South Korea's industrial output, retail sales and facility investment all rose from a month earlier in March, official data showed on April 30. It marked the first time since September that all three indicators posted on-month growth. A ministry official said the Middle East crisis has not yet impacted the economy.
South Korea's industrial production edged up 0.3 percent in March, marking the second consecutive monthly increase, according to data from the Ministry of Data and Statistics released on April 30. Mining and manufacturing output, a key economic pillar, rose 0.3 percent, driven by automobiles, other transportation equipment and machinery. However, semiconductor production fell 8.1 percent due to a base effect following a 28.2 percent surge in February, despite continued global demand from the AI boom. Refined petroleum products dropped 6.3 percent amid the Middle East conflict that erupted in late February.
Retail sales, a gauge of private spending, rose 1.8 percent. Sales of semidurable goods such as clothing increased 0.3 percent, while durable goods including home appliances jumped 9.8 percent; nondurable goods like food and beverages fell 1.3 percent.
Facility investment gained 1.5 percent, supported by a 5.2 percent rise in spending on transportation equipment. "Despite the Middle East war, the overall trend in production remains intact," said Lee Doo-won, a ministry official, adding that effects are expected in April and May. He noted that consumption "appears to be bottoming out and beginning to recover" after three years of weakness.
