April's industrial output, retail sales, investment fall in triple whammy

Korea's industrial output lost ground in April compared to a month earlier, data showed on Friday, with retail sales and facility investment sliding amid economic uncertainties stemming from tensions in the Middle East.

Industrial production fell 0.6 percent last month from March, according to data from the Ministry of Data and Statistics.

Output in the mining and manufacturing sector, a key pillar of the economy, shed 0.7 percent from the previous month due to the sluggish performance of the automobile industry, which fell 10 percent. Production in the chip sector, on the other hand, rose 3.1 percent.

Output from the oil refining industry nose-dived 19.4 percent, apparently reflecting supply disruptions stemming from tensions caused by the U.S.-Iran conflict.

The data also showed that output in the service sector edged down 1 percent in April from the previous month due to the weak performance of the finance and insurance businesses, which shed 7.7 percent.

The wholesale and retail segment also lost 1.5 percent. However, the information and telecommunications segment jumped 4.3 percent.

Retail sales, a gauge of private spending, contracted 3.6 percent over the period.

Sales of semidurable goods, such as clothing, remained unchanged from the previous month. Sales of durable goods, including computers, dropped 11.1 percent, the data showed.

Sales of nondurable goods, such as gasoline, edged down 1.1 percent.

The Data Ministry said facility investment slid 3.6 percent in April from a month earlier, mainly due to weaker investment in the aviation industry.

Investment in the machinery segment, including products used by chipmakers, in contrast, rose 0.5 percent.

Yonhap