2024-02-16 07:10:03
export unloading operations [연합뉴스 자료사진]
The government recently diagnosed that although the Korean economy is recovering mainly from the manufacturing industry, there are differences in temperature across sectors due to slowing consumption and sluggish construction investment.
Compared to the previous month, the economic recovery is becoming more evident, but it is judged that the warmth is not spreading to domestic demand due to instability in international oil prices and sluggish construction investment due to the real estate recession.
In ‘Recent Economic Trends (Green Book)’ released on the 16th, the Ministry of Strategy and Finance stated, “Recently, our economy is experiencing a slowing pace of economic recovery centered on manufacturing production and exports while inflation has slowed.”
This is a more positive analysis than last month’s diagnosis, which stated that “signs of economic recovery are expanding.”
Last December, overall industrial production increased 0.3% from the previous month and 1.1% from a year ago. As manufacturing production increased, mining and industrial production increased by 0.6% compared to the previous month, and service industry production also increased by 0.3%, leading the increase. The number of employed in manufacturing also increased by 20,000 in January, maintaining an increase for the second month since the previous month (10,000).
Exports in January, mainly semiconductors, increased 18.0% from a year ago, continuing an increase for four consecutive months, and exports to China also turned positive for the first time in 20 months.
The government predicted that although exports will continue to increase, exports in February and March may be affected by a decrease in the number of working days.
golden shiny wafer
An official is examining wafers at a booth at the Semiconductor Expo (SEDEX) held at COEX in Gangnam-gu, Seoul on the 25th.
Regarding prices, it was evaluated as a ‘slowing trend’ and took a step back from the ‘sustained slowdown’ seen last month. This appears to reflect concerns that prices may rise once more next month due to recent uncertainty in international oil prices.
The increase in consumer prices in January (2.8%) decreased compared to the previous month (3.2%), but uncertainty is growing as international oil prices rise in January due to restrictions on navigation in the Red Sea region due to attacks by Houthi rebels in Yemen and disruptions in U.S. crude oil production. there is.
Although the government judged that the economy was in recovery, it added, “There appears to be a difference in the speed of recovery by economic sector, such as a slowdown in private consumption and a visible slump in construction investment.”
Regarding construction investment, a more negative diagnosis was made last month from ‘concerns regarding sluggishness’ to ‘visible sluggishness’.
Kim Gwi-beom, head of the economic analysis department at the Ministry of Strategy and Finance, said, “The construction order volume itself was not good a year ago, and there are concerns that the effects may be starting now.”
Construction investment in December continues to be sluggish, falling 2.7% from the previous month and 1.2% from a year ago. Although apartment sales are showing signs of recovery, the decrease in building permit area is considered a negative factor for future construction investment.
Retail sales, which refers to the consumption of goods, also decreased by 0.8% compared to the previous month, and there are still concerns regarding sluggish consumption due to high interest rates and the accumulated price burden.
Myeongdong crowds Last June on the streets of Myeongdong, Seoul
The government cited the improving information technology (IT) industry situation and the prospect of a soft landing for the global economy as positive external factors. On the other hand, uncertainty continues due to geopolitical risks such as the Russia-Ukraine war and conflicts in the Middle East and supply chain instability.
The government plans to pursue policies with an emphasis on price stability and recovery of vulnerable sectors in the public livelihood and domestic demand.
Manager Kim Gwi-beom said, “We will speed up the key policy tasks of the People’s Livelihood Debate while thoroughly managing potential risks and making efforts to enhance economic dynamism.”
1708069930
#Tax #Accountant #News #mobile #site #government #economic #recovery #trend #centered #manufacturing.. #sluggish #construction #investment #visible