South Korea‘s economy is on a recovery path, although industrial output and investment are facing adjustments, a government report said Friday.

A weaker job market and rate hikes in the United States pose downside risks to Asia’s fourth-largest economy, the finance ministry said in its monthly economic assessment report.

“The overall recovery pace is being maintained,” the ministry said. “Industrial output and investment faced correction in the first two months of the year due to a base effect, but domestic consumption showing continued signs of growth,” it added.

The report, called the “Green Book,” is based on the latest economic indicators of such key factors as output, exports, consumption and corporate investment, which provide clues as to how the economy has been faring in recent months.

The country‘s overall industrial output fell 1.2 percent on-month in March, following the previous month’s 0.2 percent on-month decline.

Retail sales gained 2.7 percent on-month in March, and facility investments dipped 7.8 percent in March as well, according to the latest review.

South Korea‘s exports have been on a steep upside cycle since November 2016, led by a spike in global demand, but in April suffered a fall.

Outbound shipments fell 1.5 percent in April from a year earlier, according to government data.

(Yonhap)