South Korea’s factory output contracts sharply to two-year low on slowing car production

March 29, 2019

SEOUL (Reuters) – South Korea’s February industrial production contracted sharply to a two-year low and missed forecasts by a large margin, government data showed on Friday.

Industrial production dropped 2.6 percent from a month earlier, marking the biggest on-month fall since February 2017 and coming out much worse than a 0.9 percent decline tipped in a Reuters survey.

Production of cars declined 3.2 percent from a month earlier, while that for transportation equipments and food items fell 8.0 percent and 4.8 percent, respectively.

On a year-on-year basis, factory output dropped 2.7 percent last month.

(Reporting by Cynthia Kim; Editing by Shri Navaratnam)

Comments (No)

Leave a Reply