South Korea Dec factory output drops, misses forecasts

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South Korea Dec factory output drops, misses forecasts
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SEOUL : South Korea's industrial output fell in December more sharply than expected and logged its worst annual performance in over 2-1/2 years, government data showed on Tuesday.The country's factory output fell 2.9 per cent in December from a month earlier, on a seasonally adjusted basis, compared with

SEOUL : South Korea's industrial output fell in December more sharply than expected and logged its worst annual performance in over 2-1/2 years, government data showed on Tuesday.

The country's factory output fell 2.9 per cent in December from a month earlier, on a seasonally adjusted basis, compared with a 0.6 per cent gain in November and a 0.2 per cent fall tipped in a Reuters survey, according to Statistics Korea. The output dropped 7.3 per cent from a year earlier, faster than 3.4 per cent in the preceding month and economists' expectations for 5.1 per cent. It was the fastest since May 2020.

The data comes after the central bank's advance estimates for fourth-quarter gross domestic product last Thursday, which showed the first contraction in 2-1/2 years and included the December performance.

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