Sejong , Oct. 7 ( Yonhap ) - South Korea's economy is showing signs of entering a recovery phase "gradual" and " moderate " and the main economic indicators show a steady improvement , said Monday , the Institute of Development South Korea ( KDI , according to its acronym in English) .
In its monthly report , which analyzes the latest economic trends both within and outside the country, the institute said : " The Korean economy was a delay in the improvement of some indicators, but seems to have entered a phase of gradual and moderate recovery .. . Leading indicators continued to improve and the economic recession , as seen in the first half of this year fell slightly " .
The evaluation is based on analysis of recent economic related indicators , such as industrial production , private consumption and the labor market .
The report said the country's industrial production expanded considerably , citing a 1.8 percent gain recorded in August , marking the production growth more pronounced in nine months. Also, retail sales increased at a higher rate and the production of consumer goods grew , indicating " positive changes " recovery in consumption in the private sector.
Regarding the labor market , the number of employees grew by 400,000 in August over a year earlier , indicating "stability" in general market conditions , according to the report .
