S.Korea faced with continued uncertainty over domestic demand: gov't report

0 Comment(s)Print E-mail Xinhua, September 17, 2021
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SEOUL, Sept. 17 (Xinhua) -- South Korea's economy was faced with a continued uncertainty over domestic demand, caused by the COVID-19 resurgence here, a government report said Friday.

In its monthly economic report, called the Green Book, the Ministry of Economy and Finance said the economy recently saw a solid export recovery with the employment improving despite the COVID-19 resurgence.

The ministry, however, noted that uncertainty continued over domestic demand especially in the face-to-face service sector amid the fourth wave of COVID-19 outbreak.

In the latest tally, South Korea reported 2,008 more cases of COVID-19 for the past 24 hours, lifting the total number of infections to 281,938 in the country. The daily caseload stayed above 1,000 for 73 straight days.

The government has maintained its toughest social-distancing guideline in the Seoul capital area for about two months, roiling the face-to-face services sector, especially the eatery and lodging and the wholesale and retail segments.

The ministry said the global economic recovery lasted on the back of the expanded vaccination in major economies, though the spread of the Delta variants slumped the global improvement of economic indicators amid worry about inflationary pressure.

South Korea administered the first dose of COVID-19 vaccines to 69 percent of the country's total population, with 41.8 percent of the population being fully vaccinated.

The country's export soared 34.9 percent in August from a year ago, keeping an upward trend for the 10th straight month since November last year.

The number of jobs advanced 518,000 in August from a year earlier, and the consumer price index (CPI) gained 2.6 percent last month on higher price for farm goods and oil products.

Plastic card spending continued to grow for the seventh consecutive month in August on a yearly basis, and revenue among department stores expanded in double figures last month.

Revenue for online retailers soared 37.4 percent last month, but revenue among discount outlets shrank 2.5 percent.

The sale of locally-made passenger cars declined 7.1 percent in August from a year ago, keeping a downward trend for six months in a row.

Sentiment among consumers over economic situations retreated for the second straight month in August. Enditem

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