Kong Misuk, deputy director-general for short-term economic statistics at Statistics Korea, on Feb. 3 announces industrial activity trends in December 2024 and last year overall at Government Complex-Sejong. (Yonhap News)

By Kim Hyelin

Industrial production rose last year thanks to recovery in semiconductor exports.

In a report on industrial activity trends in December 2024 and last year overall, Statistics Korea on Feb. 3 said the industrial production index excluding agriculture, forestry and fisheries last year increased 1.7%.

Output grew in manufacturing and the service sector. While production in mining and manufacturing fell in sectors like electrical equipment and primary metals, that of chips and pharmaceuticals grew 1.4%.

Production in the service sector declined in wholesale and retail, but rose 1.4% in transportation and warehousing, finance and insurance.

Facility investment rose 4.1% thanks to higher investment in machinery such as that for semiconductor manufacturing (2.9%) and other transportation equipment (7.8%).

The retail sales index, which gauges consumption trends, fell 2.2%. 

kimhyelin211@korea.kr