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South Korea May factory output unexpectedly jumps

2023-06-30 07:25
SEOUL South Korea's factory production unexpectedly jumped in May, official data showed on Friday, while retail sales also
South Korea May factory output unexpectedly jumps

SEOUL South Korea's factory production unexpectedly jumped in May, official data showed on Friday, while retail sales also rose last month.

The industrial output index rose 3.2% in May on a seasonally-adjusted monthly basis, the Statistics Korea data showed, compared with losses of 0.6% in April and 0.8% tipped in a Reuters survey.

The output fell 7.3% on an annual basis, which was also milder than drops of 9.0% in April and 8.5% expected by economists.

Retail sales rose 0.4% in May, after dropping 2.6% in April, which was the worst in five months.

(Reporting by Jihoon Lee; Editing by Shri Navaratnam)