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Financial News: South Korea Industrial Production Declines 6.7% On Month

South Korea Industrial Production Declines 6.7% On Month In May

06/29/2020 - 19:40:00 (RTTNews)

(RTTNews) - Industrial output in South Korea fell a seasonally adjusted 6.7 percent on month in May, Statistics Korea said on Tuesday - missing expectations for a fall of 1.4 percent following the 6.0 percent decline in April.

Ona yearly basis, industrial output sank 9.6 percent - also missing forecasts for a fall of 4.5 percent after sinking 5.1 percent in the previous month.

The index of all industry production in May was down 1.2 percent on month and 5.6 percent from the previous year.

The Manufacturing Shipment Index shed 6.6 percent on month and 12.0 percent on year. The Manufacturing Inventory Index was flat on month but gained 2.5 percent on year. The Production Capacity Index eased 0.2 percent on month but increased 1.5 percent on year.

The Index of Capacity Utilization Rate in May dropped 6.8 percent on month and 13.7 percent on year. The Manufacturing Average Capacity Utilization Rate was 63.6 percent, down 4.6 percentage points from the previous month. The Index of Services rose 2.3 percent on month but lost 4.0 percent on year.

The Retail Sales Index in May increased 4.6 percent on month and 1.7 percent on year. The Equipment Investment Index shed 5.9 percent on month but gained 3.6 percent on year. The Domestic Machinery Shipment Index dipped 0.2 percent on year.

The value of Domestic Machinery Orders Received in May tumbled12.6 percent on year, while the value of Construction Completed at constant prices sank 4.3 percent on month and 5.8 percent on year. The value of Construction Orders Received at current prices surged 24.3 percent on year.

The Composite Coincident Index fell 0.6 percent on month, while the Cyclical Component of Composite Coincident Index, which reflects current economic situations, dipped 0.8 points from the previous month.

The Composite Leading Index in May showed no change from the previous month, while the Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, lost 0.3 points from the previous month.

Also on Tuesday: . The total value of retail sales in South Korea was up a seasonally adjusted 1.7 percent on month in May, Statistics Korea said - beating expectations for an increase of 1.2 percent on month following the 2.2 percent in April.

On a yearly basis, retail sales climbed 4.6 percent - shy of expectations for a gain of 4.8 percent and down from the 5.3 percent annual gain in the previous month.

. The Business Survey Index on business conditions in the manufacturing sector of South Korea for June came in at 51, the Bank of Korea said - up two points from the previous month. The index for the outlook for the following month also rose by two points to 51.

In the non-manufacturing sector, the BSI on business conditions for June was 60, up four points from the previous month, and that for the outlook for the following month rose by three points to 59.

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