Korea: Industrial production expands at slowest pace in 10 months
August 31, 2011
In July, industrial production expanded 3.8% over the same month last year, which was lower than the 6.5% (previously reported: +6.4% year-on-year) increase recorded in June and fell short of market expectations of a 6.2% rise. In addition, the result marked the slowest expansion since September 2010. A month-on-month comparison provides a bleaker picture than the one suggested by annual data, as industrial production contracted 0.40% over the previous month, which contrasted the 0.87% increase recorded in June. As a consequence of the slowdown in annual figures, the trend moderated, with annual average growth in industrial production falling from the 10.1% increase recorded in June to a 9.1% expansion in July, thus marking the slowest pace in more than a year.
Author: Armando Ciccarelli, Head of Data Solutions