Korea industrial production inched 2.3% higher

This and PMI rising to 50 deserve an applause.

According to DBS, growth in Korea is regaining momentum. Despite the volatility in monthly trade figures, industrial production increased an impressive 2.3% MoM sa in November, and manufacturing PMI rose 1.9 ppt in December to cross over the neutral level of 50.

Here's more from DBS:

Services output growth also stayed above trend (0.8% in Nov). GDP growth is estimated to reach 3% QoQ saar in 4Q12, a significant turnaround compared to
near 0% in the previous quarter.

PMI back to 50 have remained sluggish as of end-2012. But business sentiment is likely to improve ahead in 1H13. The political uncertainties surrounding elections have largely dissipated.

The ruling NFP party’s Ms. Park was elected as the new president on December 19th. The NFP party is comparatively business supportive. With both the presidency and legislation controlled by the NFP, it also bodes well for policy continuity and implementation over the next four years.

While growth momentum has started to pick up, inflation has remained low and stable at this early stage of economic recovery (CPI: 1.4% YoY in Dec). The Bank of Korea is expected to hold rates steady for another month when they meet on January 11st.

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