Seoul: The South Korean economy is showing a gradual recovery in industrial production, led by stronger consumption, despite continued weakness in the construction sector.
According to Qatar News Agency, "Although the construction sector remains sluggish and manufacturing has undergone some adjustments, improvements in consumption are supporting a moderate increase in production," the Korea Development Institute (KDI) said.
In November, industrial output rose 0.9 percent from the previous month, driven largely by robust semiconductor production. Exports expanded 13.4 percent from a year earlier in December, reaching US$69.6 billion and marking the 11th consecutive month of growth, according to Yonhap News Agency.
The KDI noted that while semiconductor-related exports remain high amid favorable market conditions, the increase largely reflects price surges, while the previous strong growth in the broader production sector has moderated.
Retail sales, a key gauge of private consumption, fell 3.3 percent on-year in November, following a brief rebound the previous month.
In November, construction output declined 17 percent from a year earlier, whereas the labor market grew slightly despite weak performance in the construction and manufacturing sectors, driven mainly by the service sector.