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South Korea Industrial Output Slips in September Due to Weak Chip Production

Retail sales, a key indicator of private spending, also declined amid signs of slower economic growth.

South Korea’s industrial output dipped 0.3% in September from the previous month, largely due to reduced production in the semiconductor and manufacturing sectors, Statistics Korea reported Thursday. Retail sales, a key indicator of private spending, also declined amid signs of slower economic growth, while facility investment saw an 8.4% rebound month, according to Yonhap.

Compared to a year earlier, factory output fell 1.1% in September, with mining and manufacturing output down 0.2% and chip production declining 2.6%. The service sector also slipped 0.7%, breaking a three-month growth streak.

Retail sales decreased 0.4% on-month after a 1.7% gain in August, with durable goods like vehicles up 6.3%, but foodstuffs and other non-durables down 2.5%, and semi-durables, such as shoes, down 3.2%. Duty-free sales dropped 9.2% amid a decline in Chinese tourists.

Year-over-year, retail sales fell 2.2%, marking a seventh consecutive monthly decline. Construction investment edged down 0.1% in September, continuing a five-month fall.

According to the data shown by the Bank of Korea, the gross domestic product  expanded 0.1% quarter-on-quarter during the July-September period, which is lower than the markets expectations. The government and Bank of Korea are expected to revise down their growth projection for this year. 

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