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Korea Industrial production January 2023

Korea: Industrial output expands at quickest pace since December 2021 in January

Industrial output increased 2.9% in month-on-month seasonally-adjusted terms in January, which contrasted December’s 3.1% decrease. January’s figure marked the best reading since December 2021. Looking at the details of the release, manufacturing output bounced back in January, while electricity, gas and steam output swung to contraction. Meanwhile, mining and quarrying production accelerated.

On a seasonally adjusted annual basis, industrial production plummeted 10.7% in January (December: -12.7% yoy). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.1% in January, contrasting December’s plus 1.4% reading.

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