Economic peak is yet to come

Analysts said the nation`s economy has entered a correction phase, but has not passed its peak point, indicating that there is a good chance of it rebounding from its downward curve.

In a report titled "Industry trends in June" released on July 30, the National Statistical Office revealed that industrial production increased 17.9% from the same month last year and the average operation ratio in the manufacturing sector rose to 81.9%. The NSO attributed the strong industrial production trend largely to a boom in the semiconductor industry. When the semiconductor industry was excluded from the statistics, production was estimated to show a mere 9.6% gain from the year before, with the average operation ratio standing at the 79% level.

"Excluding all exceptional factors such as the semiconductor boom, strikes and working hours, the nation`s industrial production continued to show signs of slowing down, registering year-on-year gains of 14% in April, 13.2% in May and 11.2% in June. Still, the figures remain at a high level, compared to the 8%-to-9% growth in the boom times of the past,¡± said an official of the NSO.

In addition, exports in June recorded a 27.8% gain year-on-year. Retailing-wholesale and facility investment registered a year-on-year increase of 11.1% and 26.1%, respectively, representing somewhat slower, but continued growth.