Korea Industry September 2022

Industrial production grew 1.5% year on year in seasonally-adjusted terms in September (August: +0.8% s.a. yoy). Looking at the details of the release, manufacturing production shrank at a sharper pace in September, while electricity, gas and steam output decreased at a more moderate pace. Meanwhile, mining and quarrying production expanded.

On a monthly basis, industrial production fell 1.8% in seasonally adjusted terms in September, which was greater than August’s 1.4% fall and marking the worst result since April. Meanwhile, annual average industrial production growth rose to 4.1% in September (August: +4.0%), signaling an improving trend in the industrial sector.

FocusEconomics panelists see the economy growing 1.8% in 2023, which is down 0.1 percentage points from last month’s forecast. For 2024, they see the economy growing 2.4%.