Korea: Industrial production rebounds in June
July 31, 2015
In June, industrial production increased 1.2% over the same month last year, which contrasted the 3.0% decline recorded in May and well overshot the 1.0% decline that the markets had expected. According to the Korea National Statistics Office, June’s expansion mainly reflected a rise in manufacturing production. The Statistics Office also reported that the construction, services and public administration sectors tallied increases.
A month-on-month comparison corroborates the improvement suggested by annual data. Industrial production expanded a seasonally-adjusted 2.3% in June, which contrasted the 1.6% decline tallied in May. However, annual average growth in industrial output held at minus 0.8% for the third consecutive month, which marks the lowest level in more than six years.
Author: Carl Kelly, Economist