Korea Industry March 2018


Korea: Industrial production contracts again in March

April 30, 2018

Industrial production in the mining, manufacturing, and gas and electricity sectors dropped 4.3% in March compared to the same month last year, less than February’s revised 6.8% contraction (previously reported: -6.4% year-on-year) but still representing the second consecutive month of heavy year-on-year contraction. Moreover, annual average growth in industrial production decelerated to 0.2% in March (February: +1.0% yoy).

Output in the manufacturing sector decreased 4.7% in March (February: -7.8% yoy) on the back of weak activity in the automobile and machinery sectors. The average factory capacity utilization rate, meanwhile, fell to 70.3% in March from February’s 72.1%.

A month-on-month comparison adjusted for seasonality shows that industrial production fell 2.5% in March, contrasting with February’s 0.8% increase.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 1.5% in 2018, which is down 0.3 percentage points from last month’s forecast. For 2019, panelists expect industrial output to increase 2.5%.

Author:, Economist

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Korea Industry Chart

Korea Industry March 2018

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

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