ID :
27728
Fri, 10/31/2008 - 13:33
Auther :
Shortlink :
http://m.oananews.org//node/27728
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S. Korea's industrial output grows 6.1 pct in September
(ATTN: ADDS with more information, comments from para 3)
By Lee Joon-seung
SEOUL, Oct. 31 (Yonhap) -- South Korea's industrial output grew at a faster pace in September on gains in exports of video-audio products and transportation equipment, a government report showed Friday.
The National Statistical Office (NSO) report said industrial production expanded
6.1 percent on-year in September, compared with a dismal 1.9 percent advance in
August.
The latest findings, however, showed output adjusted to reflect actual working
days dipping 0.8 percent from the same one month period last year, with growth
for the third quarter moving up 5.6 percent annually from 8.6 percent gains
tallied for the second quarter.
"The two extra working days contributed to improved numbers but the partial
strike by auto workers and the government's decision to compel mobile phone
companies to halt subsidies on handsets had the opposite effect," said Yun
Myoung-joon, head of the NSO's short-term industry statistics division.
He said production of video-audio goods soared 21.1 percent from the year before
thanks to steady overseas demand, while transportation equipment output jumped
36.9 percent.
Production of autos, processed food and clothing all fell into minus territory
while inventory rose 17.4 percent from 14.4 percent reported for the month
before. Higher inventory numbers can translate into reduced output down the road.
"Despite gains on an annual basis, many indicators point to the global economic
and financial crisis hurting domestic production," the statistical expert said.
The NSO report, meanwhile, said sales of industrial goods fell 2.0 percent as
people cut back on spending in the face of economic uncertainties. This is the
largest drop since 3.3 percent negative growth was reported for February 2005.
Sales of automobiles, various fuel products and clothing all contributed to the
drop.
The September industrial output figure is higher than the median estimate of 5.75
percent forecasted in a poll conducted by Yonhap Infomax, the financial news arm
of Yonhap News Agency.
South Korea's economy, Asia's fourth largest, is expected to grow in the mid 4
percent range this year from 5 percent in 2007, as the shock of the global
financial crisis and its effects on worldwide economic growth exerts a negative
influence on investment and spending.
yonngong@yna.co.kr
(END)
By Lee Joon-seung
SEOUL, Oct. 31 (Yonhap) -- South Korea's industrial output grew at a faster pace in September on gains in exports of video-audio products and transportation equipment, a government report showed Friday.
The National Statistical Office (NSO) report said industrial production expanded
6.1 percent on-year in September, compared with a dismal 1.9 percent advance in
August.
The latest findings, however, showed output adjusted to reflect actual working
days dipping 0.8 percent from the same one month period last year, with growth
for the third quarter moving up 5.6 percent annually from 8.6 percent gains
tallied for the second quarter.
"The two extra working days contributed to improved numbers but the partial
strike by auto workers and the government's decision to compel mobile phone
companies to halt subsidies on handsets had the opposite effect," said Yun
Myoung-joon, head of the NSO's short-term industry statistics division.
He said production of video-audio goods soared 21.1 percent from the year before
thanks to steady overseas demand, while transportation equipment output jumped
36.9 percent.
Production of autos, processed food and clothing all fell into minus territory
while inventory rose 17.4 percent from 14.4 percent reported for the month
before. Higher inventory numbers can translate into reduced output down the road.
"Despite gains on an annual basis, many indicators point to the global economic
and financial crisis hurting domestic production," the statistical expert said.
The NSO report, meanwhile, said sales of industrial goods fell 2.0 percent as
people cut back on spending in the face of economic uncertainties. This is the
largest drop since 3.3 percent negative growth was reported for February 2005.
Sales of automobiles, various fuel products and clothing all contributed to the
drop.
The September industrial output figure is higher than the median estimate of 5.75
percent forecasted in a poll conducted by Yonhap Infomax, the financial news arm
of Yonhap News Agency.
South Korea's economy, Asia's fourth largest, is expected to grow in the mid 4
percent range this year from 5 percent in 2007, as the shock of the global
financial crisis and its effects on worldwide economic growth exerts a negative
influence on investment and spending.
yonngong@yna.co.kr
(END)
