S. Korean economy shows signs of recovery amid chip recovery: Govt

Seoul, Dec. 15 (Yonhap) — South Korea’s economy is continuing to show signs of gradual recovery with a rebound in the manufacturing sector, particularly due to chips, the Finance Ministry said Friday.

It is the second time the government has mentioned the recovery in its monthly economic assessment report, the Green Paper.

„Recently, the South Korean economy has shown signs of gradual recovery, on the back of improvements in production and exports in the manufacturing sector, including semiconductors,” the Ministry of Economy and Finance said in a statement.

The finance ministry also noted that the country’s inflation has been coming down recently.

Consumer prices, a key measure of inflation, rose 3.3 percent in November from a year earlier, compared with a 3.8 percent increase in the previous month.

„Externally, there is a mix of optimism over the recovery of the IT sector and the slow pace of the global recovery,” it added. „The Russia-Ukraine war and instability in the Middle East pose geopolitical risks and could disrupt supply chains.”

The ministry said it plans to continue prioritizing inflation control and expand efforts to revive exports.

South Korea’s exports rose 7.8 percent in November for the second month in a row as demand for semiconductors rose.

Exports of chips rose 12.9 percent to $9.52 billion in November, rebounding for the first time since August 2022.

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