The industrial sector’s recovery from the COVID-19 pandemic gained momentum in 2021, driven by the easing of restrictions and growing demand for industrial goods. Industrial production and capacity utilization surpassed pre-pandemic levels last year, and substantial increases in new orders from the major subsectors reflect continued growth this year.
Despite labor shortages, supply chain disruptions, and material price inflation, total industrial production in August grew 3.7% from the year-ago level. Moreover, accelerating digital technology adoption, remaking supply chains, advancing sustainability practices, and rising government and corporate investments should boost the industry’s growth.
