Hong Nam-ki "Strong Growth in Key Indicators Proves Resilient Korean Economy in Crisis" SNS Message

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, emphasized on the 28th regarding the 'December 2021 and Annual Industrial Activity Trends' released that "most major indicators, except for construction investment, showed solid growth, once again proving the 'Korean economy's resilience in crisis'."

Deputy Prime Minister Hong posted on Facebook immediately after the announcement of the industrial activity trends, stating, "We were able to see once again the rapid and strong recovery of our economy confirmed through the preliminary GDP figures announced earlier this week."

According to the industrial activity trends, on an annual basis last year, total industrial production (4.8%), manufacturing production (6.9%), service industry production (4.3%), retail sales (5.5%), and facility investment (9.0%) all increased. Construction investment (-4.9%) decreased.

Deputy Prime Minister Hong said, "This trend was also confirmed in the December indicators, with manufacturing production growth standing out at 4.3%," adding, "Despite difficult conditions such as the resurgence of COVID-19 and the reinstatement of social distancing, the results exceeded expectations."

He added, "However, the conditions surrounding our economy remain challenging," noting, "Concerns about domestic demand due to social distancing and the spread of Omicron persist, while externally, uncertainties continue with heightened geopolitical tensions such as Russia-Ukraine and accelerated monetary policy tightening by major countries."

Deputy Prime Minister Hong emphasized, "The government will closely monitor related trends, do its best to stabilize quarantine measures, and focus on proactively managing domestic and external risks."