30 Nov 2021 07:24AM
(Updated: 30 Nov 2021 07:19AM)
SEOUL : South Korea’s factory output in October shrank at its sharpest pace since May last year, government data showed on Tuesday, as global chip shortages continued to weigh on car production.
Industrial output last month unexpectedly fell by a seasonally adjusted 3.0per cent, missing the 0.4per cent growth tipped in a Reuters survey and following a 1.1per cent decline in September.
On an annual basis, output grew 4.5per cent, sharply rebounding from a 1.8per cent contraction in September and beating a 3.0per cent growth forecast in the poll.
(Reporting by Joori Roh; Editing by Nick Zieminski)