In August, industrial production added 0.3% over the same month last year, which was only an inch above the revised 0.2% expansion recorded in July (previously reported: +0.3% year-on-year). The reading undershot market expectations, which had industrial production expanding 0.7%. Compared to the previous month, industrial production fell a seasonally adjusted 0.7%, which was below the 1.9% drop recorded in July. The reading marked the third consecutive monthly drop, as strikes in the automobile sector slowed down economic activity in August. As a result of the weak annual reading, the trend continues to point down, with annual average growth in industrial output decelerating from 3.8% in July to 3.4% in August, the lowest level recorded since December 2009.
Industrial production growth remains weak
September 28, 2012
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Korea Industry Chart
Note: Year-on-year and annual average growth rate in %.
Source: Korea National Statistics Office (KOSTAT) and FocusEconomics calculations.
Korea Economic News
October 25, 2016
The Korean economy slowed down in the third quarter of this year, expanding at the weakest pace in over a year.
October 13, 2016
At its 13 October monetary policy meeting, the Bank of Korea (BoK) announced that it will hold the base rate constant at a record low of 1.25%, which was largely in line with market expectations.
October 5, 2016
In September, consumer prices rose 0.6% over the previous month, which contrasted the 0.1% decrease in August and overshot the 0.2% increase the markets had expected.
October 3, 2016
Korea’s Customs Services reported that exports totaled USD 40.9 billion in September, which represented a 5.9% contraction over the USD 43.4 billion recorded in the same month last year.
September 30, 2016
The forward-looking business confidence indicator (BSI) for the manufacturing sector produced by the Bank of Korea (BoK) rose from 74 points in September to 75 points in October.