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Industrial output down for 2nd consecutive month in October

November 29, 2019

South Korea’s overall industrial output declined for the second straight month last month due mainly to a decrease in the production of auto and display panels, government data showed Friday.

The data compiled by Statistics Korea showed the country’s overall industrial output fell 0.4 percent in October from a month earlier.

The agency said auto output dropped 4.4 percent in October from a month earlier, and the production of electronic parts declined 7 percent.

Meanwhile, the output of the service sector increased 0.3 percent on-month due in part to increased output of the lodging and restaurant industry.

Retail sales fell 0.5 percent in October from a month earlier.

Facility investment declined 0.8 percent in October from a month earlier on decreased imports of industrial machines, the data showed.

Kim Bo-kyoung, director of Statistics Korea’s industry statistics division, said decreased output of auto and electronic parts weighed on overall industrial production.

From a year earlier, overall industrial output also fell 0.5 percent, according to the data.