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S. Korea's Industrial Output Falls 1.2% in May

Write: 2020-06-30 09:23:05Update: 2020-06-30 09:56:20

S. Korea's Industrial Output Falls 1.2% in May

Photo : KBS News

South Korea's industrial output and investment dropped in May as the COVID-19 pandemic hurt exports, but consumption increased for the second consecutive month thanks to coronavirus relief payouts.

According to Statistics Korea on Tuesday, the nation's overall industrial production fell one-point-two percent on-month in May. 

In particular, production in the mining and manufacturing industries plunged six-point-seven percent from a month earlier. Output in the service industry, however, increased two-point-three percent on-month.

Retail sales, a key indicator of consumption levels, rose four-point-six percent in May from a month earlier, while facility investment fell five-point-nine percent.

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

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