Korea: Industry grows to highest level in seven months in August
September 30, 2013
In August, industrial production jumped a working-day adjusted 3.3% over the same month last year, which marks the highest print observed in seven months. The reading came in above both the 0.9% expansion seen in July and market expectations of a 3.0% rise.
Compared to the previous month, industrial production increased 1.8% in seasonally-adjusted terms, which contrasts the 0.3% drop recorded in July. Building on the positive annual reading, annual average growth in industrial production stepped up from minus 0.7% in July to minus 0.3% in August.
FocusEconomics Consensus Forecast panelists expect industrial production to rise 1.3% 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