The South Korean economy is gradually losing its growth momentum.

According to data released by Statistics Korea on August 31, the country's industrial output, retail sales, and infrastructure investment lost momentum in July 2023, due to growing concerns about an economic slowdown.

On August 31, South Korea's industrial production, retail sales, and infrastructure investment lost momentum in July 2023. (Source: Yonhap)

Output in the mining, manufacturing, gas, and electricity sectors fell by 2%, driven by an 11.2% decline in the electronics components sector.

However, the decline was mitigated by a 28.5% increase in clothing production.

Services output increased by 0.4% in July, driven by the information and communication sector.

Output in the wholesale and retail sector decreased by 1.2%.

Retail sales, a measure of consumer spending, fell 3.2%, driven by a 5.1% drop in demand for durable goods such as automobiles.

Demand for goods such as clothing decreased by 3.6%.

Investment in infrastructure decreased by 8.9%, mainly due to weak performance in the transport equipment and mechanical engineering segments.

Source: https://baoquocte.vn/kinh-te-han-quoc-dang-mat-dan-dong-luc-tang-truong-240373.html