The manufacturing output in South Korea, expressed in Trillion South Korean Wons, stood at 2049.8 in 2023. Reviewing the past decade, the data exhibits considerable fluctuations, with significant growth resuming post-2020 decline. The year-on-year variation of the last two years (2022-2023) was positive, indicating growth: 2.55% in 2022 and 2.53% in 2023. The average variation per year over the last 5 years (CAGR) was 2.32%, reflecting a steady but moderate recovery.
Forecasting into the future, the manufacturing output is expected to maintain upward momentum, with anticipated values reaching 2294.8 trillion KRW by 2028. The forecasted 5-year CAGR from 2024 to 2028 is 1.79%, suggesting a consistent increase but at a slower pace compared to short-term past trends.
Future trends to watch for:
- Technological advancements in manufacturing.
- Impact of global trade policies on South Korea's manufacturing exports.
- Domestic policy changes affecting industrial investments and productivity.
- Potential disruptions or opportunities from geopolitical developments.
- Adoption and growth of sustainable and green manufacturing practices.
