Korea Industry December 2018


Korea: Industrial production finds its feet in December

January 31, 2019

Industrial production in the mining, manufacturing, and gas and electricity sectors rose 1.6% in December compared to the same month a year earlier, up from the revised 1.1% increase in November (previously reported: +0.1%). Meanwhile, the less-volatile average annual change in industrial production showed 0.4% growth in December, contrasting the 0.1% fall in November.

Output in the manufacturing sector—which accounts for most industrial production—rose 2.0% in December, up from the 1.3% increase in November. This was due to greater production destined for producer inventory stocks and both domestic and foreign customers. The average factory capacity utilization rate fell to 72.7% in December from 73.1% in November.

A month-on-month comparison adjusted for seasonality shows that industrial production fell 1.4% in December, less than the 1.6% decrease in November.

Korea Industrial Production Forecast

FocusEconomics Consensus Forecast panelists expect industrial production to expand 2.4% in 2019, which is unchanged from last month’s forecast. For 2020, our panelists expect industrial output to expand 2.4% again.

Author:, Economist

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Korea Industry Chart

Korea Industry December 2018

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

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