S.Korea’s factory output dips in January; Retail sales, investment slow

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S.Korea’s factory output dips in January; Retail sales, investment slow - Korea Economic Daily

Quick Summary:

The cyclical component of the composite leading indicator, which predicts the turning point in the business cycle, came at 100.4, down 0.3 point on-month.“Overall output is on recovery course led by chip production but lingering uncertainties at home and abroad are delaying a recovery in private spending, investment and domestic consumption,” Lee Doo-won, an official from Statistics Korea, said at a news briefing on Tuesday.

South Korea’s factory production decreased in the first month of this year due to a slowdown in manufacturing, while private consumption and business investment also contracted, stoking concerns about the country’s economic downturn.

But coupled with dwindling private consumption and business investment in the month, concerns are growing about Asia’s fourth-largest economy this year, which was projected last week by the Bank of Korea to grow 1.5%, much lower than the central bank’s previous 1.9% growth forecast published in November.