South Korea’s industrial output reduces

Seoul, April 30 (IANS) South Korea’s industrial output reduced last month as external uncertainties such as slow growth in major economies weighed on the export-driven economy, a government report showed Tuesday.

Production in all industries, including manufacturing, service, construction and public administration sectors, fell 2.1 percent in March from a month earlier after rising 1.1 percent in the prior month, according to Statistics Korea.

From a year before, the output declined 0.9 percent after reducing 2 percent in the previous month, reported Xinhua.

Weaker-than-expected growth in the global top two economies worsened the growth momentum of the South Korean economy. The US economy grew at an annual rate of 2.5 percent in the first quarter, missing the market consensus of 3 percent. The Chinese economy expanded 7.7 percent in the first quarter from a year earlier, lower than an average market expectation of 8.1 percent.

The Ministry of Strategy and Finance said in a report that the prolonged weak yen trend would put downward pressure on exports, which account for more than half of the South Korean economy.

Facebook Notice for EU! You need to login to view and post FB Comments!

The opinions, beliefs and viewpoints expressed by authors, news service providers on this page do not necessarily reflect the opinions, beliefs and viewpoints of Hill Post. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual. Hill Post makes no representations as to the accuracy or completeness of any information on this site page.

Leave a comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.