The country’s industrial output increased last year on the back of a recovery in exports of semiconductors, while consumption declined amid a prolonged economic downturn. 

According to Statistics Korea on Monday, the index for the nation’s overall industrial production came to 113-point-six last year, up one-point-seven percent from a year earlier. 

The rise was led by a four-point-one percent increase in production in the mining and manufacturing industries. 

Output in the service industry increased by one-point-four percent in 2024, the smallest gain since 2020. 

But retail sales, a key indicator of consumption levels, slipped two-point-two percent from a year earlier in 2024, the largest fall since 2003.

Facility investment increased four-point-one percent on-year in 2024. 

For the month of December, industrial output increased by two-point-three percent on-month, while retail sales declined zero-point-six percent and facility investment grew nine-point-nine percent.