Latest retail figures suggest consumers are optimistic

Korea’s economy is maintaining its modest rate of expansion as private spending recovers, offsetting a slowdown in corporate investment, a state-run think tank said Sunday.

“Facility investment growth slowed down, and construction investment continued its pace of deceleration, while consumer sentiment ran high, with retail sales posting sharp growth,” the Korea Development Institute said in its monthly evaluation of the country’s economic conditions.

On the exports side, December’s outbound shipment growth decelerated, but exports are posting decent growth on a daily basis, according to the institute. The country’s industrial output declined 1.6 percent from a year earlier, following a 6.1 percent decline the previous month.

Retail sales and service production gained 6.5 percent in November, accelerating from an average of 4 percent growth between September and October, the think tank said. Facility investment grew 6.3 percent in November, slowing from an average 10.6 percent gain in the third quarter. Yonhap