South Korea Nov factory output posts worst fall in 10 mths

[SEOUL] South Korea's industrial output fell by a seasonally adjusted 2.1 per cent in November from October, far more than the market expected and at the fastest pace in 10 months as exports dragged, data showed on Wednesday.

The median forecast in a Reuters survey of economists was for the industrial output index to slip 0.5 per cent in November on-month, while forecasts ranged from a 2.1 per cent decline to a rise of 1.3 per cent.

The November reading follows a revised 1.3 per cent fall in October, which was slightly better than a provisional 1.4 per cent drop reported earlier, and is steepest drop since January this year, the Statistics Korea data showed.

On an annual year-on-year basis, industrial output fell 0.3 per cent in November after a revised 1.7 per cent rise in October, compared to a median 1.7 per cent rise tipped in the Reuters survey.

The data also showed service-sector output rose for a fifth straight month, by a seasonally adjusted 0.1 per cent in November on a monthly basis. The October gain was revised to 0.4 per cent from a preliminary 0.2 per cent.

REUTERS