Korea: Industrial production picks up pace in January
March 2, 2015
In January, industrial production expanded 1.8% over the same month last year, which followed the 1.1% increase recorded in December. January’s print topped the 1.5% reading that the markets had expected. According to the Korea National Statistics Office, January’s increase mainly reflected an acceleration in manufacturing production. The service industry also grew, although at a slower pace. Construction activity contracted for a third straight month, and public administration swung from growth in December to a steep fall in January.
A month-on-month comparison does not corroborate the improvement suggested by annual data. Industrial production fell a seasonally-adjusted 3.7% in January, which contrasted the 3.4% increase tallied in December. However, given the stronger annual growth rate, annual average growth in industrial output improved from 0.1% in December to 0.6% in January.
Author: Carl Kelly, Economist