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Industrial output down in July amid toughened virus curbs

All News 08:04 August 31, 2021

By Kim Soo-yeon

SEOUL, Aug. 31 (Yonhap) -- South Korea's industrial output decreased in July from the previous month in the latest sign that the country's economic recovery momentum slowed amid the fourth wave of the pandemic, data showed Tuesday.

Industrial output fell 0.5 percent in July from the previous month, a turnaround from a 1.6 percent on-month gain in June, according to the data compiled by Statistics Korea. From a year earlier, it increased 4.7 percent.

Retail sales, a gauge of private spending, declined 0.6 percent in July from the previous month, apparently affected by the latest resurgence in COVID-19 cases. In June, retail sales rose 1.4 percent on-month.

Facility investment rose 3.3 percent on-month last month, compared with a 0.5 percent on-month decline the previous month.

The South Korean economy is on a recovery track on the back of robust exports. But the latest flare-up in virus cases and the implementation of the toughest-ever virus curbs have heightened economic uncertainty.

This file photo, taken Aug. 2, 2021, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)


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