Industrial output grows thanks to phones, carsKorea’s industrial output increased in May from a month earlier due to a rise in production in the automobile and telecommunication sectors, government data showed Friday.
Production in the mining, manufacturing, gas and electricity industries rose 1.1 percent on-month in May, following an adjusted 3.1 percent on-month gain tallied in the previous month, according to the data by Statistics Korea.
From a year earlier, industrial output gained 0.9 percent, following a 0.8 percent on-year rise in April.
Production in the service sector declined 0.1 percent on-month, with a 2.3 percent on-year gain.
Retail sales dived by 1 percent on-month, compared with a 0.9 percent on-month fall in April. They rose 4.6 percent over last year, however.
Facility investment continued to decline, falling 3.2 percent on-month, following a 2.7 percent on-month drop in April.
For all industries, production rose by 0.3 percent on-month, following an adjusted 1.5 percent on-month decline in the previous month.
More in Economy
FOMO jumps the Han River as young buyers panic over property
GDP growth goes negative for only the third time
$1 billion of losses expected at state power companies
Korea’s economic growth fell by 1% in 2020