South Korea’s Industrial Production Bounces Back in June
(MENAFN) South Korea’s industrial production bounced back in June, propelled by increased manufacturing in semiconductors and automobiles, data from Statistics Korea revealed Thursday.
Excluding agriculture, livestock, and fisheries, the seasonally adjusted production index across all industries climbed 1.2% in June compared to May, following declines of 0.7% in April and 1.1% in May.
Manufacturing output surged 1.7% last month, recovering sharply from a 3.4% drop in May, driven by stronger chip and vehicle production.
The average capacity utilization rate among manufacturers rose by 1.0 percentage point to 72.4% in June compared to the previous month.
Construction sector output jumped 6.7% in June on a monthly basis after a 3.0% fall in May.
The service industry’s production edged up 0.5%, while the public administration sector saw a 1.4% increase in output.
Retail sales, a key indicator of private consumption, grew 0.5% in June, reversing a 0.1% drop in May.
However, facility investment continued its downward trend, falling 3.7% in June, marking the fourth consecutive month of decline.
The leading economic indicators’ cyclical variation factor, which predicts future economic trends, increased by 0.2 points to 101.2 in June.
In contrast, the coincident economic indicators index, reflecting the current economic state, slipped 0.1 point to 98.4 during the same period.
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