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South Korea Industrial Output Grows for 11th Straight Month

Strong gains in semiconductors, electronics parts and machinery

Industrial output in South Korea grew year-on-year in May for the 11th straight month in another sign that the economy is rebounding fast from the global downturn, figures showed on June 30.

Production in mining and manufacturing rose 21.5% in May from May 2009, Statistics Korea said.

Compared to the previous month, output grew 2.6%. The manufacturing sector's average operating rate was 82.8%, the highest since June 1995.

"Despite negative growth in the shipping and miscellaneous transportation equipment areas, last month's positive showings were fueled by strong gains in semiconductors and electronics parts as well as in the machinery sector," the agency said in its monthly report.

Exports in May rose almost 39% year-on-year to $38.7 billion.

The finance ministry last week raised its growth projection for this year to 5.8%, up from 5% previously and compared to just 0.2% last year.

Copyright Agence France-Presse, 2010

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