Korea Industry


Industry falls to lowest point in seven months

In September, industrial production declined 3.6% over the same month last year, which represents the sharpest drop in seven months. The reading contrasts both the 3.2% expansion recorded in August and market expectations of a 1.2% increase.

Compared to August, industrial output fell 2.1% in seasonally-adjusted terms, which contrasts the 1.6% increase registered in August and marks the fastest drop in six months. Owing to the negative print, annual average growth in industrial output edged down from minus 0.3% in August to minus 0.5% in September.

FocusEconomics Consensus Forecast panelists expect industrial production to rise 1.8% this year, which is down 0.3 percentage points from last month's forecast. For 2014, participants expect industrial output to pick up to 4.9%.

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Korea Industry Chart

Korea Industry September 2013

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

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