Korea: Industrial production contracts in January
February 29, 2012
In January, industrial production fell 2.0% over the same month last year, which marked the first annual contraction since June 2009. The reading contrasted the 2.8% increase recorded in December but was better than market expectations, which had industrial production contracting a sharper 3.5%. The contraction was broad-based, as all subcomponents contracted in annual terms. Compared to the previous month, however, industrial production expanded a seasonally adjusted 3.3%, which contrasted a 0.7% contraction seen in December. The monthly increase defied market expectations of a 1.2% drop.