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SEOUL :South Korea’s factory output missed market expectations in July and fell by the most in five months, official data showed on Thursday, while retail sales and facility investment also plunged.
The industrial output index on a seasonally adjusted basis fell 2.0 per cent in July from a month earlier, compared with a 1.5 per cent fall in June and a 0.4 per cent loss tipped in a Reuters survey.
It was the fastest monthly fall since February, according to Statistics Korea.
Production of electronic components, such as display panels, dropped the most, down 11.2 per cent, followed by machineries and semiconductors, which fell 7.1 per cent and 2.3 per cent, respectively.
On an annual basis, output was 8.0 per cent lower, also weaker than a 5.9 per cent drop the previous month and economists’ forecast of 5.2 per cent.
Retail sales plunged 3.2 per cent over the month, after a gain of 0.9 per cent the month earlier, marking the biggest drop since July 2020.
Facility investment also slumped 8.9 per cent in July, much faster than the 1.1 per cent fall in June. It was the fastest since March 2012.
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