According to Yonhap, South Korea's Finance Ministry said the economy's recovery trend is strengthening as exports remain robust and domestic consumption improves. In its monthly Green Book assessment, the ministry upgraded its view from last month's description that the recovery was solidifying, while warning that uncertainty from the Middle East conflict is still weighing on livelihoods through higher oil prices and tough employment conditions for vulnerable groups and sectors.

The ministry said July exports jumped 62.8% from a year earlier to $98.9 billion, the second-highest monthly total after June's record $102.2 billion. Retail sales rose 2.7% in June from the previous month on strong demand for durable goods, and consumer sentiment stayed positive for a third straight month in July. Consumer prices increased 2.8% in July, easing from 3.2% in the prior month as oil prices fell after a brief ceasefire in the Middle East.