South Korea April factory output down for 2nd mth, below forecasts

[SEOUL] South Korea's industrial output fell in April for a second straight month on monthly terms, data showed on Friday, slipping at the fastest clip since January and raising concerns over the strength of improvements in the sector.

Industrial output declined by a seasonally adjusted 1.2 per cent in April, following a revised 0.3 per cent fall in March, Statistics Korea data showed. The revised March reading was slightly improved from a provisional 0.4 per cent fall.

The median forecast in a Reuters survey of 17 analysts was for April industrial output to have edged up by a seasonally adjusted 0.2 per cent on monthly terms. Forecasts ranged widely from a 1.4 per cent fall to a 2.8 per cent rise.

On an annual basis, industrial output also dropped 2.7 percent in April after revisions showed no growth in March, the data showed, compared to a median 0.1 per cent rise tipped in the Reuters survey.

The statistics agency data also showed that service-sector output rose by a seasonally adjusted 0.5 per cent in April on a monthly basis after a revised 0.2 per cent slip in March.

REUTERS