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South Korea Industrial Output Dips 0.7% In August

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Industrial output in South Korea fell a seasonally adjusted 0.7 percent on month in August, Statistics Korea said on Tuesday - beating forecasts for a decline of 1.5 percent following the 1.6 percent increase in July.

On a yearly basis, industrial production sank 3.0 percent - missing expectations for a fall of 2.8 percent following the 2.5 percent drop in the previous month.

The index of all industry production was down 0.9 percent on month and 3.4 percent on year after adding 0.1 percent on month and losing 1.5 percent on year in July.

The Manufacturing Production Index fell 1.0 percent on month and 3.1 percent on year, while the Manufacturing Shipment Index lost 1.4 percent on month and 7.2 percent on year. The Manufacturing Inventory Index added 2.1 percent on month and 3.6 percent on year.

The Production Capacity Index rose 0.2 percent on month and 1.6 percent on year. The Index of Capacity Utilization Rate slid 0.6 percent on month and 7.1 percent on year.

The Manufacturing Average Capacity Utilization Rate in August marked 69.6 percent, down 0.5 percentage points from the previous month. The Index of Services shed 1.0 percent on month and 3.7 percent on year. The Retail Sales Index gained 3.0 percent on month and 0.3 percent on year.

The Equipment Investment Index sank 4.4 percent on month and 1.8 percent on year. The Domestic Machinery Shipment Index slid 0.5 percent on year. The value of Domestic Machinery Orders Received in August increased 0.5 percent on year.

The value of construction completed at constant prices dropped 7.1 percent on month and 9.4 percent on year. The value of construction orders received at current prices surged an annual 37.2 percent.

The Composite Coincident Index in August rose 0.5 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, gained 0.4 points from the previous month.

The Composite Leading Index in August increased by 0.9 percent from the previous month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, increased by 0.6 points from July.

The stats bureau also said that construction output sank 9.4 percent on year in August after easing 0.6 percent in July.

Retail sales were up 3.0 percent on month and 0.3 percent on year in August after sinking 6.0 percent on month and gaining 0.5 percent on year in July.

Also on Tuesday, the Bank of Korea said that business sentiment improved slightly in September after its Business Survey Index came in with a score of 68.

That's up 2 points from the previous month, but the outlook for the following month remained unchanged at 68.

After seasonal adjustment, the BSI for September 2020 was 68, unchanged from August 2020, but that for the outlook for the following month also rose by 2 points to 70.

In the non-manufacturing sector, the BSI on business conditions for September 2020 was 62, down 4 points from the previous month, and that for the outlook for the following month also fell by 7 points to 62.

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