World Economy

S. Korea Production Falls

S. Korea  Production FallsS. Korea  Production Falls

South Korea’s overall production and consumption fell last month on the back of slow manufacturing and retail sales, despite a slight pickup in the services industry led by the finance and insurance sectors, according to Statistics Korea on Tuesday, Yonhap reported. The index of all industry production, which tracks industrial production, services, public administration and construction, stood at 110.9 in April, down 0.8% from the month before. “Low production and an increase in finance reflect a change in activity from both companies and consumers, which could indicate that they are saving more than spending for the future,” said an industry source. The decrease in the industry index after two months of increases was mostly due to a fall in industrial production, measuring production in the manufacturing, utility and mining sectors. The country’s industrial production fell 1.3% last month, followed by a 1.3% drop in March, with data showing slow production across all sectors.