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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.

This file photo taken July 11, 2022, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)

sooyeon@yna.co.kr
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