Korea: Economic activity dips in May
Latest reading: Economic activity slid 1.1% in month-on-month seasonally adjusted terms in May, which was a deterioration from April’s 0.8% decrease. Looking at the details of the release, May’s drop was largely driven by a fall in services activity. In addition, activity contracted in both the industrial, and construction sub-sectors.
On an annual basis, economic activity fell at a sharper rate of 0.7% in May (April: -0.4% yoy). Moreover, the trend pointed down, with the annual average growth of economic activity coming in at 0.2% in May, down from April’s 0.4%.