Economic data for November not encouraging in South Korea
2022.12.29 01:00
Economic data for November not encouraging in South Korea
Budrigannews.com – According to data released on Thursday, retail sales in South Korea fell for the third consecutive month in November, obscuring economic growth in the current quarter as demand from China and other major markets declines.
According to Statistics Korea’s data, the retail sales index saw a seasonally adjusted monthly decline of 1.8 percent in November, following declines of 0.2 percent and 2.0 percent in October and September, respectively. In the third quarter, the index increased by 1.2%.
Soon after the data were released, a statement from the finance ministry said that the path of economic growth was becoming more uncertain. The ministry reiterated its commitment to accelerate spending early next year.
The statement said, “The government will execute a record 65% of the next year’s budget spending during the first half,” promising to respond to growing growth risks with flexible financial and economic policies.
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After falling 1.1% and 0.1% in October and September, respectively, a broader index that measures the entire service sector also fell for a third month in a row, this time by 0.6 percent.
After four consecutive months of losses, the manufacturing sector’s output edged up by 0.4 percent, despite posting the worst year-over-year decline in two and a half years, at 3.7%.
