March Sees 'Triple Increase' in Production, Consumption, and Investment for First Time in Six Months (Update)

Despite the ongoing Middle East war, industrial production, consumption, and investment all increased in March. This triple increase marks the first time in six months since September of last year.

Triple Increase in March Production, Consumption, and Investment. Doo-won Lee, Economic Trend and Statistics Reviewer at the Ministry of Data and Statistics, is announcing the industrial activity trends for March 2026 at the Sejong Government Complex in Sejong City on the 30th. Photo by Yonhap News.

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According to the "March 2026 Industrial Activity Trend" released by the Ministry of Data and Statistics on April 30, total industrial production (seasonally adjusted, excluding agriculture, forestry, and fisheries) rose by 0.3% compared to the previous month. After declining in January, total industrial production surged 2.1% in February and continued to increase for a second consecutive month, although the pace of growth slowed.

Mining and manufacturing production increased by 0.3% from the previous month. Manufacturing production also rose by 0.3%, led by gains in automobiles (7.8%), other transportation equipment (12.3%), and machinery and equipment (4.6%).

On the other hand, semiconductor production decreased by 8.1% compared to the previous month. This is attributed to a base effect following a sharp increase in the previous month, and the industry is still seen as maintaining a positive outlook. Petroleum refining fell by 6.3%, reflecting the impact of the Middle East war and regular facility maintenance. The chemical industry also declined by 0.3%.

Service sector production grew by 1.4%. The upward trend was led by financial and insurance services (4.6%) and transportation and warehousing (3.9%).

Containers piled up at Busan Port's Sinsundae Pier and Gamman Pier. Photo by Yonhap News Agency

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Consumption increased by 1.8%. This was likely influenced by the launch of new mobile phone models and the expanded sales of electric vehicles. Facility investment also rose by 1.5% compared to the previous month. However, construction completed fell by 7.3%, indicating continued sluggishness in the construction sector.

The coincident composite index, which shows the current state of the economy, rose by 0.5 points from the previous month, while the leading composite index, which forecasts future economic trends, also increased by 0.7 points.

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