Korea Industry June 2020

Korea

Korea: Decline in industrial output softens in June

July 31, 2020

Mining, manufacturing, and electricity and gas output declined 0.5% year-on-year in June, after slumping 9.8% in May, according to the National Statistics Office for Korea. A significantly slower decline in manufacturing output drove the reading.

On a monthly basis, industrial output grew 7.2% in seasonally-adjusted terms in June, rebounding from May’s 7.0% fall and marking the best result since February 2009.

Meanwhile, annual average industrial production growth accelerated to 0.7% in June (May: +0.6%). This signals an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists expect industrial production to contract 1.8% in 2020, which is down 0.1 percentage points from the previous month’s forecast, before growing to 3.7% in 2021.


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Korea Industry June 20 20

Note: Year-on-year and annual average var. of industrial production index in %.
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