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S. Korea’s economy recovering in export, domestic demand: gov’t report

South Korea’s economy was recently recovering both in export and domestic demand, a government report said Friday.

The Ministry of Economy and Finance said in its monthly economic report, called Green Book, that the economy recently continued a recovery in the manufacturing sector and investment supported by the strong export.

It noted that domestic demand modestly recovered on the back of the alleviated slump in the face-to-face services segment.

Credit card spending advanced 18.3 percent in April from a year earlier, keeping an upward trend for three months in a row.

Revenue by department stores surged 26.8 percent last month, but sale by discount outlets fell 2.0 percent.

Revenue among online retailers spiked 48.6 percent as people preferred shopping in the cyberspace on the lingering worry about the COVID-19 pandemic.

The ministry positively saw the global vaccine rollout, but it expressed worry about the overseas inflationary pressure.

The consumer price index (CPI) went up 2.3 percent in April from a year earlier, logging the fastest increase in 44 months since August 2017 owing to a higher price for global crude oil.

Export, which accounts for about half of the South Korean economy, soared 41.1 percent in April from a year ago. The daily average export jumped 29.4 percent last month.
Source: Xinhua

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