South Korea's industrial output reduced by 9 percent on-year in May as automobile and machinery demands shrank due to the contraction in overseas markets, a government report said Tuesday.
According to the report by the National Statistical Office (NSO), outputs in the mining and manufacturing sectors shrank 9 percent in May from a year earlier, while the April figure marked an 8.2 percent on-year decline.
Although the production in May was a decline from a year earlier, it marked a 1.6 percent on-month growth, maintaining its monthly expansion for the fifth consecutive month.
"Although the on-year contraction expanded from a month earlier, things are getting close to recovery," an official at the NSO was quoted as saying.
The latest data comes amid optimistic views on the economy are blooming in the market that the South Korean economy is nearing an end of a downturn.
Last week, the Organization for Economic Cooperation and Development (OECD) forecasted that the South Korean economy would mark the fasted rebound among the 30 member countries with a growth of 3.5 percent in 2010 after marking a 2.2 percent contraction this year.
The South Korean government also made a revision on its earlier forecast of growth rate for this year, from minus 2 percent to minus 1.5 percent.
Source:Xinhua
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