Korea Industry


Korea: Industrial production contracts again in March

April 1, 2015

In March, industrial production fell 0.1% over the same month last year, which was less pronounced than the 5.0% contraction recorded in February. March’s print overshot the 1.8% decline that the markets had expected. According to the Korea National Statistics Office, March’s contraction mainly reflected a fall in manufacturing production. The Statistics Office also reported that the services industry and public administration tallied expansions, while the construction sector contracted.

A month-on-month comparison does not corroborate the relative improvement suggested by annual data. Industrial production fell a seasonally-adjusted 0.4% in March, which contrasted the 2.3% increase tallied in February. Moreover, annual average growth in industrial output slid from minus 0.1% in February to minus 0.3% in March, which marked the lowest level in more than a year.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 3.1% in 2015, which is up 0.4 percentage points from last month’s forecast. For 2016, panelists expect industrial output to increase 3.5%.

Author:, Economist

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Korea Industry Chart

Korea Industry March 2015

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

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