Korea: Industrial output rebounds in November
Industrial output expanded 3.3% month-on-month in seasonally adjusted terms in November (October: -3.8% mom). Looking at the details of the release, November’s rebound was broad-based, with the manufacturing, electricity, gas and steam and mining and quarrying sub-sectors all accelerating.
On a seasonally adjusted annual basis, factory output rose at a quicker rate of 5.3% in November (October: +1.4% yoy), the best result since June 2022. Accordingly, the trend improved, with the annual average variation of industrial production coming in at minus 5.3%, up from October’s minus 6.2% reading.
After contracting in 2023, industrial production is projected to rebound in 2024, but only by enough to bring output to roughly 2022 levels; activity will be weighed on by high energy costs and relatively subdued external demand.