The South Korean economy is maintaining its current recovery pace on the back of strong overseas sales, although there are some downside risks, such as North Korea's provocations and ongoing trade issues, a government report said Friday."The South Korean economy is keeping its recovery pace, aided by robust exports in line with the improving global economy," the finance ministry said in its monthly economy assessment report. "For the time being, its recovery pace is expected to co

South Korea plans to spend 23.3 trillion won ($21.3 billion) next year to provide more public residential houses and renovate existing homes and infrastructure facilities, the transport ministry said Wednesday.The figure represents 58 percent of the 40.4 trillion won allocated to the Ministry of Land, Infrastructure and Transport.The 2018 expenditure for public homes and renovation projects jumped 10 percent from 21.2 trillion won a year earlier, the ministry said.The government said it will spe

South Korea's tax office said Wednesday that it has collected 1.14 trillion won ($1.04 billion) in taxes from suspected offshore tax evaders so far this year.The National Tax Service collected the amount in the first 10 months of the year from 187 offshore tax dodgers. The take is slightly more than the 1.1 trillion won dues collected from evaders in the same period a year earlier, it said.In 2016, the NTS collected a total of 1.3 trillion won from 228 overseas tax dodgers. Offshore tax evasion

South Korea's chief economic policymaker vowed Wednesday to create more jobs even though the employment situation is not favorable at present.In a meeting with a group of employees of a local firm in southern Seoul, Finance Minister Kim Dong-yeon said the government's top priority is to generate good jobs. "This year's economic growth is expected to top 3 percent and exports remain bullish," Kim said. "But employment conditions are still facing difficulties." Some 20 trillion

The South Korean economy is expected to grow 2.9 percent next year, slowing down from this year's estimate of a 3.1 percent expansion, as export growth and domestic consumption recovers, while facility investment declines."Our economy's export growth will be maintained and domestic consumption should recover, but a growth of facility investment and construction will slow down," the KDI said in its latest outlook report. The KDI's latest growth estimate for next year is higher than its

South Korea's export-led economic recovery is showing signs of slowing down as the growth of outbound shipments decelerates, although consumer sentiment is continuing its upward trend, a state-run think tank said Wednesday."October posted a sharp contraction in production indicators, but the improvement trend was maintained at a modest pace, given the reduced workdays caused by the long Chuseok holiday. Most production indicators posted negative growth but there was a small increase in aver

South Korea's chief economic policymaker said Wednesday that the government will put its focus on expanding national interest at the upcoming free trade deal renegotiations with the United States."National interest will be the top priority in the talks (for the trade pact)," Finance Minister Kim Dong-yeon said in an economy-related meeting. "Our government should make utmost efforts to reflect the views of the industrial sector and fully take into consideration the whole economy.&

South Korea's commerce ministry hosted a meeting of Chinese entrepreneurs and private experts in Seoul on Wednesday to help address tumbling investment from the neighboring country.The meeting, the second of its kind this year, focused on ways on how to stem plunging investment in South Korea from Chinese companies and seek investment cooperation models, the ministry said.The gathering brought together officials from Chinese companies that have built production facilities in South Korea, and pri

South Korea slammed the European Union's decision on Wednesday to put Asia's fourth-largest economy on a new EU blacklist of tax havens, saying that its inclusion is "not in accordance with international standards" and poses the risk of "violating taxation sovereignty."On Tuesday, the EU disclosed a blacklist of 17 countries, including Macau, the Marshall Islands and the United Arab Emirates in what it claims is a substantive step to deter worldwide tax avoidance.The EU said

South Korea’s current account balance in the service sector hit a record low in October, due to the soaring number of overseas trips during the long Chuseok holiday and a drop in the number of Chinese tourists here, central bank data showed Tuesday.The services account deficit widened in October to a record $3.53 billion from the $1.79 billion deficit a year earlier, according to preliminary data released by the Bank of Korea. The previous record was $3.34 billion observed in January this

The Ministry of Trade, Industry and Energy announced Tuesday that it plans to submit a report regarding its plans to renegotiate the Korea-US Free Trade Agreement to the National Assembly on Dec. 18. 　Submitting the plans to the parliament will mark the conclusion of the necessary procedures here in order to begin trade talks with Washington. 　Under current laws, the government is required to make a report to the legislature about the target, agenda and countermeasure plans in entering a negotia

South Korea's per-capita gross domestic product is expected to surpass $30,000 in 2018 on brisk exports of chips and other positives, Goldman Sachs said Tuesday."Unless there is any big change in South Korean and global export conditions, South Korea's per-capita GDP will likely break the $30,000 level next year for the first time," Goldman Sachs economist Kwon Goo-hoon said in a news conference on the country's 2018 economic outlook.South Korea would achieve the landmark for the third

South Korea's smoking rate will likely drop this year, as sales of cigarettes have fallen due to a big increase in the price of tobacco in 2015, an official source said Tuesday.Citing the need to discourage smoking, the government increased taxes on cigarettes by 2,000 won ($1.70) per pack, effective Jan. 1, 2015, raising the price to 4,500 won per pack.The smoking rate for males over 19 years old fell to 39.4 percent in 2015 from 43.1 percent a year earlier, the first drop since 1998, when the

President Moon Jae-in on Tuesday pledged efforts to expand the country's exports, especially by small and medium-sized firms, in his address to mark the annual Trade Day."Trade is a mainstay of our economy. Trade is making the heart of our economy beat strongly this year," the president said.Moon commended local exporters for breaching the US$1 trillion mark in annual trade, the sixth largest in the world. He noted South Korean products' global market share is expected to reach a recor

South Korea's current account surplus contracted in October from a year earlier due mainly to a decreased surplus in the goods account and an increased deficit in the service account, central bank data showed Tuesday.The country's current account surplus reached $5.72 billion in October, compared with a surplus of $7.69 billion a year earlier, according to the preliminary data from the Bank of Korea.The BOK said the goods account surplus narrowed to $8.6 billion in October from $9.16 billion a y