(LEAD) S. Korean economy continues to 'grow at solid pace': finance ministry

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(ATTN: ADDS more background in paras 2-4)By Kang Yoon-seung SEOUL, Nov. 13 (Yonhap) -- T...

SEOUL, Nov. 13 (Yonhap) -- The South Korean economy continues to "grow at a solid pace," although inflationary pressures stemming from high oil prices could weigh on people's livelihoods, the finance ministry said Friday.

The Ministry of Finance and Economy offered the assessment in the November edition of its economic report, known as the Green Book, signaling a more positive view of economic conditions after previously describing the economy as continuing to "recover."

The finance ministry began using the term "recovery" in November 2025 and maintained the assessment through October this year, except in April.

In its April report, the ministry temporarily dropped the reference to "recovery," instead citing "increased downside risks" amid the Middle East war, before returning to the previous wording in May.

"Recently, the South Korean economy has continued to grow at a solid pace, supported by a substantial increase in exports and accelerating investment growth, with consumption improving gradually," the finance ministry said.

"However, with uncertainties stemming from the Middle East war lingering, inflationary pressures from high oil prices and difficult employment conditions for vulnerable groups and sectors could weigh on people's livelihoods," it added.

In October, South Korea's exports jumped 93.7 percent on-year to a record US$115.3 billion, driven largely by a sharp increase in semiconductor shipments.

South Korea also added 139,000 jobs in October from a year earlier, with job growth exceeding the 100,000 mark for the fourth consecutive month.

The employment rate for people aged 15 to 64 came to 70.4 percent, up 0.3 percentage point from a year earlier. However, the rate for those aged 15 to 29 fell 1.7 percentage points on-year to 42.9 percent, marking the 30th consecutive month of decline.

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