(MENAFN - Qatar News Agency) South Korea's industrial output growth dropped sharply in March from the previous month mainly due to weak exports and domestic demand, Korean government report showed Monday.
Production in the mining and manufacturing industries edged up 0.3% last month from a year earlier, compared with a 14.3% on-year increase in February, according to the report by Statistics Korea
The monthly output number represents a 3.1% contraction from February, according to South Korea's (Yonhap) News Agency.
In the manufacturing sector, which makes up the bulk of all the industrial output in the country, output moved up just 0.3% from a year earlier but fell 3.4 % from February, the report said.
The country's service sector output grew 1.4% on-year last month, with the average operating rate of manufacturers standing at 78.2 percent, down from 81.1% in February.
The report also showed South Korea's overall output in manufacturing, mining and services inching up 0.2 percent from a year earlier and falling 1.4% from the previous month.