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South Korea industrial output accelerates in December

South Korea's industrial output for December rose at the fastest pace in more than four years, boosted by robust production in memory chips and cars, official data said on Wednesday.

SEOUL: South Korea's industrial output for December rose at the fastest pace in more than four years, boosted by robust production in memory chips and cars, official data said on Wednesday.

Production in the mining, manufacturing, gas and electricity industries rose 3.4 per cent from the previous month and 2.6 per cent from December 2012, according to the state-run Statistics Korea.

The December figure is the fastest on-month growth since June 2009.

Production of memory chips made by firms such as Samsung and SK Hynix rose 7.3 per cent from November while auto production by companies such as Hyundai also jumped 5.7 per cent.

Production of mobile phones and TVs -- the country's key export items -- shrank 25 per cent.

The South's export-reliant economy was hit by slowing demand from major markets including the United States and Europe during the global slowdown.

But Asia's fourth-largest economy grew 2.8 per cent in 2013, up from 2.0 per cent posted in 2012, boosted by huge government stimulus spending and improving global demand.

Seoul's central bank has forecast 3.8 per cent growth in 2014.

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