The government believes the real economy showed clear signs of improvement in June, suggesting a rally in the third quarter is all the more likely.

At a strategy and policy meeting in Seoul on Friday, Vice Finance Minister Kim Yong-beom said all production and spending indices improved in June.

Overall industrial production climbed four-point-two percent on-month in June, the first on-month growth in six months.

Kim said if one looks at the second quarter GDP numbers for the United States and Germany, where the economies contracted by minus nine-point-five percent and minus 10-point-one percent respectively, they can clearly see just how well South Korea has done compared to other nations.

However, he added that with the global spread of the COVID-19 pandemic accelerating and tensions rising between major nations, the world crisis wasn't over and that Seoul will do its best to lead a clear recovery in the third quarter through extraordinary determination.