Last month, industrial production, retail sales, and facility investment all showed declines, marking the first triple decrease in three months since May.
According to the National Data Agency on September 30, total industrial production in August fell by 1.3% compared to the previous month, driven by reductions in manufacturing and public administration. Notably, production in the automotive sector dropped by 24.8%, and rubber and plastics decreased by 11.0%, contributing to the overall decline in manufacturing.
In contrast, the service sector saw a 0.5% increase in production compared to the previous month, with growth in information and communication (4.7%) and professional, scientific, and technical services (2.3%).
Consumer spending also declined, with sales of durable goods, including automobiles, down by 4.5% and non-durable goods by 1.6%, resulting in an overall decrease of 1.8% from July.
Facility investment fell by 9.5% compared to the previous month. While investment in machinery, including semiconductor manufacturing equipment, increased by 1.6%, a significant drop of 32.8% in transportation equipment investment, particularly in ships and aircraft, pulled down overall investment.
The coincident composite index, which reflects current economic trends, rose by 0.5 points from the previous month. However, the leading composite index, which indicates future economic prospects, decreased by 0.1 points from July.
* This article has been translated by AI.
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