Korea Industry February 2021


Korea: Industrial output growth moderates in February

March 31, 2021

Industrial production grew 0.9% year-on-year in February (January: +7.8% yoy). The downtick was due to an unfavorable base effect, as the Lunar New Year holidays fell in February this year. Averaging over the first two months of the year suggests the industrial sector is in robust shape, spurred by foreign demand.

On a seasonally-adjusted monthly basis, industrial output rose 4.3% in February (January: -1.2% mom), the best result since June 2020. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.1% in February, contrasting January's plus 0.8% reading. Meanwhile, average capacity utilization saw a significant uptick in year-on-year terms in February.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 5.5% in 2021, which is up 1.0 percentage point from the previous month’s forecast, before growing 3.2% in 2022.


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Korea Industry Chart

Korea Industry February 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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