Industrial output increased for the fourth consecutive month in February on the back of an increase in semiconductor production.

Statistics Korea said on Friday that the index of the nation’s overall industrial production rose one-point-three percent from a month earlier to come in at 115-point-three in February, posting growth for four months in a row.

Production in the overall mining and manufacturing sector gained three-point-one percent, thanks to a four-point-eight percent rise in chip production and a ten-point-three percent growth in the output of mechanical equipment. 

Facility investment also rose ten-point-three percent month-on-month in February, the largest growth in nine years and three months. 

Retail sales, a key indicator of consumption levels, however, dropped three-point-one percent in February from the previous month, the largest since July last year.

The composite coincident indicator measuring the current phase of the business cycle rose by zero-point-two points month-on-month to 99-point-nine, while the composite leading indicator projecting the future business cycle also edged up zero-point-one points to 100-point-four.