S.Korea's export, construction investment still in correction phase: report

Source: Xinhua| 2020-01-17 15:54:36|Editor: xuxin
Video PlayerClose

SEOUL, Jan. 17 (Xinhua) -- South Korea's export and construction investment were still in a correction phase though facility investment was escaping from slump, a government report said Friday.

The Ministry of Economy and Finance said in its monthly economic assessment report, called the Green Book, that the country's export and construction were still facing a correction phase.

It noted that the services industry's production and private consumption modestly increased while facility investment was escaping from slowdown.

Export, which takes up about half of the export-driven economy, declined 5.2 percent in December from a year ago, keeping a downward trend for the 13th consecutive month.

Investment in the construction sector reduced 1.8 percent in November from the previous month, while the facility investment grew 1.1 percent in the month.

Production in the mining and manufacturing industries fell 0.5 percent in November from a month earlier, but the output among services companies gained 1.4 percent.

Retail sales, which reflect consumer spending, advanced 3.0 percent in the cited period on strong demand for both durable and non-durable goods.

The ministry said external uncertainties weakened because of the eased worry about the global trade dispute, signs of the global manufacturing industry's rebound, and the expected recovery of the global semiconductor industry.

It vowed to make all-out efforts to create an economic recovery momentum by implementing government policies to stimulate investment, consumption and export.