Korea Industry June 2016


Korea: Industrial production decelerates in June

July 29, 2016

In June, industrial production rose slightly by 0.8% over the same month last year. This beat market expectations of a 0.3% increase but marked a strong deceleration from the revised 4.7% increase registered in May (previously reported: +4.3% year-on-year).

Looking at the details, manufacturing output increased 1.1% year-on-year in June, which came in below the 4.8% expansion recorded in May. Construction sustained another massive annual increase (June: +18.5% yoy; May: +20.5% yoy) and the service industry sub-category showed a 5.4% expansion (May: +3.6% yoy).

A month-on-month comparison confirmed the deceleration suggested by the annual data as industrial production declined 0.2% in June in seasonally-adjusted terms, which contrasted a 2.7% rise in May. The annual average variation in industrial output remained stable at 0.2% in June.

FocusEconomics Consensus Forecast panelists expect industrial production to contract 0.2% in 2016, which is unchanged from last month’s forecast. For 2017, panelists expect industrial output to increase 1.6%.

Author:, Economist

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