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Biz News Korea(Eng)
Korea’s industrial output in July rebounds, but domestic demand shrivels
- Collected
- 2016.09.01
- Distributed
- 2016.09.02
- Source
- Go Direct
According to Statistics Korea, seasonally adjusted mining and manufacturing output grew 1.4 percent in July against June after 0.4 percent retreat in the previous month. On year, factory output rose 1.6 percent as semiconductor exports surged by 35 percent.
The domestic front worsened. Output from services sector slipped 0.7 percent on month, the first fall since January.
Other domestic data also all pointed to further deterioration.
Private consumption shriveled 2.6 percent in July from June in the biggest dip since September 2014 as car sales plummeted 26.4 percent after special sales tax deduction on motor vehicles ended in June.
Capital investment plunged 11.6 percent in the greatest fall since January 2003, suggesting waning corporate confidence in global and domestic market prospects.
The construction sector riding on the housing boom from low interest rates was the only factor that sustained the domestic economy. Construction demand gained 1.3 percent on month and 21.4 percent on year.
Factory operation rate registered at 73.8 percent in July, up 1.6 percentage points from the previous month.
By Kim Gyu-sik
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]