Xinhua, Seoul :
Industrial production in South Korea fell in the first month of this year, after rebounding in the previous month, boosting concerns about economic slump amid bleak domestic demand and sluggish exports, a government report showed Wednesday. Output in all industries shrank 1.2 percent in January from a month earlier, according to Statistics Korea. It was a fall from a 1.3 percent growth in December when the output posted the first rebound in three months. Retail sales declined 1.4 percent in January on a monthly basis. Demand for non-durable and semi-durable goods, including food and beverage and clothing, gained, but sales in durables like cars tumbled 13.9 percent. Facility investment dropped 6 percent as investment in machinery and transport equipment plunged 2.5 percent and 11 percent respectively. Exports, which account for about half of the export-driven economy, posted the longest downward trend for 14 months in a row in February when the exports declined 12.2 percent from a year earlier.
The so-called triple whammy in exports, corporate investment and private consumption spread worries that the economy may fall into a prolonged economic slowdown. Market experts worried that the economy may fail to post a 3 percent growth this year.
Industrial production in South Korea fell in the first month of this year, after rebounding in the previous month, boosting concerns about economic slump amid bleak domestic demand and sluggish exports, a government report showed Wednesday. Output in all industries shrank 1.2 percent in January from a month earlier, according to Statistics Korea. It was a fall from a 1.3 percent growth in December when the output posted the first rebound in three months. Retail sales declined 1.4 percent in January on a monthly basis. Demand for non-durable and semi-durable goods, including food and beverage and clothing, gained, but sales in durables like cars tumbled 13.9 percent. Facility investment dropped 6 percent as investment in machinery and transport equipment plunged 2.5 percent and 11 percent respectively. Exports, which account for about half of the export-driven economy, posted the longest downward trend for 14 months in a row in February when the exports declined 12.2 percent from a year earlier.
The so-called triple whammy in exports, corporate investment and private consumption spread worries that the economy may fall into a prolonged economic slowdown. Market experts worried that the economy may fail to post a 3 percent growth this year.
