South Korea's economy is losing growth momentum

According to data released by Statistics Korea on August 31, the country's industrial output, retail sales and infrastructure investment lost momentum in July 2023, due to growing concerns about the economic slowdown.

South Korea's industrial output, retail sales and infrastructure investment lost momentum in July 2023, data showed on August 31. (Source: Yonhap)

Output in the mining, manufacturing, gas and electricity sectors fell 2%, led by an 11.2% decline in the electronics sector.

However, the decline was mitigated by a 28.5% increase in clothing output.

Services output rose 0.4% in July, led by the information and communications sector.

Wholesale and retail output fell 1.2%.

Retail sales, a gauge of consumer spending, fell 3.2%, as demand for durable goods such as cars dropped 5.1%.

Demand for goods such as clothing fell 3.6%.

Infrastructure investment fell 8.9%, mainly due to weak transport equipment and engineering segments.

Source: https://baoquocte.vn/kinh-te-han-quoc-dang-mat-dan-dong-luc-tang-truong-240373.html