Industry in Korea

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Korea - Industry

Industrial production decreases in June

Industrial production in the mining, manufacturing, and gas and electricity sectors decreased 0.4% in June compared to the same month last year, contrasting the revised 1.2% increase in May (previously reported: 0.9% year-on-year). The average annual change in industrial production slipped to a 0.2% contraction in June (May: -0.1% yoy).

Output in the manufacturing sector decreased 0.7% in June, a contrast from the 1.0% growth recorded in May. This was due to weaker production destined for the domestic market in Korea and coincided with strong growth in producers’ inventory levels. Meanwhile, the average factor capacity utilization rate decreased to 73.5% in June from 74.0% in May.

A month-on-month comparison adjusted for seasonality shows that industrial production was stable in June. This contrasts the 1.6% increase recorded in May.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 1.5% in 2018, which is up 0.1 percentage points from last month’s forecast. For 2019, panelists expect industrial output to increase 2.6%.

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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