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Korea Industrial production October 2023

Korea: Industrial activity contracts at sharpest rate since December 2022 in October

Industrial production slid 3.5% month-on-month in seasonally adjusted terms in October (September: +1.7% mom). The result marked the worst reading since December 2022. The reading reflected a broad-based downturn across the major sectors, with manufacturing, electricity, gas and steam and mining and quarrying all contracting in October.

On an annual basis, industrial output rose 1.7% in seasonally adjusted terms in October, which was below September’s 2.0% expansion. Meanwhile, the trend improved slightly, with the annual average variation of industrial production coming in at minus 6.2%, up from September’s minus 6.5% reading.

After contracting this year, industrial production is projected to rebound next year, but only by enough to bring output to around 2022 levels; activity will be weighed on by high energy costs and relatively subdued external demand.

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