Last month, industrial production increased by 2.3% compared to the previous month, driven by growth in both mining and service sectors, along with rising retail sales and facility investment, marking a 'triple increase' for the first time in three months.
According to the National Data Agency's 'June Industrial Activity Trends' report released on July 31, the overall industrial production index reached 120.1 (2020=100), with mining (6.4%) and services (0.7%) both showing increases, resulting in a 2.3% rise from the previous month.
Mining production was bolstered by increases in automobile (15.4%) and semiconductor (4.5%) manufacturing. The service sector saw growth primarily in finance and insurance (2.8%) and transportation and warehousing (2.0%).
Retail sales, reflecting consumer sentiment, were also driven by automobiles. Durable goods, including passenger cars, rose by 12.6%, leading to an overall retail sales increase of 2.7% compared to the previous month.
Facility investment improved by 5.8% from the previous month, with transportation equipment, particularly precision machinery and automobiles, increasing by 3.4%.
Construction performance also saw a 4.1% increase from the previous month, with growth in both non-residential and residential building projects, including semiconductor factories.
The coincident composite index, which indicates the current economic trend, rose by 0.5 points from the previous month, while the leading composite index, which forecasts future economic conditions, increased by 0.9 points.
* This article has been translated by AI.
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