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South Korea Industrial Output Spikes 4.3% On Month In December

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Industrial production in South Korea advanced a seasonally adjusted 4.3 percent on month in December, Statistics Korea said on Friday.

That beat forecasts for an increase of 1.0 percent following the upwardly revised 5.3 percent gain in November (originally 5.1 percent).

On a yearly basis, industrial production jumped 6.2 percent - again surpassing expectations for a 2.0 percent gain following the upwardly revised 6.3 percent spike (originally 5.9 percent).

For the fourth quarter pf 2021, industrial production was up 1.0 percent on quarter and 5.5 percent on year.

For all of 2021, industrial production was up 6.9 percent.

The Index of all industry production in December increased by 1.8 percent on month and 6.5 percent on year.

The Manufacturing Production Index increased by 4.8 percent on month and 6.8 percent on year. The Manufacturing Shipment Index gained 4.8 percent on month and 3.2 percent on year. The Manufacturing Inventory Index rose 2.2 percent on month and 11.2 percent on year.

The Production Capacity Index in December increased by 0.1 percent on month but decreased by 0.7 percent on year. The Index of Capacity Utilization Rate increased by 4.7 percent on month and 6.0 percent on year.

The Manufacturing Average Capacity Utilization Rate in December marked 78.7 percent, which was up 3.5 percentage points from the previous month. The Index of Services fell 0.4 percent from the previous month but increased by 5.8 percent on year. The Retail Sales Index rose 2.0 percent on month and 6.5 percent on year.

The Equipment Investment Index fell 0.4 percent on month but increased by 5.0 percent on year. The Domestic Machinery Shipment Index sank 5.1 percent on year. The value of Domestic Machinery Orders Received surged an annual 39.6 percent.

The value of Construction Completed at constant prices increased by 7.4 percent on month and 1.5 percent on year. The value of Construction Orders Received at current prices dropped 11.0 percent on year.

The Composite Coincident Index increased by 0.8 percent from the previous month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, increased by 0.7 points from the previous month.

The Composite Leading Index in December increased by 0.2 percent from the previous month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, decreased by 0.2 points from the previous month.

Also on Friday, Statistics Korea said that the value of retail sales in South Korea was up a seasonally adjusted 2.0 percent on month in December. That beat forecasts for an increase of 1.0 percent following the 1.9 percent decline in November.

On a yearly basis, retail sales advanced 6.5 percent - again beating forecasts for an increase of 5 percent following the 4.6 percent gain in the previous month.

For all of 2021, retail sales gained 5.5 percent.

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