Korea Industry


Industrial production beats expectations

In May, industrial production rose 2.6% over the same month last year, which followed on a flat reading recorded in April. The reading overshot market expectations, which had industrial production expanding a meagre 0.6%. Compared to the previous month, industrial production rose a seasonally adjusted 1.1%, faster than the 0.9% expansion recorded in April. Annual average growth in industrial output decelerated from 4.9% in April to 4.4% in May, which marked the lowest level since December 2009. On 28 June, the Ministry of Finance lowered its GDP forecast for this year to 3.3% from 3.7% amid a global slowdown. In the economic outlook for the second half of 2012 released in July, the Bank of Korea followed suit and revised its GDP forecast for this year down to 3.0% from a previously expected 3.5%. For 2013, the Bank now expects GDP to expand 3.8%, down from the previous 4.2% projection


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