The South Korean government assessed that domestic consumption continues to improve amid easing signs of a slump in exports and industrial production.

In its monthly report on Friday, the Finance Ministry cited positive trends in such indicators, despite uncertainties from the COVID-19 pandemic and monsoon season.

In July, credit card spending rose four-point-eight percent on-year, marking the third consecutive month of increase.

Online retail sales jumped 22-point-two percent on-year. Although sales at discount stores fell six-point-two percent, the margin was smaller than declines of seven-point-one and nine-point-three percent in the previous two months.

Exports sank seven percent on-year, but it was much lower than the ten-point-nine percent dip in June due to the easing of lockdowns by major economies.

Industrial production expanded four-point-two percent on-month in July, while facilities and construction investment increased five-point-four percent and point-four percent, respectively.