Industry in Korea
Korea - Industry
Industrial production rebounds in September
Industrial production increased 0.4% year-on-year in September, contrasting August’s revised 3.3% decline (previously: -2.9% year-on-year). Moreover, average annual variation in industrial production ticked up to 0.2% in September, contrasting August’s 0.3% decrease.
Output in the manufacturing sector—which accounts for the majority of industrial production—expanded marginally in September after contracting in August. The services sector also grew in the month, albeit at a softer pace than in August.
In month-on-month and seasonally-adjusted terms, industrial production rose 2.0% in September, contrasting a decrease of 1.8% in August. Meanwhile, the average factory capacity utilization rate increased to 75.6 in September from 73.4 in the prior month.
Going forward, a subdued global growth outlook and ongoing U.S.-China trade tensions will likely continue to suppress industrial production. Ongoing fiscal and monetary stimulus measures, however, ought to buttress the industrial sector somewhat.
Against this backdrop, FocusEconomics Consensus Forecast panelists expect industrial production to increase 2.4% in 2020, down 0.2 percentage points from last month’s forecast. For 2021, our panelists project industrial output to rise 1.8%.
Korea - Industry Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Industrial Production (annual variation in %) | 0.7 | 0.3 | -0.3 | 2.2 | 2.6 |
Korea Industry Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
Korea Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.34 | 1.55 % | Sep 04 |
| Exchange Rate | 1,208 | 0.21 % | Sep 04 |
| Stock Market | 1,989 | -0.40 % | Sep 04 |
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Economic News
Korea: Consumer prices year-on-year stable in October
November 1, 2019
Consumer prices increased 0.2% over the prior month in October, down from September’s 0.4% rise.
Korea: Manufacturing sector remains depressed in October
November 1, 2019
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) ticked up marginally from 48.0 in September to 48.4 in October, and thus remained below the 50-threshold that separates contraction from expansion in the manufacturing sector.
Korea: Industrial production rebounds in September
October 31, 2019
Industrial production increased 0.4% year-on-year in September, contrasting August’s revised 3.3% decline (previously: -2.9% year-on-year).
Korea: Forward-looking manufacturing business confidence yet more pessimistic for November
October 29, 2019
The Bank of Korea’s forward-looking business confidence indicator for manufacturers edged down to 72 in November from 73 in October, while confidence in the non-manufacturing sector also decreased to 72 points in November from 74 in the month prior.
Korea: Economy stable in Q2 despite lingering external headwinds
October 24, 2019
According to preliminary data released by the Bank of Korea, the economy grew 2.0% in annual terms in the third quarter, matching the second quarter’s reading and just shy of market analyst expectations of 2.1% growth.
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