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South Korea’s industrial output climbs 2.3% in June

by ChemOrbis Editorial Team - content@chemorbis.com
  • 31/07/2015 (10:49)
According to data released by Statistics Korea, South Korea’s industrial output rose 2.3% on the month in June after declining for three consecutive months. June’s gain was also the sharpest increase seen since February. The increase was attributed to higher demand for refined petroleum and machinery equipment products, improving exports, completion of some maintenance works at local refineries and companies’ higher capacity utilization in electronics. On a yearly basis, meanwhile, South Korea’s factory output grew 1.2% in June.

The data revealed that output in the automobile industry rose 3.1% in June from a month earlier while production in the service sector declined 1.7%. Production in the construction sector climbed 3.9% on the month and 0.5% compared with the same month of 2014. The country’s business investment also climbed 3.8% from May owing to higher spending in general machinery purchases and transportation equipment. Business investment rose 11.9% in June compared with the same month of 2014.

Meanwhile, South Korea’s capacity utilization rate increased to 75.2% in June, up by 2% compared with the previous month.
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