Korea: Growth in industrial production slides slightly in June
July 28, 2017
Industrial production dropped 0.3% in June from the same month last year, the lowest reading in eight months. As a consequence of continued decelerating growth from prior months, annual average growth in industrial production ticked down from 2.0% in May compared to the same month last year to 1.9% in June, which was the lowest figure in four months. The decline was driven by a downturn in the crucial manufacturing output sub-index.
A month-on-month comparison shows similar results as industry production sloughed off 0.2%. The print markedly undershot market expectations of 1.0% growth. The manufacturing sector dipped slightly (-0.3% month-on-month) after posting small gains in May (+0.2% mom). All-in-all, Korean industrial production had a drab performance in June.
Author: Lindsey Ice, Economist