South Korea April factory output falls, retail sales drop most in 5 months | Inquirer Business

South Korea April factory output falls, retail sales drop most in 5 months

/ 07:54 AM May 31, 2023

SEOUL  – South Korea’s factory production and retail sales dropped in April, official data showed on Wednesday, indicating another tough quarter ahead after the economy narrowly averted a recession in the first quarter.

The country’s factory output in April fell 1.2 percent from March, on a seasonally adjusted basis, coming in slightly softer than a 1.6-percent loss tipped in a Reuters survey.

In March, output rose by 5.3 percent from February, which was the fastest gain since June 2020, according to Statistics Korea.

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Output in April was down 8.9 percent from the same month a year earlier, compared with a decline of 7.6 percent in March and a year-on-year drop of 7.9 percent expected by economists. It was the biggest annual loss in three months.

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The all-industry output index, which includes the manufacturing as well as services sectors, fell 1.4 percent in April over a month, marking the first monthly decline since November and the biggest drop in 14 months.

On the consumption side, retail sales dropped 2.3 percent from a month earlier, after a 0.1- percent gain in the previous month, marking the first monthly fall since January and the biggest in five months.

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Such weak economic activities followed the country’s slim growth in the first quarter of this year, which was just enough to prevent Asia’s fourth-largest economy from falling into a recession.

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TAGS: manufacturing, retail sales, South Korea

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