Anchor: South Korea saw drops in industrial output and consumption in March due to the economic fallout of the COVID-19 pandemic. In particular, the service sector marked a sharp decline of four-point-four percent, a record tumble since the year 2000. 
Park Jong-hong has the details.

Report: Data by Statistics Korea on Wednesday showed the country's overall industrial output fell point-three percent in March from the previous month, largely due to the impact of the pandemic on exports and private consumption.

In particular, 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, backed by a consumption tax cut and an easing of supply and demand in auto parts.

Retail sales, a key indicator of consumption levels, dropped one percent on-month as people stuck to social distancing, refraining from going out.
On the other hand, 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.

In February, the nation's overall industrial output contracted three-point-five percent on-month, marking the sharpest decline since February 2011.

An official at Statistics Korea says the outlook for April is even grimmer as the pandemic crisis in the U.S. and Europe has yet to be fully reflected in domestic output and exports.
Park Jong-hong, KBS World Radio News