South Korea Industrial Production Falls 2.9% In December

(RTTNews) - Industrial output in South Korea was down a seasonally adjusted 2.9 percent on month in December, Statistics Korea said on Tuesday.

That was roughly in line with forecasts following the upwardly revised 0.6 percent increase in November (originally 0.4 percent).

On a yearly basis, industrial production sank 7.3 percent - shy of forecasts for a decline of 5.1 percent following the upwardly revised 3.4 percent decline in the previous month (originally -3.7 percent).

The all-industry index was down 1.6 percent on month and 0.8 percent on year.

The Manufacturing Production Index in December fell 3.5 percent on month and 8.0 percent on year. The Manufacturing Shipment Index eased 0.1 percent on month and 5.1 percent on year. The Manufacturing Inventory Index shed 1.2 percent on month but climbed 3.4 percent on year.

The Production Capacity Index in December shed 0.2 percent on month and 1.1 percent on year. The Index of Capacity Utilization Rate sank 3.5 percent on month and 7.1 percent on year. The Manufacturing Average Capacity Utilization Rate was 70.3 percent, down 2.5 percentage points from the previous month.

The Index of Services in December dipped 0.2 percent on month but gained 3.7 percent on year. The Retail Sales Index improved 1.4 percent on month but lost 2.5 percent on year. The Equipment Investment Index dropped 7.1 percent on month but increased 3.2 percent on year.

The Domestic Machinery Shipment Index in December increased 7.6 percent on year, while the value of Domestic Machinery Orders Received plummeted an annual 36.5 percent.

The value of Construction Completed at constant prices shed 9.5 percent on month and 3.1 percent on year. The value of Construction Orders Received at current prices declined 9.0 percent on year.

The Composite Coincident Index fell 0.6 percent from the previous month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, shed 0.9 points from the previous month.

The Composite Leading Index in December eased 0.2 percent from the previous month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, decreased by 0.5 points from the previous month.

Also on Tuesday, Statistics Korea said that retail sales were up a seasonally adjusted 1.4 percent on month in December.

That beat expectations for an increase of 1.2 percent following the upwardly revised 1.7 percent decline in November (originally -1.8 percent).

On a yearly basis, retail sales fell 2.5 percent - roughly in line with expectations following the 2.1 percent contraction in the previous month.