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Industrial Output Rises 2.2% in August

Written: 2023-10-04 09:15:22Updated: 2023-10-04 18:45:38

Industrial Output Rises 2.2% in August

Photo : KBS News

Industrial output and investment rebounded in August while consumption declined for the second consecutive month.

According to Statistics Korea on Wednesday, the index of the nation’s overall industrial production rose two-point-two percent from a month earlier to come in at 112-point-one in August for the largest gain in 30 months since February 2021, when it grew two-point-three percent.

The growth was led by a five-point-five-percent increase in production in the mining and manufacturing industries, with output in the chip sector jumping 13-point-four percent, the largest rise since March.

Facility investment also rose three-point-six percent last month to post the largest gain since August of last year.

Retail sales, a key indicator of consumption levels, decreased zero-point-three percent from a month ago.

The composite coincident indicator measuring the current phase of the business cycle dropped by zero-point-two points on-month to 99-point-four in August, while the composite leading indicator projecting the future business cycle remained unchanged from July at 99-point-three.

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