Korea Industry October 2018


Korea: Industrial production rebounds in October

November 30, 2018

Industrial production in the mining, manufacturing, and gas and electricity sectors jumped 10.7% in October compared to the same month a year earlier, contrasting the 8.4% decrease in September, which was the largest decline in industrial output in nine-and-a-half years. The average annual change in industrial production improved from -1.7% in September to -0.4% in October.

Output in the manufacturing sector—which accounts for most of industrial production in Korea—rose 11.1% in October, contrasting the 8.9% fall in September. This was due to a rebound in output destined for both domestic and foreign markets. Meanwhile, the average factory capacity utilization rate ticked up to 74.0% in October from 73.8% in September, while inventory levels increased.

A month-on-month comparison adjusted for seasonality shows that industrial production rose 1.0% in October, contrasting the 2.7% decrease in September.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 2.3% in 2019, which is down 0.4 percentage points from last month’s forecast. For 2020, our panelists expect industrial output to expand 2.3% again.

Author:, Economist

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Korea Industry Chart

Korea Industry October 2018

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

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