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| ▲ This file photo, taken Feb. 11, 2022, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap) |
industrial output-January
S. Korea's production, consumption fall in January
By Kim Soo-yeon
SEOUL, March 2 (Yonhap) -- South Korea's production and private spending declined in January from the previous month due largely to a low base effect amid an upsurge in COVID-19 cases, data showed Wednesday.
Industrial output fell 0.3 percent in January from the previous month, compared with a 1.3 percent on-month gain in December last year, according to the data compiled by Statistics Korea.
Compared with a year earlier, industrial output rose 4.3 percent.
Asia's fourth-largest economy is on a recovery track on the back of robust exports, but the upsurge in COVID-19 cases and geopolitical tensions over Russia's invasion of Ukraine have heightened economic downside risks.
Retail sales, a gauge of private spending, slid 1.9 percent in January from the previous month, compared with a 2.2 percent on-month rise in December.
Facility investment increased 2.5 percent on-month in January, compared with a 2.2 percent on-month gain in December.
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