Japan's industrial output posted the biggest monthly drop in a year in May, as a sharp fall in car production threatened to undermine the country's economic recovery just weeks before Tokyo is set to host the Olympic Games.
The world's third-largest economy will likely grow at a much slower pace than initially thought in the current quarter in part due to weakness in consumer spending, a poll by economists showed this month.Factory output slumped 5.9per cent in May from the previous month, official data showed on Wednesday, hit by declines in the manufacturing of cars and production machinery to post its largest monthly drop since May last year.
Output was weighed by a 19.4per cent drop in motor vehicle production, largely due to supply issues with semiconductor chips, as well as a decline in production machinery. Separate data on Tuesday showed retail sales rose for a third straight month in May, but failed to dispel worries that the economic recovery will take time to gather steam as COVID-19-linked pressures remained.
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