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S. Korea's Industrial Output Falls 1.1% in April, Largest Drop in 11 Months

Written: 2021-05-31 08:55:56Updated: 2021-05-31 10:17:49

S. Korea's Industrial Output Falls 1.1% in April, Largest Drop in 11 Months

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South Korea's industrial output dropped at the steepest pace in eleven months in April as production in the chip industry slowed largely due to a base effect. 

Statistics Korea said on Monday that the nation’s overall industrial production declined one-point-one percent in April from the previous month.  

The reading marks the largest on-month decline since May last year, when industrial production dipped one-point-five percent. 
The fall is mainly led by a drop in production in the mining, manufacturing, gas and electricity industries, which dipped one-point-six percent last month.

In particular, production in the semiconductor industry fell ten-point-nine percent on-month in April. The output in the chip industry reached a record high level in March, up four-point-four percent from February. 

The output in the service industry grew point-four percent, posting growth for the third consecutive month. Retail sales, a key indicator of consumption levels, also rose two-point-three percent on-month.  

Facility investment rose three-point-five percent on-month in April.

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