In September, industrial production rose 3.9% over the same month last year. The figure came in at a fraction of the revised 16.9% increase recorded in August (previously reported: +17.1% year-on-year) and fell short of market expectations of an 8.7% rise. In fact, the reading marked the slowest pace in the last 12 months. According to the Korea National Statistics Office (KOSTAT), the dismal reading was strongly influenced by a ?longer than usual? Chuseok harvest festival, as factories shut down for more than a week during September. The deterioration over the previous month was broad-based, as all the three main industrial sectors slowed compared to the previous month. Manufacturing, which accounts for the bulk of industrial output, increased 4.0% annually (August: +17.2% yoy), the mining sector dropped 20.2% (August: -16.3% yoy) and electricity and gas supply grew 3.1% (August: +10.9% yoy). A month-on-month comparison does not corroborate the deterioration seen in the annual figures. While industrial production fell 0.35% over the previous month on a seasonally adjusted basis, the reading was up from 1.32% fall recorded in August.
Industrial production slows in September
October 29, 2010
Looking for forecasts related to Industry in Korea? Download a sample report now.
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.