In April, industrial production rose 1.7% over the same month last year. The print contrasts both the revised 2.9% contraction recorded in March (previously reported: -3.0%) and market expectations that had the indicator recording a 0.5% drop. Compared to the previous month, industrial production rose a seasonally adjusted 0.8%, which contrasts the 2.4% decline recorded in March and represents the highest reading seen in four months. As a result of the annual rise, annual average growth in industrial production improved from minus 0.4% to minus 0.2% in April. The Bank of Korea expects the economy to expand 2.8% this year. For 2014, the Bank expects the economy to grow 3.8%. FocusEconomics Consensus Forecast panellists see the economy growing 2.8% in 2013, which is unchanged from last month's forecast. For 2014, the panel sees the economy growing 4.0%.
Industrial production rebounds in April
May 30, 2013
Looking for forecasts related to Industry in Korea? Download a sample report now.
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
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.
September 30, 2016
Activity in Korea’s manufacturing sector deteriorated significantly in Q3.