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Financial News: South Korea Industrial Production Slips 3.4% In February

South Korea Industrial Production Slips 3.4% In February

03/30/2017 - 19:45:00 (RTTNews)

(RTTNews) - Industrial output in South Korea contracted a seasonally adjusted 3.4 percent on month in February, Statistics Korea said on Friday.

That followed the downwardly revised 2.9 percent increase in January (originally 3.3 percent).

On a yearly basis, industrial production jumped 6.6 percent after gaining 1.4 percent in the previous month.

The index of all industry production fell 0.4 percent on month but gained 4.2 percent on year.

The Manufacturing Production Index shed 3.7 percent on month but gained 7.0 percent on year in February.

The Producer's Shipment Index lost 2.9 percent on month but gained 7.2 percent on year in February. The Producer's Inventory Index gained 0.4 percent on month and fell 5.8 percent on year. The Production Capacity Index lost 0.1 percent on month and added 1.8 percent on year.

The Index of Capacity Utilization Rate slipped 4.3 percent on month but added 2.8 percent on year. The Manufacturing Average Capacity Utilization Rate was 70.9 percent, down 3.3 percentage points from the previous month.

The Index of Services added 0.1 percent on month and 2.5 percent on year in February. The Retail Sales Index jumped 3.2 percent on month and 0.5 percent on year. The Equipment Investment Index tumbled 8.9 percent on month but spiked 19.5 percent on year.

The Domestic Machinery Shipment Index gained 31.6 percent on year in February. The value of Domestic Machinery Orders Received advanced 12.1 percent on year.

The value of Construction Completed at constant prices gained 7.8 percent on month and 22.6 percent on year. The value of Construction Orders Received at current prices surged 22.6 percent on year.

The Composite Coincident Index added 0.3 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, gained 0.1 points on month.

The Composite Leading Index advanced 0.5 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, added 0.2 points on month.

Also on Friday, Statistics Korea said that retail sales were up 3.2 percent on month in February, following the upwardly revised 2.0 percent contraction in January (originally -2.2 percent).

On a yearly basis, retail sales advanced 6.6 percent - rising from the upwardly revised 4.2 percent jump in the previous month (originally 4.0 percent).

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