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South Korea Industrial Production Jumps 0.6% In February

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Industrial output in South Korea climbed a seasonally adjusted 0.6 percent on month in February, Statistics Korea said on Thursday.

That beat forecasts for a flat reading following the upwardly revised 0.3 percent increase in January (originally 0.2 percent).

On a yearly basis, industrial production jumped 6.5 percent – again exceeding expectations for an increase of 4.5 percent following the downwardly revised 4.2 percent gain in the previous month (originally 4.3 percent).

The index of all-industry production fell 0.2 percent on month and gained 4.3 percent on year. The Index of Services in February shed 0.3 percent on month but gained 3.8 percent on year. The Retail Sales Index dipped 0.1 percent on month and 1.6 percent on year.

The Manufacturing Production Index rose 0.5 percent on month and 6.2 percent on year. The Manufacturing Shipment Index fell 1.4 percent on month but increased 3.3 percent on year. The Manufacturing Inventory Index added 1.6 percent on month and 13.2 percent on year.

The Production Capacity Index eased 0.3 percent on month and 1.0 percent on year. The Index of Capacity Utilization Rate sank 1.2 percent on month but climbed 6.5 percent on year. The Manufacturing Average Capacity Utilization Rate was 77.5 percent, down 0.9 percentage points from the previous month.

The Equipment Investment Index dropped 5.7 percent on month but gained 2.1 percent on year. The Domestic Machinery Shipment Index lost 1.6 percent on year. The value of Domestic Machinery Orders Received tumbled 15.2 percent on year.

The value of Construction Completed at constant prices was down 8.5 percent on month and 4.7 percent on year. The value of Construction Orders Received at current prices sank 13.0 percent on year.

The Composite Coincident Index in February increased by 0.3 percent from the previous month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, increased by 0.2 points from the previous month.

The Composite Leading Index in February showed no change from the previous month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, decreased by 0.3 points from the previous month.

Also on Thursday:
. Statistics Korea said that the value of retail sales in South Korea was up a seasonally adjusted 0.1 percent on month in February.

That missed expectations for an increase of 0.3 percent following the downwardly revised 2.1 percent decline in January (originally -1.9 percent).

On a yearly basis, retail sales climbed 1.6 percent, missing forecasts for a gain of 1.8 percent following the upwardly revised 4.7 percent gain in the previous month (originally 4.5 percent).

. The Bank of Korea said that business confidence took a big hit in March, with a Business Survey Index score of 84 (83 seasonally adjusted) – down from 91 in February.

In the non-manufacturing sector, the BSI on business conditions for March 2022 was 81, unchanged from the previous month – but the outlook for the following month fell by 2 points to 82.

After seasonal adjustment, the BSI for March 2022 was 81, down 3 points from February, and that for the outlook for the following month also fell by 4 points to 81.

The Economic Sentiment Index (ESI)-a composite of the BSI and the CSI (Consumer Survey Index) – for March was 103.4, down 2.3 points from February.

South Korea Retail Sales Rise 0.1% In February

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