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Industrial Production Growth Weaker Than Expected, As Chip Production Falls

SOUTH KOREA

South Korea Oct IP growth was much weaker than expected, falling 3.5% in the month, versus a 0.4% expected rise. This is the largest m/m drop since Dec last year. The prior print was +1.7%. This bought y/y momentum to 1.1% from 2.9% prior, which was also comfortably sub forecasts (4.5%).

  • The IP drop was weighed heavily by a drop in semi-conductor production, off 11.4%. Some offset came elsewhere from other electronics production.
  • Other detail showed retail sales down 0.8% m/m, while facilities investment fell by 3.3% m/m, albeit after an 8.7% gain in Sep.
  • All industry output fell 1.6%, the largest drop since April 2020.
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