South Korea's Industrial Output Grows in August

The seasonally-adjusted production index in all industries, which exclude the agriculture, livestock and fishery sector, gained 2.2 percent in August from a month earlier, according to Statistics Korea.

It marked the fastest expansion in two and a half years since February 2021.

Production in the mining and manufacturing industry went up 5.5 percent in August on a monthly basis after falling 2.0 percent in July and 1.6 percent in June.

Semiconductor output jumped 13.4 percent in the cited month, and the production of machinery equipment and cars added 9.7 percent and 5.7 percent, respectively.

Among manufacturers, inventory expanded 4.0 percent on the increased inventory in chips and cars.

The ratio of inventory to shipment in the manufacturing industry stood at 124.6 percent in August, up 0.3 percentage points from the previous month.

Manufacturers recorded an average capacity ratio of 73.4 percent in August, up 3.4 percentage points from a month earlier.

Output in the services industry was up 0.3 percent in the cited month owing to higher demand for the arts, sports and leisure and the lodging and eatery services.

Production in the construction and public administration sectors expanded 4.4 percent and 2.5 percent, respectively.

The seasonally-adjusted retail sale index, which reflects private consumption, dwindled 0.3 percent in August from a month earlier, keeping a downward trend for the second straight month on weaker demand for cars and clothing.

Facility investment rebounded 3.6 percent in August after tumbling 8.9 percent in the prior month, while completed construction climbed 4.4 percent in August.

The cyclical variation factor for leading economic indicators, which gauges the outlook for future economic situations, stood unchanged at 99.3 in August compared to the previous month.

The reading for coincident economic indicators, which measures the current economic condition, slipped 0.2 points to 99.4 in the cited month.

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