Korea PMI May 2022


Korea: Manufacturing PMI moderates in May

June 2, 2022

The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 51.8 in May, down from April's 52.1. As a result, the index remained above the 50.0 no-change threshold, pointing to a continued, albeit moderating, improvement in business conditions from the previous month.

The moderation of the PMI in May was largely due to supply bottlenecks. The war in Ukraine and Covid-19 lockdowns in China strained supply chains, causing production to fall even despite stronger client demand. Supplier delivery times increased by the greatest amount since last December and input inflation remained at elevated levels.

Commenting on firms’ outlook, Usamah Bhatti, economist at S&P Global, said:

“Goods producers remained confident that output would rise over the coming 12 months, with firms citing a stronger degree of optimism in comparison to April. Positive sentiment was underpinned by hopes that the latest wave of the pandemic would end swiftly, while the disruption caused by the Russia-Ukraine conflict would also settle and in turn provide a boost to global supply chains and economic activity.”

FocusEconomics panelists see GDP growth at 2.8% in 2022, which is down 0.1 percentage points from the previous month’s forecast. For 2023, GDP is seen expanding 2.6%.


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Korea PMI Chart

Korea PMI May 2022 0

Note: Purchasing Managers’ Index (PMI). A reading above 50 indicates an improvement in operating conditions over the previous month.
Source: S&P Global.

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