South Korea sees economic recovery for sixth month

Seoul, Oct 18 South Korea's finance ministry saw a continued economic recovery for the sixth straight month on Friday thanks to robust export and manufacturing production.

The Ministry of Economy and Finance said in its monthly report, called Green Book, that the South Korean economy recently maintained a trend of recovery on the back of solid export and manufacturing production as well as a modest recovery in domestic demand and facility investment amid the stable inflation.

The ministry noted that the global economy showed an overall recovery in trade improvement and the changed monetary policy stance in major economies, but it cautioned that uncertainties remained over economic slowdown in major economies, volatility in raw materials price, and geopolitical risks in Europe and the Middle East, Xinhua news agency reported.

Export increased 7.5 per cent in September from a year earlier, continuing to grow for the 12th successive month.

Production in the mining and manufacturing industry climbed 3.8 per cent in August from a year earlier, while output in the service sector added 0.9 per cent in the cited period.

Retail sale, which reflects private consumption, shrank 1.3 per cent in August every year, but facility investment expanded 7.8 per cent in the cited month.

The number of jobs gained 144,000 in September from a year earlier, faster than a growth of 123,000 in the previous month.

Consumer prices went up 1.6 per cent in September every year after rising 2.0 per cent in August.

Source: IANS