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S. Korea's industrial output suffers extended slump in May amid virus pandemic

Economy 08:00 June 30, 2020

SEJONG, June 30 (Yonhap) -- South Korea's industrial output extended its slump in May as the coronavirus pandemic disrupted supply chains, but retail sales reported a robust gain, data showed Tuesday.

The nation's overall industrial production fell 1.2 percent on-month in May, following a 2.8 percent on-month plunge in April, according to data compiled by Statistics Korea.

Compared with a year earlier, overall industrial production also plunged 5.6 percent in May.

Retail sales rose 4.6 percent in May from a month earlier as the nation eased strict social distancing rules, and the output in the service sector gained 2.3 percent on-month.

The nation's economy shrank 1.3 percent on-quarter in the first quarter of this year, the sharpest quarterly contraction since the last three months of 2008.

Exports slipped 7.5 percent on-year in the first 20 days of June amid the shock from the coronavirus pandemic.

S. Korea's industrial output suffers extended slump in May amid virus pandemic - 1

kdh@yna.co.kr
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