Korea Industry November 2021

Korea

Korea: Industrial output growth improves in November

December 30, 2021

Industrial production expanded 5.9% year-on-year in November (October: +4.5% yoy). In the export market, outbound manufacturing products rebounded, while in the domestic market they grew at a faster pace. Meanwhile the capacity utilization grew at a faster annual pace in November.

On a monthly basis, industrial output grew 5.1% in seasonally-adjusted terms in November, rebounding notably from October’s 2.9% fall and marked the best result since June 2020. Meanwhile, the trend improved, with the annual average growth of industrial production coming in at plus 6.7%, up from October's 6.2% reading.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 2.3% in 2022, which is down 0.5 percentage points from the previous month’s forecast, before growing 3.0% in 2023.


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Korea Industry November 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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