Korea Industry January 2018


Korea: Industrial production grows for the first time in four months in January

March 2, 2018

Industrial production in the mining, manufacturing, gas and electricity sectors increased 4.6% in January compared to the same month last year, contrasting December’s revised 4.6% decrease (previously reported: -6.0% year-on-year). The growth reading in January was the first in four months and above market expectations of a 3.2% expansion. Annual average growth in industrial production accelerated to 2.2% in January, up from December’s revised growth of 2.0% (previously reported: +0.8% yoy).

Output in the manufacturing sector swung to a 4.3% expansion in January compared to the same month last year, providing a significant boost to the month’s headline industrial production growth. The average factory capacity utilization rate ticked up to 70.4% in January from December’s revised 70.2% (previously reported: 70.4%).

A month-on-month comparison adjusted for seasonality shows that industrial production increased 1.0% in January, contrasting December’s revised 1.7% decrease (previously reported: -0.5% month-on-month).

FocusEconomics Consensus Forecast panelists expect industrial production to expand 2.1% in 2018, which is up 0.1 percentage points from last month’s forecast. For 2019, panelists expect industrial output to increase 2.5%.

Author:, Economist

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Korea Industry Chart

Korea Industry January 2018

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

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