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Industrial output grows for 2nd month in March amid recovery hopes

Finance 08:07 April 30, 2021

By Kim Soo-yeon

SEOUL, April 30 (Yonhap) -- South Korea's industrial output grew for the second straight month in March, data showed Friday, in the latest sign that Asia's fourth-largest economy is on a recovery path.

The industrial output increased 0.8 percent in March from the previous month, slowing from a 2.1 percent on-month gain in February, according to the data compiled by Statistics Korea.

From a year earlier, it also rose 5.8 percent.

But output in the mining, manufacturing, gas and electricity industries declined 0.8 percent on-month in March as vehicle production was hit by a global shortage of automotive chips.

Private spending rebounded last month as people increased outdoor activity amid warm weather and eased social distancing rules.

Retail sales increased 2.3 percent from a month earlier, compared with a 0.8 percent on-month decline in February, the data showed.

Facility investment remained unchanged last month, following a 2.2 percent on-month fall in February.

This file photo, taken March 2, 2021, shows ships carrying containers docking at a port in South Korea's southeastern city of Busan. (Yonhap)

sooyeon@yna.co.kr
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