Korea Industry


Korea: Industrial production records largest decline since January

September 30, 2014

In August, industrial production decreased 2.8% over the same month last year, which marked the largest decline since January 2014. The figure contrasted both July’s revised 3.9% expansion (previously reported: +3.4% year-on-year) and market expectations of a 2.0% expansion. According to the Korea National Statistics Office, the result was mainly due to a sharp decline in the manufacturing sub-component of the index. Manufacturing output declined 2.7% in August, which contrasted the 4.0% expansion tallied in July.

A month-on-month comparison shows that industrial production decreased a seasonally-adjusted 3.8% in August, which contrasted the 1.5% expansion recorded in July. Annual average growth in industrial output fell from 1.0% in July to 0.5% in August.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 2.7% in 2014, which is down 0.4 percentage points from last month’s forecast. For 2015, panelists expect industrial output to increase 4.0%, which is down 0.3 percentage points from last month’s forecast.

Author:, Economist

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