Korea: Industry reaches highest level in over a year
March 31, 2014
In February, industrial production grew 4.3% over the same month last year, which contrasted the 4.3% decline tallied in January. The reading, which came in above the 3.6% increase the market had expected, represented the strongest expansion since January 2013.
Compared to the previous month, industrial production decreased 1.8% in seasonally-adjusted terms, which followed the 0.1% decline registered in January. Building on the positive annual reading, annual average growth in industrial production swung from minus 0.7% in January to a positive 0.3% in February.
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