Korea's services industry output suffered its biggest monthly decrease, dropping 4.4 percent in March, according to data by Statistics Korea.
The loss was mainly attributed to social distancing.
Tourism, lodging, and entertainment businesses took the biggest hits due to the guidance meant to prevent the spread of COVID-19.
The 4.4 percent plunge in March was the second monthly decline in a row following a 3.5 percent decrease in February.
The drop in the services sector caused a 0.3 percent decline in overall industrial output, despite production boosts in manufacturing, construction, energy, and public administration.
On a month-on-month basis, entertainment, leisure, and sports had the steepest drop of 31.2 percent, followed by lodgings and restaurants with 17.7 percent, storage and transport with a drop of 9 percent, education with a 6.9 percent dip, and wholesale and retail with 3.3 percent.
On a yearly basis, the decline was worst in the entertainment, leisure, and sports sector, which was nearly halved with a 45.9 percent drop from 2019. Lodgings and restaurants followed with 32.1 percent, trailed by storage and transport with 16.4 percent.


Japanese Yen Retreats as Dollar Rises Ahead of Fed, BOJ Rate Decisions
Optus Apologises After Network Outage Disrupts Emergency Calls
Asian Stocks Rise as Investors Brace for Fed Rate Decision
Syngenta Files for Hong Kong IPO, Eyes $5 Billion Raise
Gold Prices Slip as Fed Rate Hike Looms, Treasury Yields Rise
China Industrial Output Beats Forecasts as Exports Support Growth
Volkswagen Job Cuts Put Lower Saxony Leader Under Political Pressure
Rosenblatt Starts Nokia at Buy on AI Networking Growth
China’s Global Times Slams Anthropic CEO’s AI Slowdown Plan as ‘Cold War’ Strategy
Houthis Escalate Saudi Attacks as Red Sea Oil Risks Grow
Oil Prices Surge as Houthi Attacks Raise Saudi Supply Fears
German 2-Year Yield Hits 2023 High as Rate Hike Bets Rise
Cathie Wood Backs AI Slowdown as Safety Concerns Grow
Asian Stocks Fall as AI Fears and Oil Surge Hit Markets
SoftBank Shares Plunge 11% After OpenAI Rules Out 2026 IPO
OpenAI Weighs AI Development Slowdown Over Safety Risks
Asian Bank Stocks Slide as BofA Warning and Rising Yields Hit Sentiment 



