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South Korea's February factory output contracts most in over 11 years

Published 31/03/2020, 00:33
Updated 31/03/2020, 00:35

SEOUL (Reuters) - South Korea's factory output contracted at its sharpest pace in more than 11 years in February, official data showed on Tuesday,

adding to evidence of a sharp economic blow from the coronavirus pandemic.

Industrial output shrank by a seasonally adjusted 3.8% in February from a month earlier, worse than a 1.8% fall tipped in a Reuters survey and the biggest drop since a 10.5% plunge in December 2008. It shrank 1.3% in January.

On a year-on-year basis, the factory output jumped 11.4%, far better than a 2.6% fall in January. The virus impact is expected to weigh further as the number of infections spiked across the world in March.

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