The government said in a recent economic assessment that the recovery trend is continuing. It also said that with greater uncertainty over the Middle East war, concerns about inflation and a worsening job market are continuing to weigh on people's livelihoods.
The Ministry of Economy and Finance said in the September issue of "Recent economic trends (Green Book)" released on the 11th, "Recently, Korea's economy shows a steady recovery trend, with exports rising sharply and domestic demand, including consumption, improving." The wording shifted to a more cautious tone than the August issue's assessment that "the recovery trend is strengthening."
In particular, on the global economy it said, "Uncertainty related to the Middle East war and the U.S. tariff measures has expanded somewhat." This is stronger than the previous assessment that "uncertainty persists."
The government said, "To minimize the impact of the Middle East war, we will make thorough efforts to manage supply and demand of key items," and added, "We will push ahead without delay with key policy tasks in the Chuseok livelihood stabilization package, such as stabilizing prices of holiday-demand items." It went on to say, "We will swiftly implement the second-half economic growth strategy to address structural issues such as the post–Middle East war strategy, a rebound in potential growth, and polarization."
In July, total industrial production rose 3.1% from a year earlier but was little changed from the previous month. Services fell 3.5% and construction 3.2% from a year earlier. However, mining and manufacturing increased 3.6%. On the expenditure side, retail sales fell 0.8%, while facility investment jumped 24.9%.
Exports in August rose 78.7% from a year earlier on higher shipments of semiconductors, computers, and cosmetics. Average daily exports in August were $4.47 billion, up 72.5% from a year earlier.
The number of employed people in August increased by 184,000 from a year earlier, widening from July's increase of 108,000. The jobless rate was 2%, the same level as a year earlier.
In July, the dwellings market saw sale prices rise 0.35% from the previous month, and jeonse rental prices climb 0.38%.