It seems that uncertainties stemming from slowing growth both at home and abroad... continue to weigh on the South Korean economy.<br />Ko Roonhee has more from the latest economic greenbook. <br />South Korea's overall industrial production remains solid... but uncertainties over slower global economic growth and the semiconductor sector remain.<br />This is according to the Finance Ministry's monthly greenbook report released on Friday. <br /><br />Until September 2018, the ministry had said the local economy was on a 'recovery' path... but it has not used that term since October last year. <br />Instead of the word 'recovery'..., the phrase 'positive momentum' appeared in the latest report... citing uplifting figures related to production, consumption and investment in facilities. <br /><br />For the month of January, overall industry production increased by 0-point-8 percent on month... mainly in the construction and services sectors. <br />Retail sales also ticked up by 0-point-2 percent during the same period.<br />Facilities investment, which is one of the key indicators that can be used to gauge economic strength, increased by 2-point-2 percent.<br /><br />However, the report also cites the external uncertainties that Korea is facing...such as slower global economic growth.<br />A report by the OECD released earlier this month said... the world economy would grow by 3-point-3 percent in 2019... which is down from its previous forecast of 3-point-5 percent. <br />The ongoing trade tensions, and an erosion of business and consumer confidence were the main reasons for the fall. <br /><br />Another uncertainty came from the semiconductor sector... because chip exports make up a big portion of South Korea's exports. <br />Analysts have been saying the slower growth of the global semiconductor market is due to weak demand and falling prices. <br /><br />The ministry said... it will focus on promoting policies that will revitalize the economy... such as the government's plan to create a second venture boom in Korea.<br />Ko Roon-hee, Arirang News. <br />
