South Korea's industrial production jumped 0.9%
But here's why analyst wasn't impressed.
According to BBVA Research, South Korea’s industrial production rose in year-over-year terms in July (0.9% y/y in July vs. consensus: -0.9% y/y), underlying the economy’s resilience even in the face of market turbulence from QE tapering.
Here's more:
On a month-on-month basis, however, the result was less impressive (-0.1% sa m/m vs. consensus: 0.3%).
Korea has so far fared well in the current turmoil as investor inflows continue, in recognition of the steps taken in recent years to reduce external short-term debt, which had been a key vulnerability.
Recall that Q2 GDP growth accelerated in Q2 (2.3% y/y) on a pickup in private consumption and fiscal stimulus measures, boosted by a May interest rate cut. We expect full-year growth of 2.7% in 2013.
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