Foreign

A monthly economic report of South Korea has warned of an economic slump for the sixth consecutive month with high inflation and sluggish export.

The Ministry of Economy and Finance said this in a report on Friday.

The report by the ministry, called Green Book, showed concerns continued over the economic slowdown due to faltering export and high inflation caused by external factors which had also affected economic sentiment.

The ministry noted that volatility in the global financial market and downside risks of the global economy continued on the back of geopolitical risks in Europe.

It noted that interest rate hikes in major economies countered inflation.

However, it added that modest improvements had lasted in employment and the face-to-face service industry.

The country’s consumer prices soared by 5.7 per cent in October from a year earlier, after rising by 5.6 per cent in the previous month.

Export declined by 5.7 per cent over the year to 52.48 billion dollars in October, marking the first slide in 24 months.

Sentiment among consumers over economic situations slipped 2.6 points from a month earlier to 88.8 in October.

The number of those employed totalled 28,418,000 in October, up 677,000 from a year earlier.

The employment rate for those aged 15 or higher rose 1.3 per cent to 62.7 per cent last month.

The report noted that credit card spending increased 10.1 per cent in October compared to the same month of last year after expanding 18.4 per cent in August and 12.0 per cent in September, respectively.

Revenue among department stores gained 7.0 per cent last month, but revenue for discount outlets sank 0.5 per cent. (dpa/NAN)

KN

Tags: Green Book