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As social distancing declined, production in the service industry increased last month, but both manufacturing and consumption and investment were found to be slow.
According to the ‘Industrial Activity Trend for October’ published by the National Statistics Office on the 30th, the total industrial production of last month (excluding seasonal adjustments and agriculture, forestry and fishing) showed a flat rate of 0 , 0% compared to the previous month.
Fully industrial production recovered from -0.8% in August to 2.2% in September, but fell again due to consolidation in October.
Mining and industrial production fell 1.2%, of which manufacturing production fell 1.3%.
This is due to the decline in exports.
Semiconductor production, which showed a strong performance in September, decreased 9.5% compared to the previous month of October, and electronic components also registered -2.6%. On the other hand, chemical products (3.5%), medical fine chemicals (10.4%) and clothing and fur (15.7%) increased.
Production in the service industry increased 1.2% compared to the previous month.
At the beginning of October, social distancing was softened and the base effect also worked, causing an increase in the production of lodging and restaurants (13.3%). In addition, there was an increase in information and communications (2.6%), transportation and warehousing (2.6%) and arts, sports and leisure (13.1%).
The reason that industrial production showed a steady trend was that production increased in the lodging and food fields in October, but an analysis found that the fact that the increase in manufacturing industry was turned off due to slow sales. exports had an effect. Exports, which posted a positive year-on-year in September, fell 3.6% in October.
Retail sales, which show consumer trends, fell 0.9%.
It is a decrease in three months since July (-6.0%).
Ahn Hyeong-joon, non-commissioned officer for statistics at the Bureau of Economic Trends Statistics, said: “As social distancing measures eased, consumption in the food and accommodation sector increased, but consumption of food and beverages declined. “.
The cyclical fluctuation of the coincident index that indicates that the current economy rose 0.5 points from the previous month. The cyclical fluctuation of the leading index, an index that predicts the future economy, also rose 0.4 points from the previous month.
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