SEOUL, July 15 (Xinhua) -- The South Korean government saw a continued economic recovery on the back of strong exports and improved consumption, a finance ministry report said Wednesday.
The Ministry of Finance and Economy said in its monthly report, called Green Book, that the Asian economy recently showed signs of a solidifying recovery, with significant economic expansion in the first quarter, the continuously soaring exports and improved consumer spending, which had previously slowed due to the Middle East conflicts.
The ministry, however, cautioned that burdens on people's livelihood persisted as the aftermath of the Middle East conflicts led to rising inflationary pressure and slower job growth.
While the global economy maintained moderate growth, uncertainties remained over global financial markets and energy prices amid lingering concerns over inflation and slowing growth in major economies caused by the Middle East tensions, the ministry explained.
The country's revised real gross domestic product (GDP), adjusted for inflation, spiked 1.8 percent in the first quarter from the previous quarter, marking the fastest increase in five and a half years since the third quarter of 2020.
Exports jumped 70.9 percent from a year earlier to 102.25 billion U.S. dollars in June, topping 100 billion dollars for the first time in the country's history.
The composite consumer sentiment index (CCSI) increased 0.5 points from a month earlier to 106.6 in June, but the composite business sentiment index (CBSI) in all industries decreased 1.2 points to 97.7 last month.
Retail sales, which reflect private consumption, rose 0.1 percent in May compared to the previous month.
Consumer prices shot up 3.2 percent in June on a yearly basis, recording the fastest growth in two and a half years since December 2023.
The number of jobs climbed 63,000 in June from a year earlier, after reducing 40,000 in the previous month. ■