South Korea's industrial production grew at its fastest pace since 2010, at 16.1 percent

Bayanalysis - Industrial production in South Korea decreased by 0.7 percent in May of this year compared to the previous month of April, while industrial production in South Korea grew at an annual rate of 16.6 percent during the same month compared to May of the previous year 2020, according to the Statistics Authority. Korean.

The annual rise in industrial production in May 2021 for South Korea exceeded expectations, which indicated earlier that it would achieve 16.1 percent, recording its fastest growth rate since June 2010, after growing in April 2021 by 12.6 percent on an annual basis.

The decline in Korean industrial production in May on a monthly basis is less than it was in April, when it recorded a decline of 1.6 percent, and even less than what was indicated by previous expectations that the Korean market will witness an increase in industrial production by 0.8 percent.

Historically, industrial production in South Korea achieved its highest growth on a monthly basis in September 1989, at 11 percent, while the highest decline was in December 2008, recording a decline of 11.1 percent.

South Korea's industrial production achieved its highest annual growth in July 1976, at 38.9 percent, and reached its highest decline in January 2009, recording a decline of 25.3 percent.