South Korea’s industrial output will increase 1.6 percent in June

Seoul, July 30 (Xinhua)-South Korea’s industrial output increased in June as data do not yet reflect the negative impact of the COVID-19 resurgence here, Statistics Bureau data show Friday rice field.

According to the National Statistical Office, seasonally adjusted production in all industries except agriculture, forestry and fisheries increased by 1.6% in June from the previous month.

After a 1.3% drop in April, industrial output in May was flat. Production increased 2.0% in February and 0.9% in March.

The June data did not reflect the fourth wave of the COVID-19 outbreak that began in July.

According to the latest tally, the country has reported 1,710 cases of COVID-19 in the last 24 hours, and the total number of infections has increased to 196,806. The daily case load has exceeded 1,000 for 24 consecutive days.

Economy and Finance Minister Hong Nam-ki said the fourth revival appears to be affecting economic data, especially in the third quarter, due to worsening consumer and corporate sentiment in July.

The government planned to maintain the strictest Level 4 social distance expansion guidelines in the Seoul metropolitan area for four weeks until August 8. It was predicted to disrupt the service industry and consumer spending.

Manufacturing production in June increased by 2.3% from a month ago, the first recovery in three months.

Semiconductor and automotive production increased by 8.6% and 6.4%, respectively, while communication and broadcasting equipment production decreased by 8.9%.

Output in the services industry increased 1.6% in June after leveling off 0.4% last month.

Production in the financial and insurance sector increased 3.2% last month due to active equity trading, and production in the wholesale and retail segment increased 1.6% due to demand for clothing and shoes.

Accommodation and food and beverage sector output increased 2.7% on a monthly basis in June. The construction sector and the administrative sector increased by 2.0% and 0.6%, respectively.

Seasonally adjusted retail sales, which reflect consumer spending, fell 1.8% in May and then rose 1.4% in June from the previous month.

Sales of semi-durable consumer goods surged 5.8% in response to solid clothing demand ahead of the summer vacation season.

Sales of durable consumer goods increased 1.0% in response to demand for pharmaceuticals as the pandemic continued, while sales of durable consumer goods such as automobiles fell 1.0% last month.

Capital investment in June shrank 0.2%, maintaining a downward trend for the second straight month.

The coefficient of variation of the leading economic indicators, which measures the outlook for the future economic situation, added 0.3 points per month to 104.4 in June.

Simultaneous economic indicators, which measure current economic conditions, rose 0.1 points last month to 101.4.

South Korea’s industrial output will increase 1.6 percent in June

Source link South Korea’s industrial output will increase 1.6 percent in June

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