Korea Industry

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Korea: Industrial production decelerates in October

November 30, 2015

In October, industrial production increased 1.5% over the same month last year, which was weaker than the 2.8% increase recorded in September. The result matched the 1.5% increase that the markets had expected. According to the Korea National Statistics Office, October’s deceleration mainly reflected weaker manufacturing production. The Statistics Office also reported that the construction, services and public administration sectors experienced a slowdown.

A month-on-month comparison corroborates the deterioration suggested by annual data. Industrial production fell a seasonally-adjusted 1.4% in October, which contrasted the 2.2% increase tallied in September. Annual average growth in industrial output increased in October from minus 1.1% to minus 0.7%.

FocusEconomics Consensus Forecast panelists expect industrial production to contract 0.2% in 2015, which is down 0.6 percentage points from last month’s forecast. For 2016, panelists expect industrial output to increase 1.8%, which is down 0.3 percentage points from last month’s estimate.


Author:, Economist

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Korea Industry October 2015

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


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