Korea Industry


Korea: Industrial production slumps to five-month low in July

August 31, 2015

In July, industrial production decreased 3.3% over the same month last year, which contrasted the 1.4% increase recorded in June. The result was much weaker than the 1.2% decline that the markets had expected and marked the poorest result in five months. According to the Korea National Statistics Office, July’s contraction mainly reflected a fall in manufacturing production. In contrast, the Statistics Office also reported that the construction, services and public administration sectors tallied increases.

A month-on-month comparison corroborates the deterioration suggested by annual data. Industrial production fell a seasonally-adjusted 0.5% in July, which contrasted the 1.4% increase tallied in June. Moreover, annual average growth in industrial output deteriorated from minus 0.8% to minus 1.4%, which marked the lowest level in almost seven years.

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 July 2015

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

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