Seoul, Nov 17 (NationPress) In the third quarter, South Korea's industrial production observed a growth of 5.8 percent compared to the previous year, primarily fueled by the remarkable performance of the semiconductor, automobile, and electronics industries, as reported by government data on Monday.

The semiconductor and electronics sectors experienced an impressive 16.5 percent year-on-year increase during the July-September period, while the automobile sector also showed a 7.5 percent rise, according to regional economic data compiled by the Ministry of Data and Statistics, as reported by Yonhap news agency.

Regionally, North Chungcheong and Gyeonggi provinces noted growth rates of 19.1 percent and 15.9 percent, respectively, in industrial production, owing to the presence of numerous chip and electronics manufacturing facilities.

Conversely, industrial outputs in Seoul, South Jeolla Province, and the southern island of Jeju saw declines.

Retail sales increased by 1.5 percent year-on-year in the third quarter, spurred by government cash handouts aimed at enhancing private consumption.

Sales surged by 8.8 percent, 5.5 percent, and 5.3 percent in Sejong, Incheon, and Daegu, respectively, whereas they fell by 2.7 percent and 1.3 percent in Seoul and Jeju.

Service output saw a national expansion of 3.1 percent, with Seoul achieving the highest year-on-year growth of 6.1 percent, followed by Ulsan and Gyeonggi Province at 5.3 percent and 4.9 percent increases, respectively, according to the data.

Exports rose by 6.5 percent year-on-year in the third quarter, driven by strong performances from semiconductors, ships, and automobiles.

Meanwhile, South Korean stocks experienced an uptick late Monday morning, led by foreign investments, as semiconductor stocks gained traction despite valuation concerns surrounding AI-related equities.