Source: Xinhua
Editor: huaxia
2025-09-12 09:14:15
SEOUL, Sept. 12 (Xinhua) -- South Korea's government on Friday saw stronger signs of economic recovery on the back of consumption growth that offset lingering uncertainties.
The Ministry of Economy and Finance said in its monthly report, known as the Green Book, that concerns persisted regarding the Asian economy, which was affected by a delayed recovery in construction investment, employment difficulties for vulnerable groups, and an export slump following the imposition of U.S. tariffs.
The ministry, however, noted that positive signs of economic recovery strengthened due to increased consumer spending, caused by policy effects.
It said the global economy was concerned about facing a continued volatility in the global financial market and sluggishness in trade and growth due to the worsened trade environment, vowing to focus on improving consumer demand and supporting local companies damaged by the U.S. tariffs imposition.
As part of its supplementary budget plan, the government began to provide cash handouts to all people in July in a bid to bolster the sagging private consumption.
Sentiment among consumers over economic situations was enhanced for five consecutive months in August.
Exports added 1.3 percent in August from a year earlier, while shipments to the United States diminished 12.0 percent in the same month.
Production in all industries grew 0.3 percent in July compared to the previous month, but output in the construction sector declined 1.0 percent.
Retail sales advanced 2.5 percent in July on a monthly basis, while facility investment expanded 7.9 percent.
The number of jobs gained 166,000 in August from a year earlier, while jobless rate inched up 0.1 percentage point to 2.0 percent.
Consumer prices climbed 1.7 percent in August on a yearly basis, slower than an increase of 2.1 percent in the prior month. ■