Industry in Korea

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Korea - Industry

Industrial production dips in April

Industrial production in the mining, manufacturing, and gas and electricity sectors fell 0.1% in annual terms in April, following the 2.3% decrease logged in March. Meanwhile, the less-volatile average annual growth in industrial production inched down to 1.0% in April from 1.2% in March.

Output in the manufacturing sector—which accounts for the majority of industrial production—continued to shrink in April, albeit at a softer rate than in previous months (April: -0.1% year-on-year; March: -2.3% yoy). The dip was largely due to a further decline in production, while inventory levels rose in the month. On a brighter note, shipments rebounded marginally in April on a recovery in domestic orders, while the average factory capacity utilization rate increased to 72.6% in April from 71.6% in March.

In month-on-month seasonally adjusted terms, industrial production increased 1.6% in April, down from the 2.1% rise registered in March (previously reported: +1.4% month-on-month).

Against this backdrop, FocusEconomics Consensus Forecast panelists expect industrial production to increase a meager 0.8% in 2019, which is down 0.5 percentage points from last month’s forecast. For 2020, our panelists project industrial output to rise 2.1%.

Korea - Industry Data

2013  2014  2015  2016  2017  
Industrial Production (annual variation in %)0.7  0.3  -0.3  2.3  1.9  

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Korea Industry Chart

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

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