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The Korea Herald
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THE INVESTOR
March 29, 2024

Economy

Korean economy on recovery path

  • PUBLISHED :June 08, 2017 - 14:00
  • UPDATED :June 08, 2017 - 14:00
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[THE INVESTOR] The Korean economy is on a modest recovery path thanks to brisk exports and investment, a state-run think tank said on June 8.

“The economy maintained a moderate improvement led by exports and investment demand, although industrial output growth moderated slightly,” the Korea Development Institute said in its monthly evaluation.

Triggered by an upturn in global trade, the economy saw its exports rise for seven straight month through May.

Korea’s outbound shipments jumped 13.4 percent last month from a year earlier, buoyed by a 63.3 percent surge in exports of semiconductors and 36.5 percent rise in steel exports.

The brisk overseas sales of chips also led to a favorable growth in facility investment, which gained 14.1 percent on-year in April, while imports of semiconductor manufacturing equipment shot up 561 percent in May.

However, the booming exports and investment were partly offset by a downbeat growth pace in manufacturing output.

All industry production for April posted a 3.5 percent growth, slowing from a 4.1 percent rise in the previous month, due to decreased output in the manufacturing sector. The manufacturing capacity utilization rate fell to 71.7 percent in April from 72.8 percent set in March.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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