Menu Content
Go Top


Production, Consumption, Investment All Improve in 2022, But Outlook for 2023 Looks Grim

Written: 2023-01-31 14:49:14Updated: 2023-01-31 15:11:26

Production, Consumption, Investment All Improve in 2022, But Outlook for 2023 Looks Grim

Photo : YONHAP News

Anchor: South Korea witnessed an on-year increase in production, consumption and investment last year, according to latest government figures. It was a triple rise for the second consecutive year. However, amid slowing exports and weakened domestic recovery, coupled with inflation and high interest rates, a grim outlook is being forecast for this year. 
Choi You Sun reports.

Report: According to Statistics Korea on Tuesday, the nation's industrial output last year rose three-point-three percent from a year earlier. This came on the back of an on-year jump of four-point-nine percent in 2021. 

Production in the mining and manufacturing industries expanded one-point-four percent, while the service sector saw a four-point-eight-percent on-year expansion.

Retail sales increased zero-point-two percent on-year, as did facility investment by three-point-three percent.

While the three major indicators of production, consumption and investment all rose for the second consecutive year, suggesting a recovery in industrial activity, the most recent monthly data suggests otherwise.

Industrial output last month fell one-point-six percent on-year, the biggest margin in 32 months. Facility investment dropped seven-point-one percent in the same period.

The cyclical component of coincident index, which paints a picture of the current economic state, fell zero-point-nine points, as did the cyclical component of leading index, a glimpse of the future, by zero-point-five points.

Attributing the declines to slowing exports and weakened domestic recovery, the government pledged to execute projects worth 340 trillion won in the first half of the year as a supplementary measure.

Meanwhile, the International Monetary Fund(IMF) forecast that the South Korean economy will grow one-point-seven percent this year, down zero-point-three percentage points from its previous outlook in October.
Choi You Sun, KBS World Radio News.

Related News

Editor's Pick


This website uses cookies and other technology to enhance quality of service. Continuous usage of the website will be considered as giving consent to the application of such technology and the policy of KBS. For further details >