Roundup: S.Korea’s industrial output growth hits 8-month high in February

   SEOUL, March 31 -- South Korea's industrial output growth hit an eight-month high in February thanks to an export recovery and the eased social-distancing rules for the COVID-19 pandemic, statistical office data showed Wednesday.
   The seasonally-adjusted production in all industries, which exclude the agricultural, forestry and fishery sector, grew 2.1 percent in February from a month earlier, according to Statistics Korea.
   It rebounded from a reduction of 0.6 percent in the previous month, marking the highest expansion in eight months since June last year.
   The industrial activity showed signs of economic recovery amid the continued export increase.
   The country's export kept rising for the fourth consecutive month to February thanks to solid demand for tech and automotive products.
   Output in the mining and manufacturing industry expanded 4.3 percent in February from a month ago, after sliding 1.2 percent in the previous month.
   Semiconductor production gained 7.2 percent on strong demand for memory chips, and chemical products output advanced 7.9 percent on demand for items used to make plastic products.
   Manufacturers logged an average capacity ratio of 77.4 percent in February, up 4.2 percentage points from a month earlier. Inventory among manufacturers added 0.4 percent last month.
   Output in the services industry rose 1.1 percent in February from the previous month, after skidding 0.1 percent in January.
   The government eased its five-tier social-distancing guidelines by one notch to the third-highest level from Feb. 15 in the Seoul metropolitan area, leading to a robust recovery in the eatery and lodging sector.
   Under the relieved guidelines, the business hour for multi-use facilities, such as restaurants and cafes, was extended by one hour to 10:00 p.m. local time.
   Production in the eatery and lodging segment surged 20.4 percent in February from a month earlier, and output in the transport and warehousing sector climbed 4.9 percent amid the moderated quarantine measures.
   Retail sale, which reflects private consumption, shrank 0.8 percent in February on a monthly basis, posting the first slide in three months. It was the fastest decline in seven months since July last year.
   The sale of non-durable goods, such as food and beverage, slumped 3.7 percent last month as people preferred to dine out on the back of the eased quarantine rules.
   The sale of semi-durables such as clothing expanded 9.7 percent, but the sale of durable goods, including computers and communication devices, slipped 1.7 percent.
   Facility investment declined 2.5 percent in February from a month ago, logging the first contraction in four months.
   Investment in transport equipment jumped 10.4 percent, but the investment in machinery retreated 6.2 percent on a monthly basis.
   Completed construction picked up 6.5 percent in February from a month earlier, but construction orders contracted 3.1 percent in February from a year earlier.
   The cyclical variation factor for leading economic indicators, which measures the outlook for the future economic situation, kept rising for the ninth straight month.
   The reading for coincident economic indicators, which gauges the current economic conditions, rose 0.3 points last month.  Xinhua