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S. Korea's industrial output, investment rebound in May

08:05 June 30, 2022

By Kim Soo-yeon

SEOUL, June 30 (Yonhap) -- South Korea's industrial output and facility investment rebounded in May from the previous month in the latest sign that Asia's fourth-largest economy maintains mild recovery momentum amid heightened external uncertainty, data showed Thursday.

Industrial production rose 0.8 percent in May from the previous month, compared with a 0.9 percent on-month fall in April, according to the data from Statistics Korea.

Compared with a year earlier, industrial output grew 7.1 percent.

Facility investment increased 13 percent on-month in May, a turnaround from a 7.6 percent decline in April.

But retail sales, a gauge of private spending, declined for the third straight month in May.

Retail sales shed 0.1 percent last month, after a 0.2 percent on-month fall in April.

The South Korean economy faces the risk of stagflation, a mix of slowing growth and high inflation, amid heightened economic uncertainty from the protracted war between Russia and Ukraine, and the Federal Reserve's aggressive rate hikes.

This file photo, taken June 21, 2022, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)

sooyeon@yna.co.kr
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