Industrial output drops 1.5%

The country’s industrial output shrank 1.5 percent in April from a month ago as several major industries saw their sales decline due to high oil prices and a strong Korean won.

The National Statistical Office said yesterday a slump in car and mobile phone sales dragged down the total industrial production figures in Asia’s third largest economy.

Carmakers, which have been hard hit by soaring petroleum costs in recent months, saw output decrease more than 6 percent.

The monthly consumption is up 5.2 percent compared to a year ago, which market observers said indicated domestic demand is still resilient.

But elements of the NSO data suggested the economy may head downward because of soaring oil prices and worsening trade terms.

Korea Herald