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Manufacturing in the third quarter, the largest increase in 11 years, 7.6% more than the previous quarter
“I believe in the urgent need and potential to reevaluate and support the manufacturing industry”
On the 31st, Kim Yong-beom, First Deputy Minister of the Ministry of Strategy and Finance, said: “The manufacturing industry now deserves to be called a true hero, the jewel of the Korean economy.” Photo = Facebook capture of First Vice Minister Kim Yong-beom.
Kim Yong-beom, First Deputy Minister of the Ministry of Strategy and Finance, said: “The manufacturing industry that is supporting our economy in the midst of the new coronavirus infection crisis (Corona 19) is now a true hero and deserves to be called the jewel. of the Korean economy.
On the 31st, Vice Minister Kim posted a post on Facebook, saying: “Physical indicators in the third quarter showed a recovery trend beyond expectations, giving tired people a sense of relief and hope.”
Regarding the results of the gross domestic product (GDP) for the third quarter, the manufacturing industry grew by 7.6% quarter-on-quarter, the largest increase in 11 years.
Vice Minister Kim explained: “In the crisis, our manufacturers continued their production activities steadily, and this led to a large improvement in exports, which led to the recovery of the macro index.”
He said: “The contribution to the growth of manufacturing industry in the third quarter was 1.8 percentage points. Considering that the growth rate of gross domestic product (GDP) was 1.9%, the manufacturing industry was responsible for more than 90% of the total growth “. The role of the manufacturing industry is critical even when viewed from the perspective. “
“By industry, ‘older’ semiconductors are leading production and exports based on increased remote demand, and are playing strong support.” He stressed that he is showing off ”.
Vice Minister Kim said: “The phenomenon that the manufacturing industry is playing a supporting role in the economy during the Corona 19 crisis has been confirmed around the world.” It comes to me. “
He said: “The future is important,” he said. “Since the United States, which was a flagship economy oriented to the service industry after the global financial crisis, followed a policy of a manufacturing renaissance in earnest, we should also actively use this crisis as an opportunity for a new leap forward.” .
“We need to strengthen the back of the manufacturing industry by promoting relocation (bringing the manufacturing industry back to Korea) and fostering the materials, parts and equipment industries, and innovating the manufacturing industry by creating new digital and green deals in existing industries. . I believe in my potential and I support myself ”, he added.
Reporter Chae Sun-hee [email protected]
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