Korea Industry


Korea: Industrial production contracts again in May

June 30, 2015

In May, industrial production fell 2.8% over the same month last year, which followed the 2.6% decline recorded in April. May’s print undershot the 2.0% decline that the markets had expected. According to the Korea National Statistics Office, May’s contraction mainly reflected a fall in manufacturing production. The Statistics Office also reported that the construction sector contracted, while the industrial sector and public administration services tallied increases.

A month-on-month comparison roughly corroborates the deterioration suggested by annual data. Industrial production fell a seasonally-adjusted 1.3% in May, which equaled the decline tallied in April. Moreover, annual average growth in industrial output held at April’s minus 0.8%, which marked the lowest level in more than six years.

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 May 2015

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

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