South Korea's industrial output, retail sales and infrastructure investment lost momentum in July 2023, data showed on August 31. (Source: Yonhap)

Output in the mining, manufacturing, gas and electricity sectors fell 2%, led by an 11.2% decline in the electronics sector.

However, the decline was mitigated by a 28.5% increase in clothing output.

Services output rose 0.4% in July, led by the information and communications sector.

Wholesale and retail output fell 1.2%.

Retail sales, a gauge of consumer spending, fell 3.2%, as demand for durable goods such as cars dropped 5.1%.

Demand for goods such as clothing fell 3.6%.

Infrastructure investment fell 8.9%, mainly due to weak transport equipment and engineering segments.