Korea Industry May 2020


Korea: Industrial output falls at sharpest rate since March 2009 in May

June 30, 2020

Industrial production fell 9.6% year-on-year in May (April: -5.1% yoy). May's figure marked the steepest contraction in over a decade.

On a monthly basis, industrial output plunged 6.7% May, matching April’s result. The reading marked the joint–worst result since December 2008. Accordingly, the trend pointed down, with the annual average growth of industrial production coming in at 0.6% in May, down from March's 1.4%.

Meanwhile, the all-important services sector—which accounts for roughly 60% of the economy—increased 2.3% on a monthly basis, accelerating from the 0.5% rise in April and likely the result of ongoing easing of containment measures. On an annual basis, the services sector was still down 4.0% in May, which was sharper than the 6.1% fall recorded the month prior.

FocusEconomics Consensus Forecast panelists expect industrial production to contract 1.7% in 2020, which is down 1.2 percentage points from the previous month’s forecast, before accelerating to 3.7% in 2021.

Author:, Economist

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