South Korea Feb factory output growth hits near 6-1/2 year high
[SEOUL] South Korea's industrial output in February grew the most in nearly six-and-a-half years on-month, data showed on Thursday, far outpacing the market's expectations and helping ease some of the concerns about an economic recovery.
Industrial output in February grew by a seasonally adjusted 3.3 per cent from a month earlier, Statistics Korea data showed, rebounding from a 2.1 per cent drop in January. The January reading was revised from a preliminary 1.8 per cent fall.
The median forecast from a Reuters survey of 12 analysts had tipped February industrial output to edge down by a seasonally adjusted 0.2 per cent.
Factory output data tends to be volatile, even after adjustment for seasonal factors.
On an annual basis, February's industrial output rose 2.4 per cent, outperforming a forecast of no change tipped in the Reuters survey. This compared with a revised 2.2 per cent fall in January.
Service sector output in February inched up a seasonally adjusted 0.3 per cent on monthly terms, although failing to recoup a revised 1.3 per cent fall in January.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Chinese firms are investing abroad at fastest pace in eight years
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1