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Korea Industrial production September 2023

Korea: Industrial output growth loses pace in September

Industrial output rose 1.8% in month-on-month seasonally adjusted terms in September, which followed August’s 5.2% increase. The notable slowdown was largely due to a deterioration in manufacturing output growth. In addition, electricity, gas and steam production fell.

On an annual basis, factory output grew 2.0% in seasonally adjusted terms in September, rebounding from August’s 0.9% fall and marking the best result since July 2022. Accordingly, the trend improved modestly, with the annual average variation of industrial production coming in at minus 6.5% in September, up from August’s minus 6.7% reading.

After contracting this year, industrial production is projected to rebound next year. However, output will remain below its 2022 level, weighed on by high energy costs and relatively subdued external demand.

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