S.Korea sees recovery in domestic demand: gov't report

0 Comment(s)Print E-mail Xinhua, April 16, 2021
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SEOUL, April 16 (Xinhua) -- South Korea saw a recovery in domestic demand amid the recovering export, a government report said Friday.

The Ministry of Economy and Finance said in its monthly economic report, called Green Book, that the South Korean economy recently saw a gradual alleviation in the domestic demand slump and a turnaround in employment amid the continued recovery in export and the manufacturing industry.

It marked the first time since the COVID-19 pandemic began to roil the economy last year that the ministry made mention of the "alleviated slump" in domestic demand.

Credit card spending jumped 20.3 percent in March from a year earlier, keeping an upward trend for two months.

Revenue among department stores surged 62.7 percent in the month, posting the fastest increase since data began to be compiled in 2005.

Revenue for online retailers advanced 21.1 percent last month, and sale among discount outlets gained 3.0 percent.

The domestic sale of locally-made passenger cars declined 10.2 percent in March from a year ago, marking the first reduction in three months.

Export, which accounts for about half of the South Korean economy, increased 16.6 percent in March from a year earlier, continuing to grow for the fifth consecutive month.

The number of jobs expanded 314,000 in March on a yearly basis, logging the first rebound in 13 months.

Consumer price added 1.5 percent in March from a year earlier, after rising 1.1 percent in February. Enditem

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