South Korea - Industrial Production

The Industrial Production Index (IPI) measures on a monthly basis the change in output in South Korea's mining (B), manufacturing (C), electricity and gas (D), and publishing (58) industries. Output refers to the production of goods and generation of power for domestic sales in Korea and for exports. The index is helpful in illuminating structural developments in the economy.

For South Korea, monthly IPI is reported by both the NCB and NSI, on slightly different schedules.

Contents

• Detailed industry
• Stage of processing (production, shipments, inventory)
• Broad industry and stage of processing

Bank of Korea

Active:

• Classification: KSIC
• Measurement: Fixed-base index relative to 2015 (Index 2015=100)
• Adjustments:
  • Seasonally adjusted (SA)
  • Not seasonally adjusted (NSA)
• Native frequency: Monthly
• Start date: As early as 1975m1

Predecessors:

• 2010=100 - 1975m1 to 2017m12 ("_10")
• 2005=100 - 1980m1 to 2012m12 ("05")

Statistics Korea

Active:

• Classification: KSIC
• Measurement: Fixed-base index relative to 2020 (Index 2020=100)
• Adjustments:
  • Seasonally adjusted (SA)
  • Not seasonally adjusted (NSA)
• Native frequency: Monthly
• Start dates:
  • 1975m1
  • 1980m1
  • 1985m1

Predecessors:

• 2015=100 - 1975m1 to 2022m12 ("_15")
• 2010=100 - 1975m1 to 2017m12 ("_10")
• 2005=100 - 2005m1 to 2012m12 ("05")

Survey: Monthly Survey of Mining and Manufacturing.

Activities covered: The index covers 633 (include publishing 636) products and about 8,300 establishments. A total of 633 series are selected by taking into account the availability of monthly data, the stability of production volume, and the relative importance in each industry group. Among the series 629 (include publishing 632) items are those that account for more than 1/5000 of the total production value of mining and manufacturing, and the other 4 items are electricity and gas.

Classification: Classification of economic activities is accordance with the Korean Standard Industrial Classification (KSIC) Rev. 9, which aligns with UN ISIC Rev. 4.

The Industrial ICT (Information and Communication Technology) Data, which is the part of 'Monthly Survey of Mining and Manufacturing', monitors the monthly fluctuation trend of production, shipping and inventory in informatio nand communication technology sectors. 

Production, shipping and inventory performances per items are utilized as basic data for major material demand and supply and projection.

To prepare operation rate index indicating production capability index and equipment usage rate indicating supply capacity level by surveying production capability, etc. of major products in manufacturing industry area.

• The data in the press release are preliminary and are subject to revision during the next two months. The data become final about three months after the end of the calendar year and are published in the Annual Report on Monthly Industrial Production Statistics.
• The revision policy is explained in the explanatory notes in the Monthly Bulletin (Monthly Industrial Production Statistics).
• The base period is advanced every five years.

Further reading

At the source (KOSTAT):

• Short-Term Economic Statistics
• Monthly Industrial Statistics, January 2023 (Mar 2023)
• Mining and Manufacturing Survey (annual)

At the source (KOSIS data portal):

• Production, shipment, inventory » Index of shipment in domestic demand/exports in IIP
• Production, shipment, inventory » By metropolitan area/By industry in IIP

At IMF (SDDS):

• Production index (Feb 2022 / May 2022)

Document edits

• 7 Mar 2023, Phillip Thorne - Per Statistics Korea, rebased from 2015 to 2020: Properties, Further reading.