Korea Industry February 2016


Korea: Industrial production rebounds in February

March 31, 2016

In February, industrial production expanded 2.4% over the same month last year, which contrasted both the 2.2% decrease recorded in January and the 0.2% contraction the markets had expected.

The monthly rebound was mainly the result of a low base of comparison (bas effect), as industrial production had contracted 5.1% in February 2014. Looking at the details, manufacturing output bounced back in February and increased 2.3% (January: -2.3% year-on-year). Meanwhile, construction continued to expand.

On a month-on-month basis, industrial production jumped 3.3% in February in seasonally-adjusted terms, which contrasted the 2.1% drop tallied in January. Due to the strong increase in February, the annual average variation in industrial output rose from minus 0.9% in January to minus 0.3% in February.

FocusEconomics Consensus Forecast panelists expect industrial production to contract 0.8% in 2016, which is unchanged from last month’s forecast. For 2017, panelists expect industrial output to increase 1.7%.

Author:, Senior Economist

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Korea Industry Chart

Korea Industry February 2016

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

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