SEOUL, May 11 (Xinhua) -- Industrial production and investment of South Korea faced a correction phase despite a rising consumption, a government report said Friday.
The finance ministry said in its monthly economic assessment report, called Green Book, that private consumption continued to grow while production and investment in the mining and manufacturing industries faced correction.
The ministry changed its assessment of economic situations to correction from recovery, which was maintained for six months through April.
Production in all industries reduced 1.2 percent in March from a month earlier, after falling 0.2 percent in the prior month. Output in the mining and manufacturing sectors tumbled 2.5 percent in March after expanding 0.8 percent in February.
Facility investment plunged 7.8 percent in March from a month earlier, after rising 1.1 percent in February.
Investment in the construction sector dipped for two straight months, falling 4.9 percent in February and 4.5 percent in March, respectively.
However, retail sales, which reflect consumer spending, increased 2.7 percent in March from a month earlier due to strong demand for durable goods such as automobile and mobile phone as well as semi-durables including clothing.
Sales of passenger cars, made by local carmakers, in the domestic market rose 1.3 percent in April from a year ago, while the credit card spending jumped 14.1 percent.
The number of Chinese tourists to South Korea surged 58.8 percent in April from a year earlier, helping bolster the private consumption indicators.
South Korea's exports, which account for about half of the export-driven economy, fell 1.5 percent in April from a year earlier, but it was mainly attributed to a high base effect of the same month of last year.