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.