Manufacturing production in South Korea increased 1.1 percent month-on-month in May, Statistics Korea said Friday. Production in the factory sector was 2.7 percent higher than a year earlier.
Production in the total industrial sector increased 0.4 percent month-on-month. On an annual basis, production rose 1.6 percent.
The production capacity index in May increased 0.8 percent from the previous month and 3.3 percent from the same period of the previous year.
The statistical agency also reported that retail sales grew 0.7 percent on a monthly basis in May. Sales were 2.2 percent higher than the same month last year.
On investment trend, Statistics Korea said that investment in equipment decreased 0.8 percent month-on-month in May. The equipment investment index was down 1.5 percent year-on-year.
Domestic machinery shipment index in May decreased 9.4 percent from the same period of the previous year. The value of domestic machinery orders received during the month was 11.1 percent less than last year.
The government data also showed that the value of construction completed increased 2.5 percent from the previous month at constant prices. However, the value decreased 6.5 percent from the same period of the previous year.
In May, the value of construction orders received increased 2.9 percent from the same period of the previous year at current prices.
South Korea's Finance Ministry on Thursday lowered the economy's growth outlook for 2012 to 3.3 percent from the December estimate of 3.7 percent. The ministry said it expects 4.3 percent expansion for 2013.
by RTT Staff Writer
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