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Production, consumption rebound in Sept. despite resurgence in virus cases

All News 08:09 October 29, 2021

By Kim Soo-yeon

SEOUL, Oct. 29 (Yonhap) -- South Korea's industrial output and retail sales rebounded in September in the latest sign that economic recovery momentum has been maintained despite the fourth wave of the pandemic, data showed Friday.

Industrial output rose 1.3 percent in September from the previous month, following a 0.2 percent on-month decline in August, according to the data compiled by Statistics Korea.

From a year earlier, industrial output rose 1.4 percent.

Retail sales, a gauge of private spending, increased 2.5 percent on-month in September, a turnaround from a 0.8 percent on-month fall in August.

The country's industrial output and retail sales increased for the first time since June.

But facility investment decreased 1 percent on-month last month, following a 4.6 percent drop in August.

The South Korean economy is on a recovery track on the back of robust exports of chips and autos.

While the flare-up in COVID-19 cases sapped private spending, experts said the current wave of the pandemic did not appear to be serious enough to derail the economic growth.

Asia's fourth-largest economy grew 0.3 percent in the third quarter from three months earlier, slowing from a 0.8 percent on-quarter gain in the second quarter, according to central bank data.

This photo, taken Oct. 26, 2021, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)


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