Seoul, June 08 (QNA) - The South Korean economy continued to improve gradually, supported by semiconductor-led strong exports, amid lingering uncertainties stemming from the Middle East, a state-run think tank said Monday.
"Despite the downside risks to the economy posed by the war in the Middle East, the Korean economy has continued to show gradual improvement, driven primarily by the semiconductor boom," the Korea Development Institute (KDI) said in its monthly economic assessment.
South Korea's exports surged 53% in May from a year earlier, extending their strong momentum amid the semiconductor supercycle.
Industrial output gained 2.4% in April from a year earlier.
Output in the mining and manufacturing sector, a key pillar of the economy, increased 1.5% on-year supported by a 13% rise in the semiconductor sector.
Retail sales increased 1.6% on-year in April, slowing from a 5% gain in the previous month, but the KDI said the recovery trend remained intact in April, noting that consumer sentiment rose to 106.1 in May from 99.2 a month earlier.
Consumer prices rose 3.1% in May, accelerating from the previous month's 2.6%, while core inflation, which excludes volatile food and energy prices, advanced 2.5% last month from 2.2% in April. (QNA)