emirates7 - In the first quarter of this year, Seoul experienced a decline in both industrial output and retail sales compared to the same period last year, although the city's service sector showed resilience amid a broader economic slowdown, according to government data released Tuesday.
Citing figures from Statistics Korea, Yonhap News Agency reported that Seoul's industrial production dropped by 2.1% year-on-year between January and March, mainly due to decreased output in electricity and gas, food manufacturing, and machinery and equipment industries.
In contrast, industrial production nationwide rose by 2.4% over the same period, driven by strong growth in the semiconductor, electronic components, and pharmaceutical sectors.
Retail sales in Seoul also decreased by 2.1% on-year during the first quarter, with the attributed to weaker sales in duty-free shops, as well as declines in automobile and fuel sales.
However, the city's service sector posted a 1.2% year-on-year increase, supported by continued growth in real estate, arts, sports, and recreation activities, the data showed.
Citing figures from Statistics Korea, Yonhap News Agency reported that Seoul's industrial production dropped by 2.1% year-on-year between January and March, mainly due to decreased output in electricity and gas, food manufacturing, and machinery and equipment industries.
In contrast, industrial production nationwide rose by 2.4% over the same period, driven by strong growth in the semiconductor, electronic components, and pharmaceutical sectors.
Retail sales in Seoul also decreased by 2.1% on-year during the first quarter, with the attributed to weaker sales in duty-free shops, as well as declines in automobile and fuel sales.
However, the city's service sector posted a 1.2% year-on-year increase, supported by continued growth in real estate, arts, sports, and recreation activities, the data showed.