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Industrial output falls by most in 18 months in Oct.

Industry 08:13 November 30, 2021

By Kim Soo-yeon

SEOUL, Nov. 30 (Yonhap) -- South Korea's industrial output fell by the most in 18 months in October in the latest sign that economic recovery momentum has slowed, data showed Tuesday.

Industrial output declined 1.9 percent in October from the previous month, reversing from a 1.1 percent on-month gain in September, according to the data compiled by Statistics Korea.

It marked the largest on-month fall since April 2020, when industrial output fell 2 percent.

From a year earlier, industrial output rose 4.8 percent.

Retail sales, a gauge of private spending, rose for the second straight month in October as economic activity increased amid the vaccine rollout.

Retail sales gained 0.2 percent on-month in October, compared with a 2.4 percent on-month increase in September.

Facility investment fell 5.4 percent on-month last month, following a 1.8 percent on-month decline in September.

The statistics agency said economic recovery momentum has slowed down, coupled with fewer working days and last month's high base effect.

South Korea used alternative holidays to create two back-to-back extended weekends in October in an effort to help prop up domestic demand.

This file photo, taken Nov. 11, 2021, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)


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