■KDI Economic Trends January
“The service industry intensifies due to the re-proliferation of Corona 19 at the end of the year”
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The Korea Development Institute (KDI) diagnosed that “the economic slowdown continues” for 4 months.
In the January issue of “Economic Trends” on the 10th, KDI said, “Recently, despite the recovery trend in the manufacturing industry, the Korean economy continues to suffer economic slowdown, mainly in the service industry, as the novel coronavirus infection (Corona 19) rapidly re-spreads in Korea. Said. It was the 4th month since October last year that KDI has diagnosed it as a’slow economy’.
KDI believes that the indicators related to the manufacturing industry are improving. The daily average export growth rate continued to expand following the delivery (6.4%) to 7.9%, while machinery facility investment also continued to increase at 13.1%. The cyclical fluctuation of the leading index also rose from 101.8 to 102.5.
However, KDI saw that the service industry has been intensifying since mid-November last year due to the nationwide re-proliferation of Corona 19 and strengthening quarantine measures. The consumer sentiment index, which continued to rise, fell 8.1 points from the previous year (97.9) to 89.8, a relatively large decline. While production in the service industry declined 1.4%, production in the service industry, which has a lot of face-to-face contact, such as accommodation and restaurant, decreased from -15.3% to -17.3%.
In particular, in December of last year, as the social distancing in the metropolitan area was upgraded to 2.5 steps, the decline in credit card sales rapidly expanded. Credit card sales (Shinhan Card estimate) recorded an increase of -16.2%, significantly lower than the previous month (-4.2%), and decreased to a level similar to that of March last year (-16.5%) when the first coronavirus pandemic occurred.
/Sejong = Reporter Hyojeong Park [email protected]
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