Korea Industry July 2018


Korea: Industrial production increases in July

August 31, 2018

Industrial production in the mining, manufacturing, and gas and electricity sectors increased 0.9% in July compared to the same month last year, contrasting the 0.4% fall in June. The average annual change in industrial production remained unchanged from June’s 0.2% contraction in July.

In terms of the manufacturing sector, which represents a large chunk of industrial production, output rose 0.8% in July, contrasting the 0.7% decrease in June. This came amid growth in manufacturers’ inventory levels and increased production destined for the external market. Weighing on the manufacturing sector, however, was a decrease in output for the domestic market. The average factor capacity utilization rate rose to 74.3% from 73.4% in June.

A month-on-month comparison adjusted for seasonality shows that industrial production grew 0.4% in July. This contrasts the 0.7% contraction in June.

Korea Industrial Production Forecast

FocusEconomics Consensus Forecast panelists expect industrial production to expand 1.2% in 2018, which is down 0.3 percentage points from last month’s forecast. For 2019, panelists expect industrial output to increase 2.3%.

Author:, Economist

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Korea Industry Chart

Korea Industry July 2018

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

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