A majority of South Korea’s major industries are predicted to see their business conditions improve in the fourth quarter compared with the previous quarter, a report said Wednesday.

According to the report by the Korea Chamber of Commerce and Industry and nine industrial bodies, the Information Technology industry is expected to fare the best among nine local industries in the fourth quarter, thanks to the launch of new IT devices and a rise in memory chip prices. The IT industry enjoyed stellar earnings in the third quarter.

The report said that the reason for the rosy outlook on the IT industry stemmed from planned shipments of brand-new smartphones by local tech giants Samsung Electronics Co. and LG Electronics Inc. and a steady growth in demand for IT devices like smart TVs.

Four industries ― autos, machinery, petrochemicals and textiles ― will likely see a slight improvement in their business conditions in the October-December period, the report said.

The launch of new a production line is expected to have a positive impact on the auto industry, while steady demands for petrochemicals in China and Southeast Asian countries are forecast to be a boon to the petrochemical industry.

In addition, three industries that have been in a slump, such as steel, shipbuilding and construction, are expected to recover somewhat from their previous slump. The construction sector facing the prolonged slump is forecast to improve its business conditions on increasing demands for buying homes, which stem from skyrocketing rent.

But the improvement in the construction sector will be limited due to fears of huge household debts and the lack of large-scale government-led construction projects, the report said. (Yonhap News)