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Korea Industrial production August 2023

Korea: Industrial output records quickest growth since June 2020 in August

Industrial output grew 5.5% in month-on-month seasonally adjusted terms in August, which contrasted July’s 2.0% decrease. August’s print marked the best reading since June 2020. Looking at the details of the release, August’s pickup was broad-based, with the manufacturing, electricity, gas and steam and mining and quarrying sub-sectors all gaining steam.

On a seasonally adjusted annual basis, industrial production fell at a more moderate pace of 0.6% in August (July: -8.0% yoy), the best result since September 2022. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 6.7% in August, down from July’s minus 6.5% reading.

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