The Korea Herald


Industrial output up in May, along with private spending, facility investment

By Yonhap

Published : June 30, 2023 - 09:35

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South Korea's industrial output rose 1.3 percent in May from a month earlier, data showed Friday, with retail sales and facility investment gaining ground as well.

The latest growth marks a sharp turnaround from a 1.3 percent on-month drop tallied in April, according to the data from Statistics Korea.

The output in the mining, manufacturing, gas and electricity industries moved up 3.2 percent over the period on the back of the robust performance of the automobile and chip segments, which advanced 8.7 percent and 4.4 percent, respectively, the data showed.

The service output, however, edged down 0.1 percent over the period, as losses from the finance, insurance, accommodation and restaurant sectors offset gains from the science and technology segments.

Retail sales, a gauge of private spending, edged up 0.4 percent on-month, as people spent more on durable goods, such as home appliances, following the warmer-than-average weather conditions in the month, with the sector rising 0.5 percent.

Sales of semidurable goods, such as clothes, or non-durable items, including food, also edged up 0.6 percent and 0.2 percent, respectively.

Facility investment, meanwhile, gained 3.5 percent.

The growth was mainly led by the machinery and aircraft segments, which advanced 2.6 percent and 6.2 percent over the period, respectively.

"There are, however, still uncertainties, depending on the recovery timeline of the information and technology industry, along with the economic situation of advanced nations," an official from the agency said. (Yonhap)