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S. Korea's Industrial Output Falls 2.5% in April

Write: 2020-05-29 09:19:11Update: 2020-05-29 09:26:27

S. Korea's Industrial Output Falls 2.5% in April

Photo : YONHAP News

South Korea's industrial output fell two-point-five percent in April from a month earlier due to the economic fallout of the COVID-19 pandemic.

According to Statistics Korea on Friday, production in the mining and manufacturing industries slipped six percent on-month due to plunges in auto and chip exports.

It marks the largest drop in over eleven years since December 2008 when it plunged ten-point-five percent.

However, retail sales, a key indicator of consumption levels, jumped five-point-three percent in April, while output in the service sector gained point-five percent on-month.

Meanwhile, the coincident index, a metric that reflects current economic conditions in the business cycle, dropped one-point-three points on-month in April. The leading composite index, which forecasts future economic performance in business cycles, also fell by point-five points.

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