S. Korea's industrial output increases for 2nd month in June

All News 08:03 July 29, 2022

By Kim Soo-yeon

SEOUL, July 29 (Yonhap) -- South Korea's industrial output grew for the second straight month in June in the latest sign that Asia's fourth-largest economy has maintained mild recovery momentum amid heightened external uncertainty, data showed Friday.

Industrial production rose 0.6 percent in June from the previous month, compared with a 0.8 percent on-month increase in May, according to the data from Statistics Korea.

Compared with a year earlier, industrial output grew 2.1 percent.

But retail sales, a gauge of private spending, fell for the fourth consecutive month in June.

Retail sales declined 0.9 percent last month, after a 0.2 percent on-month fall in May.

Facility investment grew 4.1 percent in June, compared with a 12.8 percent gain in the previous month.

The South Korean economy faces the risk of stagflation, a mix of slowing growth and high inflation, amid heightened economic uncertainty from the ongoing war between Russia and Ukraine, and the Federal Reserve's aggressive rate hikes.