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Export-led recovery being maintained amid growing uncertainties: finance ministry

All News 10:00 August 10, 2018

SEJONG, Aug. 10 (Yonhap) -- South Korea's economic recovery being maintained by robust exports, although capital spending and production are facing adjustments and external uncertainties are on the rise, a government report said Friday.

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

"The economy is maintaining its export-led recovery, but facility investment and output faced corrections, and uncertainties increased over trade conflict between the U.S. and China," 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 fell 0.7 percent on-month in June, following the previous month's 0.2 percent on-month gain.

Retail sales rose 0.6 percent on-month in June, and facility investments dipped 5.9 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 6.2 percent in July from a year earlier, according to government data.

At home, there have been worries that Asia's fourth-largest economy may be entering a downward path.

Consumer sentiment also deteriorated, with private spending suffering a slowdown.

"The implementation of fiscal spending will be accelerated to help bolster the economic recovery and create more jobs," an official at the ministry said.

Export-led recovery being maintained amid growing uncertainties: finance ministry - 1


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