SEOUL, April 30 (AJP) — South Korea’s manufacturing and investment activity slowed sharply in March as supply disruptions from the Middle East’s key energy waterway began to weigh on the import-dependent economy in the first month of the war, data showed Thursday.
According to March industrial activity data from the Ministry of Data and Statistics, mining and manufacturing output eked out a 0.3 percent gain from the previous month, sharply slowing from a 5.3 percent increase in February.
Overall industrial output also slowed to 0.3 percent in March from 2.1 percent in February, although service-sector output accelerated to 1.4 percent, partially offsetting the slowdown.
Retail sales, a barometer of consumption, rose 1.8 percent, reversing a 0.3 percent drop a month earlier, as higher energy and chip prices spurred preemptive fuel purchases and lifted demand for finished IT products.
Investment momentum weakened markedly. Facility investment rose 1.5 percent, compared with a 14.6 percent jump in February, while construction investment plunged 7.3 percent after surging 13 percent the previous month.
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