South Korean economy saw its major economic indicators improved more or less, but the economy was still facing persistent uncertainties at home and abroad, the finance ministry said Tuesday.
"Our economy saw stable consumer prices and employment recently. Major economic indicators related to production, consumption and investment were improved slightly and exports recovered recently," the Ministry of Strategy and Finance said in a so-called Green Book, the monthly report assessing the nation's economic conditions.
The ministry, however, noted that external uncertainties remained over the global economic slump and political schedules in major economies, saying that the South Korean economy was facing uncertainties at home such as the delayed recovery in consumption and investment sentiment as well as the fall in leading economic indicators.
The country's consumer price inflation accelerated to 2.1 percent in October, but it stayed in the 2 percent range thanks to the decline in prices for farm goods, manufactured products and public service charges.
The total number of people employed reached 25 million in September, up 685,000 from a year earlier. The hiring rate, which gauges the percent of working people to working age population, came in at a stable level of 60 percent and the jobless rate fell to 2.9 percent, keeping its downward trend.
Output in the mining and manufacturing industries grew 0.8 percent on-month in September, and the service industry production expanded 0.7 percent. Retail sales increased 1.5 percent over the same period.
Exports, which account for around half of the South Korean economy, rose 1.2 percent in October from a year before, the first rebound in four months due to strong demand from China and other Asian countries.
The ministry, however, cautioned that uncertainties remained at home and abroad, saying that it will strengthen policy response to boost economic vitality, while closely monitoring economic conditions at home and abroad.