South Korea's factory production jumped at the fastest rate in more than 11 years in June and much quicker than expected, data showed on Friday, adding to hopes that the worst of the coronavirus impact has passed.
SEOUL - South Korea’s factory production jumped at the fastest rate in more than 11 years in June and much quicker than expected, data showed on Friday, adding to hopes that the worst of the coronavirus impact has passed.
Industrial production rose by a seasonally adjusted 7.2% month-on-month in June, according to Statistics Korea, sharply reversing a 7.0% decline in May and the fastest growth since February 2009.“ showed more clear signs of improvement in the economy and strengthens the possibility of a economic recovery in the third quarter,” vice finance minister Kim Yong-beom said.
From a year earlier, factory output edged down 0.5%, but that was slower than the previous month’s 9.8% decline and a 4.9% fall forecast in a Reuters survey. “It is premature to say the economic recovery is on track as the protracted spread of virus still remains a risk,” said Park Sung-woo, an economist with DB Financial Investment.
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