Industrial output in Korea increased by 0.9% in November
SEOUL, December 30 / WAM / The Republic of Korea’s industrial output rose by 0.9% on a monthly basis last November compared to the previous month, thanks to strong semiconductor production, while retail sales fell by 3.3% at their fastest pace in 21 months, according to data issued by the Korean Ministry of Data and Statistics.
The Korean Yonhap News Agency reported that industrial output witnessed fluctuations in recent months, as it decreased by 0.3% in August, rose by 1.3% in September, and declined by 2.7% in October.
Production in the mining and manufacturing sector, which is considered the backbone of the economy, rose by 0.6% on a monthly basis last month, as semiconductor production jumped by 7.5%.
Retail sales, a measure of private spending, fell by 3.3% during the aforementioned period, and this represents the largest decline since February 2024, when retail sales fell by 3.1% on a monthly basis.
The decline was largely due to lower sales of food and clothing, reflecting the fading effect of the long Chuseok holiday that came in early October.
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