South Korea Records Simultaneous Growth in Industrial Output, Consumption and Investment
Dragon Media News Desk
South Korea recorded simultaneous growth in industrial production, private consumption and facility investment in June, marking the first increase across all three major economic indicators in three months, government data showed on Friday.
According to the Ministry of Data and Statistics, the seasonally adjusted index of total industrial production, excluding agriculture, livestock and fisheries, rose 2.3 percent in June from the previous month, returning to growth after three months.
Manufacturing output increased 6.8 percent month on month, driven by recoveries in the automotive and semiconductor industries.
Automobile production surged 15.4 percent as the supply of vehicle components returned to normal. Semiconductor output rose 4.5 percent in June after falling 10 percent in the previous month.
Construction-sector production increased 4.1 percent, while output in the public administration sector declined 4 percent.
Service-sector output rose 0.7 percent in June, following a 1 percent increase in the previous month.
The average manufacturing capacity utilisation rate climbed by 4 percentage points from the previous month to 74.9 percent in June.
The retail sales index, a key indicator of private consumption, advanced 2.7 percent month on month. The increase was largely attributed to stronger demand for passenger vehicles ahead of the expiry of temporary consumption tax reductions.
Facility investment expanded 5.8 percent, supported by increased investment in machinery and transport equipment. Completed construction work also rose 4.1 percent due to growth in building construction.
The cyclical component of the leading economic index, which indicates the outlook for future economic conditions, increased by 0.9 points from the previous month to 105.7 in June.
The coincident economic index, which measures current economic conditions, also rose by 0.5 points to 100.3, according to the ministry.
