Korea Industry December 2016


Korea: Industrial output shows another month of healthy growth in December

January 30, 2017

In December, industrial production increased 4.3% from the same month of the previous year. This followed the already strong 5.3% expansion in November and overshot the 4.1% increase the markets had expected. A month-on-month comparison showed that industrial output decreased 0.5% in seasonally adjusted terms. The print drastically contrasted the 3.6% spike seen in November.

December’s year-on-year increase reflected that manufacturing output expanded 4.4%, after increasing 5.4% in November. Meanwhile, output in the service sector rose 1.7% in December (November: +2.7% year-on-year) and construction activity increased substantially for a third consecutive month (December: +12.8% yoy; November: +25.9% yoy).

Korea’s industrial production increased 1.1% in 2016, rebounding from a 0.6% contraction in 2015.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 1.9% in 2017, which is unchanged from last month’s forecast. For 2018, panelists expect industrial output to increase 1.8%.

Author:, Senior Economist

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Korea Industry Chart

Korea Industry December 2016

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

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