Industry in Korea

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Korea - Industry

Industrial production finds its feet in December

Industrial production in the mining, manufacturing, and gas and electricity sectors rose 1.6% in December compared to the same month a year earlier, up from the revised 1.1% increase in November (previously reported: +0.1%). Meanwhile, the less-volatile average annual change in industrial production showed 0.4% growth in December, contrasting the 0.1% fall in November.

Output in the manufacturing sector—which accounts for most industrial production—rose 2.0% in December, up from the 1.3% increase in November. This was due to greater production destined for producer inventory stocks and both domestic and foreign customers. The average factory capacity utilization rate fell to 72.7% in December from 73.1% in November.

A month-on-month comparison adjusted for seasonality shows that industrial production fell 1.4% in December, less than the 1.6% decrease in November.

Korea Industrial Production Forecast

FocusEconomics Consensus Forecast panelists expect industrial production to expand 2.4% in 2019, which is unchanged from last month’s forecast. For 2020, our panelists expect industrial output to expand 2.4% again.

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

Bond Yield1.991.55 %Feb 20
Exchange Rate1,1240.21 %Feb 20
Stock Market2,230-0.40 %Feb 20

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