South Korea factory output unexpectedly declines from April; grows at fastest annual rate in 11 years

[SEOUL] South Korea's factory output in May unexpectedly declined from April but logged the fastest expansion in near 11 years on a year-on-year basis compared to 2020's pandemic-impacted figures, government data showed on Wednesday.

Industrial production last month fell by a seasonally adjusted 0.7 per cent, missing a 0.8 per cent gain forecast in a Reuters survey and following a 1.6 per cent contraction in April, when it logged the biggest contraction since may 2020.

However, on a yearly basis, factory output surged 15.6 per cent, the fastest growth since June 2010 as production was seen sharply picking up from sluggish 2020 when the coronavirus pandemic paralysed economic activities and supply chains.

REUTERS