Korea Industry December 2020

Korea

Korea: Industrial output growth gains steam in December

January 29, 2021

Industrial production increased 3.4% year-on-year in December (November: +0.5% yoy). As a result, industrial production grew 0.5% in annual terms in 2020, following the 0.5% decline in 2019.

On a seasonally-adjusted monthly basis, factory output rose at a faster rate of 3.7% in December (November: +0.3% mom). Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at plus 0.5%, down from November's 0.7% reading.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 3.9% in 2021, which is up 0.1 percentage points from the previous month’s forecast, before growing 2.9% in 2022.


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Korea Industry December 20 20

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


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