Accra:The country's economy is demonstrating strong recovery signs, primarily driven by soaring exports and increased domestic consumption, as reported by the finance ministry on Friday.
According to Yonhap News Agency, the Ministry of Finance and Economy emphasized in its monthly economic report that despite the positive trends, challenges such as the Middle East conflict and inflation remain significant concerns.
Exports in South Korea witnessed a significant increase, rising by 83.5% year-on-year to reach a record $120.9 billion in September, largely due to a surge in semiconductor shipments, which alone exceeded $60 billion for the first time. Additionally, facility investment saw a 6.3% year-on-year increase in the second quarter, while private spending grew by 2.4% during the same period.
However, the ministry pointed out that consumer prices and employment are still areas of concern. Consumer prices increased by 2.9% in September compared to the previous year, slightly down from a 3.1% rise in the prior month, yet they remain relatively high. The report also highlighted that higher oil prices and employment challenges continue to pose difficulties for vulnerable groups amidst the ongoing uncertainty in the Middle East.