Thu, 20 Jan 2022

SEOUL, Nov. 30 (Xinhua) -- South Korea's industrial output logged the fastest fall in one and a half years last month due to the continued COVID-19 pandemic, statistical office data showed Tuesday.

The seasonally-adjusted production in all industries, which exclude the agriculture, forestry and fishery sector, stood at 110.8 in October, down 1.9 percent from the previous month, according to Statistics Korea.

It marked the fastest slide in 18 months since April last year as the continued COVID-19 resurgence weighed down on industrial activity.

In the latest tally, the country reported 3,032 more cases of COVID-19 for the past 24 hours, lifting the total number of infections to 447,230. The daily caseload hovered above 3,000 for seven days.

The daily number of COVID-19 cases rose above 3,000 this month as the government launched the so-called "Living with COVID-19" guideline to alleviate anti-virus measures following the country's full vaccination rate surpassing 70 percent.

The industrial production retreated 0.7 percent in July and 0.1 percent in August, before rebounding 1.1 percent in September.

Output in the mining and manufacturing industry reduced 3.0 percent in October from a month earlier, posting the highest decline in 17 months since May last year.

Production among manufacturers went down 3.1 percent in October on a monthly basis, continuing to skid for the fourth consecutive month.

Automotive production dropped 5.1 percent on the supply disruption of semiconductors used to manufacture cars, and the primary metal output tumbled 5.9 percent on the back of the global supply disruption.

Output in the services industry shrank 0.3 percent in October, after growing 1.4 percent in September.

Production in the eatery and lodging sector expanded 4.5 percent in October from a month ago, but output in the finance and insurance segment diminished 2.1 percent.

Production in the public administration sector plunged 8.9 percent last month, logging the fastest slide since March 2013. Output in the construction industry declined 1.3 percent.

The retail sale index, which reflects private consumption, rose 0.2 percent from a month earlier to 121.5 in October, keeping an upward trend for the second straight month.

The sale of non-durable goods, such as cosmetics, slipped 2.1 percent, but the sale of semi-durable goods advanced 2.8 percent on demand for winter clothing and outdoor clothes.

Durable goods sale gained 2.2 percent on higher demand for heating products.

Facility investment slumped 5.4 percent in October on a monthly basis due to the reduced investment in machinery and transport equipment. Completed construction fell 1.3 percent last month.

The cyclical variation factor for leading economic indicators, which gauges outlook for the future economic situation, declined 0.5 points over the month to 101.6 in October, keeping a downward trend for four straight months.

The reading for coincident economic indicators, which measure the current economic conditions, shrank 0.2 points to 101.0 in the month.

More South Korea News

Access More

Sign up for South Korea News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!