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Korea's production output shows monthly rise in June; analysts say due to base effect Updated: 2014-07-31 06:41:04 KST

A 2.1 percent monthly rise for all industries and a 2.9 percent jump in the mining and manufacturing sector in production for the month of June.
Statistics Korea says those were the biggest gains in more than three years and nearly five years, respectively.
But analysts say it's merely because of a base effect.

"The June numbers look good, because we saw a big drop in May. The increase in domestic shipments of manufacturing goods is very weak. A bigger problem though is that overseas shipments are showing negative numbers, meaning exports have not been able to overcome the sluggish economy either. Investment in construction as well as plants and equipment are also slowing because of weak domestic demand and unfavorable conditions in the global economy."

The near 3 percent rise in the mining and manufacturing sector is attributed to increased output in semiconductors and metal processing driven by demand from both home and abroad.
But investment in plants and equipment went down by 1.4 percent from May and spending also only edged up by zero.3 percent.
Although it was the first time the overall monthly output has risen since April's ferry disaster, experts say, it's too early to say the economy is emerging out of its sluggish trap.

"They add it doesn't mean the Korean economy is not improving, but the rate it's picking up is still pretty slow.
Laah Hyun-kyung, Arirang News."


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