Industrial output and retail sales decline in Korea
SEOUL, May 29 (WAM) – Industrial output, retail sales and investment in establishments in the Republic of Korea decreased in April compared to the previous month, amid a state of economic uncertainty resulting from tensions in the Middle East.
Industrial output fell by 0.6% on a monthly basis last month, according to data released by the Korean Ministry of Data and Statistics.
Output in the mining and manufacturing sector, one of the main pillars of the economy, fell by 0.7% compared to the previous month, due to the weak performance of the automobile industry, whose production fell by 10%, while semiconductor production rose by 3.1%.
The wholesale and retail sector fell 1.5% last month, although the information and communications sector jumped 4.3%.
Retail sales, an indicator of private spending, declined by 3.6% during the aforementioned period.
Investment in facilities declined by 3.6% on a monthly basis, mainly due to weak investment in the aviation industry.
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