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.
Unlock profitable opportunities every day! Unicorn Signals provides actionable intraday trading signals for stocks and futures. Don’t miss out – download Unicorn Signals and start winning now!