Industry in Korea
Korea - Industry
Industrial production growth hits a seven-month high in August
Industrial production in the mining, manufacturing, and gas and electricity sectors increased 2.5% in August compared to the same month last year, up from the revised 1.0% rise in July (previously reported: +0.9% year-on-year). This represents the fastest expansion in seven months. Despite the strong result in August, the average annual change in industrial production remained unchanged from July’s 0.2% contraction.
In terms of the manufacturing sector, which accounts for the majority of industrial production, output rose 2.0% in August, up from 0.9% in July. This was due to growth in production destined for both domestic and external markets. Inventory levels of manufacturers also increased in August. The average factor capacity utilization rate rose to 75.7% from 73.2% in July.
A month-on-month comparison adjusted for seasonality shows that industrial production grew 1.4% in August, up from 0.5% in July.
Korea Industrial Production Forecast
FocusEconomics Consensus Forecast panelists expect industrial production to expand 1.1% in 2018, which is down 0.1 percentage points from last month’s forecast. For 2019, panelists expect industrial output to increase 2.6%, up 0.3 percentage points from last month’s forecast.
Korea - Industry Data
|Industrial Production (annual variation in %)||0.7||0.3||-0.3||2.3||1.9|
5 years of economic forecasts for more than 30 economic indicators.
Korea Industry Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
|Bond Yield||2.34||1.55 %||Oct 22|
|Exchange Rate||1,128||0.21 %||Oct 22|
|Stock Market||2,162||-0.40 %||Oct 22|
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October 18, 2018
At its 18 October monetary policy meeting, the Bank of Korea (BOK) kept the base rate unchanged at 1.50% amid sluggish labor market conditions and weak core inflation.
October 5, 2018
According to the National Statistics Office of Korea, consumer prices rose 0.7% over the previous month in September, up from the 0.5% rise in August.
October 2, 2018
The Bank of Korea’s forward-looking business confidence indicator (BSI) for the manufacturing sector has registered pessimism among businesses for every month since June 2011.
October 2, 2018
Industrial production in the mining, manufacturing, and gas and electricity sectors increased 2.5% in August compared to the same month last year, up from the revised 1.0% rise in July (previously reported: +0.9% year-on-year).
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Business conditions improved in Korea’s manufacturing sector for the first time in seven months in September, with the headline manufacturing Purchasing Managers’ Index (PMI) rising to 51.3 from 49.9 in August.