Industry in Korea

Korea Industry | Economic News & Forecasts

Korea - Industry

Industrial output growth speeds up in September

Industrial production grew 1.5% year on year in seasonally-adjusted terms in September (August: +0.8% s.a. yoy). Looking at the details of the release, manufacturing production shrank at a sharper pace in September, while electricity, gas and steam output decreased at a more moderate pace. Meanwhile, mining and quarrying production expanded.

On a monthly basis, industrial production fell 1.8% in seasonally adjusted terms in September, which was greater than August’s 1.4% fall and marking the worst result since April. Meanwhile, annual average industrial production growth rose to 4.1% in September (August: +4.0%), signaling an improving trend in the industrial sector.

FocusEconomics panelists see the economy growing 1.8% in 2023, which is down 0.1 percentage points from last month’s forecast. For 2024, they see the economy growing 2.4%.

Korea - Industry Data

2015   2016   2017   2018   2019  
Industrial Production (annual variation in %)-0.3  2.2  2.7  1.6  -0.1  

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Korea Industry Chart


Korea Industry
Note: Annual variation of industrial production in %.
Source: Korea National Statistics Office and FocusEconomics calculations.

Korea Facts

Value Change Date
Bond Yield1.681.55 %Dec 31
Exchange Rate1,1560.21 %Dec 31

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