The South Korean government assessed that economic uncertainties expanded amid a resurgence of COVID-19 in the Seoul metro area and heightened social distancing.

In its monthly economic report on Friday, the Finance Ministry said the uncertainties expanded despite the slump in exports and output easing.

Externally, the ministry said global economic recovery was slowing amid continued spread of the coronavirus and escalating conflicts between major economies, despite improvements in real-economy indicators.

In August, exports fell nine-point-nine percent from a year earlier, but it was lower than the double-digit declines in May and June, thanks to the easing of lockdowns in major economies.

Overall industrial production rose point-one percent on-month in July, due to surges in mining, manufacturing and service industry production.

Meanwhile, retail sales dipped six percent from a month earlier in July.