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Financial News: South Korea Industrial Production Declines 1.3% In July

South Korea Industrial Production Declines 1.3% In July

08/30/2022 - 19:43:00 (RTTNews)

(RTTNews) - Industrial output in South Korea fell a seasonally adjusted 1.3 percent on month in July, Statistics Korea said on Wednesday.

That missed expectations for a decline of 0.1 percent following the downwardly revised 1.7 percent increase (originally 1.9 percent).

On a yearly basis, industrial production climbed 1.5 percent - again shy of forecasts for an increase of 2.9 percent following the downwardly revised 1.3 percent gain in the previous month (originally 1.4 percent).

The index of all-industry production was down 0.1 percent on month and up 3.8 percent on year.

The Manufacturing Production Index fell 1.5 percent on month but increased 1.5 percent on year. The Manufacturing Shipment Index rose 0.4 percent on month but sank 2.4 percent on year. The Manufacturing Inventory Index gained 1.4 percent on month and 17.2 percent on year.

The Production Capacity Index was flat on month but increased 0.1 percent on year. The Index of Capacity Utilization Rate lost 1.6 percent on month and was unchanged on year. The Manufacturing Average Capacity Utilization Rate was 75.2 percent, down 1.2 percentage points from the previous month.

The Index of Services rose 0.3 percent on month and 4.7 percent on year. The Retail Sales Index fell 0.3 percent on month and 1.9 percent on year. The Equipment Investment Index dropped 3.2 percent on month and 2.2 percent on year.

The Domestic Machinery Shipment Index shed 3.4 percent on year. The value of Domestic Machinery Orders Received tumbled an annual 11.0 percent. The value of Construction Completed at constant prices lost 2.5 percent on month but added 2.0 percent on year. The value of Construction Orders Received at current prices jumped 11.7 percent on year.

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

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

Also on Wednesday, Statistics Korea said that the overall value of retail sales in South Korea was down a seasonally adjusted 0.3 percent on month in July. That missed expectations for a flat reading following the downwardly revised 1.0 percent decline in June (originally -0.9 percent).

On a yearly basis, retail sales slumped 1.9 percent - also shy of forecasts for a decline of 1.0 percent following the 1.5 percent drop in the previous month.

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