75883
South Korea Recovery on Track
South Korea Recovery on Track

South Korea Recovery on Track

South Korea Recovery on Track

South Korea’s economy will be in recovery mode thanks to continued export expansion and the effect from the implementation of supplementary budget, a government report said Friday.
The finance ministry said in a monthly economic assessment report, called Green Book, that exports and production continued a growth trend on the back of the global recovery, Xinhua reported.
It said private consumption, which had been sluggish, rebounded recently, forecasting that the economy would be in a recovery track due to the continued export growth and the implementation effect of the extra budget.
From August to October, the report said the recovery was not solid, but it changed the phrase into the economy to be in a recovery track.
It was attributable to robust economic growth in the third quarter. The country’s real gross domestic product grew 1.4% in the July-September quarter from three months earlier.
The GDP result boosted expectations for this year’s economic growth to surpass 3%, the growth forecasts of both the government and the central bank.
Production in the mining and manufacturing industries kept rising for three months through September. Retail sales, which reflect private consumption, rebounded in September, after falling in the previous month.
Discount outlet sales increased 1.7% in October from a year earlier, with gasoline and diesel sales increasing 3.4%.
Meanwhile, South Korea’s Unification Ministry said Friday that it will offer financial assistance to local companies suffering losses from their investment in the inter-Korean factory zone, which has been shut down after the Democratic People’s Republic of Korea’s nuclear test last year.
It has also planned to compensate firms sustaining losses from investment in other inter-Korean economic cooperation projects, which would be the first such measure taken by the South Korean government.

 

Short URL : https://goo.gl/3HCStp
  1. https://goo.gl/dsesgJ
  • https://goo.gl/GPPmWS
  • https://goo.gl/zFvkWK
  • https://goo.gl/yCvfJu
  • https://goo.gl/ZNkS6t

You can also read ...

Bithumb Hacked, $32m in Cryptocurrency Stolen
Cryptocurrencies dropped after the second South Korean...
South Africa GDP Shrinks
South African gross domestic product shrank 2.2% in the first...
Washington in March imposed tariffs of 25% on steel and 10% on aluminum, in a move mainly aimed at curbing imports from China.
Russia said on Tuesday it would impose import duties on US...
Saudi Arabia, which employs about two-thirds of its citizens, is chipping away at a budget deficit that ballooned to almost 16% of GDP after the oil shock of 2014, while FDI slumped more than 80% last year.
Show up, swipe in. The routine is familiar to office workers...
Taxes in Italy Drive Economy Underground
Italy grew rapidly over the 20th century, and its black market...
European businesses say it has become harder to do  business in China over the past year.
European companies complain they still face a tough business...
Australian Telecom Co. to Axe 8,000 Jobs
Australia’s dominant telecommunications company Telstra...
Credit Crunch Pushing Sweeping Changes in Ethiopia
In a surprise move, Ethiopia’s government announced it would...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus