S.Korea's economy sees recovery on rebounding exports, consumption

South Korea's economy saw signs of recovery on rebounding export and consumption, a government report showed on Tuesday.

Seoul's finance ministry said in its monthly economic assessment report, called Green Book, that production and investment improved on growing exports while private consumption also rebounded.

The report noted that exports rose for five straight months and that consumption, which slowed in recent months, showed signs of recovery.

The exports, which account for about half of the economy, jumped 13.7 percent in March from a year ago. In the same month, services production inched up 0.1 percent on rising retail sales.

Retail sales in February increased 3.2 percent compared with the previous month, the first growth in three months on demand for both durable and non-durable goods.

Credit card usage rose 13.7 percent in March from the prior month. Revenue in department stores and discount outlets grew 1.7 percent and 3.2 percent each.

The ministry said risk factors at home and abroad remained such as the protectionist moves in trade, the ongoing restructuring of local shipbuilders and shipping firms, and the risk from the Democratic People's Republic of Korea (DPRK)'s nuclear program.

The U.S. Carl Vinson aircraft carrier and its accompanying battleships are forecast to arrive in waters near South Korea around this Saturday.

It escalated tensions on the peninsula. South Korean currency and stocks declined on Tuesday amid worries about the mounted tensions. Endit