Seoul, Feb 16 (Agency) The South Korean government saw signs of a slowdown in consumption and construction investment in its economic report Friday. The Ministry of Economy and Finance said in its monthly report, called Green Book, that the South Korean economy had been on a recovery track centred on manufacturing production and exports amid slowing inflation. The ministry, however, noted that the pace of recovery would vary by economic sector due to slumping private consumption and sluggish construction investment.It cautioned that uncertainties remained, such as geopolitical risks in Europe and the Middle East and the possibility of supply chain disruption, despite the growing expectations for the global economy’s soft landing and the improved IT industry.
The country’s exports jumped 18.0 percent in January from a year earlier, maintaining an upward trend for the fourth consecutive month. Industrial production added 0.3 percent in December compared to the previous month, but construction investment diminished by 2.7 percent. Retail sales decreased by 0.8 percent in December on a monthly basis, but facility investment increased by 5.5 percent. The number of jobs expanded to 380,000 in January from a year earlier, while the jobless rate increased by 0.1 percentage point to 3.7 percent.Consumer prices gained 2.8 percent in January from a year earlier, after going up 3.2 percent in the previous month.