Korea’s industrial output, retail sales and investment drop in January
Published: 04 Mar. 2025, 09:32
![This file photo, provided by Samsung Electronics on Feb. 7, 2023, shows its production line in the city of Pyeongtaek. [SAMSUNG ELECTRONICS]](https://koreajoongangdaily.joins.com/data/photo/2025/03/04/72b5ae99-8d9e-4b73-8683-e6412507ee03.jpg)
This file photo, provided by Samsung Electronics on Feb. 7, 2023, shows its production line in the city of Pyeongtaek. [SAMSUNG ELECTRONICS]
Korea's industrial output, retail sales and facility investment fell from a month earlier in January, data showed Tuesday, raising concerns about a prolonged economic slowdown.
Industrial production went down 2.7 percent last month, reversing a brief gain in December that followed three consecutive months of decline, according to the data compiled by Statistics Korea.
Retail sales, a gauge of private spending, went down 0.6 percent from a month earlier in January.
Facility investment saw a sharp decline in the month, falling 14.2 percent from the previous month.
This marks the first time since October that all three indicators have fallen simultaneously.
"Most key indicators showed negative growth due to the base effect from the previous month's increase and a reduction in working days caused by the long Lunar New Year holiday," said Lee Doo-won, an official from Statistics Korea. This year's annual traditional holiday was extended to six days until Jan. 30.
The decline in industrial output was attributed to decreased production across all major sectors, including manufacturing, services and construction.
In the manufacturing sector, semiconductor production surged 20.8 percent on month but was partly outweighed by a sharp decline in automobile production, which tumbled 14.4 percent on month, and that of primary metals, which fell 11.4 percent.
The output in the construction sector has posted on-month declines for nine consecutive months as of January.
In on-year terms, overall industrial output went down 3.5 percent in January.
Retail sales showed a mixed performance. Sales of semidurable goods, such as clothing, dipped 2.6 percent on month, offsetting a 1.1 percent gain in sales of home appliances and other durable goods.
However, compared to the same month last year, retail sales remained unchanged.
Facility investment weakened in all major sectors.
Construction investment slipped, with construction orders dipping 4.2 percent from a month earlier, marking the ninth consecutive month of decline. From a year earlier, orders plunged 25.1 percent.
Yonhap
with the Korea JoongAng Daily
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