Korea Industry April 2020


Korea: Industrial output falls at sharpest rate since September 2018 in April

May 29, 2020

Industrial production fell 4.5% year-on-year in April (March: +7.4% yoy). April's figure marked the steepest contraction since September 2018.

On a monthly basis, industrial output plunged 6.0% April (March: +4.7% mom). The reading marked the worst result since December 2008. Accordingly, the trend pointed down, with the annual average growth of industrial production coming in at 1.5% in April, down from March's 1.9%.

Meanwhile, the services sector—which accounts for roughly 60% of the economy—increased 0.5% on a monthly basis, rebounding from the 4.4% drop in March and likely the result of easing containment measures. On an annual basis, the services sector was down 6.1% in April, which was sharper than the 4.9% fall recorded the month prior.

FocusEconomics Consensus Forecast panelists expect industrial production growth to reach 1.2% in 2020, which is down 2.5 percentage points from the previous month’s forecast, before accelerating to 2.6% in 2021.

Author:, Economist

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