`South Korean economic indicators weakening’
February 7th, 2012 - 3:03 pm ICT by IANSSeoul, Feb 7 (IANS) The employment scenario in South Kore continues to improve, but other economic indicators have weakened amid persistent inflation, the finance ministry said Tuesday.
“Our economy saw employment maintain its recovery trend, but economic indicators such as industrial output and retail sales were weakening amid lingering inflation expectations,” the Ministry of Strategy and Finance said in its Green Book, a monthly report assessing the nation’s economic conditions.
Asia’s No.4 economy created more than 400,000 jobs for the third straight month in December, sending the jobless rate down to 3 percent last month. Despite falling job creation in the manufacturing sector, continued job growth in the service industry boosted the country’s labour market, Xinhua reported.
In contrast, industrial output and retail sales decreased amid weaker exports. Output in mining, manufacturing and electricity and gas sectors diminished 0.9 percent on-month in December after shrinking 0.3 percent and 0.6 percent respectively in November and October. Retail sales posted a 0.2 percent on-month reduction last month.
Exports, which account for more than half of the South Korean economy, recorded the first on-year reduction in more than three years in January, posting trade deficit for the first time in two years. Exports contracted 6.6 percent on-year to $41.54 billion last month, with trade deficit amounting to $1.96 billion.
- South Korean economic indicators weaken - May 08, 2012
- South Korea's industrial output shrinks in October - Nov 30, 2011
- South Korean industrial output contracts for three months - Jan 31, 2012
- South Korea's industrial output growth plunges - Apr 30, 2012
- South Korea's producer prices fall - May 08, 2012
- South Korea's central bank leaves key rate unchanged - Jan 13, 2012
- South Korean carmakers' exports hit record high - Apr 09, 2012
- South Korea's industrial power sales go up - Nov 21, 2011
- South Korea's jobless rate falls - Mar 14, 2012
- South Korea's central bank leaves interest rates unchanged - Oct 13, 2011
- South Korea posts first trade deficit in 24 months - Feb 01, 2012
- South Korea's retail sales grow in December - Jan 18, 2012
- South Korea's consumer price growth slows in October - Nov 01, 2011
- South Korean automakers' exports to slow down in 2012 - Dec 08, 2011
- Britain's GDP drops - Feb 25, 2012
Tags: asia, economic conditions, economic indicators, electricity, finance ministry, gas sectors, inflation expectations, job creation, jobless rate, jobs, kore, labour market, manufacturing sector, retail sales, seoul, south korean economy, trade deficit, xinhua