Production, consumption and investment’triple rebound’ in December
Due to the corona 19 crisis, industrial production last year declined for the first time since related statistics were prepared. According to the’December 2020 and Annual Industrial Activity Trends’ released by the National Statistical Office on the 29th, last year’s total industrial production declined 0.8% compared to the previous year. This is the first decline since 2000 when related statistics were started.
Manufacturing production increased by 0.5%, while automobiles (-10.2%) and other transportation equipment (-3.1%) were sluggish, but semiconductors (23.9%) and mechanical equipment (5.5%) increased significantly. On the other hand, the production of the service industry increased in real estate (5.6%) and finance and insurance (14.0%), but due to the social distancing caused by Corona 19, accommodations and restaurants (-18.5%), transportation and warehouses (-14.2%), Arts, sports and leisure (-33.0%) declined by 2.0% due to great difficulties. Retail sales, an indicator of consumption trends, declined 0.2% and recorded negative 17 years after the’card crisis’ in 2003 (-3.1%). Durable goods such as passenger cars (10.9%) increased, but semi-durable goods such as clothing (-12.2%) and non-durable goods such as cosmetics (-0.4%) decreased. Equipment investment increased by 6.0% as machinery (8.6%) increased.
Last year’s annual industrial production took a step back, but in the last month, production, consumption, and investment all recorded a positive’triple increase’, raising expectations for an economic recovery. In December of last year, all industrial production increased by 0.5%, retail sales by 0.2%, and facility investment by 0.9%, respectively.
Sejong = Reporter Woo Sang-kyu [email protected]
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