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South Korea’s Nov factory output posts largest drop since Jan

by ChemOrbis Editorial Team -
  • 30/12/2015 (11:06)
According to media reports, South Korea’s industrial output posted its largest decline since January in November while also falling more than economists’ expectations. Data from Statistics Korea showed that the country’s factory output fell 2.1% on a seasonally-adjusted basis in November, larger than October’s revised drop of 1.3%. Reuters economists’ expectations called for a decrease of 0.5% in November. On a yearly basis, meanwhile, South Korea’s industrial output declined 0.3% in November after posting a revised gain of 1.7% in October.

The decrease was led by lower output in semiconductors and communications equipment as well as persistently muted global demand. Factories’ average operating rates also declined to 72.7% in November, posting the lowest level since April 2009. According to Reuters, South Korea’s industrial output is likely to remain weak in December.

However, data showed that South Korea’s service-sector output rose for a fifth consecutive month in November, increasing 0.1% on a seasonally adjusted basis from October. Analysts commented that this was the longest upward trend for services since early 2011.
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