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Financial News: South Korea Industrial Production Gains 0.6% On Month

South Korea Industrial Production Gains 0.6% On Month In December

01/30/2024 - 19:25:00 (RTTNews)

(RTTNews) - Industrial output in South Korea added a seasonally adjusted 0.6 percent on month in December, Statistics Korea said on Wednesday.

That beat expectations for an increase of 0.5 percent following the upwardly revised 3.6 percent jump in November (originally 3.3 percent).

On a yearly basis, industrial production jumped 6.2 percent - again beating forecasts for a gain of 6.0 percent following the upwardly revised 5.5 percent increase in the previous month (originally 5.3 percent).

The Index of all industry production in December increased 0.3 percent on month and 1.1 percent on year.

The Manufacturing Production Index rose 0.6 percent on month and 6.7 percent on year. The Manufacturing Shipment Index added 3.2 percent on month and 6.8 percent on year. The Manufacturing Inventory Index fell 4.4 percent on month and was flat on year.

The Production Capacity Index gained 1.6 percent on month and 2.7 percent on year. The Index of Capacity Utilization Rate shed 1.8 percent on month and 0.1 percent on year.

The Manufacturing Average Capacity Utilization Rate was 70.8 percent, down 1.3 percentage points from the previous month. The Index of Services rose 0.3 percent on month and 0.2 percent on year. The Retail Sales Index lost 0.8 percent on month and 2.2 percent on year.

The Equipment Investment Index jumped 5.5 percent on month but sank 5.9 percent on year. The Domestic Machinery Shipment Index slumped an annual 7.8 percent.

The value of Domestic Machinery Orders Received jumped 12.0 percent on year. The value of Construction Completed at constant prices shed 2.7 percent on month and 1.2 percent on year. The value of Construction Orders Received at current prices surged 34.9 percent on year.

The Composite Coincident Index eased 0.1 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, fell 0.3 points on month. The Composite Leading Index added 0.4 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, increased by 0.1 points from the previous month.

The stats bureau also said that retail sales slumped a seasonally adjusted 0.8 percent on month in December, missing forecasts for a decline of 0.6 percent following the downwardly revised 0.9 percent increase in November (originally 1.0 percent).

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