Korea: Industrial production rebounds in April
May 30, 2013
In April, industrial production rose 1.7% over the same month last year. The print contrasts both the revised 2.9% contraction recorded in March (previously reported: -3.0%) and market expectations that had the indicator recording a 0.5% drop. Compared to the previous month, industrial production rose a seasonally adjusted 0.8%, which contrasts the 2.4% decline recorded in March and represents the highest reading seen in four months. As a result of the annual rise, annual average growth in industrial production improved from minus 0.4% to minus 0.2% in April. The Bank of Korea expects the economy to expand 2.8% this year. For 2014, the Bank expects the economy to grow 3.8%. FocusEconomics Consensus Forecast panellists see the economy growing 2.8% in 2013, which is unchanged from last month's forecast. For 2014, the panel sees the economy growing 4.0%.