Consumer indicators in November fell for the first time in a month. In contrast, production and investment turned to growth.
According to the "Industrial activity trends for November 2025" that the Ministry of Data and Statistics (MODS) released on the 30th, the index for all-industry production (seasonally adjusted, excluding agriculture, forestry and fisheries) last month was 113.7 (2020=100), up 0.9% from the previous month. It increased for the first time in a month since October (-2.7%).
Mining and manufacturing output rose even as electricity and gas declined, pushing industrial production up 0.6% from the previous month. In particular, semiconductor production rose 7.5%, offsetting declines in automobiles (-3.6%) and others.
Service output also rose 0.7% from the previous month. Retail and wholesale (-1.6%) were weak, but output increased in finance and insurance (2.2%) and associations, repair and personal services (11.1%).
Consumption fell for the first time in a month. Retail sales decreased 3.3% from the previous month as sales fell across the board in nondurables such as food and beverages (-4.3%), semi-durables such as clothing (-3.6%), and durables such as communication devices and computers (-0.6%). It was the biggest drop since February 2024 (-3.5%).
Lee Doo-won, deliberation officer for economic trend statistics at the Ministry of Data and Statistics (MODS), said, "Rather than the effect of the 'consumption coupons' disappearing, we see it as a base effect from the surge in October consumption when the Chuseok holidays fell," and added, "Various discount events were also concentrated in October, pulling forward the timing of consumption."
Investment turned to growth. Facility investment decreased in transport equipment such as automobiles (-6.5%) but increased in machinery such as general industrial machinery (5.0%), rising 1.5% from the previous month.
Construction completed (constant prices) also increased 6.6% from the previous month as construction performance fell in civil engineering (-1.1%) but rose in building construction (9.6%).
Business cycle indicators showed a slowing trend. The coincident index of cyclical indicators, which reflects the current business cycle, was 98.6, down 0.4 percentage points (p) from the previous month. However, the leading index of cyclical indicators, which signals future economic conditions, rose 0.3 p from the previous month to 102.5.