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S. Korea's industrial output plunges 2.5% m/m in April, manufacturing down 6% Updated: 2020-05-29 17:02:51 KST

South Korea's overall industrial output in April fell for the fourth month in a row with the nation's manufacturing sector taking the biggest hit from COVID-19.
According to Statistics Korea on Friday, the country's overall industrial output plunged two-and-a-half percent on-month in April.
By sector, manufacturing saw a sharp on-month fall of six percent, its largest drop since 2008, on the back of dwindling demand for semiconductors and automobiles.
The operating rate also dropped by five.seven percentage points to around sixty-nine percent.

"While the service sector and retail sales experienced a light bump as the spread of COVID-19 slowed in April compared to February and March the COVID-19 outbreak and lockdowns in the U.S. and Europe led to a 6.4% drop in manufacturing production."

Retail sales jumped five.three percent from the previous month and facility investment posted a five percent increase on-month.
And the country might see an improved figure in these sectors over the following months.

"So, the worst part I think has passed in the month of April because of a lot of government actions and policy. The consumption and those service areas will probably pick up.."

And the government is already gearing up for the next step.

"The finance ministry announced Friday that the government will continue to promote what's being called the Korean version of the 'New Deal', along with other measures so that the country can become one of the global leaders in the post-COVID-19 era. Kim Sung-min, Arirang News."
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