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Korea Industrial production December 2023

Korea: Industrial output growth slows in December

Industrial output rose 0.6% month-on-month in seasonally adjusted terms in December (November: +3.6% mom). Looking at the details of the release, manufacturing output slowed in December, and electricity, gas and steam output swung to contraction. Meanwhile, mining and quarrying production expanded.

On an annual basis, industrial output grew 10.0% in seasonally adjusted terms in December, notably above November’s 5.5% expansion and marking the best result since June 2021. Moreover, the trend improved sizably, with the annual average variation of industrial production coming in at minus 3.9% in December, up from November’s minus 5.3% reading.

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