Industrial output grew last year, but consumption and investment decreased from a year ago.

Statistics Korea said on Wednesday that the index of the nation’s overall industrial production rose zero-point-seven percent from a year earlier to come in at 110-point-nine in 2023 to climb for the third consecutive year.

The growth was led by a two-point-nine-percent increase in the production of the service industry.

Production in mining and manufacturing industries, however, slipped three-point-eight percent last year as the output in manufacturing plunged three-point-nine percent on-year to post the largest fall since 1998.

Retail sales, a key indicator of consumption levels, dropped one-point-four percent on-year, the largest fall since 2003, while facility investment slipped five-point-five percent.

For the month of December, industrial output increased zero-point-three percent on-month, while retail sales decreased zero-point-eight percent and facility investment increased five-point-five percent.