In March, industrial production added 0.3% over the same month last year, which was only a fraction of the strong 14.3% expansion recorded in February. The reading undershot market expectations, which had industrial production expanding 2.2%. The deceleration was broad-based, as all sub-components of the index slowed compared to the previous month. Compared to the previous month, industrial production dropped a seasonally adjusted 3.1%, contrasting the revised 0.6% expansion seen in February (previously reported: +0.8% month-on-month). Annual average growth decelerated to a 5.3% expansion in March from 6.1% increase in February, which marked the lowest level since January 2010. On 15 April, the Bank of Korea cut its 2012 GDP forecast from 3.7% to 3.5% but maintained its 4.2% growth projection for 2013.
Industrial production slows in March
April 30, 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 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.