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Friday, February 19, 2021, 23:00
Govt report: South Korea faces economic uncertainty over virus
By Xinhua
Friday, February 19, 2021, 23:00 By Xinhua

A worker sweeps snow from a street in Seoul on Feb 16, 2021. (ED JONES / AFP)

SEOUL - South Korea's economy faced with uncertainty over the COVID-19 pandemic despite a recent recovery in export, a government report said Friday.

The number of jobs tumbled 982,000 in January from a year ago, marking the fastest slide since December 1998

The Ministry of Economy and Finance said in its monthly economic report, called Green Book, that the investment and the manufacturing industry improved recently on the back of export recovery.

The ministry, however, noted that the real economy continued to be facing uncertainty from the weakened domestic demand and employment amid the COVID-19 resurgence and the tightened quarantine measures.

The report said expectations for the global economic recovery spread thanks to the launch of COVID-19 vaccinations and the massive stimulus packages in major economies.

The country's credit card spending declined 2.0 percent in January from a year earlier after skidding 3.9 percent in the prior month.

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Revenue by department stores and discount outlets reduced 6.7 percent and 12.4 percent respectively last month, but revenue by online retailers jumped 18.1 percent in January after expanding 19.2 percent in December.

The sale of domestically-produced passenger cars soared 20.9 percent in January from a year earlier after decreasing 8.4 percent in the previous month.

The number of jobs tumbled 982,000 in January from a year ago, marking the fastest slide since December 1998.

Facility investment and production in the mining and manufacturing industry gained ground in December from the previous month, but output in the services sector slipped 1.1 percent in the month.

Export, which accounts for about half of the export-driven economy, advanced 11.4 percent in January from a year earlier.


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