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SEOUL : South Korea's industrial production fell in October in a sign that the export-driven economy is slowing faster than expected, according to figures released Friday.
Production contracted a seasonally adjusted 2.3 percent month-on-month and declined 2.4 percent year-on-year, preliminary data from the National Statistical Office showed.
In September output was down a revised, seasonally adjusted 0.5 percent month-on-month but was 6.2 percent higher year-on year.
"The data showed that the acceleration of the global economic slowdown is in full swing, denting South Korean companies' exports and overall consumer sentiment here," said Yun Myong-Joon of the statistical office.
Kim Jong-Su, an economist with NH Investment and Securities, said the data suggests the economy will continue to weaken at a faster pace until the first half of next year.
"Since the global financial turmoil and the world economic downturn are rapidly hurting local exports, and will weigh on domestic demand onwards, the pace of the economic slowdown will likely get faster until the first half of next year," Kim told Dow Jones Newswires.
In early November the government announced a 10.7 billion dollar plan to stimulate sagging domestic demand to compensate for slower export growth.
On Friday, the Ministry of Knowledge Economy disclosed plans to create 18,000 jobs in the energy and high-technology sectors by the end of next year.
It said the government and private sector plan to invest 2.7 trillion won (1.83 billion dollars) and 20.2 trillion won, respectively, in the energy sector -- including electricity, gas, nuclear power and green energy -- as well as in overseas resource development.
In the process, the government hopes to create about 12,000 jobs next year, the ministry said in a statement.
It said the government would also invest 383 billion won next year to create 5,800 jobs in high-tech industries, including robotics and biochemical technology.
- AFP /ls
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