Korea Industry September 2019


Korea: Industrial production rebounds in September

October 31, 2019

Industrial production increased 0.4% year-on-year in September, contrasting August’s revised 3.3% decline (previously: -2.9% year-on-year). Moreover, average annual variation in industrial production ticked up to 0.2% in September, contrasting August’s 0.3% decrease.

Output in the manufacturing sector—which accounts for the majority of industrial production—expanded marginally in September after contracting in August. The services sector also grew in the month, albeit at a softer pace than in August.

In month-on-month and seasonally-adjusted terms, industrial production rose 2.0% in September, contrasting a decrease of 1.8% in August. Meanwhile, the average factory capacity utilization rate increased to 75.6 in September from 73.4 in the prior month.

Going forward, a subdued global growth outlook and ongoing U.S.-China trade tensions will likely continue to suppress industrial production. Ongoing fiscal and monetary stimulus measures, however, ought to buttress the industrial sector somewhat.

Against this backdrop, FocusEconomics Consensus Forecast panelists expect industrial production to increase 2.4% in 2020, down 0.2 percentage points from last month’s forecast. For 2021, our panelists project industrial output to rise 1.8%.

Author:, Economist

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Korea Industry Chart

Korea Industry September 2019

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

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