Industry in Korea
Korea - Industry
Industrial production rebounds in October
Industrial production in the mining, manufacturing, and gas and electricity sectors jumped 10.7% in October compared to the same month a year earlier, contrasting the 8.4% decrease in September, which was the largest decline in industrial output in nine-and-a-half years. The average annual change in industrial production improved from -1.7% in September to -0.4% in October.
Output in the manufacturing sector—which accounts for most of industrial production in Korea—rose 11.1% in October, contrasting the 8.9% fall in September. This was due to a rebound in output destined for both domestic and foreign markets. Meanwhile, the average factory capacity utilization rate ticked up to 74.0% in October from 73.8% in September, while inventory levels increased.
A month-on-month comparison adjusted for seasonality shows that industrial production rose 1.0% in October, contrasting the 2.7% decrease in September.
FocusEconomics Consensus Forecast panelists expect industrial production to expand 2.3% in 2019, which is down 0.4 percentage points from last month’s forecast. For 2020, our panelists expect industrial output to expand 2.3% again.
Korea - Industry Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Industrial Production (annual variation in %) | 0.7 | 0.3 | -0.3 | 2.3 | 1.9 |
Korea Industry Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
Korea Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 2.00 | 1.55 % | Dec 14 |
| Exchange Rate | 1,131 | 0.21 % | Dec 14 |
| Stock Market | 2,069 | -0.40 % | Dec 14 |
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Economic News
Korea: Inflation is stable in November
December 4, 2018
Consumer prices dropped 0.7% over the previous month in November, down from October’s 0.2% decrease.
Korea: Comprehensive data shows that the economy lost growth momentum in Q3
December 4, 2018
According to comprehensive data released by the Bank of Korea on 4 December, GDP increased 2.0% in the third quarter from the same quarter last year.
Korea: Business conditions deteriorate sharply in November
December 3, 2018
The manufacturing Purchasing Managers’ Index (PMI), produced by Nikkei and reported by IHS Markit, fell from 51.0 in October to 48.6 in November.
Korea: Trade surplus narrows on strong imports in November, while export growth sags
December 1, 2018
Merchandise exports increased 4.5% in November—down from October’s exceptional 22.7% rise—to total USD 51.9 billion.
Korea: BOK raises interest rates in November
November 30, 2018
At its 30 November monetary policy meeting, the Bank of Korea (BOK) raised the base rate for the first time in a year from 1.50% to 1.75%.
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