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Financial News: South Korea Industrial Production Rises 1.3% In March

South Korea Industrial Production Rises 1.3% In March

04/28/2022 - 19:40:00 (RTTNews)

(RTTNews) - Industrial output in South Korea climbed a seasonally adjusted 1.3 percent on month in March, Statistics Korea said on Friday.

That exceeded expectations for a decline of 0.2 percent following the downwardly revised 0.3 percent increase in February.

On a yearly basis, industrial production climbed 3.7 percent - missing forecasts for an increase of 4.0 percent following the downwardly revised 6.3 percent increase in the previous month (originally 6.4 percent).

The index of all-industry production was up 1.5 percent on month and 3.1 percent on year.

The Manufacturing Production Index added 1.3 percent on month and 3.7 percent on year. The Manufacturing Shipment Index rose 0.9 percent on month and 0.2 percent on year. The Manufacturing Inventory Index fell 0.3 percent on month but jumped 13.5 percent on year.

The Production Capacity Index added 0.4 percent on month but shed 1.4 percent on year. The Index of Capacity Utilization Rate gained 1.7 percent on month and 4.6 percent on year. The Manufacturing Average Capacity Utilization Rate was 78.9 percent, up 1.3 percentage points from the previous month.

The Index of Services added 1.5 percent on month and 3.7 percent on year. The Retail Sales Index lost 0.5 percent on month but climbed 2.3 percent on year.

The Equipment Investment Index sank 2.9 percent on month and 6.0 percent on year. The Domestic Machinery Shipment Index shed 2.1 percent on year. The value of Domestic Machinery Orders Received jumped 15.4 percent on year.

The value of Construction Completed at constant prices eased 0.3 percent on month and 7.3 percent on year. The value of Construction Orders Received at current prices added 1.5 percent on year.

The Composite Coincident Index in March showed no change from the previous month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, eased 0.2 points from the previous month.

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

Also on Friday, Statistics Korea said that the value of retail sales in South Korea was down a seasonally adjusted 0.5 percent on month in March.

That missed expectations for a decline of 0.2 percent following the downwardly revised flat reading in February (originally 0.1 percent).

On a yearly basis, retail sales climbed 2.3 percent - topping forecasts for an increase of 2.0 percent following the 1.6 percent gain in the previous month.

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