Business Barometers in Sept., the Best in 1998

Many kinds of business barometers in September recorded their best results this year. On October 30, the National Statistical Office (NSO) issued a report about the economic performance in September.
The report states that the average operating rate of manufacturing industries rose from 62.9% to 70% and the decrease rate in shipping, consumption, and facility investment fell sharply. The NSO explained that this change is due to temporary factors such as the conclusion of the labor dispute in the automobile industry in August and the three extra work days in September.
Industry production increased by 0.3% compared to the same period last year, for the first time this year. The increase in semi-conductors (72.0%) and ship building (30.7%) was outstanding. Korean companies that ship and forward exports also increased their shipments by 32.7%. The Bank of Korea revealed that the current account surplus reached 3.7 billion dollars for September. The monthly index for the present business is tending to increase for the first time since the IMF bailout.
However, some indicators, that show future economic performance, have not recovered. The composite leading index, which forecasts the economic situation for the next six months dropped by 0.8%. Kang Suk In, a high-ranking official in the NSO said, 'Although many barometers have started to improve, it does not mean full scale recovery because the change was mainly due to temporary factors.'