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Financial News: South Korea Industrial Production Contracts 1.8% In Septem

South Korea Industrial Production Contracts 1.8% In September

10/30/2022 - 20:21:00 (RTTNews)

(RTTNews) - Industrial output in South Korea dropped a seasonally adjusted 1.8 percent on month in September, Statistics Korea said on Monday.

That was well shy of forecasts for a decline of 0.3 percent following the upwardly revised 1.4 percent contraction in August (originally -1.8 percent).

On a yearly basis, industrial production rose 0.8 percent - again missing estimates for an increase of 0.9 percent and down from the upwardly revised 1.5 percent increase in the previous month (originally 1.0 percent).

The Index of All Industry production in September fell 0.6 percent on month and advanced 3.1 percent on year.

The Manufacturing Production Index in September fell 1.8 percent on month but increased 0.8 percent on year. The Manufacturing Shipment Index dipped 0.3 percent on month but increased 1.4 percent on year. The Manufacturing Inventory Index rose 0.2 percent on month and 9.5 percent on year.

The Production Capacity Index added 0.2 percent on month but fell 0.7 percent on year. The Index of Capacity Utilization Rate sank 1.0 percent on month but gained 0.5 percent on year.

The Manufacturing Average Capacity Utilization Rate in September marked 74.5 percent, down 0.8 percentage points from the previous month. The Index of Services fell 0.3 percent on month but increased by 5.6 percent on year. The Retail Sales Index shed 1.8 percent on month and 0.7 percent on year.

The Equipment Investment Index lost 2.4 percent on month but jumped 12.5 percent on year. The Domestic Machinery Shipment Index added 5.7 percent on year. The value of Domestic Machinery Orders Received spiked 12.9 percent on year.

The value of Construction Completed at constant prices showed no change from the previous month but increased by 3.9 percent from the same period of the previous year. The value of Construction Orders Received at current prices surged an annual 35.9 percent.

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

The Composite Leading Index gained 0.2 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, eased 0.1 point from the previous month.

Also on Monday, Statistics Korea said that the value of retail sales in South Korea was down 0.7 percent on year in September.

That missed expectations for an increase of 0.5 percent following the upwardly revised 2.4 percent gain in the previous month.

On a seasonally adjusted monthly basis, retail sales dropped 1.8 percent - also missing forecasts for a flat reading following the upwardly revised 4.4 percent jump in August (originally 1.8 percent).

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