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S. Korea's industrial output down 1.9% m/m in October, biggest fall in 18 months Updated: 2021-11-30 11:43:39 KST

South Korea's overall industrial production in October saw its sharpest on-month fall in a year and a half.
According to Statistics Korea on Tuesday, industrial output dropped almost two percent from the previous month after a 1.1 percent gain in September.
The fall was largely due to lower production in the mining and manufacturing sector as well as the service industry.
Output in the mining and manufacturing sector was down 3 percent last month as production of cars and primary metals fell by more than 5 percent.
The service industry also edged down point-3 percent over the same period as several service sectors such as finance and insurance dropped.
Meanwhile, retail sales, a barometer of consumer demand, climbed point-two percent from the previous month led by sales of clothing and home appliances.
But facility investment dipped 5.4 percent on-month following lower investment in machinery and transportation equipment.
The statistics agency acknowledged that the country's economic recovery has weakened.

"The recent economic recovery or improvement trend has slowed down. But it should be taken into account that the slump was largely due to fewer working days from the alternative holidays in October as well as the high base effect from last month."

Given this, the agency, said it was too early to fully assess the economic situation based on last month's numbers.
Finance Minister Hong Nam-ki said he expects to see better data in November as private spending continues to improve.
He also vowed to make all-out efforts to restore economic growth, by focusing on reviving domestic demand and investment for the rest of this year.
Min Suk-hyen, Arirang News.
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