Korea: Industrial output contracts at sharpest rate since July 2020 in October
Industrial production declined 2.5% year on year in seasonally-adjusted terms in October (September: +1.4% s.a. yoy). The result marked the worst reading since July 2020. 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 a monthly basis, industrial output fell 3.5% in seasonally adjusted terms in October, which was greater than Septembers 1.9% fall and marking the worst result since May 2020. Meanwhile, annual average industrial production growth fell to 3.6% in October (September: +4.1%). This signals a worsening trend in the industrial sector.