SEOUL, May 17 (Xinhua) -- South Korea's finance ministry said on Friday that its economy faced the expanded downside risks amid the global economic slowdown.

The Ministry of Economy and Finance said in its monthly economic assessment report, called Green Book, that the downside risks facing the economy expanded in the first quarter due to the faster-than-expected global economic slump and the downturn of business cycle in the semiconductor industry.

The state-run Korea Development Institute (KDI) said in its monthly report earlier this month that the South Korean economy showed a slowdown on weak investment and export.

The country's real gross domestic product (GDP), adjusted for inflation, fell 0.3 percent in the first quarter from the previous quarter mainly due to weak export, which was caused mainly by the global chip industry's downturn.

Export, which accounts for about half of the South Korean economy, continued to slide for five straight months to April.

Production in the mining and manufacturing industries grew 1.4 percent in March from a month earlier, with output in the services sector rising 0.2 percent in the month.

Retail sales, which reflect private consumption, increased 3.3 percent in March from the previous month, and facility investment jumped 10 percent in the month.

Revenues in the department stores and discount outlets reduced in April from a year earlier, but credit card spending gained 5.6 percent last month.

The consumer price index inched up 0.6 percent in April from a year earlier on the lower price of oil product.