South Korea May factory output falls for 3rd mth, below expectations

[SEOUL] South Korea's industrial output fell by a seasonally adjusted 1.3 per cent in May from April, data showed on Tuesday, marking a third consecutive monthly drop as exports slowed amid sluggish global demand.

It was also worse than the median forecast in a Reuters survey of economists for a decline of 0.7 per cent in May on-month. The May reading follows a downwardly revised 1.3 per cent fall in April, compared with a 1.2 per cent decline reported earlier, data from Statistics Korea showed.

On a year-on-year basis, industrial output fell 2.8 per cent in May after a revised 2.6 per cent drop in April, also missing a 1.6 per cent fall in the same Reuters survey.

The statistics agency data also showed that service-sector output slipped by a seasonally adjusted 0.4 per cent in May on a monthly basis after a revised 0.5 per cent rise in April.

REUTERS