South Korea April factory output unexpectedly declines from March By Reuters

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© Reuters. FILE PHOTO: A factory is seen in Incheon, South Korea, May 30, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters) – South Korea’s factory output in April unexpectedly declined from March but logged the fastest expansion in almost three years on a year-on-year basis compared to 2020’s pandemic-impacted figures, government data showed on Monday.

From March, industrial production fell by a seasonally adjusted 1.6%, the biggest contraction since May last year and missing a gain of 1.5% forecast in a Reuters survey.

However, on a yearly basis, factory output surged 12.4%, the fastest growth since October 2018 as production was sluggish in the second quarter of last year because of the outbreak of the coronavirus pandemic.

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