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.
Author: Carl Kelly, Economist