South Korean Industrial Output Declines 0.3% in September Due to Weak Chip Production.

Seoul: South Korea's industrial output experienced a decline in September, falling by 0.3% compared to the previous month, primarily due to a decrease in semiconductor production and other manufacturing sectors. This information was revealed by data released on Thursday, indicating a slowdown in economic growth as retail sales also dropped, marking a downturn in private spending. According to Yonhap News Agency, the data compiled by Statistics Korea highlighted that the industrial production decrease followed a 1.2% rise in August. In comparison to the previous year, September's industrial output saw a 1.1% decline. The overall mining and manufacturing sector witnessed a 0.2% reduction, with chip production specifically plummeting by 2.6%. The service sector's performance also showed a downturn, as output decreased by 0.7%, ending a consecutive three-month growth streak. Retail sales, which are indicative of private spending trends, fell by 0.4% from the previous month, in stark contrast to a 2% increase re corded in August. On an annual basis, retail sales dropped by 2.4%, marking the seventh consecutive month of decline. However, there was a silver lining as facility investment surged by 8.4% compared to the previous month, recovering from a 5.1% drop in August. Meanwhile, construction investment saw a slight decrease of 0.1% in September, as per the data.