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.