South Korea's economy is losing growth momentum.

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

South Korea's industrial output, retail sales and facility investment lost momentum in July 2023, data showed on August 31. (Source: Yonhap)

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

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

Services output rose 0.4% in July, boosted by the information and communications sector.

Wholesale and retail output fell 1.2%.

Retail sales, a gauge of consumer spending, fell 3.2%, as demand for durable goods such as cars fell 5.1%.

Demand for goods such as clothing fell 3.6%.

Infrastructure investment fell 8.9%, mainly due to weak transport equipment and mechanical engineering segments.

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