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Industrial Production Grows for 2nd Straight Month

Written: 2016-04-29 10:51:19Updated: 2016-04-29 10:56:53

Industrial Production Grows for 2nd Straight Month

South Korea’s industrial production grew for the second straight month in March due to a boost in consumption.

According to a report released on Friday by Statistics Korea, industrial production rose zero-point-six percent last month compared to February.

It marks the second consecutive month of a rise in industrial production, after a zero-point-six percent on-month growth in February. Industrial production declined one-point-four percent in January.

The report said tax breaks on cars led to more sales and the rise in Chinese tourists contributed to more consumer spending in March, which marked the highest monthly growth in seven years.

Sales of the latest smartphones, including Samsung’s S7 and LG’s G5, combined with another cut in excise consumption taxes on automobiles appear to be behind a four-point-two percent rise in retail sales.

The four-point-two percent hike is the largest since February 2009, when consumption rose five percent against the backdrop of the global financial crisis.

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