South Korea's industrial output fell by six percent in April amid the economic disruption caused by lockdown measures enforced to curb the spread of the coronavirus disease, the state statistical agency Statistics Korea said on Friday
MOSCOW (Pakistan Point News / Sputnik - 29th May, 2020) South Korea's industrial output fell by six percent in April amid the economic disruption caused by lockdown measures enforced to curb the spread of the coronavirus disease, the state statistical agency Statistics Korea said on Friday.
According to the statistical body, industrial production fell by 6.0 percent in April and a 6.4 percent decline was observed in the manufacturing industry in the same month.
The service industry was the only sector that registered a increase in production, recording a modest 0.5 percent rise, according to the agency.
According to the country's Yonhap news outlet, the decline in industrial production is the sharpest recorded in South Korea since the 2007-2008 financial crisis.
The drop in industrial production corresponds with an even-sharper fall in exports. At the start of May, the South Korean Ministry of Trade, Industry and Energy announced that the country's exports had fallen by 24.3 percent year-on-year in April as a result of the coronavirus disease pandemic.
Countries across the globe are facing severe financial challenges amid the ongoing coronavirus disease pandemic that has shut down many sectors of the economy. In April, the International Monetary Fund projected that the global economy will contract by 3 percent in 2020.�
