Xinhua
31 Mar 2023, 12:44 GMT+10
SEOUL, March 31 (Xinhua) -- South Korea's industrial output rose for the third consecutive month in February owing to the services industry growth that offset the downturn among manufacturers, statistical office data showed Friday.
The seasonally-adjusted production index in all industries, which excludes the agriculture, livestock and fishery sector, stood at 109.4 in February, up 0.3 percent from the previous month, according to Statistics Korea.
The index declined 1.1 percent in October and 0.5 percent in November last year, before inching up 0.1 percent in December and 0.1 percent in January, on a monthly basis.
Production among manufacturers dwindled 3.1 percent in February from a month earlier on weaker global demand for locally-made products.
The country's exports continued to slide for the fifth successive month through February.
Semiconductor output tumbled 17.1 percent last month, marking the fastest decline in over 14 years since December 2008.
Automotive production slipped 4.8 percent, and output for communication and broadcasting equipment diminished 16.4 percent.
Manufacturers recorded an average capacity ratio of 68.4 percent in February, down 2.4 percentage points from the previous month.
Production in the services industry grew 0.7 percent in February from a month earlier as the moderated COVID-19 pandemic and good weather increased outdoor activities.
Output in the construction and the public administration sectors expanded 6.0 percent and 5.8 percent, respectively, last month.
The seasonally-adjusted retail sale index, which reflects private consumption, advanced 5.3 percent in February from a month earlier after skidding 1.1 percent in January and 0.2 percent in December.
The sale of durable goods gained 4.6 percent on demand for cars and mobile devices, while those for non-durable and semi-durable goods increased in single digits on demand for clothing and cosmetics.
Facility investment rose 0.2 percent due to the increased machinery investment, and completed construction soared 6.0 percent last month.
The cyclical variation factor for leading economic indicators, which gauge the outlook for future economic situations, fell 0.3 point over the month to 98.5 in February, continuing to slide for the eighth straight month.
The reading for coincident economic indicators which measure the current economic conditions, added 0.4 point to 99.4 in February, marking the first rebound in six months.
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