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Industrial production in South Korea rebounded in November, official figures showed on Wednesday, in another sign that the economy is fast recovering following the global financial meltdown.
South Korea's industrial output climbed 1.4% month-on-month in November, reversing some of the 3.8% decrease in the previous month, the National Statistical Office said. On a yearly basis, industrial production climbed 17.8% following the 0.2% increase in the preceding month.
According to South Korea's Yonhap News Agency, the latest output figure is better than a 17.2% expansion predicted in a poll conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency.
But this does not mean that a full-fledged recovery is underway since the data is based on a comparison with a 13.8% yearly plunge recorded in the same month a year ago, Yonhap said.
Shipments from South Korea increased 2% on a monthly basis in November, rebounding from the 3% decrease in October. On a yearly basis, shipments were up 15.3%. The manufacturers inventory index climbed 1.5% from the previous month, but fell 14.5% from the same period of the previous year.
The consumer goods trade index fell 0.9% on month, in contrast to the 2.9% rise in the prior month, while the equipment investment index increased 7% from a month ago.
The statistical office also said that service industry activity rose 3.3% annually in November, faster than the 1.3% increase in October. Month-on-month, services activity slid 1.2%.
Meanwhile, the composite leading index climbed 1.3% from the previous month in November, while the 12-month smoothed change in composite leading index, which predicts the turning point in the business cycle, grew 1.2% from the prior month.
Separately, the Bank of Korea revealed that South Korean manufacturers' sentiment improved for the first time in three months. The index measuring manufacturers' expectations for January rose to 90 from 85 in December, while non-manufacturers expectations remained stable at 84.
The outlook for exports stood at 104, up from 98, while that for domestic sales climbed to 100 from 98. The survey was conducted among 2,800 companies between December 14 and 21.
The South Korean economy has made a relatively quick rebound from the global downturn due to massive monetary easing from the central bank and the various fiscal stimulus measures undertaken by the government.
According to the Bank of Korea, gross domestic product grew 2.9% sequentially in the third quarter - the highest rate of growth recorded since the first quarter of 2002.
Earlier this month, the Korean central bank revised up its growth outlook for the economy to 4.6% in 2010 from 3.6% estimated earlier citing increased demand.
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