Latest Headlines
Monthly F/X Market Trends
KDB Swap/Option Price
Home
>
Market Data & Reserch
> Latest Headlines
S. Korea's industrial output grows 16.9 pct in June
Writer : Sender
Jul 30, 2010
South Korea's industrial output grew for the 12th straight month in June, indicating signs the economy is quickly rebounding from the global downturn, a government report showed Friday.
According to the report by Statistics Korea, production in the mining and manufacturing sectors expanded 16.9 percent last month from the same month a year earlier. This marked the 12th straight month of growth since the figure turned positive in July last year.
Output increased 1.4 percent from the previous month. It also jumped 19.4 percent during the first half from the same period a year earlier, the report showed.
"Despite sluggish growth in the shipping and other transportation equipment sectors, last month's output improved thanks to robust expansion in semiconductors, electronics parts and machinery equipment," the report said.
The latest data came amid signs that the economy is making a swift comeback, driven by robust exports and improving domestic demand.
South Korea's economy expanded 7.2 percent in the second quarter from a year earlier and gained 7.6 percent on-year in the first half, the nation's central bank earlier said. From three months earlier, gross domestic product also grew 1.5 percent.
Last month, the government revised upward its growth forecast for this year to 5.8 percent from 5 percent, reflecting the overall improving economic situations.
The Bank of Korea also raised its key interest rate for July to 2.25 percent from a record low of 2 percent to curb inflationary pressure, the first rate increase since August 2008. Experts say the unexpected move heralded a full-swing exit from the nation's emergency mode of boosting the economy.
The report showed that the key index measuring current economic conditions inched up, marking the 16th consecutive month of its upward movement.
However, the leading economic composite index dipped 0.9 percentage point from a month earlier, marking the six straight month of contraction. The index is used to predict economic performance eight to 15 months down the road.
Finance Minister Yoon Jeung-hyun earlier dismissed concerns that the economy might face a "double dip" decline after a short-lived recovery, though he admitted the pace of recovery might moderate such movement "more or less" in the second half.
Along with the output data, the statistics agency unveiled retail and facility investment figures, most of which pointed to continued recovery in many areas of the economy.
Retail sales grew 2.4 percent in June from a month earlier and expanded 3.8 percent from a year ago.
Facility investment also increased 8.6 percent on-month, driven by more spending on machinery purchases. On an annual basis, investments jumped 24.2 percent, marking eight months in a row that numbers have expanded.
Output in the service sector, meanwhile, grew 4.4 percent on-year in June, the eight straight month of expansion. From a month ago, it inched up 0.4 percent, the report showed.
(Source: Yonhap News)
Previous :
Recovery showing signs of losing steam
Next
:
S. Korea's 2010 trade surplus expected to near US$30 bln
