South Korea sees economic recovery for sixth month

South Korea’s Finance Ministry saw continued economic recovery for the sixth consecutive month on Friday due to strong exports and manufacturing.

The Ministry of Economy and Finance said in its monthly report, called the Green Book, that South Korea’s economy recently maintained a trend of recovery after strong production of export and manufacturing products and a slight recovery in domestic demand and investment in services amid stable inflation.

The Ministry noted that the world economy has shown a general recovery in the development of trade and the change in monetary policy in major economies, but warned that uncertainty remains due to the economic downturn in major economies, volatility in the price of raw materials, and political and European and economic risks. Middle East, said Xinhua media.

Exports rose 7.5 percent in September from a year earlier, continuing their 12th consecutive month of growth. Production in the mining and manufacturing sector rose 3.8 percent in August from a year earlier, while output in the services sector added 0.9 percent over the same period.

Retail sales, which reflect private consumption, fell 1.3 percent in August on an annualized basis, but institutional investment grew 7.8 percent in the month indicated. The number of jobs gained 144,000 in September from a year earlier, faster than the 123,000 increase in the previous month.

Consumer prices rose 1.6 percent in September on an annualized basis after rising 2.0 percent in August.

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