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Korea Industrial production May 2024

Korea: Industrial output dips in May

Industrial output decreased 1.2% month-on-month in seasonally adjusted terms in May (April: +2.4% mom), contrasting market expectations of an expansion. The reading was largely due to a deterioration in manufacturing output. In contrast, electricity, gas and steam output dropped at a softer pace.

On an annual basis, factory output rose 1.4% in seasonally adjusted terms in May, which was significantly below April’s 6.2% expansion and marked the worst result since August 2023. Meanwhile, annual average industrial production growth rose to 3.0% in May (April: +2.2%).

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