The Korea Herald


Industrial output, retail sales, investment all rise in September: data

By Yonhap

Published : Oct. 31, 2023 - 09:35

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(Yonhap) (Yonhap)

South Korea's industrial output rose for the second consecutive month in September on the back of the turnaround in the semiconductor sector, data showed Tuesday.

Retail sales, a gauge of private spending, and facility investment also logged an on-year growth last month, signaling a gradual economic recovery, according to Statistics Korea.

It was the first time since May that the country reported an increase in the three major indicators on industrial activities.

Industrial output advanced 1.1 percent on-month in September following a 2 percent on-month gain in August.

Compared with a year earlier, industrial output rose 2.8 percent.

September's growth was led by the chip industry, which logged a 12.9 percent on-month gain, the data showed.

In an on-year timeframe, the output from the semiconductor sector surged 23.7 percent in September, the sharpest on-year rise since June 2022.

The solid performance of the chip industry pulled up the overall output of the manufacturing sector by 1.9 percent on-month.

The service sector also reported a 0.4 percent on-month rise in output on the back of the upbeat accommodation and dining sector.

"The growth in the output from the manufacturing sector was partly due to low base effects but industry overall has shown signs of a recovery from the third quarter," an agency official said.

Retail sales, a gauge of private spending, inched up 0.2 percent on-month, ending two months of a losing run.

Compared with a year earlier, however, sales fell 1.9 percent on weak demand for both durable and semi-durable goods, the data showed.

Facility investment climbed 8.7 percent in September from a month earlier, driven by the machinery and the transportation equipment sectors.

But the September reading marked a 5.7 percent fall from a year earlier, according to the agency. (Yonhap)