Korea Industry May 2019


Korea: Industrial production dips again in May

June 28, 2019

Industrial production in the mining, manufacturing, and gas and electricity sectors fell 0.2% in annual terms in May, contrasting the revised 0.2% increase registered in April (previously reported: -0.1% year-on-year). The less-volatile average annual growth in industrial production echoed the weakness in the industrial sector, inching down to 0.8% in May from 1.0% in April.

Output in the manufacturing sector—which accounts for the majority of industrial production—dipped 0.1% in May, following flat growth in April. The dip came on the back of falling production, domestic and export orders, and shipments, while inventory levels rose higher in the month. Moreover, the average factory capacity utilization rate slackened to 71.7% in May from 72.7% in April.

In month-on-month seasonally adjusted terms, industrial production fell 1.7% in May, down from the revised 1.9% increase logged in April (previously reported: +1.6% month-on-month).

Against this backdrop, FocusEconomics Consensus Forecast panelists expect industrial production to increase a meager 0.8% in 2019, which is unchanged from last month’s forecast. For 2020, our panelists project industrial output to rise 2.1%.

Author:, Economist

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Korea Industry Chart

Korea Industry May 2019 0

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

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