Korea Industry

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Korea: Industrial output contracts in May

June 30, 2014

In May, industrial production contracted 2.1% over the same month last year (April: +2.5% year-on-year). The reading represented the first fall in industrial output following three consecutive months of expansion and contrasted the 1.0% increase that markets had expected. According to the Korea National Statistics Office, May’s result reflected a broad-based deterioration, particularly in manufacturing and construction.

Sequential data confirm the deterioration suggested by the annual data. Industrial production decreased a seasonally-adjusted 2.7% over the previous month in May, which came in below the 0.1% contraction tallied in April.

Annual average growth in industrial output inched down from 0.7% in April to 0.6% in May.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 3.1% in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, participants expect industrial output to increase 3.8%.


Author:, Senior Economist

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Korea Industry Chart


Korea Industry May 2014

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


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