Russia: Industrial output records lowest expansion in over a year in June
Industrial output rose 1.9% year on year in June (May: +5.3% yoy). The result marked the worst reading since March...
Industrial Production in Korea
The Korean economy recorded average industrial production growth of 1.6% in the decade to 2022, below the 4.1% average for the Asia-Pacific region. In 2022, industrial production growth was 1.3%. For more information on industry, visit our dedicated page
Korea Industry Chart
Note: This chart displays Industrial Production (annual variation in %) for Korea from 2014 to 2023.
Source: Macrobond.
Korea Industry Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Industrial Production (s.a. ann. var. %) | -0.1 | -0.1 | 8.4 | 0.9 | -2.5 |
Industrial output dips in May
Industrial output decreased 1.2% month-on-month in seasonally adjusted terms in May (April: +2.4% mom), contrasting market expectations of an expansion. The reading was largely due to a deterioration in manufacturing output. In contrast, electricity, gas and steam output dropped at a softer pace. On an annual basis, factory output rose 1.4% in seasonally adjusted terms in May, which was significantly below April’s 6.2% expansion and marked the worst result since August 2023. Meanwhile, annual average industrial production growth rose to 3.0% in May (April: +2.2%).
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Korean industry projections for the next ten years from a panel of 6 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable industry forecast available for Korean industry.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Korean industry projections.
Want to get access to the full dataset of Korean industry forecasts? Send an email to info@focus-economics.com.
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