Korea Industry


Korea: Industrial production rebounds to modest growth in December

January 30, 2015

In December, industrial production increased a modest 0.4% over the same month of the previous year, which nonetheless contrasted the 3.4% contraction recorded in November. December’s reading topped the flat reading that the markets had expected. According to the Korea National Statistics Office, December’s increase reflected an improvement in all the categories of the index. Manufacturing production returned to growth, while the service industry and public administration tallied higher increases compared to the same month of the previous year. Meanwhile, the decrease in construction activity was less pronounced.

A month-on-month comparison corroborates the improvement suggested by annual data. Industrial production rose a seasonally-adjusted 3.0% in December, which was greater than the 1.0% increased tallied in November. Despite December’s annual growth, annual average growth in industrial output fell from 0.2% in November to a flat reading in December.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 3.1% in 2015, which is up 0.4 percentage points from last month’s forecast. For 2016, panelists expect industrial output to increase 3.5%.

Author:, Economist

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Korea Industry Chart

Korea Industry December 2014

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

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