Korea Industry October 2022


Korea: Industrial output contracts at sharpest rate since July 2020 in October

November 30, 2022

Industrial production declined 2.5% year on year in seasonally-adjusted terms in October (September: +1.4% s.a. yoy). The result marked the worst reading since July 2020. The reading reflected a broad-based downturn across the major sectors, with manufacturing, electricity, gas and steam and mining and quarrying all contracting in October.

On a monthly basis, industrial output fell 3.5% in seasonally adjusted terms in October, which was greater than September’s 1.9% fall and marking the worst result since May 2020. Meanwhile, annual average industrial production growth fell to 3.6% in October (September: +4.1%). This signals a worsening trend in the industrial sector.

FocusEconomics panelists see GDP growth at 1.6% in 2023, which is down 0.2 percentage points from the previous month’s forecast. For 2024, GDP is seen expanding 2.4%.


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