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S. Korea’s production growing slowly, exports and investments remain sluggish: Finance Ministry

S. Korea’s production growing slowly, exports and investments remain sluggish: Finance Ministry

Just a few hours ago, South Korea’s finance
ministry released its monthly greenbook report,… saying the economy has been “stagnant” for
five straight months. For more, we have our Yoon Jung-min on the
line. Jung-min, tell us more. Good afternoon, Ji-yoon. The latest economic data shows that South
Korea’s industrial production has slowly increased but exports and investments have remained
sluggish for months. The finance ministry has described the economy
as “stagnant” for the past five months in a row. That’s mostly because of low growth in the
global manufacturing sector, the sluggish semiconductor market, and growing concerns
over the U.S.-China trade conflict. The ministry also said Japan’s recent export
curbs on South Korea have also increased economic uncertainties. Mining and manufacturing output grew zero-point-two
percent in June from the previous year,… while facility investments were up zero-point-four
percent. Exports in July fell 11 percent on-year,…
affected by sluggish demand for chips and the escalating trade spat between Washington
and Beijing. Outbound shipments have fallen for 8 straight
months since last December. As for private consumption, sales of cars
were down nearly 4 percent on-year,… and sales at department stores and discount shops
also declined. However, on-line sales and card spending increased
nearly 2 percent and 4 percent, each. Consumer prices edged up zero-point-six percent
from a year earlier,… as prices of agricultural products and oil remained stable. The ministry said it will fully prepare against
Japan’s export restrictions and speed up the use of the supplementary budget,… while
doing what it can to boost the overall local economy. That’s all from me at this hour. Ji-yoon.

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