South Korea April factory output unexpectedly declines from March

From March, industrial production fell by a seasonally adjusted 1.6 per cent, the biggest contraction since May last year.
From March, industrial production fell by a seasonally adjusted 1.6 per cent, the biggest contraction since May last year.PHOTO: REUTERS

SEOUL (REUTERS) - South Korea's factory output in April unexpectedly declined from March but logged the fastest expansion in almost three years on a year-on-year basis compared with 2020's pandemic-impacted figures, government data showed on Monday (May 31).

From March, industrial production fell by a seasonally adjusted 1.6 per cent, the biggest contraction since May last year and missing a gain of 1.5 per cent forecast in a Reuters survey.

However, on a yearly basis, factory output surged 12.4 per cent, the fastest growth since October 2018, as production was sluggish in the second quarter of last year because of the outbreak of the coronavirus pandemic.