S. Korea's service sector saves it from slowdown

(MENAFN) The South Korea economy is still in a prolonged plunge, but some confident signs in the service segment are likely to reduce the possibility of a further plummet.

In accordance, construction investment and orders have also been on an upward path, as part of a boom in the domestic property market, to cushion a slide in outbound shipments.

Moreover, recent reports said that production in the service industry continued to enjoy favorable conditions in the second month of the year, with its progress hitting 2.6pct.

"Korea's growth has slowed gradually, but the economy is less likely to witness further weakness," stated the Korea Development Institute (KDI) in its monthly evaluation.