State-run think tank, the Korea Development Institute released its monthly economic trends report this Monday.
In its latest review, the institute saw an easing of the country’s economic fallout from the pandemic as the manufacturing sector improved on the back of strong retail sales, exports and facility investment.
In the month of March, the average factory operating rate remained high at 75 percent and manufacturing sector exports rose by 3.5 percent on-year.
The KDI also said that the struggling service sector saw a slight rebound.
Later this week on Wednesday, Statistics Korea will release its employment figures for April.
The March figure marked the first month with added jobs since the same month last year, in the early days of the pandemic.
The government agency attributed the rise to the easing of social distancing measures in February.
Eyes are on whether employment will continue to improve in April.
The Korea Development Institute will also announce its economic outlook for 2021 on Friday.
In its most recent forecast in November last year, it projected three.one percent growth this year.
However, market watchers expect the KDI to raise its initial outlook.
The International Monetary Fund recently raised its growth forecast for Korea this year to three.six percent from its January estimate of three.one percent.
It cited stronger external demand and extra government spending as major reasons for their upward revision.
Min Suk-hyen, Arirang News.