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South Korea Industrial Production Climbs 2.2% In June

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Industrial output in South Korea expanded a seasonally adjusted 2.2 percent on month in June, Statistics Korea said on Friday.

That beat expectations for an increase of 1.0 percent following the downwardly revised 1.0 percent contraction in May (originally -0.7 percent).

On a yearly basis, industrial production jumped 11.9 percent - again exceeding expectations for 9.3 percent following the downwardly revised 14.9 percent gain in the previous month (originally 15.6 percent).

The Index of all industry production was up 1.6 percent on month and 6.7 percent on year.

The Manufacturing Production Index added 2.3 percent on month and 12.1 percent on year. The Manufacturing Shipment Index fell 0.2 percent on month but increased 10.4 percent on year. The Manufacturing Inventory Index shed 1.1 percent on month and 5.2 percent on year.

The Production Capacity Index rose 0.1 percent on month and 1.4 percent on year. The Index of Capacity Utilization Rate gained 0.8 percent on month and 9.4 percent on year.

The Manufacturing Average Capacity Utilization Rate was 73.9 percent, up 0.6 percentage points from the previous month. The Index of Services rose 1.6 percent on month and 4.9 percent on year.

The Retail Sales Index climbed 1.4 percent on month and 1.6 percent on year. The Equipment Investment Index eased 0.2 percent on month but jumped 10.0 percent on year.

The Domestic Machinery Shipment Index gained 8.2 percent on year, while the value of Domestic Machinery Orders Received in June skyrocketed 47.7 percent on year. The value of Construction Completed at constant prices rose 2.0 percent on month but sank 3.1 percent on year.

In June, the value of Construction Orders Received at current prices tumbled 18.7 percent on year.

The Composite Coincident Index rose 0.3 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, added 0.1 points from the previous month..

The Composite Leading Index in June increased by 0.6 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, rose 0.3 points from the previous month.

For the second quarter of 2021, industrial production fell 1.0 percent on quarter and gained 13.0 percent on year.

Also on Friday:
• The value of retail sales in South Korea was up a seasonally adjusted 1.4 percent on month in June, Statistics Korea said. That beat expectations for an increase of 1.2 percent following the 1.9 percent contraction in May.

On a yearly basis, retail sales climbed 1.6 percent - again beating forecasts for 1.5 percent but slowing from 3.1 percent in the previous month.

• The Bank of Korea said that manufacturing business sentiment in South Korea eased slightly in July, with an index score of 97. That's down from 98 in June, while the outlook tumbled to 92 in July from 99 a month earlier.

In the non-manufacturing sector, the sentiment index fell 2 points to 79, while the outlook lost 4 points to 78.

The Economic Sentiment Index - a composite of the central bank's business and consumer surveys - came in at 103.9 in July, down from 109.4 in June.

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