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Korea's all-industry output rises for two straight months Updated: 2016-07-29 18:41:57 KST

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2016-07-29

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Korea's output across all industries has risen for a second straight month. Statistics Korea says overall production inched up 0.6 percent in June‚ from the previous month. The June figure was led by robust activity in the services sector‚ which rose one percent on-month‚ mainly due to an uptick in sports and leisure activities thanks to warmer temperatures and a lift in the financial sector attributed to the record-low interest rate. But‚ the country's industrial output fell 0.2 percent on-month. "Production in the mining and manufacturing sector fell due to slowing exports‚ as well as the base effect from last month‚ when it rose 2.7 percent." Korea's exports‚ once the main pillar of the economy‚ have been on a downward spiral for a year and a half now‚ although the pace of decline did slow in June. While the overall output figures mark a significant recovery from the previous year‚ experts caution against too much optimism. "Because the cut in consumption tax on automobiles ended last month‚ it will probably pull down domestic demand. Also‚ plant utilization in the manufacturing sector hovers in the early 70 percent range‚ and sluggish exports aren't helping much either." On top of that‚ the full-blown impact of the government's ongoing push for corporate restructuring‚ which may start to materialize‚ as well as strikes in the automobile industry that are expected to trigger a decline in production and sales -- remain risks to Korea's industrial activity. (Standup) Experts say‚ while the government's recent stimulus measures may be able to breathe some life into the local economy‚ the overall conditions can only improve if the global economy also picks up steam. Kim Min-ji‚ Arirang News. Reporter : kimmj@arirang.com

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