Sept. industrial output growth hits 15-yr high on chips; retail sales, investment also up

Korea's industrial output surged in September at its fastest rate in over 15 years, driven primarily by the semiconductor sector, according to data released on Friday. Retail sales and facility investment also saw significant growth. Industrial production increased by 3 percent on a month-over-month basis in September, marking the sharpest gain since March 2011.

This was the first time in six months that the three key indicators - industrial output, retail sales, and investment - increased simultaneously. The overall industrial output grew by 3.4 percent month-over-month in June, but this dipped to 0.1 percent in July and further contracted by 1.2 percent in August. The manufacturing and mining sector, a crucial part of the economy, saw a substantial 9 percent increase, mainly propelled by semiconductor production, which experienced a remarkable 19.2 percent surge.

This increase in chip output was the largest since February's 28.2 percent gain. The data ministry credited the growth to heightened production of memory chips like dynamic random access memory (DRAM) products. Other notable contributors to the rise included the automobile industry.