Korea’s Economic Trends in July 2023

The Korean Statistical Office (통계청) has released the economic trends for July 2023. Here are the key highlights from the report:

Industrial Production:

  • Overall industrial production increased by 0.7% compared to the previous month. However, there were variations within different sectors.
  • The service industry saw growth, particularly in information and communication technology (ICT), finance, and insurance, with a 0.4% increase.
  • In contrast, the mining and manufacturing industry (광공업) experienced a decrease of 2.0%. This sector includes electronics, machinery, and other related fields.

Retail Sales:

  • Retail sales experienced a 3.2% decrease compared to the previous month. This decline was notable in categories such as passenger cars, groceries, and clothing.


  • Investment in facilities and equipment saw an 8.9% decrease compared to the previous month. This decline was observed in both transportation equipment and machinery investments.
  • Construction-related activities, on the other hand, witnessed a 0.8% increase, primarily due to an increase in construction projects.

Economic Indicators:

  • The coincident composite index, which reflects the current economic situation, decreased by 0.5 points compared to the previous month.
  • In contrast, the leading composite index, which predicts future economic trends, increased by 0.4 points.

These figures provide insights into the recent economic performance of South Korea, showing both areas of growth and challenges. The decline in retail sales and certain sectors of industrial production suggests potential economic adjustments in the coming months. As always, these statistics will be closely monitored by economists, policymakers, and businesses to guide their decision-making processes.

For more detailed information, please refer to the attached files.