Seoul: South Korea's industrial output, which experienced a decline in April due to tensions in the Middle East, is anticipated to recover in May as business sentiment shows signs of improvement, according to Finance Minister Koo Yun-cheol. The statement followed a report from the Ministry of Data and Statistics indicating a 0.6 percent decrease in the country's industrial output for April compared to the previous month, alongside a downturn in retail sales and facility investment.

According to Yonhap News Agency, Finance Minister Koo Yun-cheol attributed the April figures to a temporary correction stemming from a base effect after strong performances in prior months. During a meeting with economy-related ministers, Koo emphasized the sharp rebound in consumer and business sentiment, coupled with sustained strong export performance, as factors likely to drive industrial output back to an upward trajectory.

South Korea's industrial output had previously increased by 2.1 percent in February and 0.4 percent in March month-on-month. Koo highlighted the government's commitment to mitigating the impact of high fuel prices on citizens and revitalizing different sectors of the economy.

In the meeting, discussions were held on strategies to alleviate energy cost burdens for agricultural and fishery households and to encourage South Korean businesses operating abroad to return to the domestic market.