The government believes conditions for domestic demand are likely to improve gradually with the nation continuing to see brisk exports and improvement in the labor market.

The finance ministry unveiled on Friday its outlook in its monthly economic evaluation report called the “Green Book.”

According to the report, exports climbed 24 percent on-year in October on a stronger demand for semiconductors and petrochemicals. It also noted that employment increased by 652-thousand jobs, while the unemployment rate dropped.

The report said though domestic consumption contracted zero-point-three percent in the third quarter compared to last year, retail sales in September jumped two-point-five percent from a month ago and three-point-seven percent from a year ago. 

Still, the report said overseas uncertainties remain, including inflation concerns stemming from a rise in raw material prices worldwide, moves by major economies to adjust their monetary policies and the possibility of worsening disruption in global supply chains.