S. Korea: Industrial Production (Dec 2012)
Dominic Bryant - Market Economics
Asian Instant Insight | 30 Jan 2013 03:00 |
South Korean industrial data surprised to the upside in December. Consumer durables production remained a driving force, partly reflecting further strength in autos as it continues to recover from a strike in August. However, business confidence remains below average so the recent strength in production is unlikely to be sustained. Moreover, capital goods production continues to contract and GDP was soft in Q4, so the recent strength in some parts of manufacturing is not widespread. We continue to forecast a 25bp rate cut in February, although recent monthly data have increased the risk of a delay until the March meeting.
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