Business News Asia
The South Korean Statistical Office revealed that Industrial Production, Consumption and Investment in April fell simultaneously for the first time in more than 2 years, signaling a still weak economic recovery.
According to the report, industrial production fell 0.7% in April from the previous month, but rose 4.5% from a year earlier.
April retail sales declined 0.2% for the second month in a row, after falling 0.7% month-on-month in March.
Equipment investment fell by 7.5% in April, more than in March, when it declined by 2.2% month-on-month. It fell for the third month in a row as companies, led by chipmakers, scaled back investment in the face of disrupted global supply chains and rising raw material prices.
This is the first time since Feb. 2020, where industrial output, consumption and investment in facilities fell simultaneously.
The South Korean economy is recovering thanks to strong exports and rising private spending, but faces increased economic uncertainty. Higher energy and food prices have led to inflationary pressure.