Korea Industry


Industry drops in November

In November, industrial production declined 1.3% over the same month of the previous year, which contrasts the revised 3.4% expansion registered in October (previously reported: +3.0% year-on-year). The figure undershot market expectations of a 0.2% decline.

Compared to October, industrial production was flat in seasonally-adjusted terms, which represents a deceleration compared to the 2.1% increase recorded in October. Owing to the subdued figure, annual average growth in industrial production dropped from minus 0.1% in October to minus 0.4% in November.

FocusEconomics Consensus Forecast panellists expect industrial production to rise 3.8% in 2014, which is down 0.3 percentage points from last month's forecast. For 2015, participants expect industrial output to pick up to 4.4%.

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Korea Industry Chart

Korea Industry November 2013

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

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