News ID: 214688
Published: 0525 GMT May 08, 2018

South Korea sustained growth continues on private spending recovery

South Korea sustained growth continues on private spending recovery
YONHAP

South Korea's economy is maintaining its modest rate of expansion on the back of exports and improved private spending, a state-run think tank said on Tuesday.

proved private spending, a state-run think tank said on Tuesday.

"The Korean economy sustained moderate growth driven by services with favorable trends in consumption, although manufacturing production exhibited adjustments," the Korea Development Institute (KDI) said in its monthly evaluation of the country's economic conditions, Yonhap reported.

The institute said retail sales maintained high-speed growth, pointing to continued favorable trends in private consumption. It added that consumption-related services showed signs of improvement.

Exports continued to grow steadily but mining and manufacturing production remained subdued, suggesting that the pace of improvement in manufacturing is being adjusted, according to the KDI.

The country's industrial output sank one percent on-year in March, following a 1.2-percent on-year dip the previous month.

Retail sales gained seven percent in March from a year earlier, accelerating from the previous month's 6.6 percent on-year rise.

Facility investment contracted 0.2 percent in March, decelerating from the 9.4 percent on-year expansion in February.

On the exports side, April's outbound shipments fell 1.5 percent, compared with a 6.1 percent on-year gain the previous month, according to the KDI.

But on a daily basis, the pace of growth seems to be continuing given its base effect, the institute added.

   
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