South Korea’s economic recovery continued on the growth of exports, which account for about half of the export-driven economy, a government report showed Friday.
The finance ministry said in its monthly economic assessment report, called the Green Book, the overall trend of economic recovery lasted thanks to brisk exports caused by the improved global economy.
The ministry expected the recovery trend to continue for the time-being amid the projected expansion of exports.
The ministry noted that private consumption also rebounded, but it cited the normalization of monetary policy in major economics and geopolitical risks on the Korean Peninsula as the possible risk factors facing the South Korean economy.
Exports advanced 9.6 percent in November from a year earlier, keeping an upward momentum for the 13rd straight month.
Retail sales, which reflect the private consumption, reduced 2.9 percent in October from a month earlier, but it was mainly attributable to less business days in the month when the traditional Chuseok holiday shrank the number of working days by 4.5 days.
For the two months through October to exclude the Chuseok holiday effect, the retail sales increased 1.6 percent compared with August.
Department store sales expanded 6.3 percent in October from a year earlier, while sales in discount outlets gained 5.9 percent. Passenger car sales fell 4 percent in October, but it was down from a 13.5 percent decline in the prior month.