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Industrial output in South Korea advanced a seasonally adjusted 5.1 percent on month in November, Statistics Korea said on Thursday.

That easily beat expectations for an increase or 2.5 percent following the upwardly revised 2.9 percent contraction in October (originally -3.0 percent).

On a yearly basis, industrial production advanced 5.9 percent – again exceeding forecasts for 3.2 percent and accelerating from 4.5 percent in the previous month.

The index of all industry production was up 3/2 percent on month and 5.3 percent on year in November.

The Manufacturing Production Index gained 5.3 percent on month and 6.2 percent on year, while the Manufacturing Shipment Index rose 5.1 percent on month and 3.1 percent on year. The Manufacturing Inventory Index eased 0.2 percent on month but jumped 8.8 percent on year.

The Production Capacity Index rose 0.1 percent on month and 0.6 percent on year. The Index of Capacity Utilization Rate gained 5.5 percent on month and 3.9 percent on year. The Manufacturing Average Capacity Utilization Rate in November was 75.1 percent, up 4.0 percentage points from the previous month.

The Index of Services in November increased by 2.0 percent on month and 5.3 percent on year. The Retail Sales Index sank 1.9 percent on month but improved 4.6 percent on year. The Equipment Investment Index spiked 10.9 percent on month and 9.2 percent on year.

The Domestic Machinery Shipment Index in November rose 0.5 percent on year, while the value of Domestic Machinery Orders Received soared 25.0 percent on year.

The value of Construction Completed at constant prices added 2.4 percent on month but fell 5.6 percent on year. The value of Construction Orders Received at current prices tumbled 12.5 percent on year.

The Composite Coincident Index added 0.5 percent on month, while the Cyclical Component of Composite Coincident Index, which reflects current economic situations, increased by 0.4 points from the previous month.

The Composite Leading Index in November showed no change from the previous month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, decreased by 0.4 points from the previous month.

Also on Thursday, Statistics Korea said that the total value of retail sales was down a seasonally adjusted 1.9 percent on month in November. That missed forecasts for a decline of 1.0 percent following the 0.2 percent increase in October.

On a yearly basis, retail sales climbed 4.6 percent – shy of expectations for a gain of 5 percent and was down from the 7.4 percent increase in the previous month.

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