SEJONG (Yonhap News) ― South Korea’s economic recovery is being delayed with domestic demand and production still weak, a state-run think tank said Sunday in its latest assessment on the country’s current economic conditions.
The report unveiled by the Korea Development Institute is based on already unveiled economic statistics, including those on industrial output, exports and facility investment.
“The Korean economy’s recovery is delayed amid a slowdown in production and domestic demand,” the KDI said in the monthly report.
South Korea’s industrial output shrank in May from a month earlier amid heightened global economic uncertainty.
According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries shrank 0.4 percent in May from a month earlier. From a year earlier, it also fell 1.4 percent.
The drop came a month after the output turned around from four previous months of contractions. The output in the service sector still edged up 0.2 percent on-month in May, the report showed.
