KDI report shows domestic consumption on the mendThe Korean economy is recovering from the aftermath of the Middle East respiratory syndrome (MERS), a government-run institute’s report said Thursday.
The Korea Development Institute (KDI) said in its monthly report on the Korean economy that domestic consumption in July showed signs of rebounding. Consumption was hit hard by the spread of the deadly virus starting in June.
“Domestic consumption was sagging in June particularly at accommodations, restaurants and the tourism and service industry, but the sales rebounded at some sectors, such as department stores and hypermarkets,” the report said. “Indexes on investment on facilities also showed a growth.”
Still, the report added exports continued to be sluggish in July and output in mines and manufacturing also stayed low. The average operation rate in manufacturing in July stood at 75.2 percent. The rate was 76.1 percent a year earlier.