KDI “Sluggish domestic demand intensified, but export growth eased some of the economic slump”
“Consumption and employment drastically declined…the manufacturing industry is growing well”
(Sejong = Yonhap News) Reporter Chae Yeon = Korea Development Institute (KDI) said, “Recently, Korea’s economy has been intensifying in domestic demand due to the third corona19 epidemic in Korea, but it is believed that the economic slump is partially easing as product exports increase.” Diagnosed.
KDI gave such an evaluation in’February Economic Trends’ on the 7th.
KDI analyzed that “consumption and employment have drastically declined due to the re-proliferation of Corona 19, and the economic slump is continuing, centered on domestic demand.”
He added, “As external activities contracted due to strengthened quarantine such as corona 19 infection concerns and social distancing, the consumption of semi-durable goods and production in the face-to-face service industry increased, and the number of employed, mainly in the service industry, decreased.
Credit card sales in January estimated based on Shinhan Card sales decreased 14.4% from a year ago. The decline was small compared to last December (-16.2%), but compared to November (-4.2%), the decline is still large.
KDI predicted that “the sluggish consumption will continue for the time being as the strengthened social distancing measures continue in January.”
The production of the service industry declined 2.2% in December last year, which is a larger decline from the previous month (-1.4%). In particular, it was found that the accommodation and restaurant businesses (-17.1%→-39.5%) and art, sports, and leisure-related service businesses (-30.0%→-40.6%) contracted sharply due to the strengthened distance-taking measures in early December.
The labor market also froze, centering on the service industry and temporary and daily workers.
In December of last year, the number of employed decreased by 628,000 people, a sharp increase from the previous month (-273,000 people). Service industry (-287,000 people → -622,000 people), temporary and daily workers (-206,000 people → -521,000 people) The decline was remarkable.
However, KDI said, “With the improvement of demand for foreign goods, exports and facility investment maintained a high growth trend, while the manufacturing industry continued to grow well.”
At the same time, “the export of goods, mainly for information and communication technology (ICT) and automobiles, shows an improvement trend, and while export prices have risen, inventory has continued to decline since September of last year.” “The facility investment continues to increase, mainly in semiconductors. We believe that the manufacturing industry is showing solid growth and is easing some of the economic downturn.”
The export growth rate in January was 11.4%, a high level following the previous month (12.6%). Semiconductors (21.7%), wireless communication devices (58.0%), and automobiles (40.2%) showed high growth rates.
In December of last year, equipment investment also increased by 5.3%, with machinery (13.7%) showing a good trend.
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