Korea Industry January 2016


Korea: Industrial production continues to contract in January

March 2, 2016

In January, industrial production decreased 1.9% over the same month last year, which was a softer drop than the 2.2% decrease recorded in December. The reading undershot the 2.2% the markets had expected. According to the Korea National Statistics Office, January’s slump reflected a decline in the all-important manufacturing production. Meanwhile, the Statistics Office reported that the services, construction and public administration sectors experienced solid annual growth in January.

On a month-on-month basis, industrial production declined a seasonally-adjusted 1.8% in January, which contrasted the 0.5% increase tallied in December. Annual average growth in industrial output decreased from minus 0.6% in December to minus 0.9% in January.

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: Teresa Kersting, Economist

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Korea Industry Chart

Korea Industry January 2016

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

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