S. Korea’s October Industrial Output Slump Reaches 1.5-years High

S. Korea’s October industrial output slump reaches 1.5-years high

Seoul, Nov 30, : South Korea’s industrial output saw the fastest decline in one and a quarter years last month, according to statistical office data.
Statistics Korea reported that the October seasonally adjusted production in all industries (excluding agriculture, forestry, and fishery) was 110.8, down 1.9% from the previous month.

 S. Korea’s October Industrial Output Slump Reaches 1.5-years High-TeluguStop.com

According to Xinhua news agency, it was the fastest slide in 18-months since April last year because of the continuing Covid resurgence that weighed down industrial activity.

The latest count shows that the country has reported 3,032 additional cases of Covid in the past 24 hours.

This brings the total number of Covid cases to 447,230.For seven days, the daily caseload was above 3,000

After the country’s full vaccination rate surpassed 70%, the daily number of Covid cases rose to more than 3,000.

The government launched the “Living with Covid-19”, a guideline to reduce anti-virus measures.

Industrial production fell 0.7% in July and 0.1% in August, before rebounding to 1.1% in September.

The output in the mining and manufacturing industries fell 3.0 percent in October, compared to a month earlier.This was the largest decline in 17 months since May 2013.

On a monthly basis, manufacturers saw their production fall by 3.1% in October.This is the fourth consecutive month of decline.

Automotive production fell 5.1% due to the disruption in the supply of semiconductors used for manufacturing cars.Primary metal output dropped 5.9% because of the global supply disruption.

After growing by 1.4% in September, output in the services sector shrank 0.3% in October.

The October production in the restaurant and lodging sector grew by 4.5 percent compared to a month ago.However, the output in the finance & insurance segment fell by 2.1%.

The public administration sector saw its production drop by 8.9% last month, the steepest decline since March 2013.The construction industry saw a decline of 1.3 percent.

Retail sales index, which measures private consumption, increased 0.2% from a month ago to 121.5 in October.This continued an upward trend for the second consecutive month.

The sale of non-durable products, such as cosmetics fell by 2.1%, but the sales of semi-durable items rose by 2.8% due to increased demand for winter clothes and outdoor clothing.

Due to higher demand for heating products, Durable goods sales rose by 2.2 percent

Due to lower investment in machinery and transport equipment, facility investment fell by 5.4% in October.Completed construction fell 1.3 per cent last month.

The cyclical variation factor of leading economic indicators, which gauges future economic conditions, fell 0.5 points to 101.6 in October.This continued a downward trend of four consecutive months.

The reading for coincident indicators, which measure current economic conditions, fell 0.2 points to 101.0 in the past month.

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