S.Korea factory output shrinks month-on-month

South Korea's industrial output fell month-on-month in June for the first time since March as the global slowdown took its toll on the export-led economy, according to the latest figures. Production in manufacturing and mining declined a seasonally adjusted 0.4 percent from a month earlier following a revised 1.3 percent rise in May, Statistics Korea said. Economists surveyed by Dow Jones Newswires had on average tipped a 0.1 percent rise in June. Year-on-year the June output figure was up 1.6 percent, compared to a revised 2.9 percent rise in May and a 2.1 percent increase forecast by the Dow Jones poll. "The on-month output decline is attributable to a fall in the manufacturing sector," the report said. "Manufacturers were affected mostly by sluggish production of transportation equipment and machinery despite an increase in semiconductors, parts and cigarettes." The government last month cut its 2012 growth forecast from 3.7 percent to 3.3 percent, citing tougher conditions in overseas markets.