Korea: Economic activity shrinks more slowly in May
Latest reading: Economic activity fell 0.3% in seasonally adjusted month-on-month terms in May, following a 0.4% drop in the previous month.
Relative to the previous month’s data, readings in May improved for services (+1.3% on a seasonally adjusted month-on-month basis vs -0.9% in April) and construction (+3.8% vs -1.4% in April). In contrast, the reading for industry worsened in May (-3.0% vs -0.7% in April).
In annual terms, economic activity was up 3.2% in May, following 2.5% growth in the prior month.