Korea: Industrial production rebounds in July
August 30, 2019
Industrial production year-on-year increased 0.6% in July, contrasting June’s 2.6% fall. The less-volatile average annual growth in industrial production weakened to 0.3% in July, from 0.5% in June.
Output in the manufacturing sector—which accounts for the majority of industrial production—rebounded in July after June’s sharp contraction. July’s rise was driven by a jump in shipments, which came on the back of stronger domestic and export demand. Meanwhile, the average factory capacity utility rate rose to 74.8 in July from 72.2 the month prior.
In month-on-month seasonally adjusted terms, industrial production accelerated 2.6% in July from 0.1% in June (previously reported: +0.6% month-on-month).
Author: Steven Burke, Economist