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HomeKorean NewsJuly goods consumption rises 2.5%, output, investment also grow

July goods consumption rises 2.5%, output, investment also grow

A Statistics Korea report on July industrial activity released on Aug. 29 said domestic production, consumption and investment all grew last month from June. Shown is a bustling Mangwon Market in Seoul's Mapo-gu District on Aug. 26. (Yonhap News)
A Statistics Korea report on July industrial activity released on Aug. 29 said domestic production, consumption and investment all grew last month from June. Shown is a bustling Mangwon Market in Seoul’s Mapo-gu District on Aug. 26. (Yonhap News)

Domestic production, consumption and investment last month all grew from June, the first time in five months for all three indicators to see a simultaneous rise.

A Statistics Korea report on July industrial activity released on Aug. 29 said industrial output overall rose 0.3% last month, its second consecutive month of increase, thanks to growth in the service industry (0.2%) and mining and manufacturing (0.3%).

The retail sales index, a gauge of goods consumption, went up 2.5% for its largest hike in 29 months since 6.1% in February 2023. Sales rose in all categories like durable goods including telecom devices and computers (5.4%), non-durable items such as food and beverages (1.1%), and semi-durable goods including clothing (2.7%).

Facility investment also rose 7.9% led by transportation equipment (18.1%) and machinery (3.7%).

By Yoo Yeon Gyeong, dusrud21@korea.kr
Source: Korea.net

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