S. Korean gov't sees signs of economic recovery for 2nd month

2024-06-14 14:44

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SEOUL, June 14 (Xinhua) -- The South Korean government saw signs of economic recovery for the second successive month in its monthly economic report on Friday due to a continued export growth and an improved service industry.

The Ministry of Economy and Finance said in its monthly report, called Green Book, that the South Korean economy recently showed a gradually expanded recovery trend thanks to the expansion of manufacturing output and export as well as the domestic demand recovery, caused by the enhanced service sector and the higher number of tourists visiting the country.

The ministry noted that the global economy showed an overall recovery on the improved trade and manufacturing, but it cautioned that uncertainties remained such as geopolitical risks in Europe and the Middle East and the tighter trade restrictions among major economies.

Export advanced 11.7 percent in May from a year earlier, continuing to grow for the eighth consecutive month.

Production in the mining and manufacturing industry gained 2.2 percent in April compared to the previous month, while output in the service sector mounted 0.3 percent in the month.

The number of jobs rose 80,000 in May from a year earlier, lower than an increase of 261,000 in the previous month.

Consumer prices added 2.7 percent in May on a yearly basis, after going up 2.9 percent in the prior month.
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