Subject	All industries	Mining & manufacturing	Service	Retail sales	Equipment investment	Construction completed
Monthly Change (%)	∆0.3	∆0.6	∆0.3	▲0.8	∆5.5	▲2.7

Production in the mining and manufacturing industry increased in November, driven by improvements in semiconductors (+8.5 percent) on growing demands for high-performance semiconductors and stronger year-end auto production (+4.7 percent). Despite a decline in real estate (△3.7 percent), services production rose by 0.3 percent, with improvements in finance (+4.9 percent), transportation and warehousing (+2.5 percent), and leisure (+3.2 percent). Retail sales decreased by 0.8 percent due to an overall contraction in durable goods (△1.2 percent), semi-durable goods (△0.3 percent), and nondurable goods (△0.7 percent). Capital investment saw a 5.5 percent month-on-month increase, led by a strong growth in machinery [semiconductor equipment, etc.] (8.9 percent), despite a decrease in transportation equipment [automotive, etc.] (△3.2 percent). Despite an increase in civil works (6.8 percent), including the implementation of year-end SOC projects, construction fell by 2.7 percent, led by a significant decrease in building construction mostly in residential buildings (△5.6 percent). Despite increases in imports and the industrial production index of the mining and manufacturing industry, the cyclical change in the coincident index fell for the seventh consecutive month due to a sharp decline in construction completed. The recent economic recovery has been driven by manufacturing production and exports, coupled with a sluggish domestic consumption, which poses potential upside and downside risks going forward. On the production side, the recent improvement in exports, the rebound in key industries such as semiconductors, and the release of new mobile products are positive, but uncertainty over the recovery of major economies and the direction of their monetary policies, as well as continued geopolitical unrest and supply chain risks, continue to weigh on the economy. As for consumption and investment, slowing inflation and improving consumer sentiment, investment cooperation with major countries resulting from the government’s active sales effort and successful competition in high-tech are positive factors, while household debt, real estate PF risks and sluggish construction orders are negative factors.

※ Source: Ministry of Economy and Finance(moef.go.kr)