Korea Industry July 2020

Korea

Korea: Industrial activity deteriorates in July

August 31, 2020

Industrial output decreased 2.5% year-on-year in July, after dropping 0.5% in June, according to the latest release from the National Statistics Office for Korea. The drop follows downbeat manufacturing production.

On a monthly basis, industrial output grew 1.6% in seasonally-adjusted terms in July, which was well below June’s 7.2% expansion.

Lastly, annual average industrial production growth ticked down to 0.4% in July (June: 0.7%). The downturn reveals a deteriorating trend in the industrial sector.

FocusEconomics Consensus Forecast panelists expect industrial production to contract 1.7% in 2020, which is up 0.1 percentage points from the previous month’s forecast, before growing to 3.1% in 2021.


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Korea Industry July 20 20

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