President Moon Jae-in stressed he will use the remainder of his term to return Korea to normal life and help the economy recover from the pandemic Monday in a budget speech at the National Assembly.
Industrial production rose 15.6 percent in May on year, Statistics Korea reported Wednesday, the fastest rate since June 2010. On month, it fell 0.7 percent.
Industrial production rose 12.4 percent on year, according to Statistics Korea Monday, the sixth consecutive increase in the figure and the fastest growth in the statistic in over two years.
According to the Bank of Korea, consumer confidence for this month has risen to its highest level in nearly three years thanks to growing expectations of an economic recovery.
According to the Ministry of Economy and Finance on Tuesday, in the first three months of this year the government collected 88.5 trillion won in taxes. That is a first quarter record and a 27.3 percent increase on year.
Exports grew at the fastest rate in two and a half years after a five-month rally in the statistic, though the rebound is under threat as Covid case numbers remain stubbornly high and the vaccine rollout is hampered by shortages.
On month, industrial output increase was 2.1 percent, the best showing since June last year. Restaurant and lodging output month-on-month surged 20.4 percent as people went out to eat on eased social distancing restrictions.
Korea’s export in February jumped 9.5 percent on year, the fourth consecutive month of gains. It is the first time in nearly three years in which Korean exports have grown for four consecutive months.
Inflation is back, led by Napa cabbages and onions, and that's the latest piece of good news suggesting that a rebound could come in the third quarter. According to Statistics Korea, consumer prices were up 0.3 percent in July on-year.