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S. Korea's industrial output rises for 3rd month in January

SEOUL
2024-03-04 14:39

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SEOUL, March 4 (Xinhua) -- South Korea's industrial output rose for the third consecutive month due to a surge in construction production, statistical office data showed Monday.

The seasonally-adjusted production index in all industries, which exclude the agriculture, livestock and fishery sector, grew 0.4 percent in January from a month earlier after gaining 0.3 percent in November and 0.4 percent in December last year, according to Statistics Korea.

Production in the construction industry advanced 12.4 percent in January, marking the first rebound in four months on the back of solid construction of apartments and factories.

Output in the service industry added 0.1 percent, but production in the public administration sector fell 0.7 percent.

Production among manufacturers declined 1.4 percent in January on a monthly basis after retreating 0.6 percent in the previous month.

Semiconductor output shrank 8.6 percent, turning downward in three months, while production in automobiles and machinery equipment diminished 3.2 percent and 11.2 percent each.

Production in communication devices and broadcasting equipment surged 46.8 percent due to robust smartphone demand, with those for primary metal products, medicine and medical supplies climbing in single digits.

The ratio of inventory to shipment in the manufacturing industry went up 6.5 percentage points over the month to 110.8 percent in January.

Manufacturers recorded an average capacity ratio of 72.0 percent in January, up 0.1 percentage point from a month earlier.

The seasonally-adjusted retail sale index, which reflects private consumption, increased 0.8 percent in January after expanding 0.6 percent in the previous month.

Facility investment dwindled 5.6 percent in the cited month, but completed construction soared 12.4 percent.

The cyclical variation factor for leading economic indicators, which gauges the outlook for future economic situations, stood unchanged at 100.3 in January compared to the previous month.

The reading for coincident economic indicators, which measures the current economic condition, gained 0.1 point to 99.7 in the same month.
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