Korea's industrial production slipped -2.1% in September
Growth momentum slightly affected.
According to BBVA Research, after registering better-than-expected Q3 GDP growth (1.1% q/q s.a.; 3.3% y/y), Korea's growth momentum appears to have slowed in September, with a disappointing industrial production outturn of -2.1% m/m s.a. (consensus: -0.4% m/m; prior: 1.6%).
Although part of the decline is due to strikes at auto factories and fewer working days due to holidays, the outturn coincides with a moderating trend in China’s September activity data and is a reminder of the headwinds facing Asian growth momentum.