S. Korea's Economy Faces Rising Downside Risks: Gov't Report

S. Korea's economy faces rising downside risks: gov't report

South Korea's economy faced expanded downside risks such as global economic slump and the faltering semiconductor industry, a government report said Friday

SEOUL, (UrduPoint / Pakistan Point News - 12th Apr, 2019 ) :South Korea's economy faced expanded downside risks such as global economic slump and the faltering semiconductor industry, a government report said Friday.

The finance ministry said in its monthly economic report Green Book that downside risks expanded on the worsening external conditions such as the global economic slowdown and the slumping chip industry.

Export, which accounts for about half of the export-driven economy, kept falling for the fourth consecutive month through March due mainly to the falling semiconductor price.

In February, production in all industries declined 1.9 percent compared with the previous month.

Productions among manufacturers, services companies and builders all reduced in the month.

Retail sales, which reflect private consumption, shed 0.1 percent in February from a month earlier. Facility investment retreated 1.9 percent in the same period.

Passenger car sales in the domestic market fell 1.7 percent in March from a year earlier, but revenue in department stores and discount outlets grew 1.3 percent and 2.0 percent each.

Credit card spending increased 3.5 percent in March from a year ago, and the number of Chinese tourists to South Korea advanced 26.5 percent in the month, contributing to consumer spending.

Your Thoughts and Comments