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S.Korea's industrial output falls for 2 months in February

SEOUL
2022-03-31 13:44

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SEOUL, March 31 (Xinhua) -- South Korea's industrial output fell for two straight months in February as the spread of the Omicron COVID-19 variant roiled the face-to-face services industry, statistical office data showed Thursday.

The seasonally-adjusted production in all industries, which exclude the agriculture, forestry and fishery sector, stood at 115.5 in February, down 0.2 percent from the previous month, according to Statistics Korea.

The production declined 0.3 percent in January, after growing 1.2 percent in November and 1.3 percent in December last year.

Output in the services industry went down 0.3 percent in February from a month earlier, as the spread of the highly contagious Omicron variant discouraged people from doing outside activities such as eating out and leisure.

Production in the lodging and eatery sector declined 4 percent, and output in the arts, sports and leisure segment tumbled 7.3 percent last month.

Output in the mining and manufacturing industry increased 0.6 percent in February, keeping an upward momentum for the fifth consecutive month amid the solid export.

Manufacturers recorded an average capacity ratio of 77.5 percent in February, down 0.9 percentage points from the previous month.

Production in the construction sector plunged 8.5 percent last month on a higher price for construction materials.

The retail sale index, which reflects private consumption, added 0.1 percent from a month earlier to 120.7 in February.

The durable goods sale jumped 9.4 percent on solid demand for environmentally-friendly vehicles, but the sale of non-durable goods, including food and beverage, sank 4.4 percent. The sale of semi-durable goods such as clothing shrank 0.6 percent.

Facility investment diminished 5.7 percent in February on a monthly basis, marking the fastest fall in two years since February 2020.
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