Korea: Industrial production continues to decelerate
August 31, 2012
In July, industrial production added a meagre 0.3% over the same month last year, which was only a fraction of the revised 1.4% expansion recorded in June (previously reported: +1.6% year-on-year). The reading undershot market expectations, which had industrial production expanding 1.2%. Compared to the previous month, industrial production fell a seasonally adjusted 1.6%, which was below the 0.6% drop recorded in June. As a result of the weak annual reading, the trend continues to point down, with annual average growth in industrial output decelerating from 4.0% in June to 3.8% in July, the lowest level since December 2009.