S. Korea's industrial output, consumption and facility investment all up in September
Updated: 2020-10-30 17:03:31 KST
For the first time in three months, all three key economic indicators industrial output, consumption and facility investment edged up in September, backed by rising exports.
"All the key indicators in production and consumption have increased. Exports of manufactured goods saw their steepest rise in 23 months."
According to Statistics Korea, overall industrial output rose in September from the month before by 2.3 percent.
Retail sales, a measure of consumption, rose 1.7 percent, mostly on food and clothing.
Facility investment rose by the most in six months at 7.4 percent.
Finance minister Hong Nam-ki said on Friday that the indicators all "point to an economic recovery," and brighten the forecast for the fourth quarter.
But experts point out that other major economies are not seeing clear improvements, which could weigh on Korea's own recovery.
"The indicators for the third quarter have improved compared to the previous quarter, but that's in part due to the massive slump in the second quarter. And the overall virus situation overseas is not improving in a steady way, so uncertainty remains high."
Also, things are still touch-and-go for sectors that depend on in-person contact.
"In the big picture, it's likely to be a Nike swoosh-shaped recovery a gradual improvement from the slump caused by the pandemic. But if you look more closely, it's probably K-shaped, with the non-contact industries recovering faster and the industries that depend on contact continuing in a slump."
To keep the recovery going in the fourth quarter, the government is giving out discount coupons for lodging, travel and food.
Starting Friday, you can get 30 percent off designated sightseeing spots and activities across the country.
Also from today, a cashback program for dining out at restaurants.
For those who apply, if you eat out three times, you get a refund of around nine dollars on your fourth meal.
Kim Jae-hee, Arirang News.