South Korea reports slower industrial output, increased growth in October


AFP

SEOUL — South Korea’s industrial output grew at a faster-than-expected rate in October, but data showed a global economic slump was taking its toll on its export-dependent economy. Statistics Korea said production in mining and manufacturing rose 6.2 percent from a year earlier, down from a revised 6.9 percent growth the previous month. The October figure beat the median forecast of 5.4 percent growth tipped by a Dow Jones Newswires poll of economists. But underlying data pointed to slowing momentum for South Korea’s export-led economy as the eurozone fiscal crisis pushes the global economy closer to a downright slump.

The data showed a decline in average utilization rate and a sharp decline in capital investments among manufacturers, with inventory growing 14.8 percent from a year earlier.

Many market economists consider the government’s current growth targets of 4.5 percent this year and next year to be unattainable.