Statistics Korea said that South Korea's industrial production contracted by a seasonally adjusted 0.8% on month in February, slipping into the red for the second consecutive month, although somewhat skewed to the downside by the Lunar New Year holiday.

The headline figure follows the upwardly revised 1.2% monthly contraction in January. On a yearly basis, industrial production plummeted 9.3% after surging an upwardly revised 7.6% in the previous month.

The index of all industry production added 1.2% on month but lost 1.9% on year in February. The Manufacturing Production Index lost 1.2% on month and 9.8% on year.

The Producer's Shipment Index in February was down 1.0% on month and 9.0% on year. The Producer's Inventory Index lost 2.6% on month but climbed 4.5% on year. The Production Capacity Index was flat on month and added 1.0% on year.

The Operation Ratio Index in February was down 1.1% on month and 12.2% on year. The Index of Services added 1.7% on month and was flat on year. The Manufacturing Average Operation Ratio was 77.8%, down 0.9% points from the previous month. The Retail Sales Index shed 0.1% on month but added 1.8% on year.

The Equipment Investment Index in February climbed 6.5% on month but lost 18.2% on year. The Domestic Machinery Shipment Index lost 27.2% on year, while the value of domestic machinery orders received declined 32.7% on year.

In February, the value of construction completed at constant prices was up 7.0% on month and 5.1 percent on year. The value of construction orders received at current prices plummeted 46.4% on year.