South Korea Aug factory output rises the most in a year
7:56 pm Sunday, September 29th, 2024
SEOUL (Reuters) -South Korea’s factory output in August beat market expectations and increased by the most in a year, led by production of cars and chips, government data showed on Monday.
The industrial output index rose 4.1% over the month on a seasonally adjusted basis, after a dip of 3.9% the previous month, according to Statistics Korea.
It was faster than a gain of 2.0% tipped in a Reuters poll of economists and the biggest rise since August 2023.
Production of automobiles jumped 22.7%, while semiconductors grew 6.0%.
Industrial production rebounded sharply as output disruptions in the auto industry eased, the finance ministry said after the data release.
“The manufacturing sector-led economic recovery is continuing with exports expected to grow for a 12th consecutive month in September,” the ministry said.
On an annual basis, the industrial output index rose 3.8%, compared with gains of 5.2% the previous month and 1.9% expected by economists.
Monday’s data also showed retail sales rose 1.7% in August, reversing a fall of 2.0% in July, marking the biggest monthly rise since February 2023.
(Reporting by Jihoon Lee; Editing by Kim Coghill and Sam Holmes)
