Industrial output grows 1.7% in 2024, retail sales fall 2.2%
Published: 03 Feb. 2025, 10:29
![Samsung Electronics' chip manufacturig facility in Hwaseong, Gyeonggi [SAMSUNG ELECTRONICS]](https://koreajoongangdaily.joins.com/data/photo/2025/02/03/eb307270-c148-4973-8b3c-769b11739484.jpg)
Samsung Electronics' chip manufacturig facility in Hwaseong, Gyeonggi [SAMSUNG ELECTRONICS]
Korea's industrial output increased last year on rising demand for semiconductors, but retail sales fell amid a prolonged economic slowdown, data showed Monday.
Industrial output gained 1.7 percent in 2024 from a year earlier, marking three consecutive years of on-year gains, according to the data compiled by Statistics Korea.
In contrast, retail sales, a gauge of private spending, fell 2.2 percent on year as sales of food and other nondurable goods lost ground amid high inflationary pressure.
Facility investment increased 4.1 percent on year in 2024 on the back of strong demand for chip-related machinery, compared to a 5.5 percent on year fall the previous year, the data showed.
Yonhap
with the Korea JoongAng Daily
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