COVID-19 Third Wave Causes 0.9% Drop in Consumption... Car Production Down 8.8%

[Sejong=Asia Economy Reporter Kim Hyunjung] Due to the impact of the third wave of the novel coronavirus infection (COVID-19), consumption last month decreased by 0.9% compared to the previous month. Industrial production showed an overall increase of 0.7%, supported by strong performance in the semiconductor and finance sectors, but automobile production declined by 8.8%, showing a sluggish trend.

According to the 'November Industrial Activity Trends' released by Statistics Korea on the 30th, retail sales last month decreased by 0.9% compared to the previous month. Consumption of semi-durable goods such as clothing and durable goods such as passenger cars decreased by 6.9% and 0.4%, respectively.

Total industrial production increased by 0.7% compared to the previous month due to increased production in manufacturing and service industries. Semiconductor production rose by 7.2%, and finance and insurance increased by 4.6%. However, automobile production fell by -8.8%, and accommodation and food services dropped by -2.7%.

Facility investment decreased by 3.7% in transportation equipment such as ships but increased by 6.3% in machinery such as special industrial machinery, resulting in an overall increase of 3.6% compared to the previous month. Construction performance showed a 4.0% decrease in civil engineering but a 4.6% increase in building construction, leading to a 2.1% rise compared to the previous month.

The coincident index of economic indicators, which reflects the current economic situation, rose by 0.5 points from the previous month to 98.8. The leading index of economic indicators, which forecasts future economic conditions, increased by 0.7 points from the previous month to 102.5.

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