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
Korea Industry Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Industrial Production (s.a. ann. var. %) | 1.5 | -0.1 | -0.1 | 8.4 | 0.9 |
Industrial output growth slows in December
Industrial output rose 0.6% month-on-month in seasonally adjusted terms in December (November: +3.6% mom). Looking at the details of the release, manufacturing output slowed in December, and electricity, gas and steam output swung to contraction. Meanwhile, mining and quarrying production expanded. On an annual basis, industrial output grew 10.0% in seasonally adjusted terms in December, notably above November’s 5.5% expansion and marking the best result since June 2021. Moreover, the trend improved sizably, with the annual average variation of industrial production coming in at minus 3.9% in December, up from November's minus 5.3% reading.
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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