Industrial output and consumption both declined in July due to the fallout of the fourth wave of the COVID-19 pandemic. 

Statistics Korea said on Tuesday that the index of the nation’s overall industrial production came to 112-point-one in July, down point-five percent from the previous month. 

Industrial output decreased in April and May, but then rebounded the next month. 

Production in the mining, manufacturing, gas and electricity industries gained point-four percent on-month in July, while service sector output grew point-two percent.

Retail sales, a key indicator of consumption levels, declined point-six percent on-month in July. Facility investment rose three-point-three percent on-month.

Meanwhile, the coincident index, a metric that reflects current economic conditions in the business cycle, rose point-one point on-month. However, the leading composite index, which forecasts future economic performance in business cycles, dropped point-two points.