Containers are waiting to be shipped at a port in the southeastern city of Busan, South Korea.
SEOUL: South Korea’s government yesterday saw positive 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, called Green Book, that concerns remained about the Asian economy affected by a delayed recovery in construction investment, employment difficulties for vulnerable groups and export slump from the US tariffs imposition.
The ministry, however, noted that positive signs of economic recovery were also seen as consumer spending turned upward, thanks to policy effects.
It said the global economy was worried about facing continued volatility in the global financial market and sluggishness in trade and growth due to the worsened trade environment, vowing to rapidly implement its supplementary budget and support local companies damaged by the US tariff imposition. As part of its extra budget plan, the government began to offer cash handouts to all people last month in a bid to bolster the sagging private consumption.
Sentiment among consumers over economic situations improved for four consecutive months in July.
Credit card spending expanded 6.3 percent in July from a year earlier, while the number of Chinese tourists visiting the country surged 36.2 percent in the cited month.
Exports swelled 5.9 percent in July from a year earlier, while shipments to the United States added 1.4 percent in July after sliding for the past three months.
Facility investment retreated 3.7 percent in June compared to the previous month, but retail sales gained 0.5 percent in the same month.
The number of jobs rose 171,000 in July from a year earlier, and the jobless rate fell 0.1 percentage point to 2.4 percent.
Consumer prices grew 2.1 percent in July on a yearly basis, slower than the increase of 2.2 percent in June.
