Korea Industry July 2022


Korea: Industrial output records lowest expansion since September 2021 in July

August 31, 2022

Industrial output grew 3.0% year on year in seasonally-adjusted terms in July (June: +4.6% s.a. yoy). July's outturn marked the worst reading since September 2021. The reading was partly due to a deterioration in manufacturing output. In addition, electricity, gas and steam output lost steam.

On a seasonally-adjusted monthly basis, industrial output fell 1.3% in July (June: +1.7% mom). Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at an over one-year low of 4.7%, down from June's 5.2%.

FocusEconomics Consensus Forecast panelists project industrial production to grow 4.1% in 2022, which is down 0.1 percentage points from the previous month’s forecast. For 2023 the panel sees industrial output increasing 1.8%.


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Korea Industry Chart

Korea Industry July 2022

Note: Year-on-year and annual average variation of industrial production index in %.
Source: National Statistics Office of Korea (KOSTAT).

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