Korea's industrial output dips 2.5% in March

South Korea's industrial output fell in March from a month earlier on a dip in production in the automaking and machinery sectors, government data showed Monday.

Production in the mining, manufacturing, gas and electricity industries fell 2.5 percent on-month in March, following an adjusted 0.8 percent on-month gain in the previous month, according to the data by Statistics Korea.

From a year earlier, industrial output plunged 4.3 percent, following a 6.8 percent on-year fall in February.

Production in the service sector gained 0.4 percent in March from a month earlier, with a 2.3 percent on-year gain.

Retail sales advanced 2.7 percent on-month, compared with a 0.8-percent on-month gain in February. They also rose 7 percent on-year.

Facility investment sank 7.8 percent on-month in the month, falling 0.2 percent on-year.

(Yonhap)

For all industries, production sank 1.2 percent on-month, the steepest fall in two years, following a 0.2 percent on-month fall in the previous month, and a 1 percent on-year drop, the data showed.

The statistics office said a downturn in car production and machinery contributed to the dip in the March figures.

Production of vehicles contracted 3.7 percent from a month earlier, and the machinery sector saw its output fall 4.3 percent.

Its average factory operation rate stood at 70.3 percent in March, the lowest since March 2009, when the comparable figure was 69.9 percent.

"Auto exports remained in a slump last month, but private spending is keeping up its recovery pace," said an official at the statistics office. (Yonhap)