Sat, 25 Mar 2023

S. Korea's industrial output grows 3.3 pct in 2022

31 Jan 2023, 16:05 GMT+10

SEOUL, Jan. 31 (Xinhua) -- South Korea's industrial output grew last year, keeping an upward trend for the second consecutive year, statistical office data showed Tuesday.

Production in all industries, which exclude the agricultural, livestock and fishery sector, increased 3.3 percent in 2022 after expanding 4.9 percent in the previous year, according to Statistics Korea.

Output in the mining and manufacturing industry rose 1.4 percent, and production in the services sector picked up 4.8 percent last year.

Production among manufacturers added 1.3 percent in 2022, but it was down from a 7.6-percent expansion in the prior year.

Retail sale, which reflects private consumption, gained 0.2 percent in 2022 from a year earlier.

Facility investment climbed 3.3 percent, and completed construction went up 2.5 percent last year.

In December alone, the seasonally-adjusted industrial output retreated 1.6 percent compared to the previous month. It marked the fastest reduction in 32 months since April 2020.

Production in the mining and manufacturing sector declined 2.9 percent, and output in the services industry dipped 0.2 percent in December, continuing to slide for the fourth successive month.

The seasonally-adjusted retail sale climbed 1.4 percent, but facility investment dropped 7.1 percent in December.

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