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Korea Industry August 2022

Korea: Industrial output records lowest expansion since August 2020 in August

Industrial output expanded 0.3% year on year in seasonally-adjusted terms in August (July: +3.0% s.a. yoy). The figure marked the worst reading since August 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 August.

On a seasonally adjusted monthly basis, factory output fell at a sharper rate of 1.8% in August (July: -1.3% mom). Meanwhile, annual average industrial production growth fell to 3.9% in August (July: +4.7%). This signals a worsening trend in the industrial sector.

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