Korea Industry October 2021


Korea: Industrial output bounces back in October amid favorable base

November 30, 2021

Industrial output expanded 4.5% in year-on-year terms in October, which contrasted September's 1.8% decrease, albeit largely benefiting from a favorable base effect. The acceleration was felt in both the domestic and export-oriented manufacturing. While the domestic part of the sector contracted at a much softer pace, output for exports rebounded. That said, average capacity utilization was lower in the month.

On a seasonally-adjusted monthly basis, industrial production fell at a more pronounced rate of 3.0% in October (September: -1.1% mom), the worst result since May 2020. Meanwhile, annual average industrial production growth rose to 6.2% in October (September: +5.6%), signaling an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 2.8% in 2022, which is down 0.4 percentage points from the previous month’s forecast, before growing 3.0% in 2023.


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Korea Industry Chart

Korea Industry October 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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