ID :
187357
Thu, 06/09/2011 - 05:49
Auther :
Shortlink :
https://oananews.org//node/187357
The shortlink copeid
S. Korea's economic indicators slowing amid lingering uncertainties: ministry
SEOUL (Yonhap) - South Korea's labor market conditions keep improving but its production, consumption and investment seem to be slowing amid lingering uncertainties at home and abroad, the finance ministry said Thursday.
"Our economy is witnessing a continued improvement in employment with inflation, including farm price hikes easing slightly," the ministry said in its monthly assessment of economic conditions. "But other indicators such as production, consumption and investment are somewhat slowing."
The assessment appears to be based on the latest indicators that the government unveiled for its latest economic performance.
According to the data announced late last month by Statistics Korea, industrial output rose 6.9 percent in April from a year earlier, slowing from a revised 9 percent growth in March.
Retail sales grew 3.6 percent in April from a year earlier, but from March, sales declined 1.1 percent. Facility investment also posted 5.7 percent on-month shrinkage, caused by less corporate spending on transportation equipment, the data showed.
South Korea's economic growth during the first quarter was revised downward as well.
The nation's gross domestic product, the broadest measure of economic performance, grew a revised 1.3 percent in the January-March period from the previous quarter, less than an earlier 1.4 percent estimate, the Bank of Korea said on Wednesday.
The revision is based on worse-than-estimated consumer spending and facility investment, the central bank said.
The finance ministry said that it will closely monitor economic situations at home and abroad amid growing concerns over advanced countries' economies and renewed jitters over Europe's debt crisis. Higher oil prices was also cited as a risk factor.
"We will strengthen our response to risk factors for our economy, while at the same time improving the nation's economic fundamentals and solidifying its growth base through such efforts as boosting domestic demand," the ministry said.
In addition, the government will continue its efforts to stem inflation sentiment from worsening and focus its capacity on improving employment and the overall economic conditions, the ministry noted.
"Our economy is witnessing a continued improvement in employment with inflation, including farm price hikes easing slightly," the ministry said in its monthly assessment of economic conditions. "But other indicators such as production, consumption and investment are somewhat slowing."
The assessment appears to be based on the latest indicators that the government unveiled for its latest economic performance.
According to the data announced late last month by Statistics Korea, industrial output rose 6.9 percent in April from a year earlier, slowing from a revised 9 percent growth in March.
Retail sales grew 3.6 percent in April from a year earlier, but from March, sales declined 1.1 percent. Facility investment also posted 5.7 percent on-month shrinkage, caused by less corporate spending on transportation equipment, the data showed.
South Korea's economic growth during the first quarter was revised downward as well.
The nation's gross domestic product, the broadest measure of economic performance, grew a revised 1.3 percent in the January-March period from the previous quarter, less than an earlier 1.4 percent estimate, the Bank of Korea said on Wednesday.
The revision is based on worse-than-estimated consumer spending and facility investment, the central bank said.
The finance ministry said that it will closely monitor economic situations at home and abroad amid growing concerns over advanced countries' economies and renewed jitters over Europe's debt crisis. Higher oil prices was also cited as a risk factor.
"We will strengthen our response to risk factors for our economy, while at the same time improving the nation's economic fundamentals and solidifying its growth base through such efforts as boosting domestic demand," the ministry said.
In addition, the government will continue its efforts to stem inflation sentiment from worsening and focus its capacity on improving employment and the overall economic conditions, the ministry noted.
