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SKorea's industrial production plunges in November

SKorea's industrial production plunges in November

South Korea's industrial production plunged in November, official data showed Tuesday, underscoring the country's vulnerability to the global economic slowdown.
Industrial output declined 14.1 percent from the same month last year, the Korea National Statistical Office said in a release on its Web site. Production also fell 10.7 percent from October.
Slumping demand both at home and overseas for semiconductors, automobiles, petrochemicals and audio, visual and communications equipment was behind the big decrease, the office said.
Yonhap news agency reported the year-on-year decline was the biggest since data began to be compiled in 1970.
South Korea's export-driven economy has been hit hard by the global slowdown, with overseas shipments falling sharply and domestic consumer spending weakening. Exports declined 18.3 percent in November.
The country's deteriorating economic environment has raised alarm bells that Asia's fourth-largest economy could suffer its first annual contraction in gross domestic product since the 1997 Asian financial crisis.


Updated : 2021-08-02 23:36 GMT+08:00