Economy is still recovering due to exports, consumption

Korea’s economic recovery is being maintained by robust exports and domestic consumption, although capital spending and production are facing adjustments and external uncertainties are on the rise, a government report said Friday.

A weaker job market, rate hikes in the United States and rising oil prices pose downside risks for Asia’s fourth-largest economy, the Finance Ministry said in its monthly economic assessment report.

“The economy is maintaining its export and private spending-led recovery, but facility investment and output faced corrections, and uncertainties increased over trade conflict between the United States and China,” it added.

The report, called the “Green Book,” is based on 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.

Yonhap