Korea: Industrial production moderates but remains robust in December
January 31, 2011
In December, industrial production expanded 9.8% over the same month the previous year, coming in below the 10.7% increase recorded in November, but matching market analyst expectations. At a sector level, manufacturing, which accounts for the bulk of industrial output, increased 9.9% annually (November: +10.9% yoy) while electricity and gas supply added 7.6% (November: +8.0%yoy). In contrast, mining suffered a strong contraction, falling 11.1% (November: +4.3% yoy). A month-on-month comparison confirmed the positive growth seen in annual figures, as industrial production rose a seasonally adjusted 2.83% over the previous month, which was above the 1.55% increase recorded in November. In the full year 2010, industrial production expanded 16.6%, marking a strong recovery from the 0.8% contraction recorded in 2009.
Author: Armando Ciccarelli, Head of Data Solutions