June 28, 2019
SEOUL (Reuters) – South Korea’s factory output contracted sharply more than expected in May, data showed on Friday, adding to growing pressure on Asia’s fourth-largest economy and denting government hopes of strong rebound in the second quarter.
Industrial production shrank by a seasonally adjusted 1.7% in May from a month earlier, well off a 0.6% fall tipped in a Reuters survey. Capital investment tumbled by 8.2%, the second-worst outcome in nearly three years.
Friday’s data, one of the closest followed by the country’s central bank and finance ministry, would add to pressure on the Bank of Korea to cut interest rates soon to support the economy.
(Reporting by Joori Roh; Editing by Choonsik Yoo & Shri Navaratnam)
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