SEOUL, Aug. 31 (Xinhua) -- South Korea's industrial output slightly rose last month, with consumption and investment falling on the reduced policy effect, statistical office data showed Monday.
The seasonally-adjusted production in all industries, which exclude the agriculture, forestry and fishery sectors, grew 0.1 percent in July from a month earlier, according to Statistics Korea.
It was down from a 4.1-percent increase in June. The industrial output kept skidding from January to May amid an economic fallout from the COVID-19 pandemic.
Output in the mining and manufacturing sectors gained 1.6 percent in July from the previous month. The production among manufacturers expanded 1.8 percent last month, after soaring 7.4 percent in June.
Manufacturers posted an average capacity ratio of 70.0 percent in July, up 1.8 percentage points from a month ago. The ratio of inventory to shipment declined 1.7 percentage points to 116.0 percent.
Production in the services industry added 0.3 percent in July from a month earlier, after gaining 2.4 percent in May and 2.2 percent in June respectively.
Output in the sports, arts and leisure, the eatery and lodging, the finance and insurance, the real estate sectors all increased last month, but the figure for the education services and the wholesale and retail sectors lost ground.
Retail sale, which reflects private consumption, declined 6.0 percent in July from a month earlier, marking the highest reduction in five months since February.
The services industry and the consumer spending were bolstered by the government's offer in May of relief grants to all households, but the policy effect weakened as most of households spend the grants within two months.
The temporary tax cut for new car purchases was curtailed, while the prolonged rainy season lessened demand for air conditioners. The sale of cars and home appliances dived 19.7 percent and 24.7 percent each in the month.
Revenue for convenient stores added 0.8 percent in July from a month earlier, but those for department stores and discount outlets contracted 7.2 percent and 4.9 percent respectively.
The domestic demand was estimated to have weakened sharply in August amid the COVID-19 resurgence centered around Seoul and its surrounding Gyeonggi province.
The daily number of confirmed COVID-19 cases here surged in triple digits since Aug. 14 owing to infections linked to church services and a massive rally in central Seoul on Aug. 15.
The government raised its three-tier social-distancing guidelines to Level 2 in the Seoul metropolitan area on Aug. 16, expanding the tighter quarantine measures to the whole country on Aug. 23.
It tightened the social-distancing requirements from Sunday, though the Level 2 campaign remained in place. Only takeaways and delivery were permitted to franchise coffee chains around the clock, while only delivery and takeout were permitted to restaurants from 9 p.m. to 5 a.m. local time.
Meanwhile, facility investment slipped 2.2 percent in July from a month earlier, after rising 5.2 percent in the previous month. Investment in transport equipment weakened due to the reduced vehicle sale.
The cyclical variation factor for leading economic indicators, which measures outlook for future economic situation, gained 0.4 points in July from a month earlier.
The reading for coincident economic indicators, which reflects the current economic situation, added 0.2 points in the month. Enditem
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August 31, 2020 at 01:05PM
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