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2026-05-29 11:48:59
[South Korean Finance Minister: Industrial Output Expected to Rebound in May, Business Confidence Improves] (1) South Korean Finance Minister Koo Yoon-cheol said on Friday that industrial output fell sharply by 0.6% month-on-month in April due to tensions in the Middle East, and retail sales and equipment investment also contracted; however, with signs of improvement in business confidence, output is expected to rebound in May. (2) He pointed out that the decline in April's data was mainly due to the base effect of strong performance in the previous months (a month-on-month increase of 2.1% in February and 0.4% in March), while consumer and business confidence have rebounded significantly, and with exports remaining strong, industrial output is expected to return to an upward trajectory. (3) The government will strive to alleviate the burden of high oil prices on people's livelihoods and revitalize various economic sectors. The meeting also discussed specific plans to reduce the energy cost burden on farmers and fishermen, as well as to encourage the return of South Korean companies from overseas.
