ID :
82463
Wed, 09/30/2009 - 20:31
Auther :
Shortlink :
https://www.oananews.org//node/82463
The shortlink copeid
S. Korea's Aug. industrial output grows 1.2 pct
(ATTN: RECASTS lead; ADDS comments, details from 4th para)
By Koh Byung-joon
SEOUL, Sept. 30 (Yonhap) -- South Korea's industrial output grew for a second
straight month in August, adding to optimism that the economy is emerging out of
a steep downturn, a government report showed Wednesday.
According to the report by the National Statistical Office (NSO), production in
the mining and manufacturing sectors expanded 1.2 percent last month from a year
earlier. This marked the second month of on-year expansion since July when it
grew a revised 0.9 percent.
The August figure, however, is lower than a median estimate of a 1.9 percent
advance in a poll conducted by Yonhap Infomax, the financial news arm of Yonhap
News Agency. Output contracted 1.3 percent from a month earlier.
"The on-year expansion is thanks to brisk activity in the semiconductor, parts
and transportation equipment sectors," Yun Myung-joon, director of the NSO's
short-term industry statistics division, told a press conference.
"Base effect also seemed to have contributed to the expansion, given that labor
unrest in the auto industry during the same month a year earlier affected the
overall production activities," he added.
Industrial output turned positive in July for the first time in 10 months after
contracting monthly since October, just after the global financial markets and
economy were hurled into chaos by the collapse of Lehman Bros.
Financial markets tumbled and consumer and business sentiment rapidly froze amid
fears that the nation's export-driven economy would stutter for longer than many
other nations.
The latest output data, however, comes amid growing optimism that South Korea's
economy is fast emerging from the worst downturn in more than a decade.
With financial markets stabilizing amid the return of foreign capital, major
indicators are suggesting a near end to the downturn. Global institutes and local
think tanks also paint rosier outlooks for South Korea's economy.
According to the central bank, the nation's gross domestic product expanded 0.1
percent and 2.6 percent in the first and second quarter from three months
earlier, after plunging 5.1 percent in the final quarter of 2008.
The government predicts a 1.5 percent contraction for Asia's fourth-largest
economy before expanding 4 percent next year.
Consumer demand and corporate investment are crucial to kick-starting the
stagnant economy at a time when external market conditions remain in a slump.
According to the NSO report, consumer goods sales grew 2 percent in July from a
year earlier on brisk demand for cars and other durable goods. This marked the
fourth straight month of on-year expansion.
Companies, however, remain reluctant to ramp up investment for fear of uncertain
future economic conditions. Facility investment plunged 16.6 percent from a year
earlier, while average factory operation ratio declined to 77.6 percent from the
previous month's 78.8 percent, the report showed.
kokobj@yna.co.kr
(END)
By Koh Byung-joon
SEOUL, Sept. 30 (Yonhap) -- South Korea's industrial output grew for a second
straight month in August, adding to optimism that the economy is emerging out of
a steep downturn, a government report showed Wednesday.
According to the report by the National Statistical Office (NSO), production in
the mining and manufacturing sectors expanded 1.2 percent last month from a year
earlier. This marked the second month of on-year expansion since July when it
grew a revised 0.9 percent.
The August figure, however, is lower than a median estimate of a 1.9 percent
advance in a poll conducted by Yonhap Infomax, the financial news arm of Yonhap
News Agency. Output contracted 1.3 percent from a month earlier.
"The on-year expansion is thanks to brisk activity in the semiconductor, parts
and transportation equipment sectors," Yun Myung-joon, director of the NSO's
short-term industry statistics division, told a press conference.
"Base effect also seemed to have contributed to the expansion, given that labor
unrest in the auto industry during the same month a year earlier affected the
overall production activities," he added.
Industrial output turned positive in July for the first time in 10 months after
contracting monthly since October, just after the global financial markets and
economy were hurled into chaos by the collapse of Lehman Bros.
Financial markets tumbled and consumer and business sentiment rapidly froze amid
fears that the nation's export-driven economy would stutter for longer than many
other nations.
The latest output data, however, comes amid growing optimism that South Korea's
economy is fast emerging from the worst downturn in more than a decade.
With financial markets stabilizing amid the return of foreign capital, major
indicators are suggesting a near end to the downturn. Global institutes and local
think tanks also paint rosier outlooks for South Korea's economy.
According to the central bank, the nation's gross domestic product expanded 0.1
percent and 2.6 percent in the first and second quarter from three months
earlier, after plunging 5.1 percent in the final quarter of 2008.
The government predicts a 1.5 percent contraction for Asia's fourth-largest
economy before expanding 4 percent next year.
Consumer demand and corporate investment are crucial to kick-starting the
stagnant economy at a time when external market conditions remain in a slump.
According to the NSO report, consumer goods sales grew 2 percent in July from a
year earlier on brisk demand for cars and other durable goods. This marked the
fourth straight month of on-year expansion.
Companies, however, remain reluctant to ramp up investment for fear of uncertain
future economic conditions. Facility investment plunged 16.6 percent from a year
earlier, while average factory operation ratio declined to 77.6 percent from the
previous month's 78.8 percent, the report showed.
kokobj@yna.co.kr
(END)
