South Korea saw drops in industrial output and consumption in March due to the economic fallout of the COVID-19 pandemic.

According to Statistics Korea on Wednesday, the country's overall industrial output fell point-three percent last month from a month earlier. 

Output in the service sector plunged four-point-four percent on-month, marking the largest drop since the nation started compiling the data in 2000. In contrast, production in the mining, manufacturing, gas and electricity industries rose four-point-six percent from a month earlier. 

Retail sales, a key indicator of consumption levels, dropped one percent on-month, while facility investment jumped seven-point-nine percent in March from a month earlier. 

Meanwhile, the coincident index, a metric that reflects current economic conditions in the business cycle, dropped one-point-two points on-month in March, the largest drop in over eleven years.

The leading composite index, which forecasts the future economic performance in business cycles, fell by point-six points, marking the sharpest decline since February 2008.