▲ A view of the construction site at the Yongin Semiconductor Cluster industrial complex in Yongin, Gyeonggi Province.
Domestic production and investment saw a slight decline in May, while consumption increased.
However, the semiconductor sector, which had been showing strong performance, recorded a double-digit decline.
According to the Industrial Activity Trends for May released by the National Data Agency today (June 30), the all-industry production index (seasonally adjusted, excluding agriculture, forestry, and fisheries) stood at 117.7 (2020=100) last month, down 0.3% from the previous month.
All-industry production had increased by 2.1% in February and 0.4% in March, but has now declined for two consecutive months, following a 0.4% drop in April.
Mining and manufacturing production fell by 3.0% from the previous month.
Production decreased in sectors including semiconductors (-10.0%) and pharmaceuticals (-17.5%).
The Data Agency explained that semiconductor production declined in memory chips such as flash memory and DRAM due to factors like the base effect from the previous month and quarterly volume adjustments.
However, production increased in petroleum refining (9.8%) and automobiles (2.7%).
Given that petroleum refining saw a 14.7% decrease compared to a year ago, the rebound is interpreted as a base effect following a sharp drop in April caused by the impact of the Middle East conflict.
The retail sales index, which represents goods consumption, rose by 0.1% from the previous month.
While sales of durable goods such as passenger cars decreased (-3.4%), sales of non-durable goods like vehicle fuel (0.9%) and semi-durable goods like clothing (2.3%) increased.
Service industry production, which indicates service consumption, rose by 1.3%.
Although production decreased in information and communications (-3.0%), it increased in finance and insurance (5.9%) and professional, scientific, and technical services (9.3%).
Facility investment fell by 0.1% from the previous month.
Investment increased in transportation equipment (0.2%) but decreased in machinery such as precision instruments (-0.2%).
Construction completed (constant price), which indicates the domestic construction performance of contractors, rose by 3.8%.
Construction work increased in both building construction (5.1%) and civil engineering (0.2%).
The cyclical component of the coincident composite index, which reflects the current economic situation, fell by 0.3 points from the previous month.
The cyclical component of the leading composite index, which predicts future economic conditions, rose by 0.7 points.
(Photo: Yonhap News)
※
Copying, redistribution, and unauthorized use in AI training are strictly prohibited.