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The Korean economy remained in a downturn in June after suffering from decreasing consumer sentiment for five months in a row. In the meantime, as SARS (Severe Acute Respiratory Syndrome) has subdued in most of Asia, production and investment in facilities have increased, along with rising exports.
According to a report on industrial activities trend in June, released by the National Statistics Office (NSO), retail and wholesale selling, which has been on a decrease for five straight months since February this year, shrank by 2.3% year-on-year.
The decrease rate, however, dropped by half in June, after growing to mark at 1.8% in February, 3.0% in March, 4.3% in April, and 4.6% in May.
By sector, retail and wholesale sales declined by 1.2% and 5.2% respectively, whereas sales of automobiles and fuel energy recovered from three consecutive months of stagnation, growing 1.0%.
¡°An optimist would interpret the economic indicators to show slowing-down of the nation`s economic decline and to imply upturn recovery in a few months¡±, said NSO Manager of Industrial Trends Shin Seung-woo. He also warned, ¡°Yet, it is premature to judge the economy only with the changes in indexes from June.¡° |
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