SEOUL, June 13 (Xinhua) -- The South Korean government on Friday continued to see a downward pressure on the country's economy on the back of the U.S. tariffs imposition and a delayed recovery in domestic demand.
The Ministry of Economy and Finance said in its monthly report, called Green Book, that the South Korean economy had been under downward pressure, such as slowing exports, due to the worsened external conditions caused by the U.S. tariffs imposition.
The ministry noted that the economy faced a delayed recovery of consumption and construction investment as well as a continued employment difficulty, especially for vulnerable groups.
It added that concerns remained over the global economy as the tariff impositions deteriorated the trade environment and raised volatility in the global financial market.
Exports reduced 1.3 percent in May from a year earlier, but the daily average export gained 1.0 percent.
Retail sale, which reflects private consumption, dwindled 0.9 percent in April compared to the previous month, and construction investment retreated 0.7 percent in the same month.
The number of jobs swelled by 245,000 in May from a year earlier, while the jobless rate slipped 0.2 percentage points to 2.8 percent.
Consumer prices rose 1.9 percent in May on a yearly basis, slower than an increase of 2.1 percent in April. ■
