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Financial News: South Korea Industrial Output Sinks 1.6% In January

South Korea Industrial Output Sinks 1.6% In January

03/01/2021 - 18:40:00 (RTTNews)

(RTTNews) - Industrial production dropped a seasonally adjusted 1.6 percent on month in January, Statistics Korea said on Tuesday.

That missed forecasts for an increase of 1.0 percent following the downwardly revised 2.7 percent increase in December (originally 3.7 percent).

On a yearly basis, industrial production jumped 7.5 percent - beating expectations for an increase of 5.3 percent following the downwardly revised 2.5 percent gain in the previous month (originally 3.4 percent).

The index of all industry production was down 0.6 percent on month in January and up 1.4 percent on year.

The Manufacturing Production fell 1.7 percent on month but increased 7.4 percent on year. The Manufacturing Shipment Index shed 0.9 percent on month but increased 8.4 percent on year. The Manufacturing Inventory Index sank 0.8 percent on month and 2.5 percent on year.

The Production Capacity Index shed 0.6 percent on month but increased 1.1 percent on year. The Index of Capacity Utilization Rate lost 1.5 percent on month but increased 5.8 percent on year.

The Manufacturing Average Capacity Utilization Rate in January marked 73.2 percent, down 1.1 percentage points from the previous month. The Index of Services in January eased 0.2 percent on month and 2.0 percent on year.

The Retail Sales Index in January climbed 1.6 percent on month and was flat on year. The Equipment Investment Index jumped 6.2 percent on month and 19.4 percent on year.

The Domestic Machinery Shipment Index in January spiked 7.8 percent on year. The value of Domestic Machinery Orders Received in January tumbled an annual 11.4 percent.

The value of Construction Completed at constant prices dropped 6.0 percent on month and 6.4 percent on year. The value of Construction Orders Received at current prices spiked 10.6 percent on year.

The Composite Coincident Index in January eased 0.1 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, fell 0.2 points from the previous month.

The Composite Leading Index in January added 0.6 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, rose 0.3 points on month.

Also on Tuesday, Statistics Korea said that the total value of retail sales was up a seasonally adjusted 1.6 percent on month in January, following the downwardly revised 0.1 percent increase in December (originally 0.2 percent).

On a yearly basis, retail sales were unchanged following the downwardly revised 2.1 percent drop in the previous month (originally -2.0 percent).

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