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South Korean industrial production came in lower than expected in March, despite quarterly economic growth for the country having accelerated on the back of an uptick in manufacturing activity and export growth.

Industrial output grew 1 per cent month on month, according to the Statistics Korea, recovering from revised contraction of 3.3 per cent in February (previously minus 3.4 per cent). However, that undershot a median forecast of 2 per cent growth from economists surveyed by Reuters.

In year-on-year terms production grew 3 per cent, falling short of 3.7 per cent expansion expected by economists and more than halving from February’s revised growth of 6.7 per cent (previously 6.6 per cent).

South Korea’s economic growth accelerated in the first quarter, with GDP expanding 0.9 per cent as the country’s manufacturing sector and exports improved in spite of economic fallout from rising geopolitical tensions in the region at the start of 2017.

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