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Roundup: S.Korea's industrial output declines 0.6 pct in March

Xinhua, April 30, 2015 Adjust font size:

South Korea's industrial activity weakened in March after growing the previous month on the back of reductions in production, investment and consumption, boosting concerns about economic slump, a government report showed Thursday.

Industrial production for all industries slid 0.6 percent in March from a month earlier, according to Statistics Korea. The production rebounded 2.2 percent in February after falling 1.9 percent in January.

The Finance Ministry said the economy is still in a moderate recovery track as the March decline was a temporary correction after rebounding in February on the Lunar New Year's holiday effect.

Production in mining and manufacturing industries dipped 0.4 percent in March from a month earlier. Output in the metal processing and transport equipment increased more than 10 percent, but those for electronic parts and primary metals reduced 7.7 percent and 4.3 percent each.

Inventory among manufacturers rose 0.8 percent last month, but the average capacity rate of manufacturers slid 1.5 percent from a month earlier to 73.6 percent in March, the lowest in almost six years.

Production in the service industry slipped 0.4 percent in March from a month earlier. The figure for the real estate sector increased 4.2 percent, but those for the transportation and science sectors reduced last month.

Retail sales, which reflect private consumption, shrank 0.6 percent last month on a monthly basis. Sales of durable goods, such as furniture, rose 1.8 percent, but demand for non-durables, including food and beverage, slipped 2.1 percent.

Facility investment retreated 3.9 percent in March from a month earlier due to weak capital spending in general machinery and transport equipment.

Construction work completed was down 6.8 percent on faltering demand for public works and constructions alike, but construction orders, which reflect outlook for the building industry, surged 141.7 percent thanks to seasonal demand in Spring.

The cyclical component of leading economic indicators, which reflects outlook for future business conditions, was up 0.7 points in March from the prior month, keeping an upward trend for four months in a row. The figure for coincident economic indicators slid 0.2 points last month.

During the January-March period, the industrial output for all industries edged up 0.2 percent from three months earlier. From a year ago, the output increased 1 percent.

The Finance Ministry said that the first-quarter industrial activity data signaled a positive recovery of the economy, forecasting that the recovery would be stronger in the second quarter on the back of improved domestic demand caused by low interest rates and cheap oil. Endi