Korea: Industry falls to lowest point in seven months
October 30, 2013
In September, industrial production declined 3.6% over the same month last year, which represents the sharpest drop in seven months. The reading contrasts both the 3.2% expansion recorded in August and market expectations of a 1.2% increase.
Compared to August, industrial output fell 2.1% in seasonally-adjusted terms, which contrasts the 1.6% increase registered in August and marks the fastest drop in six months. Owing to the negative print, annual average growth in industrial output edged down from minus 0.3% in August to minus 0.5% in September.
FocusEconomics Consensus Forecast panelists expect industrial production to rise 1.8% this year, which is down 0.3 percentage points from last month's forecast. For 2014, participants expect industrial output to pick up to 4.9%.
Author: Ricardo Aceves, Senior Economist