 South Korea’s industrial production fell in February to its lowest level in almost seven years, the government said Tuesday, as exports slowed and the number of working days was cut by the Lunar New Year holiday. The seasonally adjusted decline of 4.6 percent followed a 3.1 percent gain in January, the National Statistical Office said. Production was the lowest it has been since March 1998. Output fell 7.3 percent from a year earlier. "This could be a reality check that the Korean economy is still in an initial stage of recovery, or that growth is not that impressive in general," said Oh Suk Tae, an economist at Citibank Korea. "Exports are slowing while consumption has yet to fully pick up." South Korean exports rose in February at their slowest pace in almost two years as gains in the won eroded the value of overseas sales, while changes in the timing of the Lunar New Year holiday meant there were fewer working days. |
