S. Korean Industrial Production Rises More Than Expected

(RTTNews) - Friday, South Korea’s National Statistics Office said in a report that the nation’s industrial production increased at a faster pace of 9.1% year-on-year in July, compared to 6.8% growth recorded in June. Economists had expected output to increase 7.9%. According to the official report, production rose mainly due to strong exports and sales of consumer goods.

However, on a monthly basis, seasonally adjusted industrial output declined 0.2% in July, reversing 0.2% increase recorded in June and in contrast to 0.4% growth predicted.

Further, the statistical office showed that production in South Korea’s services sector grew at an annual rate of 3.9% versus 2.9% increase registered in the previous month. Month-on-month, output climbed 1.1%, recovering from a 0.1% fall seen in June.

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