Korea: Industrial production remains strong in November
December 30, 2010
In November, industrial production expanded 10.4% over the same month last year, coming in below the 13.5% increase recorded in October, but beating market expectations of a 10.0% rise. In part, the reading reflects seasonal effects related to the Chuseok harvest festival and a month-on-month comparison points to a stronger expansion than suggested by the annual data. According to seasonally adjusted figures, industrial production rose 1.40% over the previous month, which contrasted the 4.23% drop recorded in October and marked the first increase in industrial activity after three consecutive months of contracting output. At a sector level, manufacturing, which accounts for the bulk of industrial output, increased 10.6% annually (October: +13.6% yoy), the mining sector rose 3.3% (October: -5.6% yoy) and electricity and gas supply grew 8.2% (October: +9.8% yoy).
Author: Armando Ciccarelli, Head of Data Solutions