Mon, 04 Dec 2023

S. Korean gov't sees signs of economic recovery

17 Nov 2023, 12:44 GMT+10

SEOUL, Nov. 17 (Xinhua) -- South Korea's government on Friday saw signs of economic recovery due to recovering production in the manufacturing industry and the continued improvement in the services sector.

The Ministry of Economy and Finance said in its monthly report, called Green Book, that the economy has gradually shown signs of economic recovery on the back of the recovery in manufacturing production and export, as well as the continued improvement in the services sector and employment.

The ministry noted that the headline inflation moderately slowed down recently despite the lingering uncertainties such as the volatility in global commodity prices, affected by geopolitical risks in Europe and the Middle East.

Production in the mining and manufacturing and the service industries grew 1.8 percent and 0.4 percent, respectively, in September compared to the previous month.

Semiconductor output advanced 12.9 percent in September on a monthly basis after expanding 13.5 percent in the previous month.

The country's export gained 5.1 percent in October from a year earlier, marking the first rebound in 13 months.

The number of jobs increased 346,000 in October on a yearly basis after growing 309,000 in the prior month.

Consumer prices picked up 3.8 percent in October from a year earlier after rising 3.7 percent in the previous month.

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