SEOUL, June 12 (Xinhua) -- The South Korean government saw a continued economic recovery amid the remaining Middle East uncertainties, a finance ministry report said Friday.
The Ministry of Economy and Finance said in its monthly report, called Green Book, that the Asian economy recently sustained its recovery through strong exports and improvements in consumer and business sentiment, though the persistent Middle East uncertainties posed risks to people's livelihoods, such as inflation and a cooling labor market.
While the global economy maintained its moderate growth, the Middle East conflict heightened volatility in global financial markets and energy prices, raising concerns over supply chain disruptions, rising inflationary pressure and slower growth, the ministry explained.
To minimize the impact of the Middle East conflict, the ministry vowed to maintain its emergency response system, swiftly execute the supplementary budget and make every effort to stabilize people's livelihoods.
The country's revised real gross domestic product (GDP), adjusted for inflation, grew 1.8 percent in the first quarter from the previous quarter.
It was higher than the preliminary 1.7 percent growth released in April, marking the fastest increase since the third quarter of 2020.
Exports soared 53.2 percent in May from a year earlier, thanks to surging semiconductor demand.
The composite consumer sentiment index (CCSI) gained 6.9 points from a month earlier to 106.1 in May, while the composite business sentiment index (CBSI) in all industries advanced 4.0 points to 98.9 last month.
Consumer prices shot up 3.1 percent in May on a yearly basis, marking the highest in 26 months since March 2024.
The number of jobs fell 40,000 in May from a year earlier, posting the first contraction in 17 months since December 2024. ■
