The government says that South Korea's industrial production slowly increased but exports and investment remained weak.

In its monthly economic assessment Green Book report on Friday, the Finance Ministry said that the Korean economy is faced with growing downside risks from a slowing global economy and continued sluggishness in the semiconductor industry.

The report said that external uncertainties are growing over Japan's export curbs on Seoul and the intensifying trade row between the United States and China.

The ministry assessed South Korea's exports and investment remained "weak," marking the fifth consecutive month that the report has used the term in gauging the economy.