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).
Author: Edward Gardner, Economist