Korea Industry July 2019

Korea

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).

Against this backdrop, FocusEconomics Consensus Forecast panelists expect industrial production to fall 0.7% in 2019. For 2020, our panelists project industrial output to rise 1.9%.


Author:, Economist

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Korea Industry July 2019 0

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


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