Korea: Industrial production growth remains weak
September 28, 2012
In August, industrial production added 0.3% over the same month last year, which was only an inch above the revised 0.2% expansion recorded in July (previously reported: +0.3% year-on-year). The reading undershot market expectations, which had industrial production expanding 0.7%. Compared to the previous month, industrial production fell a seasonally adjusted 0.7%, which was below the 1.9% drop recorded in July. The reading marked the third consecutive monthly drop, as strikes in the automobile sector slowed down economic activity in August. As a result of the weak annual reading, the trend continues to point down, with annual average growth in industrial output decelerating from 3.8% in July to 3.4% in August, the lowest level recorded since December 2009.