Korea Industry June 2017


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.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 2.9% in 2017, which is down 0.1 percentage points from last month’s forecast. For 2018, panelists expect industrial output to increase 2.1%.

Author:, Economist

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Korea Industry Chart

Korea Industry June 2017

Note: Year-on-year and annual average var. of industrial production index in %.
Source: Korea National Statistics Office (KOSTAT).

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