South Korea's factory production jumped unexpectedly in May, led by cars and chips, official data showed on Friday, while retail sales and facility investment also rose in an encouraging sign for a slowly recovering economy.
The industrial output index rose 3.2% in May on a seasonally adjusted monthly basis, Statistics Korea data showed, compared with a fall of 0.6% in April and a decline of 0.8% tipped in a Reuters survey.By product, output of automobiles jumped 8.7% and semiconductors rose 4.4% over the month, whereas communication devices slumped 16.9%.
The finance ministry said the data showed the economy was on a recovery path after a slight correction the previous month. Downward pressure has eased though risk remains, it added. "We believe Korea's Q2 GDP will recover a bit more than we had expected," said economist Kang Min Joo at ING Economics.
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