The domestic economy suffered a triple whammy as industrial output, retail sales and facility investment all declined in October for the first time in three months.

According to Statistics Korea on Thursday, industrial production stood at 111-point-one in October, down one-point-six percent from the previous month to log the sharpest on-month decline since April 2020.

Overall manufacturing production fell three-point-five percent from the month prior, with the semiconductor industry leading the losses with the largest fall since February at eleven-point-four percent after posting two consecutive months of double-digits gains in August and September.

The state agency cited fewer working days in October and a high base effect due to sharp gains as factors that led to output decline in the chip industry.

Retail sales, a gauge of private spending, dropped zero-point-eight percent on-month largely on the back of reduced demand for food and other non-durable goods.

Facility investment also shed three-point-three percent, centered around transportation equipment, including machinery and vehicles.