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Gov’t Reassesses Recovery after Disappointing 0.1% Growth in Q3

Written: 2024-11-15 12:18:53Updated: 2024-11-15 12:45:06

Gov’t Reassesses Recovery after Disappointing 0.1% Growth in Q3

Photo : YONHAP News

The government has adjusted its assessment of the domestic economic recovery after a disappointing zero-point-one percentage point growth rate during the third quarter.

In its monthly assessment report Friday, the finance ministry said the economy is seeing a gradual recovery amid stabilizing prices, with uncertainties persisting due to changing conditions at home and abroad.

Over the past six months, the ministry had used more hopeful wording when writing about the economic recovery.

A lackluster flow in manufacturing and consumption continued, with overall industrial production dropping zero-point-three percent on-month in September.
 
Retail sales in the construction sector fell zero-point-four percent and investment fell zero-point-one percent.

Exports rose four-point-six percent on-year to 57-point-five billion U.S. dollars in October, while inflation slowed to one-point-three percent.
 
The assessment report highlighted growing uncertainties, stemming from geopolitical risks in the Middle East and potential changes to the trade environment under the incoming Donald Trump administration in the U.S.

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