South Korea Industrial Production Grows Quickly

Auto production increased 38%

Reinforcing optimism that the economy will stay on an upward trend in 2007, South Korea's industrial output grew 14.3% year-on-year in July, official data showed Aug. 29.

July's faster-than-expected growth, driven by strong exports of semiconductors, liquid crystal display panels and mobile phones, followed a 7.7% rise in June, the Korea National Statistical Office said.

Auto production increased 38.1% year-on-year in July while production of semiconductors rose 26.2%.

Shipments rose 14.9% year-on-year and factories were operating at 83% of capacity.

"The economy is expected to maintain its upward trend throughout this year," statistics office official Choi In-Keun said. The economy is forecast to grow 4.6% this year on a recovery in private spending and solid exports.

Copyright Agence France-Presse, 2007

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