S. Korea's economy maintains solid recovery on exports: finance ministry

Seoul, October 16 - South Korea's economy continues to demonstrate a strong recovery, according to the Ministry of Finance and Economy. The monthly economic report highlights robust exports and improving domestic consumption as key drivers of this growth. The report emphasizes that despite uncertainties related to the Middle East war and inflation, the economy has shown significant progress.

In September, South Korea's exports surged by 83.5 percent to reach a record high of US$120.9 billion, compared to the previous year. This surge was primarily driven by a substantial increase in semiconductor exports, which surpassed $60 billion for the first time, marking a historic milestone. The second quarter saw a 6.3 percent year-on-year increase in facility investment, further bolstering the economy.

Private spending also showed a modest recovery, increasing by 2.4 percent year-on-year in the second quarter. However, the finance ministry noted that consumer prices and employment conditions remain challenges for the economy. Despite a relatively higher consumer price index rising by 2.9 percent year-on-year in September, the situation remains burdensome for vulnerable groups due to increased oil prices and employment conditions.