Industry in Korea

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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

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.

Korea Facts

ValueChangeDate
Bond Yield2.341.55 %Oct 22
Exchange Rate1,1280.21 %Oct 22
Stock Market2,162-0.40 %Oct 22

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