SEOUL, Jan 31 (Reuters) - South Korea’s factory output surged sharply and beat forecasts in December, government data showed on Friday, as soaring chip production boosted industrial activities.
Industrial output jumped by a seasonally adjusted 3.5% in December from a month earlier, easily beating a 0.5% rise tipped in a Reuters survey and marking the fastest jump since November 2016.
From a year earlier, production gained 4.2%, also handily outpacing 1.0% seen in the survey and logging the sharpest increase since October 2018.
Output of memory chips surged 33.8% on-year, while that for machines and other transportation equipment increased 15.7% and 9.4% respectively. (Reporting by Cynthia Kim Editing by Chris Reese)