March 9, 2021

Industrial production in South Korea increased by 1.4% in August

Industrial production in South Korea increased by 1.4% in August



South Korea's industrial output rose by 1.4% mom in August, thanks mainly to the increase in auto production, the South Korean government said on Tuesday.

The rise in the indicator, which measures the production of the mining, manufacturing, gas and electricity sectors of the fourth largest economy in Asia, was higher than the one experienced in July, of 0.5%, according to the revised data of the Office. of Statistics.

With respect to August 2017, the index increased by 2.5%, compared to the growth of 1% registered in July.

The South Korean Bureau of Statistics attributed the rise in the index in August to the increase in automobile production, which grew 21.8% over the previous month, as well as the continued boom in the semiconductor sector.

In the services sector, production increased 0.1% compared to July and 1.6% year-on-year

Retail sales remained stable compared to the previous month, in contrast to the 0.3% increase in July, while in annual terms they increased by 6%.

Investments in facilities continued to fall and marked their sixth consecutive month of decline in the eighth month of 2018, when they registered a month-on-month decrease of 1.4%.

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