Last Year, Total Industrial Production Up 0.4%... Lowest Since Statistics Compilation (Supplement)

[Sejong=Asia Economy reporters Kim Hyunjung and Joo Sangdon] Last year, the total industrial production index showed the lowest growth rate since statistics began in 2000.

On the 31st, Statistics Korea announced the 'December 2019 and Annual Industrial Activity Trends' report containing this information.

The total industrial production index increased by 0.4% compared to the previous year, driven by growth in the service sector. However, this is the lowest growth rate since Statistics Korea started compiling related statistics in 2000.

The retail sales index rose by 2.4% year-on-year, with increases in sales of non-durables such as cosmetics (3.3%), durables such as passenger cars (1.8%), and semi-durables such as entertainment, hobby, and sporting goods (0.6%).

Facility investment decreased by 7.6% year-on-year, as investments in machinery including special industrial machinery (-8.8%) and transportation equipment such as ships (-4.1%) both declined. Construction output also fell by 6.7% year-on-year due to poor performance in building construction.

In December last year, total industrial production increased by 1.4% compared to the previous month, as production in manufacturing and other sectors rose despite a decline in the service sector. Retail sales increased by 0.3%, and facility investment rose by 10.9%, marking two consecutive months of 'triple increases' following November.

This content was produced with the assistance of AI translation services.