Industry in Korea
Korea - Industry
Industrial activity falls at sharpest rate since October 2020 in September
Industrial output dropped 1.8% year-on-year in September, contrasting August's 9.7% increase. September's outturn marked the worst reading since October 2020. The slowdown was largely driven by a slump in manufacturing output, amid weaker domestic and foreign demand. Meanwhile, capacity utilization was also lower amid reports of shortages of raw materials and other supply disruptions.
On a monthly basis, industrial production dropped 0.8% in seasonally-adjusted terms in September, which was below August’s 0.7% fall. Meanwhile, annual average industrial production growth fell to 5.6% in September (August: +6.3%). This signals a worsening trend in the industrial sector.
FocusEconomics Consensus Forecast panelists expect industrial production to expand 3.2% in 2022, which is unchanged from the previous month’s forecast, before growing 3.1% in 2023.
Korea - Industry Data
|Industrial Production (annual variation in %)||-0.3||2.2||2.7||1.6||-0.1|
5 years of economic forecasts for more than 30 economic indicators.
Korea Industry Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
|Bond Yield||1.68||1.55 %||Dec 31|
|Exchange Rate||1,156||0.21 %||Dec 31|
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