Finance Minister Koo Yun-cheol speaks during a meeting with economy-related ministers at Government Complex Seoul, Friday. Courtesy of Ministry of Finance and Economy.
Korea's industrial output, which tumbled in April from a month earlier in the wake of tensions in the Middle East, is likely to rebound in May amid signs of improvement in business sentiment, the finance minister said Friday.
The remark came after the Ministry of Data and Statistics said earlier in the day that the country's industrial output fell 0.6 percent in April from a month earlier, with retail sales and facility investment all losing ground.
"The April figures underwent a temporary correction due to a base effect following strong performances over the past months," Finance Minister Koo Yun-cheol said during a meeting with economy-related ministers.
"As consumer and business sentiment have rebounded sharply, with exports maintaining a strong performance, the industrial output figures are expected to return to an upward trend," Koo added.