South Korea's Oct factory output shrinks most since May 2020 on auto chip shortage

[SEOUL] South Korea's factory output in October shrank at its sharpest pace since May last year, government data showed on Tuesday, as global chip shortages continued to weigh on car production.

Industrial output last month unexpectedly fell by a seasonally adjusted 3.0 per cent, missing the 0.4 per cent growth tipped in a Reuters survey and following a 1.1 per cent decline in September.

On an annual basis, output grew 4.5 per cent, sharply rebounding from a 1.8 per cent contraction in September and beating a 3.0 per cent growth forecast in the poll.

REUTERS