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, Sept. 30 (Xinhua) -- South Korea's industrial output posted a first contraction in three months, reflecting the lackluster growth of the economy, a government report showed Tuesday. Retail sales grew, indicating a recovery in consumer confidence.
Production in all industries decreased 0.6 percent in August from a month earlier, the first decline in three months, according to Statistics Korea. The gauge for industrial activity retreated 1 percent in May before rising 2.3 percent in June and 0.3 percent in July respectively.
Output in construction, service and public administration sectors increased 1 percent, 0.3 percent and 7.2 percent each on a monthly basis.
Production in the mining and manufacturing industry tumbled 3. 8 percent, marking the biggest monthly fall since it plunged 10.5 percent in December 2008 when the global financial crisis sapped global demand.
Production among manufacturers declined 3.8 percent in August from a month earlier due to a double-digit drop in production of automakers and transport equipment manufacturers.
Some major automakers here went on a partial strike last month, contributing to an output reduction in the auto industry. Summer vacation and rainfall disrupted last month's auto production.
"Industrial output declined on weaker exports and lower motor vehicle production, as production was suspended for the summer vacation period, which occurred mostly from Aug. 4-8 this year, later in the year than July 29-Aug. 2 in 2013," said Kwon Young- sun, a senior economist at Nomura International in Hong Kong.
Kwon expected the Bank of Korea (BOK) to cut its policy rate by 25 basis points to an all-time low of 2 percent at the Oct. 15 policy meeting. The central bank lowered the base rate by a quarter percentage point to 2.25 percent in August.
Private consumption showed signs of getting back on a recovery track. Retail sales climbed 2.7 percent in August, marking the highest monthly growth since May 2011 when it recorded a 3.4- percent expansion.
The April ferry sinking disaster, which killed more than 300 people, dampened sentiment among economic agents as deep grief swept over the country. Consumers refrained from travel and entertainment to mourn the deaths of teenagers.
The service industry, which was hit hardest by the maritime accident, gained 0.3 percent in August from a month ago. Production in the culture, sports and leisure sector declined 5 percent, but those for the wholesale & retail, education and healthcare & social welfare sectors increased 1.3 percent, 2.5 percent and 2 percent each.
The cyclical component of leading economic indicators, which reflects outlook for future business conditions, rose 0.8 point to 102.4 last month. The figure for coincident economic indicators added 0.3 point to 100.5.
Facility investment dropped 10.6 percent in August, marking the biggest monthly reduction since it plunged 16.1 percent in January 2003. The still sour investment among companies indicated lackluster corporate sentiment.
The value of construction completed at a constant price climbed 1 percent in August after falling 1.5 percent in the prior month. Construction orders at a current price jumped 57.8 percent last month on a monthly basis.
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