Korea PMI March 2021


Korea: Manufacturing PMI remains at February's over-decade high in March

April 1, 2021

The IHS Markit manufacturing Purchasing Managers’ Index (PMI) was unchanged at February’s 55.3 in March, remaining above the 50-threshold that separates an improvement from a deterioration in the manufacturing sector, and marking an over 10-year high.

The reading came amid still-strong, albeit slower, growth in output and new orders, with these indicators expanding for the seventh and sixth consecutive month respectively. In contrast, job creation was the fastest in nearly eight years, as firms looked to bolster capacity, which was under increased pressure due to backlogs of work. Meanwhile, input prices soared at the fastest pace since early 2008, leading to the highest rise in output prices since the survey began.

FocusEconomics Consensus Forecast panelists expect fixed investment to grow 4.0% in 2021, which is up 0.2 percentage points from last month’s forecast. Moving to 2022, the panel sees fixed investment growing 3.2%.


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Korea PMI Chart

Korea PMI March 2021 5

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

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