Business News Asia
South Korea’s statistics bureau said industrial production, retail sales, and investment all fell simultaneously in July for the first time in three months as uncertainty abroad increased.
Industrial production fell by 0.1% in July, following a 0.8% month-on-month increase in June.
Compared with the previous year, industrial production increased by 3.8%.
Retail sales, a measure of consumption, fell for the fifth month in a row in July. This is due to the fact that high inflation and rising interest rates are affecting private spending.
Retail sales fell 0.3% in July, following a 1% month-on-month decline in June.
Consumption fell for the fifth month in a row, the first time since records began in 1995
Fixed investment decreased by 3.2% month-on-month in July, compared with an increase of 4% in June.
The National Statistics Office told the press, “Data for July indicate that the economic recovery has slowed.”