Korea Industry January 2021


Korea: Industrial output posts quickest annual growth since February 2020 in January

March 2, 2021

Industrial output expanded 7.5% in year-on-year terms in January, which was well above December's 2.5% increase. January's print marked the strongest rise since February 2020. The uptick was driven by robust manufacturing production. However, the headline reading was also flattered by a favorable base effect, as the Lunar New Year holidays fell in January last year, resulting in fewer working days.

On a seasonally-adjusted monthly basis, factory output fell 1.6% in January (December: +2.7% mom), the worst result since May 2020. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at plus 0.7% in January, contrasting December's minus 0.2%. Meanwhile, the average capacity utilization rate decreased from the previous month.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 4.5% in 2021, which is up 0.6 percentage points from the previous month’s forecast, before growing 2.8% in 2022.


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Korea Industry Chart

Korea Industry January 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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