Seoul: South Korea's industrial output, retail sales, and facility investment all rose from a month earlier in March, official data showed Thursday. It marked the first time since last September that all three indicators posted on-month growth.
According to Yonhap News Agency, industrial production edged up 0.3 percent last month, marking the second consecutive month of increase, as per data from the Ministry of Data and Statistics. The output in the mining and manufacturing sector, a key pillar of the economy, rose 0.3 percent from the previous month, driven by strong performance in automobiles, other transportation equipment, and machinery.
However, semiconductor production fell 8.1 percent from a month earlier, largely due to a base effect, despite continued growth in global demand brought on by the artificial intelligence boom. The decline follows a sharp 28.2 percent surge in February. Production of refined petroleum products also dropped 6.3 percent due to the impact of geopolitical tensions in the Middle East that escalated in late February.
Retail sales, a gauge of private spending, rose 1.8 percent over the cited period, the ministry said. Sales of semidurable goods, such as clothing, went up 0.3 percent, and durable goods, including home appliances, jumped 9.8 percent. In contrast, sales of nondurable goods, such as food and beverages, fell 1.3 percent.
Facility investment also increased 1.5 percent on-month, supported by increased spending on transportation equipment, which jumped 5.2 percent.