Arab Today, arab today s korea’s industrial output shrinks for 2nd month in july
Last Updated : GMT 22:40:16
Arab Today, arab today
Arab Today, arab today

S Korea’s industrial output shrinks for 2nd month in July

Arab Today, arab today

Arab Today, arab today S Korea’s industrial output shrinks for 2nd month in July

Seoul - QNA

South Korea’s industrial output shrank for the second straight month in July, raising concerns the country’s economy might be faltering in the face of headwinds from the eurozone debt crisis and a global slowdown, a government report showed Friday. According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries fell 1.6 % in July from a month earlier following a revised 0.6% decline in June. From a year earlier, the output inched up 0.3 % but it decelerated from a revised 1.4% on-year gain tallied in the previous month. The country’s service sector production, meanwhile, increased 1.5% on-year in July and inched up 0.7% from the previous month, the report showed. “It is inevitable to see a shrinkage in output when the current market situations are faltering and exports are declining,” said Jun Min-kyu, an economist at Korea Investment & Securities Co. “With the outlooks for the global economy remaining bleak, things will likely stay this way for the time being.” The data comes as South Korea’s economy, heavily dependent on exports, has been faced with shrinking overseas demand for its goods. Exports, which account for more than 50 % of the economy, fell 4.1% in July from a year earlier, according to the central bank. The government earlier predicted the country’s exports will grow 3.5% this year, but it is far lower than a 19% advance registered a year earlier. Wary of gloomy market conditions, the government cut its 2012 growth forecast from 3.7% to 3.3% last June. Concerns seem to be deepening further after the central bank earlier announced that the country’s economy grew 0.4% on-quarter in the April-June period, slowing from a 0.9 % gain in the first quarter. This is the slowest growth since a 0.3% expansion in the fourth quarter of last year. The economy grew 2.4% from a year earlier. Manufacturing, among other things, appears to be bearing the brunt of faltering market conditions, dampening overall output activities last month. The report showed the average factory utilization rate in the sector fell 0.9 percentage points to 77.2 %, the lowest level in seven months. Corporate investment and consumption, however, seems to be improving apparently thanks to the government-led efforts to boost domestic demand. Facility investment grew 2.5 % in July from June, a turnaround from a 5.9% contraction in the previous month. Retail sales also increased 3.4 % following a 0.5% decline in the previous month, the report showed. The government earlier said that it plans to unveil additional fiscal spending plans soon aimed at helping bolster domestic demand. In June, the finance ministry announced an 8.5 trillion won worth of fiscal spending.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today s korea’s industrial output shrinks for 2nd month in july Arab Today, arab today s korea’s industrial output shrinks for 2nd month in july

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Turkey says ends its military operation

GMT 07:53 2017 Thursday ,30 March

Turkey says ends its military operation
Arab Today, arab today Wadih al-Azzazi calls for activating news coverage

GMT 19:29 2017 Thursday ,30 March

Wadih al-Azzazi calls for activating news coverage
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today 'Underwater wasteland' worries

GMT 10:32 2017 Thursday ,30 March

'Underwater wasteland' worries
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Singer Rowida Attiya will issue a new song

GMT 07:38 2017 Tuesday ,28 March

Singer Rowida Attiya will issue a new song
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 07:50 2017 Thursday ,30 March

Breaking trans barriers one barbell

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday