The government assessed that the domestic economy is in the midst of a downturn for the fourth consecutive month.

According to a report by the finance ministry on Friday, a slowdown centered on the manufacturing sector continues due largely to sluggish exports and facility investment.

Outbound shipments last month dropped 14-point-two percent from a year earlier, continuing a seven-month streak of decline amid aggressive monetary tightening by major economies to curb inflation. The nation posted a trade deficit for 14 straight months through April.

Facility investment fell two-point-two percent on-month in March, while the number of newly employed people in the manufacturing sector continued to drop for the fourth straight month in April.

However, the ministry stated that domestic consumption has been showing a steady recovery, with retail sales rising zero-point-four percent on-month in March.

The composite consumer sentiment index(CCSI) rose to a ten-month high of 95-point-one in April, while the number of incoming Chinese tourists skyrocketing one-thousand-191-point-eight percent on-year.