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Economy remains subdued as virus resurgence hits demand: KDI

Economy 12:00 October 12, 2020

SEOUL, Oct. 12 (Yonhap) -- South Korea's economy remained subdued as a recent resurgence of new coronavirus infections hit domestic demand, a state-run think tank said Monday.

"The Korean economy remains subdued led by domestic demand due to a resurgence of COVID-19," the Korea Development Institute (KDI) said in its English-language Monthly Economic Trends publication.

However, the report said the nation's economy is showing signs of its exports and output declining at a slower pace.

Externally, worries over a delay in global economic recovery persist due to the continued global spread of the coronavirus and escalating conflicts between major countries, despite stable financial markets and improvements in real-economy indicators.

Economy remains subdued as virus resurgence hits demand: KDI - 1

The nation's overall industrial production fell 0.9 percent on-month in August, marking the first monthly decline in three months.

Retail sales rose 3 percent from a month earlier, and facility investment declined 4.4 percent on-month.

Production in the mining, manufacturing, gas and electricity industries fell 0.7 percent on-month in August, marking the first monthly decline in three months.

In September, South Korea's exports rebounded for the first time in seven months, helped by increased shipments of chips and automobiles as major trade partners gradually resumed their business activities amid the pandemic.

Outbound shipments came to US$48 billion last month, up 7.7 percent from $44.6 billion posted a year earlier.

kdh@yna.co.kr
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