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.