Korea Industry


Korea: Industrial production accelerates in September

October 30, 2015

In September, industrial production increased 2.4% over the same month last year, which was much stronger than the 0.1% increase recorded in August and marked the fastest growth in over a year. The result also exceeded the 0.6% increase that the markets had expected. According to the Korea National Statistics Office, September’s expansion reflected a steep pick up in manufacturing production. The Statistics Office also reported that the construction, services and public administration sectors increased.

A month-on-month comparison corroborates the improvement suggested by annual data. Industrial production rose a seasonally-adjusted 1.9% in September, which was well above the 0.2% increase tallied in August. Moreover, annual average growth in industrial output increased in September from minus 1.2% to minus 1.1%.

FocusEconomics Consensus Forecast panelists expect industrial production to contract 0.2% in 2015, which is down 0.6 percentage points from last month’s forecast. For 2016, panelists expect industrial output to increase 1.8%, which is down 0.3 percentage points from last month’s estimate.

Author:, Economist

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Korea Industry Chart

Korea Industry September 2015 1

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

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