South Korean Economy to Rise, Spurred by Service Industry and Domestic Consumption

South Korea's economy is expected to rise in the later months of 2016 boosted by the services industry and the domestic consumption of citizens according to the country's central bank Reuters reported.

Based on an assessment of the Bank of Korea's 16 nationwide regional offices, the overall growth of the world's 11th largest economy had slightly slowed in the months of July and August.  

As in the case of most export-heavy countries in the world, Korea's exports too have remained tepid but are expected to soon recover the Central Bank said.

The manufacturing industry is also expected to remain stable, neither rising or lowering, in the later six months of the year although the production of semiconductors and smartphones are forecasted to rise in Seoul, Chungcheong Province and in Daegu.

The Central Bank further predicts that Korea's service economy will be bolstered by tourists visiting on September and October which is also the period when most major malls and retail stores conduct a nationwide sale.

The Asian giant's cultural power, which pundits have called the Korean Wave, has been attracting tourists all over the world drawn to its well-made television dramas, exciting k-pop music, and high quality cosmetics.