South Korea Economy - July 2016

Source: OPEC 8/7/2016, Location: Asia

South Korea continues to enjoy a healthy growth level. However, it is expected to remain impacted by lower global trade, in general, particularly by the slowing dynamic of the Euro-zone after the UK’s referendum and the slow-down in China. Despite these near-term challenges, exports continued to recover and grew by 1.9% y-o-y in June, after 1.0% y-o-y in May. This comes after a decline of 5.6% y-o-y in the 1Q16.

Also, industrial output recovered to growth of 4.1% y-o-y in May, after an already healthy expansion of 1.8% y-o-y in April. The latest PMI number for the manufacturing sector in June also indicated a continuation of improvements in the manufacturing sector. The index stood at 50.5, compared to 50.1 in May. This is the third consecutive month of a level above 50. Considering the slow-down of some of South Korea’s important trading partners, the 2016 GDP growth forecast has been lowered slightly to 2.6%. Growth in 2017 is forecast at a slightly lower level of 2.5%.

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