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S. Korea’s Factory Output Rate Climbs to 4-Year High
Factory output in South Korea jumped to an annualized 8.4% in September, according to the government’s Statistics Korea.
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Factory output in South Korea surged to an annualized 8.4% in September, according to the government’s Statistics Korea. Analysts had expected a 4.7% year-on-year gain.
But growth advanced a microscopic 0.1% from August’s annualized rate, enough to post the third consecutive month-on-month increase. The statistics agency says September’s big jump is mainly the arithmetical consequence of comparing normal output this year with the holiday-shortened month in 2016.
The effect contributed to a 27% jump in vehicle production last month. Output last year also was reduced by labor strikes at Hyundai Motor Co., the country’s largest carmaker.
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