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Financial News: South Korea Industrial Output Slides 0.8% In March

South Korea Industrial Output Slides 0.8% In March

04/29/2021 - 19:23:00 (RTTNews)

(RTTNews) - Industrial production in South Korea fell a seasonally adjusted 0.8 percent on month in March, Statistics Korea said on Friday.

That was shy of expectations for an increase of 0.1 percent following the upwardly revised 4.4 percent increase in February (originally 4.2 percent).

On a yearly basis, industrial production climbed 4.7 percent - exceeding forecasts for an increase of 4.2 percent and accelerating from the 0.9 percent gain in the previous month.

The index of all industry production was up 0.8 percent on month and 5.8 percent on year.

The Manufacturing Production Index shed 0.8 percent on month but increased 4.7 percent on year. The Manufacturing Shipment Index lost 0.6 percent on month but increased 3.5 percent on year. The Manufacturing Inventory Index fell 1.2 percent on month and 3.5 percent on year.

The Production Capacity Index added 0.7 percent on month and 1.6 percent on year. The Index of Capacity Utilization Rate dropped 3.1 percent on month but increased 1.3 percent on year.

The Manufacturing Average Capacity Utilization Rate was 75.0 percent, which was down 2.4 percentage points from the previous month. The Index of Services rose 1.2 percent on month and 7.8 percent on year.

The Retail Sales Index gained 2.3 percent on month and 10.9 percent on year. The Equipment Investment Index was flat on month but increased 9.3 percent on year.

The Domestic Machinery Shipment Index in March increased 3.6 percent on year. The value of Domestic Machinery Orders Received jumped 17.7 percent on year.

The value of Construction Completed at constant prices rose 0.4 percent on month but lost 5.7 percent on year. The value of Construction Orders Received at current prices skyrocketed an annual 29.8 percent.

The Composite Coincident Index rose 0.7 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, added 0.5 points from the previous month.

The Composite Leading Index gained 0.4 percent from the previous month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, added 0.2 points from the previous month.

Also on Friday, Statistics Korea said that the value of retail sales was up a seasonally adjusted 2.3 percent on month in March. That beat expectations for a gain of 1.5 percent following the 0.8 percent contraction in February.

On a yearly basis, retail sales surged 10.9 percent - again exceeding forecasts for an increase of 9.0 percent following the 8.4 percent increase in the previous month.

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