Korea: Industrial production contracts in December
December 30, 2015
In December, industrial production decreased 1.9% over the same month of the previous year, which came in below the 0.1% drop recorded in November but beat market expectations of a steeper 3.0% fall. According to the Korea National Statistics Office, December’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 strong annual growth in December.
On a month-on-month basis, industrial production rose a seasonally-adjusted 1.3% in December, which contrasted the 2.1% decrease tallied in November. Annual average growth in industrial output decreased from minus 0.4% in November to minus 0.7% in December.