Current Status of Industrial Activities, July 2026
In July 2026, total industrial production remained unchanged from the previous month (0.0% m-o-m, +3.1% y-o-y), as a decline in services output (-1.3%, +3.5%) was offset by increases in industrial output (+0.2%, +3.6%) and public administration (+10.4%, +2.0%).
Retail sales (-2.4% m-o-m; -0.8% y-o-y) and construction investment (-1.1%, -3.2%) turned downward, while facilities investment (+7.5%, +24.9%) continued to post strong growth following a substantial increase in the previous month.
(%)
2025
2026
Q1
Q2
Q3
Q4
Q1
Q2
Jul
Apr
May
Jun
Total industry output
m-o-m
0.2
0.3
0.9
-0.6
1.8
0.9
-0.5
-0.4
2.4
0.0
y-o-y
0.3
1.0
3.6
-0.2
2.9
2.9
2.4
1.9
4.4
3.1
Industrial output
m-o-m
0.7
1.0
1.5
-3.4
2.7
1.4
-0.8
-3.0
6.7
0.2
y-o-y
2.9
3.1
7.8
-2.0
2.7
2.1
1.3
-1.1
6.0
3.6
Services
m-o-m
0.3
0.4
0.7
1.2
1.4
1.3
-0.8
1.0
0.9
-1.3
y-o-y
0.9
1.6
3.2
2.3
4.2
4.6
3.8
4.6
5.4
3.5
Public administration
m-o-m
1.4
-1.3
0.9
-1.3
2.6
-2.6
5.1
-3.5
-4.1
10.4
y-o-y
0.9
-0.4
0.2
-0.4
0.8
-1.1
3.3
-1.4
-4.7
2.0
(%)
2025
2026
Q1
Q2
Q3
Q4
Q1
Q2
Jul
Apr
May
Jun
Retail sales
m-o-m
0.6
-0.6
1.2
0.6
2.4
-1.8
-3.7
-0.1
2.7
-2.4
y-o-y
-0.8
-0.1
1.6
0.9
3.2
2.2
1.4
1.4
3.9
-0.8
Facilities investment
m-o-m
-2.2
0.3
0.6
-3.8
13.0
3.7
-4.0
-0.1
6.9
7.5
y-o-y
5.4
5.5
1.2
-6.2
9.8
13.2
7.6
9.3
22.5
24.9
Construction
Investment
m-o-m
-7.2
-2.6
-0.8
-4.1
0.5
0.1
-2.8
3.3
4.2
-1.1
y-o-y
-21.1
-17.3
-11.9
-15.1
-6.1
-4.8
-6.6
-3.7
-4.3
-3.2
Despite a high base created by the substantial increase in the previous month, industrial activity in July maintained solid momentum in production and investment. Industrial output increased for the second consecutive month (+6.7% → +0.2%), while facilities investment rose by around 7% for the second consecutive month (+6.9% → +7.5%), driven by increases in both machinery and transportation equipment. The decline in retail sales in July (+2.7% → -2.4%) was largely attributable to temporary factors, including an adjustment in durable goods sales following a sharp increase in June ahead of the expiration of the individual consumption tax cut on automobiles and amid large-scale discount promotions on home appliances. Given the considerable month-to-month volatility, retail sales in June and July combined were 1.5% higher than in April and May, while growth in credit card spending accelerated from 3.7% in July to 4.5% during August 1-26, suggesting that the momentum of the consumption recovery remains intact.
However, with external uncertainties remaining elevated amid the conflict in the Middle East and continued difficulties in people’s livelihoods, the government plans to step up policy efforts to further solidify the economic recovery and ensure that the benefits of growth are broadly felt by the public.
Please refer to the attached files.
