Gov't says S. Korea's economy still on recovery path
- 6 years ago
The government had a positive outlook for the Korean economy in its May forecast.
Still on a recovery path... is what's listed on its latest "Green Book."
Kim Mok-yeong fills us in on the revised assessment.
The Korean economy is still on a recovery path despite the drop in the production and investment sectors.
That's according to the monthly "Green Book" released by the Ministry of Strategy and Finance on Friday.
In the report, the ministry said industrial output and investment saw a correction in the first two months of the year due to a base effect, while domestic consumption shows continued growth.
The May edition of the report was revised on Friday after the first version of the report had caused some confusion over whether the government had changed its positive outlook for the economy.
But in the revised version, the ministry confirmed that nation's economic recovery is still continuing.
Korea's overall industrial output fell for the second consecutive month, dropping by 1.2 percent on-month in March.
Production in the mining and manufacturing sectors dropped 2.5 percent on-month. mainly due to sluggish automobile and machinery production.
Korea's exports also dropped 1.5 percent on-year for the month of April.
Prospects in consumption were a bit brighter.
Retail sales were up 2.7 percent on-month in March, but consumer prices also rose 1.5 percent on-year in April.
Regarding the latest report, an economic expert says that it is still early to determine whether the economy is on a recovery path, but added that the economic growth for this year would not be as bright as last year's.
"Though the government forecast suggests the economy is recovering, I think that this year's growth will not be as good as last year's. With the current export situation and U.S. President Trump announcing his tightened trade measures, I think its difficult to expect a fast growth rate for this year."
Kim Mok-yeon, Arirang News.
Still on a recovery path... is what's listed on its latest "Green Book."
Kim Mok-yeong fills us in on the revised assessment.
The Korean economy is still on a recovery path despite the drop in the production and investment sectors.
That's according to the monthly "Green Book" released by the Ministry of Strategy and Finance on Friday.
In the report, the ministry said industrial output and investment saw a correction in the first two months of the year due to a base effect, while domestic consumption shows continued growth.
The May edition of the report was revised on Friday after the first version of the report had caused some confusion over whether the government had changed its positive outlook for the economy.
But in the revised version, the ministry confirmed that nation's economic recovery is still continuing.
Korea's overall industrial output fell for the second consecutive month, dropping by 1.2 percent on-month in March.
Production in the mining and manufacturing sectors dropped 2.5 percent on-month. mainly due to sluggish automobile and machinery production.
Korea's exports also dropped 1.5 percent on-year for the month of April.
Prospects in consumption were a bit brighter.
Retail sales were up 2.7 percent on-month in March, but consumer prices also rose 1.5 percent on-year in April.
Regarding the latest report, an economic expert says that it is still early to determine whether the economy is on a recovery path, but added that the economic growth for this year would not be as bright as last year's.
"Though the government forecast suggests the economy is recovering, I think that this year's growth will not be as good as last year's. With the current export situation and U.S. President Trump announcing his tightened trade measures, I think its difficult to expect a fast growth rate for this year."
Kim Mok-yeon, Arirang News.