Signs of Economic Recovery
김동국 PD  |  ttiger8@kctvjeju.com
|  2020.08.07 13:20
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The local economy was in a recession during the first half of this year due to the COVID-19 epidemic.
Recent business indicators, however, are showing that Jeju's economy is recovering as the number of tourists gradually increases.
Mike Laidman reports.

There were 988,000 visitors to Jeju last month.


Compared to July, 2019, this number was only 76% as high, but still the most Jeju has seen since the start of the COVID-19 pandemic.


The growing number of tourists has served to raise the consumer price index and business index.



The consumer price index increased 0.1 percent last month in Jeju, and was the third month in a row that the number has been positive.




Consumer prices are still lower than usual for fear of COVID-19, but did bounce back a bit last month for the first time in three months.



Looking at individual items, manufactured products and gas prices dropped, while prices of agricultural products, including pork and sweet potatoes, rose on the whole.




The local business index has also been recovering somewhat faster than other provinces and cities.



The business survey index in Jeju was at 46 points last month - 9 points higher than June, and the third consecutive increase in as many months.



The index for the non-manufacturing sector, including the wholesale and retail industries, and service industry grew as sales at tourism businesses increased.

The Bank of Korea predicts that this recovering trend will last, even despite the high levels of uncertainty still present, unless of course another wave of COVID-19 hits the nation.

Mike Laidman, KCTV

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