South Korea's industrial output grows for 14th straight month

South Korea’s industrial output grew year-on-year for the 14th consecutive month in August but dipped month-on-month, official data showed. Production in mining and manufacturing grew 17.1% last month from August 2009, Statistics Korea said in a report. The figure dipped 1% from July, the first monthly decline for 10 months, as workers took summer vacations and factories cut inventories amid concern over the health of the global economic recovery. There was a contraction in shipping and other transportation equipment sectors, but overall figures were propped up by a strong showing in semiconductors and machinery equipment sectors, said Yun Myoung-joon of the statistical agency. The central bank forecasts economic growth of 5.9% this year, compared with 0.2% in 2009 amid the global downturn. (September 30, 2010)