Korea Industry March 2016


Korea: Industrial output loses ground in March

April 29, 2016

In March, industrial production contracted 1.5% over the same month last year, which lost part of the ground gained in February, when output expanded a revised 2.2% (previously reported: +2.4% year-on-year). In addition, the reading disappointed the markets, which had expected a mild 0.3% increase.

Looking at the details, manufacturing output swung from a 2.0% increase in February to a 1.5% increase in March. Conversely, construction saw a massive 23.3% annual increase in March and the service industry sub-category showed a 2.7% expansion.

On a month-on-month basis, industrial production decreased 2.2% in March in seasonally-adjusted terms, which contrasted the 3.2% drop increase in February. The annual average variation in industrial output fell from minus 0.3% in February to minus 0.5% in March.

FocusEconomics Consensus Forecast panelists expect industrial production to contract 0.8% in 2016, which is unchanged from last month’s forecast. For 2017, panelists expect industrial output to increase 1.7%.

Author:, Senior Economist

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Korea Industry Chart

Korea Industry March 2016

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

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