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South Korea June factory output falls more than expected

2023-07-28 07:49
SEOUL South Korea's factory production fell more than expected in June, official data showed on Friday, as automobile
South Korea June factory output falls more than expected

SEOUL South Korea's factory production fell more than expected in June, official data showed on Friday, as automobile and petroleum production dropped.

The industrial output index fell 1.0% in June on a seasonally adjusted monthly basis, after a 3.0% jump in May, according to Statistics Korea.

It was faster than the 0.3% fall tipped in a Reuters survey and marked the fastest loss in four months.

Production of semiconductors rose 3.6% over the month, but automobiles declined 12.9% and oil refining dropped 14.6%.

The index fell 5.6% over a year earlier, which was milder than the 7.6% drop the previous month, while economists had expected a 5.5% fall.

(Reporting by Jihoon Lee; Editing by Jacqueline Wong)