Korea's manufacturing output falls by most in over 5 yearsUpdated: 2014-06-27 14:08:08 KST
Korea's pace of economic recovery is in question once again. with the nation's output in the manufacturing and mining sector falling 2.7 percent in May from a month earlier.
That marks the biggest drop since December 2008 when the global financial crisis broke.
Statistics Korea says that the output drop came largely from the automobile and semiconductor industry which saw sluggish exports last month.
The output in the auto sector plunged nearly 7-and-a-half percent in May from the previous month, while chip and parts production dropped 4.7 percent.
But the statistics agency attributed the dip in exports to fewer working days in May, prompted by long holiday weekends.
In fact, while Korea's overall exports dropped nearly one-percent last month from the previous year, the average daily export volume rose six percent to over 2 billion U.S. dollars, its second-highest level in history.
The statistics agency also said that the Korean economy hit a low point sometime in late 2012 or early 2013 and that based on that analysis, the economy should now be on a rebound trend.
Korea's service sector output also rose zero.6 percent in May from a month earlier, after declining more than one percent in April -- a sign that the economy might be out of the sluggish private spending trap brought on by the deadly ferry disaster.
Hwang Ji-hye, Arirang News.
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