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Output, consumption signal economic recovery to continue in coming months

According to Yonhap News,

(SEJONG=Yonhap News) Korea's economy is expected to maintain its current recovery pace in the coming months as industrial output, consumption and facility investment rebound, a government report said Friday.

However, a weaker job market and ongoing trade issues are likely to continue to weigh on the nation's economy, the finance ministry said in its monthly economy assessment report.

"Amid a modest growth in exports, the pace of an economic recovery is proceeding on the back of a rebound in industrial output, consumption and facility investment," the ministry said.

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.

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

Exports rose 17.6 percent during the first 10 days of January on-year, due to a robust gain in shipments of semiconductors and wireless telecommunication equipment, according to data from the Korea Customs Service.

In November last year, industrial output gained 0.2 percent on month and retail sales grew 5.6 percent on month, according to the report.

Facility investment jumped 10.1 percent on month last November, the report said.

After Korea and China agreed to move past a diplomatic row over the deployment of an advanced U.S. missile-defense system in South Korea, a sharp drop in the number of Chinese tourists visiting the country also showed signs of easing, the report said.

The number of Chinese tourists visiting South Korea fell 36.7 percent on year last month, compared to a 42.1-percent decline last November and 69.3 percent plunge in July.

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Source: Yonhap News (Jan. 12, 2018)
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