Industrial output for September declined a record 12.7 percent from a year earlier and fell 2.9 percent from the previous month for the first decline in two months, according to a preliminary report released Monday by the industry ministry.
The seasonally adjusted production index at mines and factories came to 92.8 against a 100-point benchmark established in 1995, the lowest reading since the 92.6 marked in January 1994, when it hit bottom after the economic bubble collapsed.
The Ministry of Economy, Trade and Industry said production is on a downward trend, citing the lack of indications of a recovery in demand. "Although companies continue to decrease their inventories, the inventory ratio is at a high level and the trend in demand does not look good," a ministry official said.