Economic recovery being maintained on output upturn

SEJONG, June 8 (Yonhap) -- South Korea's economy is on a recovery path on the back of a rebound in industrial output and construction investment, although capital spending and consumption are facing adjustments, a government report said Friday.

A weaker job market and rate hikes in the United States pose downside risks to Asia's fourth-largest economy, the finance ministry said in its monthly economic assessment report.

"The overall recovery pace is being maintained as industrial output and construction investment rebounded," the ministry said. "But facility investment and private spending faced correction," it added.

The report, called the "Green Book," is based on the latest economic indicators of such key factors as output, exports, consumption and corporate investment, which provide clues as to how the economy has been faring in recent months.

The country's overall industrial output rose 1.6 percent on-month in April, following the previous month's 0.9 percent on-month decline.

Retail sales declined 1 percent on-month in April, and facility investments dipped 3.3 percent in the month as well, according to the latest review.

South Korea's exports have been on a steep upside cycle since November 2016, led by a spike in global demand.

Outbound shipments jumped 13.5 percent in May from a year earlier, according to government data.

sam@yna.co.kr
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