DAEGU < invest Korea

Daegu’s industry production in the first half of this year increased year-on-year and the construction industry showed improvement.

According to an industry trend report of the first half of this year released by the Daegu Chamber of Commerce and Industry yesterday, Daegu’s industry production between January and May increased by 4.5 percent year-on-year to exceed the national average (-0.9 percent).

Amount of construction orders increased by 52.7 percent. As of the end of May, the number of unsold apartments in Daegu decreased by 3,782 (66.1 percent) at 1,939 over the same period last year.

Exports, which decreased at the beginning of this year, also rose by 10.9 percent and 7.6 percent in April and May respectively, showing an improved regional economy in the first half of this year.

The report forecasted that the United States’ cut back on quantitative easing and possible slowdown of the Chinese economy to act as obstacles to the Korean economic recovery.

It also expected that regional economy will grow slightly with expectations for improved exports.

The Daegu Chamber of Commerce and Industry held a briefing session on industry trends with 200 related officials and industry insiders yesterday.

Source: Yonhap News (July 4, 2013)

** This article was translated from the Korean.