Economy on road to recovery: KDI

Korea’s economic slowdown is moderating somewhat, helped by an easing of external uncertainties and improvements in domestic demand, a state-run think tank said yesterday.

“The slowdown in overall industrial production has eased on improving manufacturing and service output,” the Korea Development Institute (KDI) said in its monthly report. “Private consumption and business investment are maintaining their upward momentum.”

Output in the manufacturing and service industries grew 14.4 percent and 5.5 percent each in February compared to a year earlier, according to government data.

While exports and imports contracted 1.4 percent and 1.2 percent in March, the country’s trade surplus grew to $2.3 billion from the $1.5 billion tallied in the previous month, the think tank said.

The KDI also said there were improvements in the labor market and consumer prices. Yonhap