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Financial News: South Korea Industrial Output Falls 0.7% In August

South Korea Industrial Output Falls 0.7% In August

09/29/2021 - 19:50:00 (RTTNews)

(RTTNews) - Industrial production in South Korea sank a seasonally adjusted 0.7 percent on month in August, Statistics Korea said on Thursday.

That missed expectations for an increase of 0.5 percent following the upwardly revised 0.2 percent gain in July (originally -1.5 percent).

On a yearly basis, industrial production climbed 9.6 percent - exceeding expectations for an increase of 8.2 percent following the downwardly revised 7.7 percent gain in the previous month (originally 11.6 percent).

The Index of all industry production in August decreased by 0.2 percent on month and increased 6.0 percent on year.

The Manufacturing Production Index fell 0.4 percent on month but increased by 10.1 percent on year. The Manufacturing Shipment Index shed 2.5 percent on month but climbed 6.3 percent on year. The Manufacturing Inventory Index gained 4.9 percent on month but lost 0.8 percent on year.

The Production Capacity Index rose 0.2 percent on month and 0.9 percent on year. The Index of Capacity Utilization Rate added 0.2 percent on month and 7.9 percent on year.

The Manufacturing Average Capacity Utilization Rate in August marked 74.1 percent, up 0.2 percentage points from the previous month. The Index of Services fell 0.6 percent on month but increased by 4.4 percent on year.

The Retail Sales Index dropped 0.8 percent on month but increased 3.8 percent on year. The Equipment Investment Index dropped 5.1 percent on month but jumped 11.8 percent on year.

The Domestic Machinery Shipment spiked 13.1 percent on year. The value of Domestic Machinery Orders Received surged an annual 21.9 percent.

The value of Construction Completed at constant prices increased 1.6 percent on month and 0.3 percent on year. The value of Construction Orders Received at current prices soared 15.3 percent on year.

The Composite Coincident Index rose 0.2 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, showed no change from the previous month.

The Composite Leading Index added 0.1 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, fell 0.3 points on month.

Also on Thursday: . Statistics Korea said that the value of retail sales in South Korea was down a seasonally adjusted 0.8 percent on month in August. That follows the upwardly revised 0.5 percent decline in July (originally -0.6 percent).

On a yearly basis, retail sales climbed 3.8 percent, slowing from 7.9 percent in the previous month.

. The Bank of Korea said that business sentiment in South Korea slipped in September, with a Business Survey Index score of 90 - down from 95 in August. The outlook fell from 96 to 93.

In the non-manufacturing sector, the BSI on business conditions for September was 79, down from 81 in the previous month, but for the outlook for remained unchanged at 81.

The Economic Sentiment Index (ESI) - a composite of the BSI and the CSI (Consumer Survey Index) - for September was 104.6, down 0.7 points from August.

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