Gov't shows concern over local economy in Oct. greenbook
- 6 years ago
'회복세' 빠진 그린북 "수출•소비 견조, 투자•고용은 부진"
The nation's finance ministry released its monthly assessement of local economic conditions... based on key data such as exports, job growth, and investment.
It shows the government's growing concerns over domestic and external risks.
Kim Hyesung zooms in on October's greenbook.
The Ministry of Economy and Finance took out the word "recovery" from its monthly greenbook report.
It said domestically, the Korean economy is backed by solid exports and consumption, but investment and job growth remain sluggish... and external uncertainty is growing because of the escalating U.S.-China trade spat and rising oil prices.
Since last December, the finance ministry had said the local economy is on a "steady recovery" path,... making it the first time this year the word "recovery" has not been mentioned.
"The report comes amid growing concerns over the U.S.-China trade conflict, which could start to really affect Korea's exports and major Korean companies. Just as the IMF cuts its growth forecast for the global economy and the Korean economy, the Korean government is also seeing the possibility of such downside risks affecting the local economy."
It's also the first time that the greenbook pointed out that job growth is sluggish.
Job growth has improved from an on-year gain of just 3,000 in August to 45-thousand in September, but it's still below the 100-thousand mark and unemployment is at 3-point-six percent.
Exports dropped over eight percent on-year in September, recording 50-point-six billion U.S. dollars, which the government said was mainly due to four fewer working days due to the Chuseok holiday given that daily average exports hit a record high.
Consumption stood pat in August, while industrial output expanded by half-a-percent on-month in August thanks to autos and plastics.
Both facilities and construction investment have fallen for the past six months, down by 1.4% and 1.3% on-month in September, respectively.
The finance ministry said it will boost the economy through expansionary fiscal policy and help create jobs through innovative growth.
Kim Hyesung, Arirang News.
The nation's finance ministry released its monthly assessement of local economic conditions... based on key data such as exports, job growth, and investment.
It shows the government's growing concerns over domestic and external risks.
Kim Hyesung zooms in on October's greenbook.
The Ministry of Economy and Finance took out the word "recovery" from its monthly greenbook report.
It said domestically, the Korean economy is backed by solid exports and consumption, but investment and job growth remain sluggish... and external uncertainty is growing because of the escalating U.S.-China trade spat and rising oil prices.
Since last December, the finance ministry had said the local economy is on a "steady recovery" path,... making it the first time this year the word "recovery" has not been mentioned.
"The report comes amid growing concerns over the U.S.-China trade conflict, which could start to really affect Korea's exports and major Korean companies. Just as the IMF cuts its growth forecast for the global economy and the Korean economy, the Korean government is also seeing the possibility of such downside risks affecting the local economy."
It's also the first time that the greenbook pointed out that job growth is sluggish.
Job growth has improved from an on-year gain of just 3,000 in August to 45-thousand in September, but it's still below the 100-thousand mark and unemployment is at 3-point-six percent.
Exports dropped over eight percent on-year in September, recording 50-point-six billion U.S. dollars, which the government said was mainly due to four fewer working days due to the Chuseok holiday given that daily average exports hit a record high.
Consumption stood pat in August, while industrial output expanded by half-a-percent on-month in August thanks to autos and plastics.
Both facilities and construction investment have fallen for the past six months, down by 1.4% and 1.3% on-month in September, respectively.
The finance ministry said it will boost the economy through expansionary fiscal policy and help create jobs through innovative growth.
Kim Hyesung, Arirang News.