Korea Industry September 2021


Korea: Industrial activity falls at sharpest rate since October 2020 in September

October 29, 2021

Industrial output dropped 1.8% year-on-year in September, contrasting August's 9.7% increase. September's outturn marked the worst reading since October 2020. The slowdown was largely driven by a slump in manufacturing output, amid weaker domestic and foreign demand. Meanwhile, capacity utilization was also lower amid reports of shortages of raw materials and other supply disruptions.

On a monthly basis, industrial production dropped 0.8% in seasonally-adjusted terms in September, which was below August’s 0.7% fall. Meanwhile, annual average industrial production growth fell to 5.6% in September (August: +6.3%). This signals a worsening trend in the industrial sector.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 3.2% in 2022, which is unchanged from the previous month’s forecast, before growing 3.1% in 2023.


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Korea Industry Chart

Korea Industry September 2021

Note: Year-on-year and annual average variation of industrial production index in %.
Source: National Statistics Office of Korea (KOSTAT).

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