Industry in Korea

Korea Industry | Economic News & Forecasts

Korea - Industry

Industrial production falls in June, rounds out a weak second quarter

Industrial production fell 2.9% in annual terms in June, contrasting the revised 0.2% increase registered in May (previously reported: -0.2% year-on-year). The less-volatile average annual growth in industrial production also weakened in the month, edging down to 0.4% from 0.8% in May.

Output in the manufacturing sector—which accounts for the majority of industrial production—declined sharply in June after marginal growth in May, causing a contraction in the second quarter as a whole. June’s drop was driven by falling shipments, which came on the back of sharper declines in both domestic and export demand, and slower inventory buildup. Meanwhile, the average factory capacity utilization rate was stable at May’s 71.9% in June.

In month-on-month seasonally adjusted terms, industrial production recovered 0.2% in June from the downwardly revised 1.3% decline in May (previously reported: -1.7% month-on-month).

Against this backdrop, FocusEconomics Consensus Forecast panelists expect industrial production to fall 0.4% in 2019, which is down 1.2 percentage points from last month’s forecast. For 2020, our panelists project industrial output to rise 2.3%.

Korea - Industry Data

2013  2014  2015  2016  2017  
Industrial Production (annual variation in %)0.7  0.3  -0.3  2.2  2.6  

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Korea Industry Chart


Korea Industry
Note: Annual variation of industrial production in %.
Source: Korea National Statistics Office and FocusEconomics calculations.

Korea Facts

ValueChangeDate
Bond Yield1.391.55 %Jul 31
Exchange Rate1,1830.21 %Jul 31
Stock Market2,025-0.40 %Jul 31

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