By Oh Seok-min
On Tuesday, Statistics Korea reported that South Korea’s industrial output rose for the second consecutive month in September due to the resurgence of the semiconductor sector.
Retail sales and facility investment also saw a year-on-year growth last month, indicating a gradual economic recovery.
It was the first time since May that the country reported an increase in the three major indicators on industrial activities.
This file photo, provided by SK hynix Inc. on July 4, 2023, shows a semiconductor production factory of the chip giant. (PHOTO NOT FOR SALE) (Yonhap)
Industrial output rose 1.1 percent month-on-month in September after a 2 percent month-on-month growth in August. Year-on-year, the output was up 2.8 percent.
The chip sector was the main driver of the growth, with a 12.9 percent month-on-month increase and a 23.7 percent year-on-year rise in September, the highest since June 2022.
The manufacturing sector’s overall output also increased by 1.9 percent month-on-month, while the service sector reported a 0.4 percent rise.
“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.
A Statistics Korea official holds a briefing on a monthly industrial output report in the central city of Sejong on Oct. 31, 2023. (Yonhap)
Retail sales, a measure of private spending, climbed 0.2 percent month-on-month, ending two months of decline. However, year-on-year, sales dropped 1.9 percent due to weak demand for durable and semi-durable goods.
Facility investment rose 8.7 percent month-on-month, driven by the machinery and the transportation equipment sectors. Year-on-year, however, the figure was down 5.7 percent.
graceoh@yna.co.kr
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