South Korea August factory output shrinks more than expected, retail sales jump

SOUTH KOREA’S factory production shrank for a second month in August, missing expectations, while retail sales jumped, government data showed on Friday (Sep 30).

The country’s industrial output fell 1.8 per cent on a seasonally-adjusted monthly basis, by a faster pace than 1.3 per cent in July and 0.5 per cent tipped in a Reuters poll.

It rose 1.0 per cent compared with the same month a year earlier, also missing a 1.3 per cent rise seen in the survey and marking the slowest pace since September 2021.

Output for the services sector rose 1.5 per cent on month, while retail sales jumped 4.3 per cent, marking the fastest gain since May 2020. REUTERS