Gov’t remains confident in economic recovery

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Gov’t remains confident in economic recovery

With exports going strong and domestic consumption rebounding, the Korean economy will likely maintain its current pace of recovery, a government report said Friday.

“The Korean economy has been maintaining an upturn pace on the back of brisk exports and recovering global demand, while domestic consumption made a turnaround from a long slump,” the Ministry of Strategy and Finance said in its monthly economic assessment. “Thanks to a rally in exports and increased government spending, the recovery pace is expected to continue.”

The report is based on the latest economic indicators of such key factors as output, exports, consumption and corporate investment, which provide clues as to how the economy has been faring in recent months.

Korean exports have been on a steep rise since last November, led by a spike in global demand for Korean products.

Exports rose 7.1 percent in October from a year earlier despite a 10-day holiday, following a 35 percent year-on-year surge the previous month, buoyed by stellar sales of semiconductors and petrochemical products.

Output in manufacturing and mining gained ground in September for three months in a row as increased exports fueled the production of vehicles and ships. Revenue in the service industry landed in positive terrain for four straight months.

Demand returned to positive territory as retail sales expanded 3.1 percent between August and September, swinging from a 0.9 percent fall in August, while facility investment also rebounded, rising 5.5 percent.

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