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S. Korean economy showing signs of positive momentum, but uncertainties remain: Report Updated: 2019-03-15 17:59:32 KST


South Korea's overall industrial production remains solid but uncertainties over slower global economic growth and the semiconductor sector remain.
This is according to the Finance Ministry's monthly greenbook report released on Friday.

Until September 2018, the ministry had said the local economy was on a 'recovery' path but it has not used that term since October last year.
Instead of the word 'recovery', the phrase 'positive momentum' appeared in the latest report citing uplifting figures related to production, consumption and investment in facilities.

For the month of January, overall industry production increased by 0.8 percent on month mainly in the construction and services sectors.
Retail sales also ticked up by 0.2 percent during the same period.
Facilities investment, which is one of the key indicators that can be used to gauge economic strength, increased by 2.2 percent.

The report also mentioned that Korea's exports in February fell by more than 11-percent on-year, citing external uncertainties including slower global economic growth.

A report by the OECD released earlier this month said the world economy would grow by 3.3 percent in 2019 which is down from its previous forecast of 3.5 percent.
The ongoing trade tensions, and an erosion of business and consumer confidence were the main reasons for the fall.

Another uncertainty came from the semiconductor sector because chip exports make up a big portion of South Korea's exports.
Analysts have been saying the slower growth of the global semiconductor market is due to weak demand and falling prices.

The ministry said it will focus on promoting policies that will revitalize the economy such as the government's plan to create a second venture boom in Korea.
Ko Roon-hee, Arirang News.
Reporter : krh@arirang.com
KOGL : Korea Open Government License
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