SEOUL (Reuters) – South Korea’s industrial production unexpectedly fell in December, failing to recover after barely expanding in November as car output contracted sharply, national statistics agency data showed on Wednesday.
Factory output contracted by 6 percent in December from a year earlier, marking another sharp decline after a 6.3 percent drop in October, the biggest fall since 2013.
Forecast - Analysts - Reuters - Output - Percent
The median forecast of analysts surveyed by Reuters was for output to rise 0.1 percent from November, and dip by 1.4 percent from a year earlier.
“Growth momentum from auto sector was weak in both November and December because of union strikes. Overall production growth is still led by the IT sector,” Park Sang-hyun, chief economist, HI Investment & Securities.
Car - Production - Percent - Month - Output
Car production dropped 11.4 percent from a month earlier while output of machine tools fell 4 percent.
Park added the Bank of Korea will...
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