The country’s industrial output decreased for three straight months and consumption declined in July, reflecting sluggish domestic demand.

According to data from Statistics Korea on Friday, the industrial production index dropped zero-point-four percent from a month earlier to 112-point-seven percent in July.

The index dropped for the third consecutive month in July after rising one-point-four percent in April.

Production in the mining and manufacturing industries fell three-point-six percent month over month, the largest drop in 19 months, since December 2022.

Output in the chip sector plunged eight percent, while output in the automobile industry saw a 14-point-four percent drop.

Retail sales, a key indicator of consumption levels, slipped one-point-nine percent from the previous month. 

Facility investments grew ten-point-one percent month over month, increasing for the second consecutive month.