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Containers stacked high at Busan’s Shinsundae and Gamman terminals on July 31. / Source: Yonhap News

South Korea’s economy showed signs of resilience in July, with consumption, industrial output and investment all increasing—the so-called “triple growth.”

According to Statistics Korea on Friday, overall industrial production rose 0.3 percent from the previous month, marking a second straight month of gains after turning positive in June. Output in semiconductors and machinery offset declines in autos, driving manufacturing up 0.3 percent. Service-sector production, a key indicator of consumer activity, rose 0.2 percent, led by wholesale and retail (+3.3%) and information and communications (+3.1%).

Retail sales surged 2.5 percent, the biggest jump in 29 months since February 2023, boosted by government consumption coupons and easing political uncertainty. Durable goods such as electronics (+5.4%), nondurable goods such as food (+1.1%), and semi-durables such as clothing (+2.7%) all recorded growth.

Facility investment climbed 7.9 percent on stronger spending in transportation equipment (+18.1%) and machinery (+3.7%), rebounding for the first time in five months. Construction output, however, slipped 1 percent, returning to negative territory.

The coincident composite index, which reflects current economic conditions, edged down 0.1 point, while the leading index, which signals future trends, rose 0.5 points.

The Ministry of Economy and Finance pledged to “swiftly execute supplementary budget projects to spread the hard-won recovery momentum in domestic demand,” adding that it would step up regional consumption and construction activity ahead of the Chuseok holidays and the APEC summit. The government also vowed to finalize follow-up measures to the U.S.-Korea tariff talks and additional support for affected companies in September, while accelerating its new economic growth strategy focused on AI transformation and 30 leading innovation projects.