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Korea: Industrial production falls to ten-month low in November

December 31, 2014

In November, industrial production decreased 3.4% over the same month of the previous year, which was slightly down from the 3.2% expansion recorded in October and marked the largest drop in ten months. November’s reading overshot the 2.3% contraction that the markets had expected. According to the Korea National Statistics Office, November’s decline reflected a deterioration in almost all of the subcomponents that comprise the index. The construction category posted the largest decrease, followed by manufacturing production and services. Conversely, public administration accelerated compared to the same month of the previous year.

A month-on-month comparison does not corroborate the deterioration suggested by annual data. Industrial production rose a seasonally-adjusted 1.3% in November, which contrasts the 1.7% contraction tallied in October. As a result of November’s annual decline, annual average growth in industrial output fell from 0.4% in October to 0.2% in November.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 3.1% in 2015, which is up 0.4 percentage points from last month’s forecast. For 2016, panelists expect industrial output to increase 3.5%.


Author:, Economist

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Korea Industry November 2014

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


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