Industrial output posts sharpest growth in 6 years in June on cars, chips

Korea's industrial output rebounded in June from a month earlier, snapping two months of decline led by the automobile and semiconductor industries, data showed Friday, with retail sales and facility investment also gaining ground.

Industrial production added 2.3 percent last month from May, according to data from the Ministry of Data and Statistics.

It marked the sharpest growth since a 2.9 percent rise posted in June 2020.

It was also the first time since March for the three economic indicators to rise simultaneously.

Output in the mining and manufacturing sector, a key pillar of the economy, shot up 6.4 percent on the back of the automobile and chip industries.

In detail, output from the automobile and semiconductor sectors rose 15.4 percent and 4.5 percent, respectively.

The output in the crucial chip industry had shed 10 percent on-month in May.

The ministry attributed the strong gains in the two sectors to hybrid cars and memory chips, respectively.

"Supply disruptions of auto parts caused by a fire at an engine component company in March have been ironed out.

Rising demand at home a ...