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Korea: Industrial Production Points to Improving Outlook
- December data on South Korea’s industrial production point (feebly) in the direction of faster economic activity. Output rose 0.8% Y/Y (Consensus: 1.2% Y/Y; Decision Economics: 0.2% Y/Y). In seasonally adjusted terms, production expanded for the fourth consecutive month, although December’s pace (1% M/M) was slower than November’s (2.6% M/M).
- Should the trend continue, these numbers would indicate that the bottom of the growth cycle took place in the third quarter with elements of a recovery, however tenuously, beginning to surface in the goods-producing sector of the economy.