S.Korea’s April factory output shrinks most in 2 years, service output expands

SEOUL – South Korea’s April factory output shrank by the most in nearly two years, though the service sector held firm, government data showed on Tuesday.

Industrial production in April decreased by a seasonally-adjusted 3.3% from a month earlier, shrinking for the first time in seven months and marking the biggest decline since May 2020.

Meanwhile, service sector output rose 1.4%, extending gains to a second straight month.

(Reporting by Jihoon Lee; Editing by Kim Coghill)