ZCZC
BCN-26
S.KOREA-ECONOMY-RECOVEY
S.Korea’s economy keeps recovery track on industrial production: gov’t
report
SEOUL, June 9, 2018 (BSS/Xinhua) – South Korea’s economy kept a recovering
track on a brisk industrial production that offset faltering investment,
consumption and job creation, a government report said Friday.
The Ministry of Strategy and Finance said in its monthly economic report,
called Green Book, that the economy is broadly maintaining a recovery trend
on increased production among mining and manufacturing companies.
It offset the corrections in facility investment and private consumption,
the report said.
Facility investment declined 3.3 percent in April from a month earlier,
keeping a downward trend for two months in a row. Retail sales fell 1 percent
in the same period on soft demand for semi-durable goods such as clothing.
Revenue among discount outlets shed 3 percent in May from a year earlier.
Job creation missed the government’s target for three consecutive months
through April.
However, domestic passenger car sales edged up 0.3 percent in May from a
year ago, while revenue among major department stores gained 2.0 percent.
The number of Chinese tourists to South Korea surged 44 percent in May
from a year earlier, contributing to sales of duty-free shops and local
retailers.
Production in all industries grew 1.5 percent in April from a month
earlier, after slumping 0.9 percent in the previous month. Output in the
mining and manufacturing industries advanced 3.4 percent in April after
sliding 2.2 percent in March.
The brisk industrial production was attributable to robust exports, which
topped 50 billion U.S. dollars for the third straight month through May.
Consumer prices rose 1.5 percent in May from a year earlier due to low
inflationary pressure from the demand side.
BSS/XINHUA/HR/1450