18.8 percent last month, larger than the 8.2 percent on-year rise the previous month, the KDI added.

The latest report, however, said any downside risk stemming from the export side will be limited due to the steady pace of the global economy.

sam@yna.co.kr
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