S.Korea's economic slowdown continues for 3 months: think tank

Source: Xinhua| 2019-06-10 13:26:36|Editor: Shi Yinglun
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SEOUL, June 10 (Xinhua) -- South Korea's economic slowdown continued for three straight months on weak export, a state-run think tank report said Monday.

The Korea Development Institute (KDI) said in its monthly economic report that the economic slump lasted on soft export, though industrial production recently improved a bit.

The export weakened amid the slowing domestic demand, leading to the economic slowdown, the KDI noted.

Production in all industries gained 0.7 percent in April from a month earlier, after dipping 0.5 percent in the previous month.

Retail sales, which reflect private consumption, rose 1.4 percent in April from a month earlier, but it was lower than an average monthly increase of 1.7 percent tallied in the January-March quarter.

Export, which accounts for about half of the export-driven economy, contracted 9.4 percent in May from a year ago, after sliding 2 percent in the previous month.

The export continued to fall since December last year on the downturn in business cycle of the global chip industry and the global trade friction.

The KDI said the export of locally-made semiconductors and oil products declined amid the global economic slump, noting that external uncertainties deepened on the global trade dispute.