Seoul: The Republic of Korea's industrial output posted its fastest growth in five years and eight months in February, driven by gains in manufacturing and services, government data showed Tuesday. Industrial production rose 2.5 percent from a month earlier last month, according to the data from the Ministry of Data and Statistics.
According to Emirates News Agency, this marked the fastest increase since June 2020, when output jumped 2.9 percent on-month, as reported by Yonhap News Agency. The output in the mining and manufacturing sector, a key pillar of the economy, advanced 5.4 percent on-month in February, the ministry said. This also marked the steepest gain since June 2020, when the figure rose 6.6 percent.
Notably, semiconductor production surged 28.2 percent from a month earlier, as global demand continued to grow amid the artificial intelligence (AI) boom. Meanwhile, retail sales, a key indicator of private spending, remained unchanged from the previous month.