Korea Industry


Korea: Industrial production accelerates in July

August 29, 2014

In July, industrial production jumped 3.4% over the same month last year, which marked the largest increase since February. The figure was well above market expectations of a 0.5% increase and exceeded June’s revised 0.4% expansion (previously reported: +0.6% year-on-year). In addition, industrial production recovered the ground lost in May when output fell 2.1%. According to the Korea National Statistics Office, July’s result reflected a broad-based improvement, particularly in manufacturing output.

A month-on-month comparison showed that industrial production increased a seasonally-adjusted 1.1% in July, which was down from the 2.6% increase in June. Annual average growth in industrial output inched up from 0.8% in June to 0.9% in July.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 3.2% in 2014, which is down 0.2 percentage points from last month’s forecast. For 2015, participants expect industrial output to increase 4.4%.

Author: Angela Bouzanis, Senior Economist

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Korea Industry Chart

Korea Industry July 2014

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

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