Industry in Korea
Korea - Industry
Industrial production finds its feet in December
Industrial production in the mining, manufacturing, and gas and electricity sectors rose 1.6% in December compared to the same month a year earlier, up from the revised 1.1% increase in November (previously reported: +0.1%). Meanwhile, the less-volatile average annual change in industrial production showed 0.4% growth in December, contrasting the 0.1% fall in November.
Output in the manufacturing sector—which accounts for most industrial production—rose 2.0% in December, up from the 1.3% increase in November. This was due to greater production destined for producer inventory stocks and both domestic and foreign customers. The average factory capacity utilization rate fell to 72.7% in December from 73.1% in November.
A month-on-month comparison adjusted for seasonality shows that industrial production fell 1.4% in December, less than the 1.6% decrease in November.
Korea Industrial Production Forecast
FocusEconomics Consensus Forecast panelists expect industrial production to expand 2.4% in 2019, which is unchanged from last month’s forecast. For 2020, our panelists expect industrial output to expand 2.4% again.
Korea - Industry Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Industrial Production (annual variation in %) | 0.7 | 0.3 | -0.3 | 2.3 | 1.9 |
Korea Industry Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
Korea Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.99 | 1.55 % | Feb 20 |
| Exchange Rate | 1,124 | 0.21 % | Feb 20 |
| Stock Market | 2,230 | -0.40 % | Feb 20 |
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Economic News
Korea: Exports fall in January for second consecutive month
February 1, 2019
Merchandise exports fell 5.8% year-on-year in January—a more pronounced drop than December’s revised 1.3% fall (previously reported: -1.2% year-on-year)—to total USD 46.4 billion.
Korea: Business conditions deteriorate to an over two-year low in January and optimism falls
February 1, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by Nikkei and reported by IHS Markit, fell from 49.8 in December to 48.3 in January, which represents an over two-year low.
Korea: Inflation moderates to a one-year low in January
February 1, 2019
Consumer prices decreased 0.1% month-on-month in January, less than the 0.3% drop in December.
Korea: Industrial production finds its feet in December
January 31, 2019
Industrial production in the mining, manufacturing, and gas and electricity sectors rose 1.6% in December compared to the same month a year earlier, up from the revised 1.1% increase in November (previously reported: +0.1%).
Korea: Forward-looking business confidence falls further into pessimism for February
January 30, 2019
For February, the Bank of Korea’s forward-looking business confidence indicator (BSI) for manufacturers fell to 65 from the 71 for January, leaving it below the crucial 100-point threshold separating pessimism from optimism, where it has been since June 2011.
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