Korea Industry


Industrial production contracts at slower pace in March

In March, industrial production dropped 3.0% over the same month last year. The print marks an improvement compared to the 9.4% fall recorded in February, which partially reflected disruptions related to the Lunar New Year holidays. The contraction was larger than market expectations of a 0.7% drop. .

Compared to the previous month industrial production fell a seasonally adjusted 2.6%, which followed the 0.9% decline recorded in February and marked the lowest reading seen in more than four years.

The Bank of Korea expects the economy to expand 2.8% this year. For 2014, the Bank expects the economy to grow 3.8%. FocusEconomics Consensus Forecast panellists see the economy growing 2.8% in 2013, which is unchanged from last month's forecast. For 2014, the panel sees the economy growing 4.0%.


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Korea Industry Chart

Korea Industry March 2013

Note: Year-on-year and annual average growth rate in %.
Source: Korea National Statistics Office (KOSTAT) and FocusEconomics calculations.

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