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Statistics Korea August Trend of industrial activity
All industrial production -0.9%, investment in facilities -4.4%
The production of the service industry fell in 5 months
3.0% increase due to retail sales base effect
Sentiment index increases for 3 consecutive months after 43 months
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In the wake of the reproliferation of the new coronavirus infection (Corona 19), industrial production turned negative in three months last month. However, consumption increased due to increased sales of household appliances and the base effect of delivery.
According to the ‘Industrial Activity Trend for August’ published by the National Statistics Office on the 29th, all industrial production in August (excluding seasonal adjustments and agriculture, forestry and fishing) decreased by 0.9% with compared to the previous month. All industrial production decreased in May (-1.2%) and then increased in June (4.1%) and July (0.1%), but declined again last month. Production in the mining industry decreased 0.7% and production in the service industry also decreased 1.0%. The mining industry fell in three months and the service industry fell in five months.
Despite the implementation of 2.5-step social distancing measures in the metropolitan area, retail sales, which show consumer trends, increased 3.0% over the previous month. In July a base effect of -6.0% was registered and sales of dryers, dehumidifiers and computers increased significantly due to the rainy season. The consumption of durable goods such as household appliances increased 12.7%. The August Consumer Electronics Retail Sales Index (197.7) was the highest since the statistics were prepared in 2005.
Investment in facilities fell 4.4% from the previous month, amplifying the decline. The actual construction period actually built by construction companies decreased by 7.1%. The cyclical fluctuation of the coincident index that indicates that the current economy rose 0.4 points from the previous month. The cyclical fluctuation of the leading index, an index that predicts the future economy, also rose 0.6 points from the previous month. For the first time in 43 months, it is a combined increase for 3 consecutive months. Regarding this, Hyeong-jun Ahn, Examiner of Economic Trends Statistics at the Bureau of Statistics, said: “Industrial activity trend indicators are greatly affected by the spread of Corona 19. It is necessary to take care of the points that we carried out before reissuing the survey of the economic sentiment index. “
/ Sejong = Reporter Hwang Jeong-won [email protected]
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