SEOUL, March 19 (Xinhua) -- South Korea's economy is still faced with weak domestic demand on the back of the continued COVID-19 pandemic, a government report said Friday.
The Ministry of Economy and Finance said in its monthly economic report, called Green Book, that the South Korean economy recently saw an improved export and investment as well as the slower fall in employment.
The ministry, however, noted that the COVID-19 spread continued to roil domestic demand.
Data relevant to consumption showed positive signs, but the pandemic continued to hit hard the services industry, especially the lodging and eatery and the arts, leisure and sports segments, according to the ministry.
Plastic card spending expanded 8.6 percent in February from a year earlier, marking the first growth in three months.
Revenue for department stores soared 39.5 percent last month, and sale by discount outlets advanced 24.2 percent.
The enhanced data was mainly attributed to the Lunar New Year holidays that fall in February this year.
Revenue by online retailers expanded 9.5 percent in February, but it was down from an 18.1 percent increase tallied in January.
Export, which accounts for about half of the South Korean economy, grew 9.5 percent in February from a year ago.
The number of jobs declined 473,000 in February from a year earlier, after tumbling 982,000 in January. The number kept a downward trend for 12 months in a row. Enditem
