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Korea Industry August 2021

Korea: Industrial output growth picks up pace in August

Industrial output rose 9.6% compared to the same month a year earlier in August, which was above July’s 7.7% increase. The uptick was driven by buoyant domestic manufacturing output, which grew at a much steeper pace. Contrastingly, the export-oriented production lost momentum, albeit still expanding at a marked rate. Moreover, production capacity expanded and yet average capacity utilization was higher, signaling a healthy sector.

On a seasonally-adjusted monthly basis, factory output fell 0.7% in August (July: +0.2% mom). Meanwhile, the trend improved sizably, with the annual average growth of industrial production coming in at plus 6.3%, up from July’s 5.2% reading.

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