Industrial production in South Korea rose 1.5% year-on-year in July 2022, improving modestly from a 1.3% gain in June but missing expectations considerably for a 2.9% growth as Asia’s fourth-largest economy showed signs of slowing down. The country’s economy continued to grapple with runaway inflation and rising interest rates, with the Bank of Korea raising its policy rate by an aggregate of 2% starting in August last year. Exports, the main drive of South Korea’s economic growth, could also lose momentum amid heightened external uncertainty. On a monthly, seasonally-adjusted basis, industrial output fell 1.3% in July, turning negative from a 1.7% growth in June. source: Statistics Korea

Industrial Production in South Korea averaged 8.32 percent from 1976 until 2022, reaching an all time high of 38.90 percent in July of 1976 and a record low of -25.30 percent in January of 2009. This page provides the latest reported value for - South Korea Industrial Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Industrial Production - data, historical chart, forecasts and calendar of releases - was last updated on September of 2022.

Industrial Production in South Korea is expected to be 4.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Industrial Production is projected to trend around 2.50 percent in 2023, according to our econometric models.

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South Korea Industrial Production



Calendar GMT Actual Previous Consensus TEForecast
2022-07-28 11:00 PM Jun 1.4% 7.4% 2% 6.1%
2022-08-30 11:00 PM Jul 1.5% 1.3% 2.9% 2.6%
2022-09-29 11:00 PM Aug 1.5% 0.5%


Related Last Previous Unit Reference
Industrial Production Mom -1.30 1.70 percent Jul 2022
Industrial Production 1.50 1.30 percent Jul 2022
Manufacturing Production 1.50 1.30 percent Jul 2022
Capacity Utilization 105.70 105.70 points Jul 2022
New Orders 8667985.00 15733120.00 KRW Million Jul 2022
Mining Production -11.30 5.90 percent Feb 2022
Cement Production 5221.00 5825.00 Thousands of Tonnes Dec 2017

South Korea Industrial Production
In South Korea, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.
Actual Previous Highest Lowest Dates Unit Frequency
1.50 1.30 38.90 -25.30 1976 - 2022 percent Monthly
2015=100, NSA

News Stream
S. Korea Industrial Output Misses Forecast
Industrial production in South Korea rose 1.5% year-on-year in July 2022, improving modestly from a 1.3% gain in June but missing expectations considerably for a 2.9% growth as Asia’s fourth-largest economy showed signs of slowing down. The country’s economy continued to grapple with runaway inflation and rising interest rates, with the Bank of Korea raising its policy rate by an aggregate of 2% starting in August last year. Exports, the main drive of South Korea’s economic growth, could also lose momentum amid heightened external uncertainty. On a monthly, seasonally-adjusted basis, industrial output fell 1.3% in July, turning negative from a 1.7% growth in June.
2022-08-31
South Korea Industrial Output Tops Forecast
Industrial production in South Korea jumped 7.3% year-on-year in May 2022, accelerating from a 3.5% growth in April and topping expectations for a 3.1% increase. On a monthly, seasonally-adjusted basis, industrial output rose 0.1% in May, rebounding from a 3.3% slump in April in the latest sign that Asia’s fourth-largest economy maintains a mild recovery momentum amid heightened external uncertainty. The statistics agency said the rebound in industrial output in May was led by robust service production, as well as an increase in facility and construction investment. "The production of semiconductor-related equipment suffered setbacks due to disruptions in parts supplies. Last month, investment rebounded as such problems were resolved," Eo Woon-sun, a senior Statistics Korea official, told reporters.
2022-06-30
South Korea Industrial Output Misses Forecast
Industrial production in South Korea grew 3.7% year-on-year in March 2022, slowing from a 6.3% rise in the previous month and missing expectations for a 4% increase. On a monthly, seasonally-adjusted basis, industrial output expanded 1.3% in March, marking the fastest growth since December 2021 and beating forecasts for a 0.2% decline. Asia's fourth-largest economy has been on a recovery track on the back of robust exports and improving private spending. However, it faces heightened economic uncertainty as soaring energy prices have put upward pressure on inflation amid Russia's war with Ukraine.
2022-04-29