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S. Korea's economy slows on weak domestic and global demand

All Headlines 12:00 April 07, 2019

SEJONG, April 7 (Yonhap) -- The South Korean economy has slowed down on weakening domestic consumption and declining exports, a state-run think tank Sunday.

"Korea's economic activities appear subdued due to weakening domestic and global demand," the Korea Development Institute (KDI) said in its Monthly Economic Trends publication. "Exports are trailing off led by key items while domestic demand is limping."

South Korea's exports fell 8.2 percent on-year to US$47.1 billion in March due to falling global prices of chips coupled with the slowing Chinese economy.

It was the fourth straight month that outbound shipments have fallen.

Retail sales and services production grew at a slower pace, signaling a slowdown in consumption growth.

The KDI said retail sales declined 2 percent on-year in February, significantly below last year's annual average of 4.3 percent and the fourth quarter average of 3 percent.

It said facility investment dropped 26.9 percent in February from a year earlier on sluggish demand in both machinery and transport equipment.

This file photo shows the KDI's headquarters in Sejong, an administrative hub about 130 kilometers southeast of Seoul. (Yonhap)

entropy@yna.co.kr
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