Korea Industry April 2021


Korea: Industrial output notches best reading since October 2018 in April

May 31, 2021

Industrial output expanded 12.4% year-on-year in April (March: +4.4% yoy), amid a favorable base effect. The print marked the best result since October 2018. Notably, both domestic- and externally-oriented manufacturing production gained significant steam.

On a monthly basis, industrial output decreased 1.6% in seasonally-adjusted terms in April, which was below March’s 0.9% fall and marked the worst result since May 2020. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at plus 1.2%, contrasting March's minus 0.3% reading.

Going forward, disruption in production at auto factories amid a chip shortage poses a downside risk to industrial production. That said, a favorable base effect should boost May’s figure, which is likely to gain momentum from the previous month.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 6.0% in 2021, which is up 0.4 percentage points from the previous month’s forecast, before growing 3.0% in 2022.


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Korea Industry Chart

Korea Industry April 2021 0

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

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