Industrial production rises 5.8% in Q3 on semiconductors, automobiles: data
Seoul’s shopping district of Myeong-dong bustles with foreign tourists and locals, Aug. 29. Yonhap
Korea's industrial production increased 5.8 percent from a year earlier in the third quarter, driven by strong performance of the semiconductor, automobile and electronics sectors, government data showed Monday.
The output of the semiconductor and electronics sector advanced 16.5 percent on-year in the July-September period, while that of the automobile industry rose 7.5 percent, according to regional economy data compiled by the Ministry of Data and Statistics.
By region, North Chungcheong and Gyeonggi provinces reported 19.1 percent and 15.9 percent growth, respectively, in industrial production as they house a number of chip and electronics manufacturing plants.
But industrial outputs in Seoul, South Jeolla Province and the southern island of Jeju declined.
Retail sales went up 1.5 percent on-year in the third quarter as the government offered cash handouts to the public to boost private consumption.
Retail sales climbed 8.8 percent, 5.5 percent and 5.3 percent in Sejong, Incheon and Daegu, respectively, while they contracted 2.7 percent and 1.3 percent in Seoul and Jeju.
Service output expanded 3.1 percent across the nation, with Seoul reporting the biggest on-year growth of 6.1 percent, followed by Ulsan with a 5.3 percent increase and Gyeonggi Province at 4.9 percent, the data showed.
Exports climbed 6.5 percent on-year in the third quarter, led by robust performance of semiconductors, ships and automobiles.