In October, industrial production rose 13.5% over the same month last year, accelerating strongly from the 3.9% increase recorded in September, but nonetheless undershooting market expectations of a 15.4% rise. The reading was strongly influenced by a positive base effect, as industrial production increased just 0.2% in October last year, as a consequence of the 3-days Chuseok harvest festival, during which factories shut down.This year, the festival was celebrated in September. The improvement over the previous month was broad-based, as the three main industrial sectors improved. Manufacturing, which accounts for the bulk of industrial output, increased 13.6% annually (September: +4.0% yoy), the mining sector dropped 5.7% (September: -19.8% yoy) and electricity and gas supply grew 9.3% (September: +3.0% yoy). However, a month-on-month comparison does not corroborate the improvement seen in the annual figures. Industrial production dropped 4.16% over the previous month on a seasonally adjusted basis, which was down from the 0.35% fall recorded in September and marked the third consecutive monthly contraction.
Industrial production picks up in October
November 30, 2010
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Korea Economic News
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.
September 30, 2016
In August, industrial production accelerated and expanded 2.3% year-on-year, which was up from both the 1.6% increase registered in July and the 1.6% rise the markets had expected.