RoK’s economy maintains modest growth pace

The Republic of Korea’s economy is maintaining its modest rate of expansion in the context of stable exports and improved domestic consumption.

According to a report released by the Korea Development Institute (KDI), the country’s economy continued to grow at a moderate pace owing to exports and consumption, but mining and manufacturing production remained stagnant. The improvement in production-related indicators is limited, it said.

The report, however, stressed external conditions stayed favourable and consumption improved, implying that a rapid slowdown in growth is highly unlikely.

In the first two months of 2018, the RoK’s industrial output grew 1.8 percent year-on-year, maintaining its recovery pace.

Meanwhile, retail sales recorded a 6.3-percent increase in February compared to the same period last year.

Investment poured into production sectors in the country soared 9.7 percent in February, decelerating from the 21.6 percent year-on-year expansion in January.

The country's exports in March increased by 6 percent against the same period last year, the KDI added.

VNA