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South Korea Jan factory output shrinks more than expected
[SEOUL] South Korea's industrial output in January fell 1.8 per cent from December in seasonally adjusted terms, data showed on Wednesday, lagging expectations as weak global demand continues to dent the country's manufacturing sector.
The result follows a revised 0.5 per cent gain for December, with growth revised down from a preliminary 1.3 per cent rise reported earlier, the Statistics Korea data showed.
The median forecast from a Reuters survey of analysts had tipped factory output to fall by a seasonally adjusted 0.6 per cent in January.
In annual terms, output fell 1.9 per cent in January, following a revised 2.2 per cent fall in December and compared with a 2.2 per cent drop tipped in the Reuters survey.
Service-sector output in January slumped by a seasonally adjusted 0.9 per cent from the previous month, reversing a revised 0.9 per cent gain in December.