Statistics Korea reported on May 29 that industrial output fell 0.6 percent in April from March, with retail sales and facility investment also dropping 3.6 percent each.
Mining and manufacturing output dropped 0.7 percent, hit by a 10 percent decline in automobiles, while chip production rose 3.1 percent. Oil refining plunged 19.4 percent.
Finance Minister Koo Yun-cheol said industrial output is expected to return to an upward trend in May as consumer and business sentiment recover and exports remain strong.
The government pledged to ease energy cost burdens and support domestic consumption amid ongoing Middle East uncertainties.
