S.Korea faced with economic uncertainty over COVID-19 resurgence: gov't report

2021-10-15 10:54

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SEOUL, Oct. 15 (Xinhua) -- South Korea remained faced with an economic uncertainty over the COVID-19 resurgence, a government report said Friday.

The Ministry of Economy and Finance said in its monthly report, called Green Book, that uncertainty remained over the domestic face-to-face services industry, although the economy saw a continued export growth and a sharp job increase.

The ministry noted that worry about inflation emerged amid higher price for raw materials while the possibility for slower global recovery surfaced on the back of the disruption of supply chain though the global economy continued to recover.

The resurgent COVID-19 pandemic discouraged people from doing outdoor activities, such as travel, eating-out and shopping in offline stores.

In the latest tally, the country's daily number of new COVID-19 cases hovered above 1,000 for 101 days since July 7.

Recent economic indicators roughly showed signs of a recovery. Credit card spending gained 8.8 percent in September from a year earlier, keeping an upward trend for the eighth consecutive month.

Revenue among department stores jumped 21.9 percent last month, but revenue among discount outlets declined 9.5 percent.

Revenue for online retailers expanded 16.8 percent in September on a yearly basis, but the domestic sale of locally-made passenger vehicles tumbled 33.3 percent.

The number of jobs surged 671,000 in September from a year earlier, with jobless rate sliding 0.9 percentage points to 2.7 percent.

Export advanced 16.7 percent to reach a new monthly high of 55.83 billion U.S. dollars in September.

The consumer price index (CPI) increased by 2.5 percent in September from a year ago, topping the mid-term inflation target of 2 percent for six straight months. said the government report.
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