NSO Judges Korean Economy in Recovery PhaseKorea's economy seems to have entered into a phase of real recovery.
The National Statistical Office(NSO) announced on Feburary 25 that based on its figures, Korea's economy entered into a recovery phase as of last December after hitting the bottom of the recession in October 1998.
According to the 'Change in Domestic Industries in January' issued by NSO, production rose 14.7 percent (8.4 percent if semiconductors are not included) from the same month in 1998.
Especially, other economic indices such as consumption and investment as well as production levels show signs that Korea's economy is getting better.
Wholesale and retail sales are starting to rise after fourteen months of decay.
Orders of domestic machinery in January rose 39.6 percent from the same period in 1998.
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