Local economy expands due to exports, spending

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Local economy expands due to exports, spending

Korea’s economy is maintaining its modest rate of expansion on the back of exports and improved private-sector spending, a state-run think tank said Tuesday.

“The Korean economy sustained moderate growth driven by services with favorable trends in consumption, although manufacturing production exhibited adjustments,” the Korea Development Institute (KDI) said in its monthly evaluation of the country’s economic conditions.

The institute said retail sales continued their rapid growth, pointing to continued favorable trends in private consumption. It added that consumption-related services showed signs of improvement.

Exports continued to grow steadily but mining and manufacturing production remained subdued, suggesting that the pace of improvement in manufacturing is being adjusted, according to the KDI.

The country’s industrial output sank 1.0 percent on-year in March, following a 1.2-percent on-year dip the previous month.

Retail sales gained 7 percent in March from a year earlier, growing from the previous month’s 6.6 percent on-year rise.

Facility investment contracted 0.2 percent in March, decelerating from the 9.4 percent on-year expansion in February.

On the exports side, April’s outbound shipments fell 1.5 percent, compared with a 6.1 percent on-year gain the previous month, according to the KDI.

But on a daily basis, the pace of growth seems to be continuing, the institute added.

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