Korea’s industrial output rises for fourth month on semiconductor recovery

Korea’s industrial output rose for the fourth straight month in February on the back of the recovery of the semiconductor industry.

Industrial output advanced by 1.3 percent last month compared to the previous month, as per Statistics Korea data released on Friday. This marks a rise from the 0.4 percent monthly growth seen in January and December, and the 0.3 percent increase in November.

The growth was helped by the overall mining and manufacturing sector, which increased 3.1 percent. It was aided by production of chips that jumped 4.8 percent and mechanical equipment that soared 10.3 percent.

Retail sales, a gauge of private spending, were down 3.1 percent on month in February, the largest drop since July last year. Sales of nondurable goods, like beverages and cosmetics, were down 4.8 percent while those on communication devices and household appliances also decelerated 3.2 percent.

Facility investment rose 10.3 percent, while construction investment fell 1.9 percent over the same period. Korea Joongang Daily