Industry in Korea

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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

2015   2016   2017   2018   2019  
Industrial Production (annual variation in %)-0.3  2.2  2.7  1.6  -0.1  

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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

Value Change Date
Bond Yield1.681.55 %Dec 31
Exchange Rate1,1560.21 %Dec 31

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