KDI “The Korean economy in January shows signs of easing of sluggishness … good manufacturing growth”

‘February economic trend’ announcement…the overall economy is’slump’ for 5 consecutive months

The Korea Development Institute (KDI), a national research institute, evaluated that Korea’s January economy is continuing some easing trends despite the sluggishness caused by Corona 19.

It supported this by saying that the growth of the manufacturing industry, centered on semiconductors, was good.

According to the’February Economic Trends’ released by KDI on the 7th, the export growth rate in January increased 11.4% thanks to semiconductors (21.7%), wireless communication devices (58.0%), and automobiles (40.2%).

In December of last year, equipment investment also showed a good trend in machinery (13.7%), recording an increase of 5.3%.

KDI said through the economic trend that “the export of goods shows an improvement trend, centered on information and communication technology (ICT) and automobiles, while export prices have risen, and inventory has continued to decline since September.”

He explained, “The manufacturing industry is showing a solid growth trend, such as the continued increase in facility investment, centered on semiconductors, and is easing some of the economic sluggishness.”

However, the Korean economy, which is a prerequisite for KDI, has been diagnosed with a’recession’ for 5 consecutive months.

It is an analysis that the economic slump centered on domestic demand is still continuing due to the decline in consumption and employment caused by Corona 19.

All industrial production in December of last year recorded -0.3% as the service industry contracted despite an increase in the number of working days.

Employment conditions also worsened, and in December last year, the number of employed fell by 628,000. The decline was remarkable, mainly in the service industry (-622,000 people) and temporary and daily workers (-521,000 people).

Reporter Kwak Yu-min [email protected]

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