Seoul: The Republic of Korea's industrial output fell at the sharpest pace in more than five years in October, driven largely by a base effect in semiconductor production despite the sector's ongoing upcycle. Industrial production went down 2.5 percent from a month earlier in October, according to the data from the Ministry of Data and Statistics. It marks the steepest monthly fall since a 2.9 percent decline in February 2020.

According to Emirates News Agency, semiconductor production plunged 26.5 percent, marking the sharpest on-month drop since October 1982, when it fell 33.3 percent. Retail sales, a gauge of private spending, increased 3.5 percent on-month, rebounding after two consecutive months of decline.

Facility investment dropped 14.1 percent on-month in October, reversing the rebound recorded in the previous month, the ministry added.