Vol. 31 | No. 5
Republic of Korea
Economic Bulletin The Green Book : Current Economic Trends Overview
3
1. Global economy
4
2. Private consumption
8
3. Facility investment
12
4. Construction investment
14
5. Exports and imports
16
6. Mining and manufacturing production
18
7. Service sector activity
20
8. Employment
22
9. Financial markets
24
9.1 9.2 9.3 9.4
Stock market Exchange rate Bond market Money supply & money market
10. Balance of payments
28
11. Prices and international commodity prices
30
11.1 Prices 11.2 International oil and commodity prices 12. Real estate market
34
12.1 Housing market 12.2 Land market 13. Composite indices of business cycle indicators
38
Policy Issues Detailed plans to nurture the service sector
40
Economic News Briefing
44
Statistical Appendices
49
The Green Book Current Economic Trends
Overview Month-on-month indicators of mining and manufacturing continued its upward trend, showing signs of easing economic downturn. However, other indicators such as domestic consumption, exports and employment showed that the economy overall had not picked up yet. In March, mining and manufacturing expanded 4.8 percent month-on-month, posting an increase for the third consecutive month, although on a year-on-year basis, it registered the same level of decrease as the previous month. Month-on-month service output declined slightly following an increase of three straight months. Consumer goods sales in March decreased 5.3 percent year-on-year affected by a slump in sales of durables goods including automobiles among others, shifting to an on-month decrease from the previous month’s upward trend. Facilities investment registered a yearon-year loss of 23.7 percent in March, staying on a downward trajectory. Construction completed, on the other hand, increased 4.8 percent year-on-year, helped by brisk civil engineering works. Exports in April slowed the pace of decrease from 22.0 percent to 19.0 percent year-on-year, with daily average exports seeing a month-on-month increase of 9.3 percent. The trade account recorded a historic surplus of US$6.02 billion. The total number of workers hired fell by 195,000 year-on-year in March, sending the unemployment rate rising to 4.0 percent, which exacerbated the already-tough Korean job market. Consumer prices, affected by the higher won, rose 3.6 percent in April year-on-year compared to the previous month’s 3.9 percent, slowing the pace of inflation for two months in a row. Although the domestic financial market continued to be stable in April, external uncertainties existed including a possible GM bankruptcy and the result of the US Treasury’s bank stress test. To sum up, despite the indicators of the real economy and economic sentiment improving, the current economic turnaround cannot be guaranteed to continue, as external conditions are still uncertain and the private sector is not robust enough to power itself. For a sustainable economic turnaround, the Korean government will decisively continue macroeconomic policies including supplementary budget spending in particular, as it is closely watching economic indicators. The government will also boost efforts to enhance Korea’s competitiveness for a post-crisis leap forward by reforming each industrial sector, working on ‘all-time corporate restructuring’ and relieving toxic assets in the financial sector among others. Economic Bulletin
3
1. Global economy Expectations of an economic rebound were on the rise for China, while advanced economies such as the US and Japan were still mired in recession. Leaders at the G-20 Summit held on April 2 agreed to tackle the global economic crisis with measures worth US$1.1 trillion and pledged to triple the IMF resources to US$750 billion to help troubled economies. The IMF has cut its 2009 growth forecast for the world economy on April 22. IMF’s growth forecast for 2009 (%) -1.3 (World), -2.8 (US), -4.2 (EU), -6.2 (Japan)
US
US GDP in the first quarter of 2009 sharply shrank 6.1 percent (annualized q-o-q) which indicates its economic contraction continued, despite some improving economic indicators. In March, retail sales and industrial production remained in a downward trend, whereas consumer sentiment indices such as ISM Manufacturing Index and Michigan Consumer Sentiment Index (MCSI) slightly improved. Michigan Consumer Sentiment Index (1985 = 100) 61.2 (Jan 2009)
56.3 (Feb)
57.3 (Mar)
61.9 (Apr)
The number of non-farm payroll employees in March tumbled more than previously projected by 663,000, exacerbating deteriorating job markets. Home sales and construction reversed course from the previous month and fell in March. Unemployment rate (%) 6.1 (Sep 2008)
6.5 (Oct)
6.8 (Nov)
7.2 (Dec)
7.6 (Jan 2009)
8.1 (Feb)
8.5 (Mar)
Housing start (m-o-m, %) -14.8 (Dec 2008)
-14.5 (Jan 2009)
22.2 (Feb)
-10.8 (Mar)
On April 6, the Federal Reserve arranged currency swap deals with the central banks of Britain, Japan and Switzerland as well as the European Central Bank (ECB), and held the target range for the federal funds rate at the current level of zero to 0.25 percent. (Percentage change from previous period) 2008
2009
Annual
Q1
Q2
Q3
Q4
Q4
Jan
Feb
Mar
Real GDP1
1.1
0.9
2.8
-0.5
-6.3
-6.1
-
-
-
- Personal consumption expenditure
0.2
0.9
1.2
-3.8
-4.3
2.2
-
-
-
- Corporate fixed investment
1.6
2.4
2.5
-1.7
-21.7
-37.9
-
-
-
-20.8
-25.1
-13.3
-16.0
-22.8
-38.0
-
-
-
Industrial production
-1.8
0.1
-1.2
-2.3
-3.4
-5.4
-2.5
-1.5
-1.5
Retail sales
-0.2
-0.3
0.7
-1.3
-7.1
-1.2
1.8
0.3
-1.1
-3,078
-338
-458
-624
-1,658
-2,055
-655
-651
-663
-37.6
-13.8
-7.5
-10.9
-16.1
-10.1
-13.2
8.2
-0.6
3.9
4.1
4.4
5.3
1.6
-0.1
0.0
0.2
-0.4
- Construction investment for housing
New non-farm payroll employment (q-o-q, thousand) New home sales Consumer prices (y-o-y, %) 1. Annualized rate (%)
4
May 2009
1-1
US GDP (q-o-q, annualized rate) Source: US Department of Commerce
1-2
US non-farm payroll employment (m-o-m change) Source: US Department of Labor
1-3
US federal funds rate and consumer prices Source: US Federal Reserve Board & Department of Labor
Economic Bulletin
5
China
China’s economy saw its exports declining at a slower pace and indicators of production and consumption improving. The Purchasing Managers’ Index (PMI), which indicates the economic health of the manufacturing sector, rose for the fourth consecutive month, increasing expectations of economic recovery. PMI (base = 50) 41.2 (Dec 2008)
45.3 (Jan 2009)
49.0 (Feb)
52.4 (Mar)
53.5 (Apr)
(Percentage change from same period in previous year) 2006
2007
2008
2009
Annual
Annual
Annual
Q3
Q4
Q1
Jan
Feb
Real GDP
11.6
13.0
9.0
9.0
6.8
6.1
-
-
Mar -
Fixed asset investment (accumulated)
24.5
25.8
26.1
27.6
26.1
28.6
-
26.5
30.3
Retail sales
13.7
16.8
21.6
23.2
20.4
15.0
18.5
11.6
14.7
Industrial production
16.6
18.5
12.9
13.0
6.4
5.1
-
3.81
8.3
Exports
27.2
25.7
17.2
22.9
4.1
-19.7
-17.5
-25.7
-17.1
Consumer prices
1.5
4.8
5.9
5.3
2.5
-0.6
1.0
-1.6
-1.2
Producer prices
3.0
3.1
6.9
9.7
2.5
-3.2
-3.3
-4.5
-1.9
1. The rate accumulated from January to February
Japan
The Cabinet Office and the Bank of Japan revised down their forecasts for Japan’s economic growth to negative 3.3 percent and negative 3.1 percent, respectively, as exports remained sluggish and the economic recession deepened. The government announced on April 10 new stimulus measures of 15.4 trillion yen, roughly 3 percent of the country’s GDP, which are predicted to contribute to the growth rate by 1.9 percentage points. 2006
2007
(Percentage change from previous period) 2009
2008
Annual Annual Annual
Q1
Q2
Q3
Q4
Real GDP
2.0
2.4
-0.6
0.3
-1.2
-0.4
-3.2
Industrial and mining production
4.5
2.8
-3.3
-0.7
-0.8
-1.3
-12.0
Retail sales (y-o-y, %) Exports (y-o-y, %) Consumer prices (y-o-y, %)
Eurozone
Q1 -22.2
Jan
Feb
Mar
-
-
-
-10.1
-9.4
1.6
0.1
-0.1
0.3
1.8
0.2
0.8
-1.5
-4.0
-2.4
-5.7
-3.9
14.6
11.5
-3.4
6.0
1.8
3.2
-23.1
-46.9
-45.7
-49.4
-45.5
0.3
0.0
1.4
1.0
1.4
2.2
1.0
-0.1
0.0
-0.1
-0.3
Recession deepened in the eurozone economy as industrial production and retail sales continued their downward trajectory. The ECB slashed its benchmark interest rate by 0.25 percentage points to 1.25 percent on April 3. (Percentage change from previous period) 2006
2007
2008
Annual Annual Annual
Q1
Q2
Q3
Q4
Q1
Jan
Feb
Mar
0.6
-0.2
-0.2
-1.6
-
-
-
-
-1.7
0.1
-1.6
-2.0
-5.1
-
-2.4
-2.3
-
-1.3
-0.3
-0.9
0.1
-0.8
-
0.1
-0.6
-
8.6
3.7
8.0
7.3
-0.2
-6.7
-
-11.9
0.5
-
2.1
3.3
3.3
3.6
3.8
2.3
1.0
1.1
1.2
0.6
Real GDP
2.9
2.6
0.7
Industrial production
4.0
3.5
Retail sales
1.6
0.9
11.7 2.2
Exports (y-o-y, %) Consumer prices (y-o-y, %)
6
May 2009
2009
1-4
China’s GDP and fixed asset investment Source: National Bureau of Statistics of China
1-5
Japan’s GDP growth Source: Cabinet Office & Ministry of Economy, Trade and Industry, Japan
1-6
Eurozone GDP growth and industrial production Source: Eurostat
Economic Bulletin
7
2. Private consumption Private consumption (advance estimates of GDP) in the first quarter of 2009 posted a yearon-year decline of 4.4 percent and a quarter-on-quarter increase of 0.4 percent (seasonally adjusted). (Percentage change from same period in previous year) 2007
Private consumption
2
(Seasonally adjusted)
3
20081
20091
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
5.1
5.4
4.7
0.9
4.0
2.3
1.4
-3.7
-4.4
-
0.9
0.4
-
1.1
-0.2
0.0
-4.6
0.4
1. Preliminary 2. National accounts 3. Percentage change from previous period
Consumer goods sales in March declined 5.3 percent year-on-year and 1.9 percent month-onmonth as sales of durable goods plunged. Sales of durable goods such as automobiles and computers decreased at a faster pace, while sales of semi-durable goods dropped at a slower pace. Sales of non-durable goods continued their downward trend year-on-year, but at a much slower pace.
2008 Annual
Q1
Consumer goods sales
1.0
4.4
(Seasonally adjusted)2
-
1.1
1.9
9.5
-2.0
- Durable goods
3
路Automobiles - Semi-durable goods - Non-durable goods5
4
Q2
2009 Q3
Q4
Q1
Jan
Feb1
Mar1
2.9
1.4
-4.2
-1.3
-0.1
-3.5
-4.9
-3.3
-6.1
-5.3
0.4
-2.1
5.2
-1.9
8.7
0.0
-9.9
-13.6
-20.8
-3.7
-15.1
9.6
7.1
-4.9
-19.5
-21.3
-30.9
-9.1
-22.4
-2.4
3.8
0.7
1.9
-2.1
0.6
-9.9
-0.9
-1.2
-0.5
-0.8
0.3
1.2
-0.4
-1.5
5.1
-8.4
-1.1
1
1. Preliminary 2. Percentage change from previous period 3. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc. 4. Semi-durable goods: Clothing, footwear, etc. 5. Non-durable good: Food, medicine, cosmetics, fuel, tobaccos, etc.
Sales at large discounters and department stores showed a significant easing in the rate of decline, whereas sales at specialized retailers fell at a faster rate. (Percentage change from same period in previous year) 2008
- Department stores - Large discounters - Specialized retailers2
Annual
Q1
Q2
Q3
Q4
Q4
Jan
Feb1
Mar1
0.5
4.3
3.7
0.2
-5.0
1.1
8.7
-5.2
-0.5
2.2
7.6
3.1
-0.2
-1.2
-5.0
10.1
-19.2
-5.3
-1.7
2.0
0.7
-1.0
-8.1
-6.9
-9.9
-3.4
-7.2
1. Preliminary 2. Specialized retailers are defined as stores carrying a few (1 to 3) specialized items.
8
May 2009
2009 1
2-1
Private consumption Source: The Bank of Korea (national accounts)
2-2
Consumer goods sales Source: Korea National Statistical Office (industrial activity trend)
2-3
Consumer goods sales by type Source: Korea National Statistical Office (industrial activity trend)
Economic Bulletin
9
Consumer goods sales in April are expected to be at the similar level to those of the previous month, as the advance estimates are low despite improving consumer sentiment . Growth in domestic credit card spending edged up 0.8 percentage points from the previous month. Sales at large discounters and department stores slightly increased for the second straight month, while those of gasoline reversed and fell slightly. Domestic sales of Korean cars remained lukewarm in April due to tax cuts scheduled for May 1 to boost sales of new cars and reinvigorate the car industry. Value of credit card use (y-o-y, %) 9.8 (Nov 2008)
9.1 (Dec)
3.9 (Jan 2009)
6.7 (Feb)
6.2 (Mar)
7.0 (Apr)
Department store sales (y-o-y, %) 7.5 (Nov 2008)
-4.5 (Dec)
10.4 (Jan 2009)
-0.3 (Feb)
16.8 (Jan 2009)
-20.3 (Feb)
1.9 (Mar)
2.8 (Apr)
Discount store sales (y-o-y, %) 2.3 (Nov 2008)
-5.8 (Dec)
0.4 (Mar)
0.3 (Apr)
Domestic sales of Korean automobiles (y-o-y, %) -27.7 (Nov 2008)
-23.8 (Dec)
-24.1 (Jan 2009)
-4.7 (Feb)
-15.4 (Mar)
-14.9 (Apr)
Domestic sales of gasoline (y-o-y, %) 5.2 (Nov 2008)
20.9 (Dec)
4.2 (Jan 2009)
3.9 (Feb)
3.6 (Mar)
-0.3 (Apr)
Source: Ministry of Knowledge Economy The Credit Finance Association Korea Automobile Manufacturers Association Ministry of Strategy and Finance (for April data)
Financial market stability such as a stronger won against the dollar and the recent stock market rally contributed to a significant improvement in consumer sentiment. However, consumer spending is unlikely to improve from the previous month, due to worsening job markets and weak sales of durable goods caused by delayed purchases of new vehicles. The won/dollar exchange rate (monthly average) 1,369 (Dec 2008)
1,355 (Jan 2009)
1,440 (Feb)
1,453 (Mar)
1,336 (Apr)
1,140 (Feb)
1,140 (Mar)
1,322 (Apr)
KOSPI (monthly average) 1,115 (Dec 2008)
1,156 (Jan 2009)
Consumer sentiment index (CSI) 88 (Oct 2008)
84 (Nov)
81 (Dec)
84 (Jan 2009)
85 (Feb)
Employment (y-o-y, thousand) -12 (Dec 2008)
10
May 2009
-103 (Jan 2009)
-142 (Feb)
-195 (Mar)
84 (Mar)
96 (Apr)
2-4
Department store and discount store sales (current value) Source: Ministry of Knowledge Economy (monthly retail sales)
2-5
Domestic automobile sales Source: Korea Automobile Manufacturers Association (monthly automobile industry trend)
2-6
Consumer sentiment index Source: The Bank of Korea
Economic Bulletin
11
3. Facility investment Facility investment (advance estimates of GDP) in the first quarter of 2009 saw a year-on-year decrease of 22.1 percent and a 9.6 percent loss from the previous quarter. (Percentage change from same period in previous year) 2007 Annual
20081
Q3
Q4
Annual
9.3
4.0
8.0
-2.0
-
-3.0
3.8
-
- Machinery
9.2
2.5
8.5
-2.7
- Transportation equipment
9.6
10.1
5.8
0.4
Facility investment
2
(Seasonally adjusted)3
Q1
20091
Q2
Q3
Q4
Q1
1.5
1.1
4.3
-14.0
-22.1
-0.4
0.4
0.2
-14.2
-9.6
-1.2
-0.1
6.5
-15.3
-
12.2
5.1
-3.6
-9.9
-
1. Preliminary 2. National accounts 3. Percentage change from previous period
Facility investment (estimated) in March declined 23.7 percent year-on-year and 1.5 percent month-on-month, as investments in machinery such as semiconductor equipment fell. The business survey index (BSI) in facility investment rose in April, but considering a faster decline in leading indicators such as machinery orders and imports, facility investment is unlikely to significantly improve. (Percentage change from same period in previous year) 2007
Facility investment (estimated) (Seasonally adjusted)
2
- Machinery - Transportation equipment Domestic machinery orders
2008
2009
Annual
Annual
Q3
Q4
Q1
Jan
Feb1
Mar1
9.2
-3.2
5.3
-16.2
-23.0
-25.9
-19.5
-23.7
1
-
-
1.1
-13.5
-11.7
-5.4
-0.7
-1.5
8.3
-4.0
5.6
-17.2
-27.7
-28.9
-26.2
-27.9
13.2
0.6
6.2
-11.3
2.8
-8.9
17.8
0.8
21.1
-5.5
-7.6
-39.5
-36.0
-46.9
-28.8
-30.2
- Public
-11.2
4.9
-26.8
-3.5
150.5
56.1
661.2
16.7
- Private
24.2
-6.2
-6.4
-43.9
-43.1
-51.1
-44.6
-32.5
21.7
18.9
35.6
6.3
-20.3
-34.9
-9.2
-17.0
1.7
-2.2
0.3
-15.6
-18.9
-29.6
-13.0
-13.6
Machinery imports Facility investment adjustment pressure3
1. Preliminary 2. Percentage change from previous period 3. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Both the Bank of Korea’s BSI for facility investment projections and results in the manufacturing sector increased month-on-month for two months in a row.
2009
Business survey indices (base=100) Jan
Feb
Mar
Apr
May
Manufacturing facility investment results
81
80
85
89
-
Manufacturing facility investment projections
78
81
81
85
89
Source: The Bank of Korea
12
May 2009
3-1
Facility investment by type Source: The Bank of Korea (national accounts)
3-2
Machinery orders and estimated facility investment (3-month average) Source: Korea National Statistical Office (industrial activity trend)
3-3
Machinery imports Source: Korea International Trade Association (KITA)
Economic Bulletin
13
4. Construction investment Construction investment (advance estimates of GDP) in the first quarter of 2009 rose 1.7 percent year-on-year, or 5.3 percent quarter-on-quarter. (Percentage change from same period in previous year) 2007
20081
20091
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
1.4
-0.2
0.4
-2.1
-1.9
-0.3
0.2
-5.6
1.7
-
-0.4
2.9
-
-2.5
-0.3
0.1
-3.0
5.3
- Building construction
0.0
-0.4
0.7
-4.3
-1.2
-0.1
-0.1
-14.3
-
- Civil engineering works
3.8
0.2
-0.1
1.3
-3.2
-0.7
0.7
5.7
-
Construction investment2 (Seasonally adjusted)3
1. Preliminary 2. National accounts 3. Percentage change from previous period
In March, construction completed (current value) rose 4.8 percent year-on-year due to a healthy increase in civil engineering works. Construction completed in the public sector soared 25.4 percent, while that in the private sector fell 6.8 percent. (Percentage change from same period in previous year) 2007
2008
20091
Annual
Annual
Q3
Q4
Q1
Jan
Feb
Mar
Construction completed
6.6
4.7
10.6
-2.2
5.2
-0.4
12.0
4.8
- Building construction
6.2
1.7
9.0
-10.6
-6.6
-13.0
-0.3
-6.0
- Civil engineering works
6.9
10.6
14.3
13.6
27.7
23.1
36.1
9.7
1. Preliminary
Construction orders in March dropped 14.7 percent year-on-year, reflecting the sluggish private sector. However, civil engineering orders increased 12.8 percent as a result of government expansion of SOC investments, while building construction orders posted a year-on-year fall of 26.7 percent. Business survey index for construction (base=100) 14.6 (Nov 2008)
37.3 (Dec)
48.9 (Jan 2009)
50 (Feb)
72.3 (Mar)
Source: The Construction and Economy Research Institute of Korea
(Percentage change from same period in previous year) 2007
2008
2009
Annual
Annual
Q3
Q4
Q1
Construction orders
23.6
-9.0
-22.7
-6.5
-16.5
- Public
40.3
9.1
2.9
5.0
22.0
33.8
31.6
9.7
- Private
16.5
-15.8
-32.3
15.3
-38.4
-39.7
-46.5
-31.1
Building permit area
13.3
-20.1
-13.5
-41.9
-
-48.4
-34.8
-
1. Preliminary
14
May 2009
1
Jan
Feb1
Mar1
-15.0
-20.7
-14.7
4-1
Construction investment Source: The Bank of Korea (national accounts)
4-2
Construction completed and housing construction Source: Korea National Statistical Office (construction completed) Kookmin Bank (housing construction)
4-3
Leading indicators of construction investment Source: Korea National Statistical Office (construction orders) Ministry of Land, Transport and Maritime Affairs (building construction permit area)
Economic Bulletin
15
5. Exports and imports Exports in April fell 19.0 percent year-on-year to US$30.67 billion. Average daily exports in working-day-adjusted terms fell 22.3 percent year-on-year, or rose 9.3 percent month-on-month, landing at US$1.28 billion. The Ministry of Knowledge Economy estimated that by products between April 1 and 20, vessels (up 83.3%) and liquid crystal devices (up 14.7%) grew, but other major products such as wireless communication devices (down 18.2%), automobiles (down 50.6%), and petroleum products (down 42.0%) plunged. By regional category, according to the estimation by the Ministry of Knowledge Economy for the same period, exports to most regions other than Oceania and Africa fell, including China (down 20.5%), the US (down 19.2%), Japan (down 34.1%), and the EU (down 1.0%). (US$ billion) 2008
Exports (y-o-y, %)
2009
Jan
Feb
Mar
Apr
Jan-Apr
Jan
Feb
Mar
Apr
Jan-Apr
32.28
31.18
36.00
37.85
137.30
21.24
25.41
28.07
30.67
105.38
14.9
18.9
18.4
26.4
19.8
-34.2
-18.5
-22.0
-19.0
-23.2
1.35
1.56
1.57
1.65
1.53
0.99
1.16
1.17
1.28
1.15
36.32
32.62
37.11
38.26
144.31
24.88
22.53
23.78
24.65
95.84
(y-o-y, %)
31.8
28.4
26.7
29.3
29.0
-31.5
-31.0
-35.9
-35.6
-33.6
Average daily imports
1.51
1.63
1.61
1.66
1.60
1.16
1.02
0.99
1.03
1.05
-4.04
-1.45
-1.12
-0.41
-7.02
-3.64
2.88
4.29
6.02
9.55
Average daily exports Imports
Trade balance
Imports in April continued to fall, slumping 35.6 percent to US$24.65 billion. In working-dayadjusted terms, average daily imports fell 38.3 percent year-on-year, but posted 3.7 percent month-on-month increase, landing at US$1.03 billion. Falling prices of raw materials and flagging domestic demand led to plunging imports of raw materials, capital goods, as well as consumer goods. Raw materials (y-o-y, %) -21.0 (Dec 2008)
-30.2 (Jan 2009)
-35.0 (Feb)
-40.1 (Mar)
-46.5 (Apr 1-20)
-23.0 (Feb)
-30.3 (Mar)
-30.6 (Apr 1-20)
-27.9 (Feb)
-27.1 (Mar)
-30.7 (Apr 1-20)
Capital goods (y-o-y, %) -26.0 (Dec 2008)
-33.6 (Jan 2009)
Consumer goods (y-o-y, %) -11.1 (Dec 2008)
-33.2 (Jan 2009)
Korea posted a record monthly trade surplus of US$6.02 billion in April. Provided that the prices of raw materials such as oil stay stable, the trade account is expected to see another surplus in May.
16
May 2009
5-1
Exports (customs clearance basis) Source: Korea Customs Service & Ministry of Knowledge Economy (export and import trend)
5-2
Imports (customs clearance basis) Source: Korea Customs Service & Ministry of Knowledge Economy (export and import trend)
5-3
Trade balance Source: Korea Customs Service & Ministry of Knowledge Economy (export and import trend)
Economic Bulletin
17
6. Mining and manufacturing production In March, production in mining and manufacturing fell 10.6 percent year-on-year, continuing the previous month’s downtrend. However on a month-on-month basis, the production rose 4.8 percent, posting an increase for three straight months. By business category, automobiles (down 26.3%), primary metals (down 24.2%), and semiconductors and parts (down 10.4%) contributed to a year-on-year decrease in output. Contribution to year-on-year output growth (%p) Automobiles (-2.86), Semiconductors and parts (-1.88), primary metals (-1.69)
Shipments deepened its fall year-on-year, down 11.2 percent, but saw a month-on-month increase of 3.7 percent. The level of inventory slid faster, down 5.7 percent. By business category, shipments of automobiles fell 26.9 percent from a year earlier, semiconductors and parts dropped 13.7 percent, while primary metals declined 23.6 percent. The ratio of inventory to shipments fell 5.2 points month-on-month, showing signs of continuing inventory adjustment. The average operation ratio for manufacturing was up for the second straight month, by rising 2.4 percentage points from the previous month to 69.3 percent. (Percentage change from same period in previous year) 2007
Q3
Q4
Q11
Jan
Feb1
Mar1
-
-
-1.9
-11.9
-2.8
1.7
7.1
4.8
(y-o-y)
6.9
3.0
5.6
-11.3
-15.5
-25.5
-10.0
-10.6
- Manufacturing
7.1
3.0
5.6
-12.1
-16.4
-27.0
-10.3
-11.2
·Heavy chemical industry
8.3
4.1
6.8
-12.8
-17.0
-27.7
-11.2
-11.6
·Light industry
2.0
-2.1
0.0
-8.8
-13.3
-23.0
-6.3
-9.4
Shipment
7.2
2.4
5.3
-10.1
-14.8
-23.4
-9.3
-11.2
- Domestic demand
5.1
-0.7
1.7
-11.0
-16.5
-24.9
-10.6
-13.3
- Exports
10.3
7.1
10.3
-8.8
-12.5
-21.3
-7.6
-8.4
Inventory
5.6
7.4
17.3
7.3
-5.7
0.4
-4.9
-5.7
80.1
77.2
78.3
69.3
65.9
61.4
66.9
69.3
5.4
5.2
5.3
3.5
2.5
2.6
2.7
2.4
3
Manufacturing Average operation ratio (%) activity Production capacity 1. Preliminary
2009
Annual
Production (q-o-q, m-o-m)
Mining and manufacturing activity2
2008
Annual
2. Including mining, manufacturing, electricity and gas industry
3. End-period
Mining and manufacturing production is likely to see a slight month-on-month increase in April, considering a slowing pace of decrease in exports, 19 percent fall from 22 percent drop in the previous month, and improving BSI and CSI.
18
May 2009
6-1
Industrial production Source: Korea National Statistical Office (industrial activity trend)
6-2
Average manufacturing operation ratio Source: Korea National Statistical Office (industrial activity trend)
6-3
Inventory Source: Korea National Statistical Office (industrial activity trend)
Economic Bulletin
19
7. Service sector activity Service activity in March was down 0.6 percent from a year earlier, and declined month-onmonth for the first time in 3 months since December 2008 with a 0.7 percent decrease. By business category, healthcare & social welfare services (up 9.6%) and financial & insurance services (up 8.1%) deployed robust increases during the month. Meanwhile, transportation services (down 9.8%) and real estate & renting services (down 7.8%) showed sluggish performance. (Percentage change from same period in previous year) Weight
2008
2007 Annual Annual
2009
Q1
Q2
Q3
Q4
Q1
Jan
1
Feb1
Mar1
Service activity index
100
6.8
3.4
6.7
4.8
3.2
-0.4
-0.5
-1.1
0.1
-0.6
- Wholesale & retail
22.0
5.8
1.4
4.0
3.1
3.6
-4.6
-4.0
-2.4
-4.1
-5.2
- Hotels & restaurants
7.8
2.2
0.7
3.6
0.6
1.7
-3.0
-2.3
-4.0
-0.3
-2.3
- Transportation services
9.0
6.6
4.3
8.1
8.2
4.3
-3.2
-10.2
-10.3
-10.4
-9.8
- Information & communication services
8.4
3.8
3.5
6.0
5.5
3.4
-0.2
-2.1
-3.2
-1.2
-1.9
15.3
17.1
9.7
16.1
9.8
9.6
4.5
6.7
4.3
7.5
8.1
- Real estate & renting
6.3
3.1
-2.1
5.7
2.7
-8.4
-7.5
-3.2
-0.7
-1.1
-7.8
- Business services
2.9
9.0
4.6
8.0
7.7
3.2
0.1
-4.5
-4.0
-4.0
-5.5
- Financial & insurance services
- Educational services
10.8
2.2
1.8
3.4
1.9
-0.5
2.3
3.6
2.2
1.6
6.6
- Healthcare & social welfare services
6.0
9.4
6.3
6.1
6.8
6.1
6.5
8.6
6.9
9.6
9.6
- Entertainment, cultural & sports services
2.9
6.3
2.2
2.5
0.4
1.7
4.3
1.0
-1.6
5.4
-0.5
- Membership organizations
3.8
0.1
0.1
1.9
1.0
-1.4
-1.0
-4.6
-4.2
-3.6
-5.8
- Sewerage & waste management
0.4
4.9
5.8
8.9
6.9
3.9
4.0
-0.2
-6.4
1.7
4.1
1. Preliminary
Although the business survey index (BSI) for the non-manufacturing industry increased, service activity is expected to stay weak in April as self-employed business including wholesale & retail sales, hotels & restaurants and real estate services showed sluggishness. (Percentage change from same period in previous year) 2008
2009
Q1
Q2
Q3
Q4
Jan
Feb
Mar
Consumer goods sales (y-o-y)
4.4
-2.9
-1.4
-4.2
-3.3
-6.1
-5.3
(q-o-q, m-o-m)
1.1
-1.3
-0.1
-3.5
-2.1
-5.2
-1.9
Business survey index (BSI, base=100) Non-manufacturing result: 59 (Jan 2009) Non-manufacturing prospect: 55 (Jan 2009)
20
May 2009
59 (Feb) 59 (Feb)
61 (Mar) 61 (Mar)
71 (Apr) 63 (Apr)
74 (May)
l es
l&
tate
ncia
& re
ranc
e se
ns
bus iness f ines acil s su ity m ppo ana rt se gem rvic ent es & Edu cati ona l se rvic es Hea l t h serv care ices & s ocia l we lfar e Ente serv rtainm ices ent , cu ltur al & spo Me rts othe mbersh r pe ip o rson rgan al s izati ervi ons Sew ces , re pair reco erage, & very was & re te m med ana iatio gem n ac ent, tivit mate ies rials
es
atio
rvic
unic
s
omm
rant
tail
insu
&c
stau
tion
& re
ion
& re
ntin g Prof e s tech sion nica al, s l se cien rvic tifi c& es Bus
Rea
Fina
ale
rtat
rma
els
Info
Hot
spo
oles
Tran
Wh
ex
7-3
l ind
7-2
Tota
7-1 Service industry
Source: Korea National Statistical Office (service industry activity trend)
Wholesale and retail sales
Source: Korea National Statistical Office (service industry activity trend)
Mar 2009 service industry by business
Source: Korea National Statistical Office (service industry activity trend)
Economic Bulletin
21
8. Employment The number of workers on payroll in March declined by 195,000 year-on-year affected by weak domestic demand and decreased exports. It was the fastest fall since March 1999 when the number of employed dropped by 390,000. Employment in the manufacturing sector stayed on a downward track by declining 186,000. Hiring in the construction sector continued to fall with a 71,000 decrease. Employment in the service sector slowed its year-on-year growth to 39,000, as wholesale & retail sales and hotels & restaurants continued to shed jobs with the number of employed in the sector declining by 136,000. (Change from same period in previous year, thousand) 2008
2009
Annual
Mar
Q1
Q2
Q3
Q4
Q1
Jan
Feb
Mar
Employment growth
145
184
209
173
141
54
-146
-103
-142
-195
- Manufacturing
-52
-17
-18
-34
-52
-103
-163
-127
-176
-186
- Construction
-37
-41
-22
-46
-40
-41
-43
-41
-17
-71
- Services
263
297
307
300
262
187
47
53
45
39
- Agriculture, forestry and fishery
-37
-60
-63
-54
-38
8
14
15
6
22
By status of workers, non-wage workers including self-employed workers plunged by 277,000 from a year earlier. Meanwhile, wage workers rose by 83,000 led by an increase of 276,000 in regular workers although temporary or daily workers shrank significantly by 194,000. (Change from same period in previous year, thousand) 2008
2009 Q1
Jan
Feb
Mar
54
-146
-103
-142
-195
208
137
73
21
117
83
448
347
316
318
287
390
276
Annual
Mar
Q1
Q2
Q3
Employment growth
145
184
209
173
141
- Wage workers
236
262
312
289
• Regular
386
466
435
workers
Q4
-150
-204
-123
-159
-140
-179
-244
-267
-273
-194
- Non-wage workers
-92
-79
-102
-115
-66
-83
-220
-123
-259
-277
• Self-employed
-79
-66
-79
-67
-76
-95
-197
-112
-256
-222
3.2
3.4
3.4
3.1
3.1
3.1
3.8
3.6
3.9
4.0
59.5
59.1
58.5
60.3
59.9
59.4
57.4
57.3
57.0
57.9
• Temporary
or daily workers
workers
Unemployment rate (%) Employment rate (%)
The employment rate stood at 57.9 percent, down 1.2 percentage points compared to the same month of the previous year. The unemployment rate rose 0.6 percentage points yearon-year to 4.0 percent, while that of youths aged 15 to 29 was up 1.2 percentage points from a year earlier to 8.8 percent.
22
May 2009
8-1
Number of employed and employment growth Source: Korea National Statistical Office (employment trend)
8-2
Share of employed by industry Source: Korea National Statistical Office (employment trend)
8-3
Unemployment rate and number of unemployed Source: Korea National Statistical Office (employment trend)
Economic Bulletin
23
9. Financial markets 9.1 Stock market The Korean stock market in April continued its upward trend as the expectation of economic recovery was high with global stock market rallies, the stabilizing exchange rate, and upbeat economic data. On April 30, the KOSPI jumped to 1,369.36 point, the highest this year. Global stock market rallies in Apr 2009 (end-period, m-o-m, %) Korea (11.0), US (5.2), UK (7.3), Japan (5.7), Hong Kong (14.8)
Foreign investors, who turned their positions to net-buyers after mid March, expanded their net-buying amount of Korean shares in April Net buying of Korean shares by foreign investors in the KOSPI market (trillion won) -2.3 (Feb 2009)
0.7 (Mar)
2.6 (Apr) (End-period, point, trillion won) KOSPI
Stock price index
KOSDAQ
2008
April 2009
Change
1,124.4
1,369.3
576.9 5.1
Market capitalization Average daily trade value
2008
April 2009
Change1
244.9 (+21.8%)
332.0
500.9
168.9 (+50.9%)
710.6
133.7 (+23.2%)
46.1
73.2
27.1 (+58.8%)
7.6
2.5 (+49.0%)
1.2
2.9
1.7 (+141.7%)
1
1. Change from the end of previous year
9.2 Exchange rate The won/dollar exchange rate has plunged to stabilize at the lower/mid 1,300 won range affected by a current account surplus, foreign investors’ net-buying of Korean shares, and successful issuance of dollar-denominated state bonds. On April 30, the won/dollar exchange rate fell by 59 won from end-March to wrap up the month at 1,282 won. Current account balance (US$ billion) -1.64 (Jan 2009)
3.56 (Feb)
6.65 (Mar)
Trade balance (US$ billion) -3.64 (Jan 2009)
2.88 (Feb)
4.29 (Mar)
6.02 (Apr)
The won/yen exchange rate dropped to the 1,310 won range against 100 yen amid the won’s appreciation. (End-period) 2006
2007
2008
Dec
Dec
Dec
2009 Mar
Apr
Change1
Won/Dollar
929.8
936.1
1,259.5
1,383.5
1,282.0
-1.8
Won/100Yen
783.4
828.6
1,396.8
1,412.7
1,317.2
6.0
1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.
24
May 2009
9-1
Stock prices
9-2
Foreign exchange rate (month-end)
9-3
Recent foreign exchange rate
Economic Bulletin
25
9.3 Bond market Treasury bond yields, which were unstable in previous months, stabilized in April helped by successful issuance of state bonds and foreign investors’ net-buying of KTB (Korea Treasury Bond) futures. On April 26, the government held 20-year Treasury bonds auction and the amount offered and accepted coincided at 500 billion won. With abundant liquidity in the market, interest rates such as the yields on CDs continued the downward trend. (End-period)
Call rate (1 day)
2005
2006
2007
2008
2009
Dec
Dec
Dec
Dec
Feb
Mar
Apr
Change1
3.76
4.60
5.02
3.02
1.87
1.72
1.85
-117
CD (91 days)
4.09
4.86
5.82
3.93
2.49
2.43
2.41
-152
Treasury bonds (3 yrs)
5.08
4.92
5.74
3.41
3.82
3.94
3.59
18
Corporate bonds (3 yrs)
5.52
5.29
6.77
7.72
6.60
6.13
5.29
-243
Treasury bonds (5 yrs)
5.36
5.00
5.78
3.77
4.57
4.69
4.17
40
1. Basis point changes in April 2009 from end December 2008
9.4 Money supply & money market The year-on-year M2 (monthly average) growth in February 2009 decelerated to 11.4 percent from a year earlier. Despite an expanded size of government expenditure, the growth continued to slow down with a decelerated increase in private credits including bank loans. (Percentage change from same period in previous year, average) 2006
2007
Annual
Annual
2008 Annual
2009
Nov
Dec
Jan
Feb
Feb1
9.1
8.1
4.4
5.5
5.5
9.0
11.1
372.2
M2
8.3
11.2
14.3
14.0
13.1
12.0
11.4
1,457.9
Lf3
7.9
10.2
11.9
11.4
10.4
9.2
Upper 8
1,868.84
M1
2
1. Balance at end February 2009, trillion won 2. Excluding corporate MMFs and individual MMFs while including CMAs 3. Liquidity aggregates of financial institutions (mostly identical with M3) 4. Preliminary
In March, deposits of banks and asset management companies (AMC) turned to decrease. Bank deposits fell due to significant cuts in deposit rates and money withdrawal by firms with end-December fiscal year for their corporate tax payments. Asset management company (AMC) deposits declined as capital influxes into money market funds (MMFs) went down due to AMCs’ own efforts to limit the size of MMF deposits. (Monthly change, end-period, trillion won) 2007
2008
2009
Annual
Mar
Annual
Mar
Dec
Bank deposits
51.0
10.9
95.5
-6.0
AMC deposits
61.8
3.4
63.0
0.4
1. Balance at end March 2009, trillion won
26
May 2009
Jan
Feb
Mar
Mar1
-11.1
-5.5
20.6
-5.2
916.4
12.8
17.7
11.4
-3.0
385.6
9-4
Interest rates Source: The Bank of Korea
9-5
Total money supply Source: The Bank of Korea
9-6
Share of deposits by financial sector (M3 as of year-end) Source: The Bank of Korea * Retail finance: Mutual savings banks & National Credit Union Federation of Korea, Others: Investment banks, post office savings, etc.
Economic Bulletin
27
10. Balance of payments Korea in March posted a current account surplus of US$6.65 billion as the goods account surplus surged, recording an accumulated surplus of US$8.58 billion in the first quarter. The goods account registered a huge surplus of US$6.98 billion, as imports continued to slip with falling international oil and other raw material prices while the decrease in exports decelerated. The service account deficit expanded to US$650 million as the travel account surplus reduced and the business service deficit increased. The income account shifted to a US$220 million deficit due to seasonal factors such as overseas dividend payments by Korean companies whose fiscal year ends in December. The current transfer account registered a US$530 million surplus extending its surplus trend for six consecutive months as Korean residents overseas remitted more money to their home country amid the won’s depreciation against the dollar. (US$ billion) 2008
Current account
2009
Annual
Q1
Q2
Q3
Q4
Q1
Jan
Feb
Mar
-6.41
-5.21
-0.13
-8.58
7.52
8.58
-1.64
3.56
6.65
- Goods balance
5.99
-1.22
5.72
-3.48
4.97
8.35
-1.74
3.11
6.98
- Service balance
-16.73
-5.07
-4.27
-5.69
-1.70
-1.88
-0.71
-0.53
-0.65
- Income balance
5.11
1.69
-0.65
1.36
2.71
0.83
0.56
0.48
-0.22
- Current transfers
-0.77
-0.61
-0.94
-0.77
1.55
1.28
0.25
0.50
0.53
The capital and financial account balance continued a net outflow in March for two months in a row. Capital & financial account balance (US$ billion) 0.39 (Mar 2008)
-12.14 (Nov)
-4.83 (Dec)
4.86 (Jan 2009)
-3.32 (Feb)
-2.18 (Mar)
The direct investment account recorded a deficit of US$590 million as foreign direct investment (FDI) into Korea turned to a net outflow. The portfolio investment account showed a net outflow of US$1.49 billion as bonds issued overseas by domestic firms reached maturity while overseas portfolio investment by locals increased. The financial derivatives account registered a net outflow of US$2.32 billion due to financial institutions’ expanded loss in derivative products affected by the won’s depreciation. Despite seasonal factors such as external dividend payments by domestic firms with endDecember fiscal year, the current account is likely to record a surplus of US$3.0 billion or more in April as the trade balance posted a huge surplus of US$6.02 billion.
28
May 2009
10-1 Current account balance Source: The Bank of Korea (balance of payments trend)
10-2 Travel balance Source: The Bank of Korea (balance of payments trend)
10-3 Capital & financial account balance Source: The Bank of Korea (balance of payments trend)
Economic Bulletin
29
11. Prices and international commodity prices 11.1 Prices Consumer prices rose by 3.6 percent year-on-year in April, slowing its increase for two consecutive months. On a month-on-month basis, the prices went up 0.3 percent. While overall price index was stable, there was a gap between price indexes and perceived consumer prices as agricultural, livestock and fishery products as well as oil products showed price strength. Prices of agricultural, livestock and fishery products were up 2.4 percent month-on-month due to a price surge in Chinese cabbage, potato and pork affected by decreases in cultivated land area, declining imports caused by the won’s depreciation and a delay in harvest from a spring drought. Prices of agricultural products in Apr 2009 (m-o-m, %) Chinese cabbage (63.3), potato (37.7), banana (10.7), sweet potato (9.0), pork (11.7), mackerel (4.8), cutlassfish (4.9), croaker (2.8), onion (-15.6)
Despite the price strength in oil products, prices of industrial products went down 0.1 percent month-on-month as the won’s depreciation was fully reflected in prices including that of gold rings (down 10.2%) and promotional discounts were conducted by large discount stores. Prices of oil products in Apr 2009 (m-o-m, %) Gasoline (1.6), diesel (2.8), kerosene (0.7), LPG for automobiles (0.0), LPG for kitchen use (-0.4)
Personal service charges went up mere 0.1 percent when excluding expenses for eating-out, which advanced 0.4 percent along with price increases of food materials such as agricultural, livestock and fishery products.
Consumer price inflation in major sectors Total Month-on-Month (%)
Agricultural, livestock & fishery Industrial products products
Oil products
Gold rings
Housing rents
Public utility
Personal services
0.3
2.4
-0.1
1.5
-10.2
0.1
0.2
0.3
Contribution (%p)
0.27
0.21
-0.03
0.08
-0.12
0.01
0.03
0.09
Year-on-Year (%)
3.6
12.2
3.4
-9.6
30.6
1.7
1.6
3.2
Contribution (%p)
3.58
1.00
1.05
-0.61
0.26
0.16
0.27
1.11
Core consumer prices, which exclude the prices of oil and agricultural products, rose by 4.2 percent year-on-year. Consumer prices for basic necessities, a barometer of perceived consumer prices, were up 3.0 percent compared to the same month of the previous year.
Consumer price inflation 2008
2009
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Month-on-Month (%)
0.6
0.8
0.6
0.7
-0.2
0.1
-0.1
-0.3
0.0
0.1
0.7
0.7
0.3
Year-on-Year (%)
4.1
4.9
5.5
5.9
5.6
5.1
4.8
4.5
4.1
3.7
4.1
3.9
3.6
Core consumer prices (y-o-y)
3.5
3.9
4.3
4.6
4.7
5.1
5.2
5.3
5.6
5.2
5.2
4.5
4.2
(m-o-m)
0.5
0.5
0.5
0.5
0.2
0.5
0.2
0.3
0.5
0.2
0.4
0.4
0.2
Consumer prices for basic necessities (y-o-y)
5.1
5.9
7.0
7.1
0.6
5.5
4.8
4.0
3.0
2.8
3.3
3.1
3.0
30
May 2009
11-1 Prices Source: Korea National Statistical Office (consumer prices, core inflation) & The Bank of Korea (producer prices)
11-2 Consumer price inflation Source: Korea National Statistical Office (consumer price trend)
11-3 Contribution to consumer price inflation Source: Korea National Statistical Office (consumer price trend)
Economic Bulletin
31
11.2. International oil and commodity prices International oil prices in April have fluctuated at around US$50 due to mixed signals such as the OPEC’s cut in output and the prospect that the global economic slowdown would dampen oil demand. Oil prices were pushed up since February by higher demand from recent price decreases. The increase, however, was limited by expanded oil reserve. As a result, oil prices became more vulnerable to changes of near-term economic outlooks, paralleling the movement of the US stock market. (US$/barrel, period average) 2006
2007
2008
2009
Annual
Annual
Annual
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Dubai crude
61.6
68.4
94.3
67.7
49.9
40.5
44.1
43.1
45.6
50.0
Brent crude
65.1
72.8
97.5
72.0
52.7
40.4
43.6
43.2
46.5
50.4
WTI crude
66.0
72.3
99.9
76.6
57.3
41.6
41.8
39.2
48.0
49.8
Record high oil prices (spot prices, US$/barrel) Dubai crude: 141 (Jul 4, 2008), Brent crude: 145 (Jul 3), WTI crude: 146 (Jul 14)
Prices of oil products have gone up in line with the international prices. (Won/liter, period average) 2006
2007
2008
2009
Annual
Annual
Annual
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Gasoline prices
1,492
1,526
1,692
1,687
1,514
1,329
1,352
1,486
1,530
1,551
Diesel prices
1,228
1,273
1,614
1,602
1,416
1,303
1,305
1,322
1,304
1,330
Source: Korea National Oil Corporation
International prices of major non-ferrous metals and grain went up month-on-month in April due to a reinforced perception that the worst of economic crisis is over and stock market rallies. In general, prices of non-ferrous metals including bronze, nickel and tin have been on an upward trend due to reduced inventory, stock market rallies and increased strategic stockpile in China. Prices of grain also moved upwards with an expected recovery in demand, weak dollar, increased oil prices, and recent climate deterioration. Prices of non-ferrous metals and grain in Apr 2009 (m-o-m, %) Corn (5.3), wheat (0.6), soybean (17.9), bronze (18.6), nickel (19.0), aluminum (6.8), zinc (14.6), lead (8.1), tin (18.2)
Reuters index*
(Period average)
2006
2007
2008
Annual
Annual
Annual
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2,019
2,400
2,536
2,127
1,965
1,767
1,890
1,893
1,870
1,938
* A weighted average index of 17 major commodities
32
May 2009
2009
11-4 International oil prices Source: Korea National Oil Corporation
11-5 International oil prices (Dubai crude) and import prices Source: Korea National Oil Corporation & Korea Customs Service
11-6 International commodity prices Source: Bloomberg (CRB) & The Bank of Korea (Reuters index) * CRB demonstrates futures price index of 21 commodities listed on the US Commodity Transaction Market, including beans and other crops, crude oil and jewelry.
Economic Bulletin
33
12. Real estate market 12.1 Housing market In April, apartment sales prices remained flat after falling for six consecutive months. Sales prices of houses as a whole including single-family homes and row houses were up 0.1 percent month-on-month. Apartment prices in Seoul led by the Gangnam area, in particular, rebounded by a large margin month-on-month, buoyed by expected deregulation on the real estate market. Apartment prices (m-o-m, %) Seoul: -0.3 (Mar 2009)
0.4 (Apr)
Gangman: -0.1 (Mar 2009)
0.7 (Apr)
Nationwide apartment sales prices
(Percentage change from previous period)
2005
2006
2007
2008
Annual
Annual
Annual
Annual
Jan
Feb
Mar
Apr
Apr 61
Apr 131
Apr 201
Apr 271
Nationwide
5.9
13.8
2.1
2.3
-0.7
-0.3
-0.2
0.0
0.02
0.05
0.04
0.02
Seoul
9.1
24.1
3.6
3.2
-0.9
-0.2
-0.3
0.4
0.10
0.21
0.05
0.03
13.5
27.6
0.5
-1.9
-1.1
0.2
-0.1
0.7
0.17
0.34
0.09
0.08
3.2
19.0
8.3
9.4
-0.7
-0.6
-0.4
0.0
0.01
0.04
0.00
-0.02
Gangnam
2
Gangbuk3
1. Weekly trends 2. Upscale area of southern Seoul Source: Kookmin Bank
2009
3. Northern Seoul
The average rental prices in April increased 0.3 percent month-on-month, a faster pace from the previous month’s 0.2 percent. As for Seoul, the prices were up 0.6 percent. The Gangnam area extended the upward trend for two consecutive months, as supply of newly built apartments was exhausted while demand by newlyweds increased.
Nationwide apartment rental prices
(Percentage change from previous period)
2005
2006
2007
2008
Annual
Annual
Annual
Annual
Jan
Feb
Mar
Apr
Apr 61
Apr 131
Apr 201
Apr 271
Nationwide
5.7
7.6
1.9
0.8
-1.2
-0.3
0.2
0.3
0.07
0.10
0.09
0.06
Seoul
6.2
11.5
2.2
-1.8
-1.7
0.2
0.7
0.6
0.20
0.21
0.10
0.10
Gangnam2
8.6
11.3
0.5
-3.6
-1.8
0.7
1.0
0.9
0.28
0.29
0.12
0.12
Gangbuk
2.9
11.8
4.6
0.5
-1.5
-0.4
0.3
0.3
0.09
0.10
0.08
0.08
3
1. Weekly trends 2. Upscale area of southern Seoul Source: Kookmin Bank
2009
3. Northern Seoul
Apartment sales transactions in March rose 31.4 percent to 79,000 from the previous month’s 60,000, approaching the monthly average level of 88,000 recorded last year.
Apartment sales transactions
(Monthly average, thousand)
2006
2007
2008
Annual
Annual
Annual
Jan
Mar
May
Jul
Sep
Nov
Dec
Jan
Feb
Mar
94
84
74
80
88
82
84
61
54
57
49
60
79
Source: Korea Land Corporation
34
May 2009
2009
12-1 Real estate prices Source: Kookmin Bank (national housing price trend)
12-2 Weekly apartment sales prices and monthly transaction volume Source: Kookmin Bank (weekly APT price trend) & Korea Land Corporation (monthly land trade trend)
12-3 Apartment prices by region Source: Kookmin Bank (national housing price trend)
Economic Bulletin
35
12.2 Land market Nationwide land prices in March fell 0.09 percent from a month earlier with all 16 metropolitan cities and provinces seeing land price decrease. The pace of decline, however, decelerated for the third consecutive month. Nationwide land prices (m-o-m, %) -0.76 (Jan 2009)
-0.35 (Feb)
-0.09 (Mar)
The month-on-month decrease of land prices in the Seoul metropolitan area also slowed led by Seoul and Incheon where land prices decreased 0.03 percent and 0.08 percent during the month after falling 0.43 percent and 0.39 percent in the previous month, respectively.
Land prices by region
(Percentage change from previous period) 2007
2008
2009
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
Jan
Feb
Mar
Nationwide
3.88
0.96
0.79
0.91
1.15
-0.31
1.23
1.46
1.18
-4.08
-1.20
-0.76
-0.35
-0.09
Seoul
5.88
1.38
1.07
1.40
1.90
-1.00
1.83
2.17
1.59
-6.34
-1.38
-0.91
-0.44
-0.03
Gyeonggi
4.22
1.07
0.89
1.05
1.14
-0.26
1.28
1.57
1.28
-4.28
-1.62
-1.03
-0.45
-0.15
Incheon
4.86
1.24
1.28
1.12
1.13
1.37
1.36
1.67
2.01
-3.57
-1.39
-0.92
-0.40
-0.08
Source: Korea Land Corporation
Nationwide land transactions in March increased by 43,000 land lots or 26 percent monthon-month to 207,000 land lots, recovering to the monthly average level of 208,000 land lots posted last year.
Land sales transactions
(Monthly average, land lot, thousand)
2007
2008
Annual Annual Nationwide
2009
Jan
Mar
May
Jul
Sep
Nov
Dec
Jan
Feb
Mar
208
208
216
237
248
245
173
149
162
134
164
207
Seoul
33
26
24
32
36
34
20
14
13
13
15
20
Gyeonggi
49
45
44
50
58
57
37
28
31
26
34
41
Gwangju
4
5
5
4
5
5
4
5
3
5
6
8
11
12
10
15
15
14
10
10
10
7
14
16
South Chungcheong Source: Korea Land Corporation
36
May 2009
12-4 Land and consumer prices since 1970s Source: Korea Land Corporation (land prices) & Korea National Statistical Office (consumer prices)
12-5 Land prices by region Source: Korea Land Corporation (land price trend)
12-6 Land trade volume Source: Korea Land Corporation (land trade trend)
Economic Bulletin
37
13. Composite indices of business cycle indicators The cyclical indicator of coincident composite index, a barometer of the current economic conditions, increased 0.5 points in March from the previous month. It took its first upward turn in 14 months since February 2008. Two components of the index including the number of non-farm payroll employment and the volume of imports decreased. In the mean time, the other six components, such as the mining and manufacturing production index, the manufacturing operation ratio index, and the value of construction completed index were up. Components of the cyclical indicator of coincident composite index in Mar 2009 (m-o-m) Number of non-farm payroll employment (-0.3%), mining and manufacturing production index (4.5%), manufacturing operation ratio index (3.6%), value of construction completed (2.8%), service activity index (0.4%), wholesale & retail sales index (0.0%), domestic shipment index (1.4%), volume of imports (-4.4%)
Cyclical indicator of coincident composite index (m-o-m, p) -1.9 (Nov 2008)
-2.7 (Dec)
-2.2 (Jan 2009)
-0.4 (Feb)
0.5 (Mar)
The year-on-year leading composite index, which foresees the future economic conditions, went up 1.0 percent month-on-month in March, running on an upward track for three consecutive months. Three out of all components of the index including the value of construction orders received, the ratio of job openings to job seekers, and capital goods imports declined, while the other seven components such as the indicator of inventory cycle and the value of machinery orders received were up. Components of the leading composite index in Mar 2009 (m-o-m) Ratio of job openings to job seekers (-2.6%p), indicator of inventory cycle (6.1%p), consumer expectations index (0.2p), value of machinery orders received (2.1%), capital goods imports (-2.0%), value of construction orders received (-14.2%), composite stock price index (0.7%), liquidity in the financial institutions (0.9%), spreads between long & short term interest rates (0.4%p), net terms of trade index (3.3%)
12 month smoothed change in leading composite index (m-o-m, %p) -1.4 (Nov 2008)
-1.0 (Dec)
0.2 (Jan 2009)
1.0 (Feb)
1.0 (Mar)
2008
2009
Nov
Dec
Jan
Coincident composite index (m-o-m, %)
-1.4
-2.5
Cyclical indicator of coincident composite index
97.3
(m-o-m, p)
Feb1
Mar1
-1.9
-0.1
1.0
94.6
92.4
92.0
92.5
-1.9
-2.7
-2.2
-0.4
0.5
Leading composite index (m-o-m, %)
-1.2
-0.8
0.2
1.1
1.0
12 month smoothed change in leading composite index (%)
-3.2
-4.2
-4.0
-3.0
-2.0
(m-o-m, %p)
-1.4
-1.0
0.2
1.0
1.0
1. Preliminary
38
May 2009
1
13-1 Cyclical indicator of coincident composite index Source: Korea National Statistical Office
13-2 Leading composite index Source: Korea National Statistical Office
13-3 Coincident and leading composite indices Source: Korea National Statistical Office
Economic Bulletin
39
Policy Issues Detailed Plans to Nurture the Service Sector
The Korean government announced plans to further develop service industries on May 8, 2009. A total of 51 experts, 35 from the private sector and 8 from the government ministries, attended the meeting, where the plans were decided and announced. The plans aim to properly regulate the service sector, encourage competition in the sector, and correct any unfair support compared with that given to the manufacturing industry.
1. Background As the Korean economy is suffering from job losses, affected by the global economic downturn, the service sector is getting attention as a core industry to overcome the current economic difficulties and prepare for the future. The service industry is expected to fix Korea’s heavy reliance on exports as it creates more jobs than other industries by stimulating domestic markets. Furthermore, the demand generated in the industry is not as much affected by changes in external economic conditions as other industries, including the manufacturing sector which is likely to suffer from weak foreign demand for an extended period of time. Although the Korean government had unveiled a series of support packages to further develop the service sector, the competitiveness of the service sector has not substantially improved: The regulations are still less favorable to the service sector than the manufacturing sector, and public awareness of the importance of the service sector also remains low.
40
May 2009
2. Current situation Unlike other major countries shifting their economic focus to the service sector, Korea ranked 29th among the 30 OECD countries in terms of the ratios of the service sector to the GDP and employment, standing at 59.7 percent and 66.2 percent respectively, while the OECD average landed at 68.8 percent and 69.7 percent for the same ratios. Similarly, Korea’s economy is led by the manufacturing sector, with only four companies from the service sector settling in the 30 largest enterprises of the nation, while the US has 12 service companies in the same category. On top of that, the service account has seen deficits in most areas other than transportation and financial services, although trade in the service sector has continuously expanded.
3. Problems in the service sector The productivity of Korea’s service sector is relatively low, compared with other OECD countries, and is half the productivity of the country’s manufacturing sector: As of 2006, Korea’s service sector productivity is 44 percent of that of the US and 58 percent of that of the manufacturing sector. Overly strict regulations are also obstructing investment and competition in the sector. Deregulation in the social services sector including medical and educational services is not easy as these are the industries where providing equal services deems to be critical. Other blocks to service sector development are its less opened market, a higher proportion of small and self-employed businesses, and discrimination against the service sector in favor of the manufacturing sector through tax incentives, fiscal aid and SME support.
4. Policy directions To nurture the service sector and allow it to create more quality jobs and lead the economic growth, the Korean government selected nine service industries on the basis of added value, job creating capacity, growth potential and prospects to improve service account: Medical services, logistics, consulting, design and IT services are chosen as industries with high added value and strong growth potential, while services such as education, content providing, broadcasting and communications, and employment support are designated as those with prospects to create more jobs and improve the service account.
Economic Bulletin
41
5. Key plans for the service sector To provide the same incentives as the manufacturing sector has to the service sector, the Korean government plans to expand tax incentives and fiscal support to the service sector. For example, knowledge based industries will be included for the special tax reduction for SMEs, tax deduction for investments in production facilities in broadcasting and IT services will be increased, and R&D support for SMEs as well as assistance in on-line overseas marketing, new technology and design development will be expanded to the service sector. The knowledge-based industry will be given increased guarantees from the Korean Credit Guarantee Fund and Korea Technology Credit Guarantee Fund from 0.7 trillion won in 2008 to 1.2 trillion won in 2009 and 1.2 trillion won to 1.7 trillion won, respectively. Also export financing and insurance for knowledge-based industries such as IT services and content providing industries such as game and film making will be expanded: from 39.7 billion won in 2008 to 150 billion won in 2009 in the case of export financing, and 207.1 billion won to 330 billion won in the case of export insurance. To give the service sector more SME incentives and support, the government greatly loosened requirements to be classified as SMEs in the service sector: The maximum sales ceiling was raised from 5 billion won to 20 billion won in finance, insurance, IT, medical and welfare services, and in the case of business support service from 20 billion won to 30 billion won.
Details for each service industries Service industry
Education
Content providing
IT services
Objectives
Key plans
- To meet the demand for more quality domestic educational services
- Foreign educational institutions can remit earnings and teach more domestic students.
- To improve the education account
- International students will have a better environment for study including more dormitory facilities among others.
- To raise the national image through content
- Illegal copying will be strictly cracked down upon.
- To bring the influence of content to other industries including tourism and manufacturing - To bring added value of the IT industry to other industries including software and manufacturing
- Fair trading will be encouraged through standardized contract forms. - Assessment tools to set the value of films and games at the planning stages will be developed and adopted. - The minimum amount of money required for large corporations to participate in the governmental software projects was increased to give more opportunities to SMEs. - The quality of software will be guaranteed by authorized certification.
Design
- To raise multi- and interdisciplinary capabilities, and consulting competence of designers and design firms
- Higher educational institutions to educate design professionals with multi- and interdisciplinary knowledge will be developed. - Vouchers for getting consultation from design professionals will be introduced.
42
May 2009
- To develop the industry as one which continuously creates jobs for highly qualified professionals Consulting
- Graduate schools for studying various areas of consulting will be established. - Consulting firms are encouraged to locate in an industrial complex. - Joint consultation with Multilateral Development Banks will be pursued.
- To nurture the industry by lifting overly strict regulations and financing conditions - To raise growth potential of the industry and create jobs
- Health care service, rather than disease treatment, will be introduced. - Management Service Organization to provide medical institutions with management services will be legally allowed. - Foreign medical services will be available in free economic zones.
Medical
- Small and medium sized medical clinics will be designated as clinics for specified care. - Legal bases for settling medical conflicts and consolidating medical firms will be founded.
Employment support
- To help companies efficiently use human resources
- Regulations on commissions to employment support agencies will be relaxed.
- To provide proper employment service to the unemployed
- Types of jobs available for outsourcing through the agencies will be expanded. - Employment support will be taught in higher educational institutions to nurture professionals in the field.
Logistics
- To raise competitiveness in overall logistics, which is relatively less competitive than shipping or air transportation
- Large logistics corporations will be under tighter regulations to guarantee better logistics for users. - Incentives will be given to freight cars with business purposes. - To help logistics companies make inroad into the AsiaPacific region, cooperation systems between logistics and manufacturing firms will be established.
- To establish an institutional fundamentals for converged broadcasting and communications services - To discover new markets and encourage competition Broadcasting and communications
- Content will be provided by PPs (Program Provider) regardless of the forms of media. - Advertisements can be traded by private media representatives. - Content will be traded on a fairer basis. - Networks or facilities can be sublet to facilitate the market entrance by small businesses and encourage competition. - Firms with market dominance can lower fees by reporting it, instead of getting an approval, which leads to price competition.
Economic Bulletin
43
Economic News Briefing
GDP gained quarterly increase of 0.1% in the first quarter (Advanced) Korea’s real GDP grew 0.1 percent in the first quarter of 2009 compared with the previous quarter when real GDP fell 5.1 percent affected by the global economic slump. From a year earlier, however, GDP decreased 4.3 percent due to the sluggish manufacturing and service sectors. On the production side, the quarterly decline in manufacturing output decelerated to 3.2 percent from the previous quarter’s 11.9 percent, while the construction and service sectors shifted to 6.1 percent and 0.3 percent increases from the previous quarter, respectively. On the expenditure side, private consumption and construction investment expanded 0.4 percent and 5.3 percent quarter-on-quarter, after falling 4.6 percent and 3.0 percent, respectively, while exports decelerated the pace of decline to 3.4 percent from the previous quarter’s 12.6 percent. Meanwhile, facility investment remained weak with a 9.6 percent decrease after a 14.2 percent fall a quarter earlier.
44
May 2009
Real GDI (gross domestic income) reflecting the change in terms of trade decreased 0.2 percent from the previous quarter and 4.6 percent from the same quarter of the previous year.
GDP by production and expenditure*
(Percentage change from previous period) 2007
20081
20091 Q1
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
GDP
5.1
1.5 (4.5)2
1.5 (5.3)
1.3 (4.9)
1.3 (5.7)
2.2
1.1 (5.5)
0.4 (4.3)
0.2 (3.1)
-5.1 (-3.4)
0.1 (-4.3)
Agriculture, forestry and fishery
4.0
-0.2
3.0
0.8
-2.9
5.5
5.8
0.8
0.6
-0.1
0.4 (1.2)
Manufacturing
7.2
2.0
2.7
2.5
2.4
3.1
1.2
1.7
0.1
-11.9
-3.2 (-13.5)
Construction
2.6
-0.1
-0.1
0.5
1.3
-2.4
-1.4
-2.2
1.1
-4.2
6.1 (0.6)
Services3 Private consumption
5.1
2.0
1.2
1.1
1.2
2.5
0.8
0.1
0.5
-1.4
0.3 (-0.5)
5.1
1.7
1.5
0.9
0.4
0.9
1.1
-0.2
0.0
-4.6
0.4 (-4.4)
Facility investment
9.3
6.0
1.2
-3.0
3.8
-2.0
-0.4
0.4
0.2
-14.2
-9.6 (-22.1)
Construction investment
1.4
-0.1
-2.2
-0.4
2.9
-2.1
-2.5
-0.3
0.1
-3.0
5.3 (1.7)
Goods exports4
11.9
5.4
2.6
1.5
7.1
4.1
-0.7
2.5
-0.9
-12.6
-3.4 (-14.1)
Goods imports4
10.9
3.8
5.0
0.3
5.9
4.6
0.1
3.0
1.2
-15.7
-7.0 (-18.1)
4.8
-0.2
1.7
1.4
1.1
-1.2
-1.7
1.0
-3.3
-2.2
-0.2 (-4.6)
GDI
*At 2005 chained prices, seasonally adjusted terms 1. Preliminary 2. Figures in parenthesis denote percentage changes from the same period in the previous year in original terms. 3. Wholesale & retail sales, hotels & restaurants, transportation & storage, communication services, financial & insurance services, real estate, business services, public administration, defense & social security, educational services, healthcare & social welfare services and other services are included. 4. FOB basis
Korea contributes 16% to Asia’s US$120 billion reserve fund Korea will shoulder US$19.2 billion or 16 percent in a US$120 billion crisis fund known as the Chiang Mai Initiative (CMI) aimed at providing foreign exchange liquidity to East and Southeast Asian countries in need of help during the economic downturn. The Association of Southeast Asian Nations (ASEAN), together with Korea, Japan and China agreed on the details of the fund to be created by the end of this year at the 12th ASEAN+3 finance ministers’ meeting held in Bali, Indonesia, on May 3. China and Japan will each contribute 32 percent to the fund while the 10 members of ASEAN will cover the remaining amount. A surveillance unit to monitor the economies in the region will also be established with the help of the Asian Development Bank (ADB). In addition, the meeting decided to set up the Credit Guarantee and Investment Mechanism (CGIM), a guarantee for local currencydenominated corporate bonds issued within the region, with an initial capital of US$500 million which can be increased once the demand is fully met.
Economic Bulletin
45
FDI outflow in Q1 down 57.3% to US$3.88 billion Amid the global economic downturn, Korea reported a 57.3 percent fall in overseas direct investment in the first quarter of 2009 from the previous year to record US$3.88 billion, the Ministry of Strategy and Finance said on May 1. In the same period of the previous year, outward FDI stood at US$9.08 billion. (Notification basis, US$ million) 2008
2009
Q1
Q2
Q3
Q4
Annual
Q1
FDI outflow
9.08
8.42
8.82
9.93
36.25
3.88
(y-o-y, %)
122.5
13.0
68.9
-24.3
21.3
-57.3
By country, FDI outflows to China and the US dropped considerably while those to the Netherlands and Cayman Islands showed a sharp increase. By business, overall industries including manufacturing (down 51.1%), mining (down 52.3%), real estate & rent (down 90.5%), finance & insurance (down 61.9%) showed year-on-year decreases in overseas investments.
Korea to see fastest recovery, OECD says According to the OECD report, Korea’s composite leading indicators (CLIs) were up 1.6 points month-on-month to 94.5 points in February, representing the biggest gain among 30 OECD member countries. CLIs project a country’s economic activity six months in advance. Therefore, the strength of the figure suggests that Korea will recover the fastest from the global financial crisis. Meanwhile, the International Monetary Fund (IMF) predicted that Korea would swing to a surplus of US$20.7 billion in the current account in 2009. In a recent revision of the economic outlook, the IMF predicted a sharp rise in Korea’s current account balance helped by a weak local currency that has boosted exports. Among 18 countries which posted current account deficits last year, only Korea and Iceland are expected to see their current account balances return to surplus this year, the IMF said.
46
May 2009
Restructuring initiatives for shipbuilding and shipping industries The Korean government announced on April 23 and 30 plans to restructure and support shipbuilding and shipping industries which suffer from the current economic downturn. As for shipbuilding companies, workout proceedings, involving an adoption of measures to assist distressed businesses back to normal, will be expedited to be completed by the end of June 2009. Companies that received a B rating or higher in the previous round of credit evaluations based on their financial statements as of September 2008, but subsequently showed signs of distress since then, will be subject to additional risk assessments based on the full year financial statements of 2008. To provide healthy shipbuilders and collaborating small- and medium-sized enterprises (SMEs) with more liquidity, the government also plans to nearly double the amount of money earmarked to support the industry from the previous 4.7 trillion won to 9.5 trillion won, of which 7 trillion won will be used to bolster management of small-to-medium shipbuilding companies and collaborating SMEs. The credit limits will be eased for low risk companies to help them raise funds. 11.5 trillion won of shipping finance this year will be provided to help ship owners pay for existing contracts and place new orders. For shipping companies, restructuring will commence upon the completion of evaluations at the end-June. By the end of April 2009, credit risk evaluations were completed on 38 large shipping companies with loans in excess of 50 billion won. Reorganization and support plans for the shipping companies that were selected for restructuring will be formulated and carried out by the end of July 2009. Credit risk assessments are also scheduled to be completed by the end of June for approximately 140 small shipping companies with the focus on those giving rise to liquidity concern.
Foreign invested companies in Korea see strong 2007 sales and exports Foreign companies doing business in Korea showed solid gains in sales, employment and exports in 2007, according to the report by the Ministry of Knowledge Economy released on April 14. The aggregate sales of foreign invested businesses totaled 181 trillion won in 2007, up from 166 trillion won tallied in the previous year. Exports of goods made by these companies registered US$54.3 billion in 2007 compared with the previous year’s US$33.7 billion. Their exports accounted for 15.6 percent of Korea’s exports in the cited year, up from 11.7 percent in 2006. The number of employed also increased to 267,000 from 253,000 a year earlier.
Economic Bulletin
47
Korea-ASEAN FTA on services takes effect on May 1 A free trade agreement (FTA) on the service sector between Korea and six member states of the Association of Southeast Asian Nations (ASEAN) went into effect from May 1, the Ministry of Foreign Affairs and Trade said. The six ASEAN member nations adopting the agreement are Vietnam, Myanmar, Singapore, Malaysia, the Philippines and Brunei. The agreement is expected to create more opportunities for Korean companies to make inroads into the ASEAN service markets by acquiring shares in local companies. Separately, on April 22, the National Assembly’s Foreign Affairs and Trade Committee passed a bill to forward the KoreaUS FTA to the National Assembly for ratification.
Stepped up measures to attract foreign patients On April 28, the Ministry of Health, Welfare and Family Affairs has announced the revised enforcement rule of Medical Law to support hospitals gearing up to attract foreign patients to Korea. According to the Ministry, local hospitals and clinics are able to advertise and team up with travel agencies to attract potential patients from abroad starting May 1. In addition, the Ministry of Justice and the Ministry of Health, Welfare and Family Affairs have decided to create a new visa category called type-M, which started to be issued from May 11, for foreign patients. The detailed categories of the type-M visa are divided into the 90-day C3 visa and the one-year G1 visa. To receive the type-M visa, foreign nationals have to submit medical treatment records, a statement of financial responsibility, and a confirmation note on local hospital reservations.
48
May 2009
Statistical Appendices Tables & Figures 1. National accounts 2. Production, shipment and inventory 3. Production capacity and operation ratio 4. Consumer goods sales index 5. Consumer goods shipment index and consumer sentiment index 6. Machinery orders received, domestic machinery shipment, and estimated facility investment index 7. Value of construction completed and domestic construction orders received 8. Composite indices of business cycle indicators and BSI 9. Balance of payments (I) 10. Balance of payments (II) 11. Prices 12. Employment 13. Financial indicators 14. Monetary indicators 15. Exchange rates
Economic Bulletin
49
1. National accounts (year-on-year change, %, chained 2005 year prices) Real GDP Period
2002 2003 2004 2005 2006 2007 2008P
Gross fixed capital formation
Final consumption expenditure
Agri., fores. & fisheries
Manufacturing
7.2 2.8 4.6 4.0 5.2 5.1 2.2
-2.2 -5.4 9.1 1.3 1.5 4.0 5.5
8.7 5.4 10.0 6.2 8.1 7.2 3.1
8.1 0.5 1.0 4.6 5.1 5.1 1.6
Construction
Facilities
7.1 4.4 2.1 1.9 3.4 4.2 -1.7
6.2 8.5 1.3 -0.4 0.5 1.4 -2.1
7.3 -1.5 3.8 5.3 8.2 9.3 -2.0
2002
I II III IV
6.6 7.0 6.8 8.1
2.3 -2.4 -1.1 -5.5
5.1 7.2 9.3 13.1
10.3 9.1 7.7 5.7
7.5 7.9 3.2 9.6
11.4 7.2 -1.5 9.4
2.6 7.7 9.8 9.1
2003
I II III IV
3.5 1.8 2.0 3.9
0.7 -1.6 -9.6 -8.0
5.4 3.1 4.3 8.5
2.0 0.3 0.0 -0.4
5.1 4.7 2.8 5.0
8.2 8.4 8.3 9.0
2.9 -0.7 -5.8 -2.2
2004
I II III IV
5.2 5.9 4.8 2.7
8.2 7.6 8.3 11.6
10.9 12.9 10.4 6.2
-0.1 1.3 1.0 1.8
2.3 4.9 3.1 -1.4
5.3 4.2 1.2 -3.5
-0.6 6.4 7.7 1.8
2005
I II III IV
2.7 3.4 4.5 5.1
0.4 4.8 3.8 -3.1
4.8 3.9 6.7 9.3
2.7 4.7 5.9 4.9
-0.3 1.8 1.5 3.9
-3.1 0.9 -0.3 0.3
3.4 2.8 4.1 10.8
2006
I II III IV
6.1 5.1 5.0 4.6
3.9 -0.3 -1.4 4.2
9.4 9.1 8.7 5.4
5.8 4.9 4.6 5.1
3.8 0.1 4.0 5.7
1.9 -4.2 -0.5 5.1
7.2 8.0 12.0 5.7
2007
I II III IV
4.5 5.3 4.9 5.7
1.6 7.0 8.2 -0.7
4.5 7.2 6.3 10.2
5.1 5.4 5.3 4.7
7.3 5.7 1.5 3.1
4.4 2.0 -0.2 0.4
12.6 13.0 4.0 8.0
2008P
I II III IV
5.5 4.3 3.1 -3.4
7.4 4.4 4.2 6.4
9.1 8.4 5.6 -9.1
3.9 2.6 2.0 -1.9
-0.5 0.6 1.8 -7.3
-1.9 -0.3 0.2 -5.6
1.5 1.1 4.3 -14.0
2009P
I
-4.3
1.2
-13.5
-2.0
-7.5
1.7
-22.1
P: Preliminary Source: The Bank of Korea
50
May 2009
Growth rate by economic activity
Growth rate by expenditure on GDP
Economic Bulletin
51
2. Production, shipment and inventory See graphs 6-1, 6-3, 7-1, 7-2 & 7-3 (constant prices, 2005 = 100)
Production index
Period
2007 2008
Y-o-Y change (%)
Shipment index
Y-o-Y change (%)
Inventory index
Y-o-Y change (%)
Service production index
Y-o-Y change (%)
115.9 119.4
6.9 3.0
115.3 118.1
7.2 2.4
117.2 125.7
5.6 7.3
112.2 116.1
6.8 3.5
2007
I II III IV
109.6 114.9 112.9 126.2
4.1 6.3 6.1 10.9
109.6 115.2 111.9 124.7
5.2 7.1 5.6 10.5
114.0 114.5 112.7 117.2
5.0 4.1 2.9 5.6
106.7 111.2 112.6 118.1
5.5 6.5 7.4 7.4
2008
I II III IV
121.6 125.1 119.2 111.9
10.9 8.9 5.6 -11.3
119.6 122.8 117.8 112.1
9.1 6.6 5.3 -10.1
123.7 133.1 132.2 125.7
8.5 16.2 17.3 7.3
113.8 116.5 116.2 117.6
6.7 4.8 3.2 -0.4
102.7
-15.5
101.9
-14.8
116.7
-5.7
113.2
-0.5
2009
IP
2007
1 2 3 4 5 6 7 8 9 10 11 12
112.8 100.2 115.7 113.8 115.8 115.1 113.4 113.7 111.6 128.6 127.6 122.5
8.7 -0.2 3.5 6.4 5.8 6.7 13.6 9.0 -3.0 16.1 7.7 9.4
110.3 101.7 116.8 114.6 116.0 114.9 112.6 112.5 110.6 126.3 126.1 121.6
8.3 2.0 5.1 7.5 6.6 6.9 14.3 7.3 -3.5 15.6 7.8 8.6
118.6 115.6 114.0 111.8 114.2 114.5 115.6 115.6 112.7 115.0 114.9 117.2
10.8 8.4 5.0 4.0 3.7 4.1 2.8 5.5 2.9 4.9 4.3 5.6
105.9 102.8 111.4 109.4 112.1 112.1 112.1 112.9 112.8 115.3 115.6 123.4
4.3 6.7 5.5 5.4 6.2 8.1 10.0 7.9 4.5 9.3 6.7 6.2
2008
1 2 3 4 5 6 7 8 9 10 11 12
126.0 110.9 127.8 126.1 126.1 123.1 123.1 115.8 118.6 126.2 110.0 99.6
11.7 10.7 10.5 10.8 8.9 7.0 8.6 1.8 6.3 -1.9 -13.8 -18.7
121.7 109.7 127.3 124.5 123.5 120.3 121.5 114.5 117.3 124.0 109.5 102.8
10.3 7.9 9.0 8.6 6.5 4.7 7.9 1.8 6.1 -1.8 -13.2 -15.5
123.9 124.4 123.7 124.8 128.9 133.1 132.4 132.3 132.2 135.1 133.4 125.7
4.5 7.6 8.5 11.6 12.9 16.2 14.5 14.4 17.3 17.5 16.1 7.3
114.2 109.3 118.0 116.3 117.7 115.5 116.8 115.1 116.8 116.9 113.9 121.9
7.8 6.3 5.9 6.3 5.0 3.0 4.2 1.9 3.5 1.4 -1.5 -1.2
93.9 99.8 114.3
-25.5 -10.0 -10.6
93.2 99.5 113.0
-23.4 -9.3 -11.2
124.4 118.3 116.7
0.4 -4.9 -5.7
113.0 109.4 117.3
-1.1 0.1 -0.6
2009
1 2P 3P
P: Preliminary Source: Korea National Statistical Office
52
May 2009
3. Production capacity and operation ratio See graph 6-2
Period
2007 2008
Y-o-Y change (%)
Operation ratio index (2005=100)
Y-o-Y change (%)
Average operation ratio (%)
109.7 115.4
5.4 5.2
100.4 96.8
0.1 -3.6
80.1 77.2
Production capacity index (2005=100)
2007
I II III IV
107.5 108.3 110.2 112.6
4.5 4.5 6.0 6.4
97.2 102.6 96.2 105.5
-2.1 0.7 -1.7 3.4
78.9 79.9 80.1 81.3
2008
I II III IV
114.0 115.3 116.0 116.5
6.0 6.5 5.3 3.5
98.9 102.7 95.1 90.6
1.7 0.1 -1.1 -14.1
80.8 80.4 78.3 69.3
116.9
2.5
80.7
-18.4
65.9
2007 1 2 3 4 5 6 7 8 9 10 11 12
107.2 107.5 107.7 107.9 108.2 108.9 109.7 110.2 110.8 112.3 112.5 113.0
4.4 4.6 4.3 4.5 4.2 4.9 5.8 6.1 6.1 6.5 6.3 6.5
99.8 88.2 103.6 101.5 103.9 102.5 98.3 96.6 93.8 109.4 107.4 99.7
2.6 -7.2 -1.9 0.7 0.9 0.7 7.3 1.4 -12.3 9.6 0.1 0.9
78.5 79.5 78.8 78.8 80.5 80.4 80.6 81.1 78.6 81.9 81.0 80.9
2008 1 2 3 4 5 6 7 8 9 10 11 12
113.8 113.8 114.3 114.7 115.5 115.7 115.7 116.0 116.2 116.3 116.3 116.8
6.2 5.9 6.1 6.3 6.7 6.2 5.5 5.3 4.9 3.6 3.4 3.4
102.9 89.2 104.6 104.2 103.0 100.8 99.4 91.9 94.1 103.8 89.1 78.9
3.1 1.1 1.0 2.7 -0.9 -1.7 1.1 -4.9 0.3 -5.1 -17.0 -20.9
81.3 80.2 80.9 81.0 80.0 80.2 79.2 78.4 77.3 77.3 68.4 62.3
2009 1 2P 3P
116.8 116.9 117.1
2.6 2.7 2.4
72.9 78.8 90.5
-29.2 -11.7 -13.5
61.4 66.9 69.3
2009
IP
P: Preliminary Source: Korea National Statistical Office
Economic Bulletin
53
4. Consumer goods sales index See graphs 2-2, 2-3, 2-4 & 2-5 (constant prices, 2005 = 100) Consumer goods sales index
Period
2006 2007 2008
Y-o-Y change (%)
Durable goods
Y-o-Y change (%)
Semi-durable goods
Y-o-Y change (%)
Non-durable goods
Y-o-Y change (%)
104.0 109.3 110.4
4.0 5.1 1.0
113.8 124.7 127.1
13.8 9.6 1.9
104.0 108.1 105.5
4.0 3.9 -2.4
103.1 108.5 109.3
3.1 5.2 0.7
2007
I II III IV
106.6 108.3 107.1 115.1
5.2 4.3 7.2 3.6
119.6 124.6 126.0 128.6
16.6 12.5 10.2 0.8
99.9 110.1 94.1 128.5
5.4 1.5 3.6 5.4
106.6 107.6 110.5 109.4
4.3 3.5 8.4 5.0
2008
I Il III IV
111.3 111.4 108.6 110.3
4.4 2.9 1.4 -4.2
131.0 135.5 126.0 115.9
9.5 8.7 0.0 -9.9
103.7 107.8 94.7 115.8
3.8 -2.1 0.6 -9.9
108.6 107.9 111.8 109.0
1.9 0.3 1.2 -0.4
105.9
-4.9
113.2
-13.6
102.8
-0.9
107.0
-1.5
2007 1 2 3 4 5 6 7 8 9 10 11 12
106.2 103.6 110.1 106.6 111.3 107.0 105.0 103.6 112.6 113.4 113.9 118.1
0.4 10.3 5.6 3.8 5.6 3.6 9.1 5.8 6.6 6.8 3.9 0.5
118.7 111.2 128.8 120.5 126.5 126.8 130.5 127.0 120.5 124.8 129.1 131.8
22.0 11.5 16.2 13.9 14.3 9.4 20.7 11.4 -0.3 11.7 4.0 -10.3
98.0 91.5 110.2 111.5 116.2 102.5 94.4 80.0 107.8 123.9 130.0 131.7
4.6 5.7 5.8 -0.1 1.8 2.7 3.2 2.8 4.6 8.2 4.3 3.9
104.4 107.4 108.1 105.0 110.3 107.4 105.3 109.6 116.7 109.3 106.6 112.2
-4.9 16.0 3.7 3.3 5.0 1.9 8.7 5.7 10.9 4.1 5.4 5.3
2008 1 2 3 4 5 6 7 8 9 10 11 12
111.7 107.2 115.1 113.0 114.8 106.3 109.3 105.9 110.5 109.5 108.6 112.8
5.2 3.5 4.5 6.0 3.1 -0.7 4.1 2.2 -1.9 -3.4 -4.7 -4.5
129.5 118.7 144.8 140.6 137.6 128.2 141.1 121.5 115.4 124.4 109.0 114.4
9.1 6.7 12.4 16.7 8.8 1.1 8.1 -4.3 -4.2 -0.3 -15.6 -13.2
104.5 97.3 109.2 109.2 112.5 101.8 98.0 87.1 99.1 112.5 121.2 113.8
6.6 6.3 -0.9 -2.1 -3.2 -0.7 3.8 8.9 -8.1 -9.2 -6.8 -13.6
108.1 107.9 109.8 108.1 111.7 103.9 105.7 111.4 118.2 105.8 107.0 114.3
3.5 0.5 1.6 3.0 1.3 -3.3 0.4 1.6 1.3 -3.2 0.4 1.9
2009 1 2P 3P
108.0 100.7 109.0
-3.3 -6.1 -5.3
102.5 114.3 122.9
-20.8 -3.7 -15.1
103.2 96.8 108.3
-1.2 -0.5 -0.8
113.6 98.8 108.6
5.1 -8.4 -1.1
2009
IP
P: Preliminary Source: Korea National Statistical Office
54
May 2009
5. Consumer goods shipment index and consumer sentiment index See graph 2-6
Domestic consumer goods shipment index (2005=100) Y-o-Y change (%)
Period
2007 2008
Durable goods
Y-o-Y change (%)
Non-durable goods
Y-o-Y change (%)
Consumer sentiment index
113.0 114.6
6.0 1.4
124.5 126.6
12.8 1.7
108.4 109.8
3.2 1.3
-
2007
I II III IV
111.1 111.0 111.3 118.7
8.4 7.8 2.4 5.9
119.8 122.5 122.9 132.8
17.6 15.0 9.3 9.9
107.6 106.4 106.7 113.0
4.8 4.7 -0.5 4.1
-
2008
I II III IV
117.3 115.7 113.5 111.8
5.6 4.2 2.0 -5.8
132.5 136.4 123.0 114.5
10.6 11.3 0.1 -13.8
111.3 107.5 109.7 110.7
3.4 1.0 2.8 -2.0
-
106.2
-9.5
112.9
-14.8
103.5
-7.0
-
2007 1 2 3 4 5 6 7 8 9 10 11 12
114.9 104.3 114.1 111.6 113.0 108.5 109.7 112.9 111.3 121.6 118.0 116.4
11.1 8.0 6.2 10.1 8.8 4.7 10.0 6.0 -7.1 11.8 3.1 2.9
118.0 113.7 127.8 119.9 125.3 122.4 124.3 125.0 119.5 136.4 131.8 130.2
21.9 14.8 16.2 19.5 18.2 8.0 23.6 13.9 -5.8 16.9 6.7 6.5
113.6 100.5 108.6 108.3 108.0 102.9 103.9 108.1 108.0 115.7 112.4 110.9
7.2 5.0 2.2 6.3 4.8 3.2 4.5 2.8 -7.6 9.6 1.4 1.3
-
2008 1 2 3 4 5 6 7 8 9 10 11 12
125.2 106.4 120.3 119.8 115.8 111.6 117.6 111.3 111.5 119.5 107.0 108.8
9.0 2.0 5.4 7.3 2.5 2.9 7.2 -1.4 0.2 -1.7 -9.3 -6.5
131.5 122.4 143.5 144.0 136.9 128.2 134.2 118.8 116.0 127.8 111.0 104.6
11.4 7.7 12.3 20.1 9.3 4.7 8.0 -5.0 -2.9 -6.3 -15.8 -19.7
122.7 100.0 111.1 110.1 107.4 105.0 111.0 108.3 109.7 116.2 105.5 110.5
8.0 -0.5 2.3 1.7 -0.6 2.0 6.8 0.2 1.6 0.4 -6.1 -0.4
84 96 96 88 84 81
2009 1 2 3 4
105.7 102.3P 110.5P -
-15.6 -3.9P -8.1P -
99.0 115.2P 124.4P -
-24.7 -5.9P -13.3P -
108.4 97.2P 104.9P -
-11.7 -2.8P -5.6P -
84 85 84 98
2009
IP
P: Preliminary Source: Korea National Statistical Office & The Bank of Korea
Economic Bulletin
55
6. Machinery orders received, domestic machinery shipment and estimated facility investment index See graph 3-2 Domestic machinery orders received excluding ship (billion won, constant prices) Period
Estimated facility investment index (2000=100)
Domestic machinery shipment excluding ship (2005=100)
Total
Public
Private
34,143 32,280
2,205 2,313
31,938 29,967
17,424 14,672
127.2 123.1
114.5 114.5
10,197 8,506 7,520 6,057
372 537 354 1,049
9,825 7,969 7,165 5,007
5,429 3,651 3,394 2,198
126.7 130.8 125.3 109.4
111.7 120.6 113.9 111.9
6,522
932
5,590
2,254
97.5
98.0
2008 1 2 3 4 5 6 7 8 9 10 11 12
3,810 3,044 3,343 2,914 2,659 2,933 3,153 2,330 2,037 2,371 1,813 1,872
149 68 155 95 90 352 179 87 88 399 207 444
3,661 2,976 3,188 2,819 2,569 2,582 2,974 2,243 1,949 1,972 1,607 1,429
2,197 1,723 1,510 1,302 1,085 1,264 1,392 1,114 887 939 668 590
120.2 118.2 141.6 135.6 128.7 128.2 131.5 123.5 120.9 113.4 107.8 107.1
106.3 102.9 125.9 119.6 122.1 120.0 119.6 108.3 113.8 112.5 108.2 115.1
2009 1 2P 3P
2,022 2,167 2,333
232 519 181
1,790 1,648 2,152
791 612 852
89.1 95.2 108.1
84.3 97.4 112.2
2007 2008 2008
2009
I ll III IV IP
Manufacturing
Y-o-Y change (%) 2007 2008
21.1 -5.5
-11.2 4.9
24.2 -6.2
31.9 -15.8
9.2 -3.2
3.3 0.0
25.2 8.4 -7.6 -39.5
8.8 83.7 -26.8 -3.5
25.9 5.5 -6.4 -43.9
40.2 -4.5 -20.3 -59.8
-0.7 -0.5 5.3 -16.2
1.3 0.6 6.5 -7.4
-36.0
150.5
-43.1
-58.5
-23.0
-12.3
2008 1 2 3 4 5 6 7 8 9 10 11 12
44.4 8.3 24.1 17.9 2.3 5.6 20.7 -3.9 -34.3 -36.5 -43.9 -38.5
67.8 -54.7 50.6 1.3 -1.5 228.9 5.3 -31.8 -52.7 348.0 -4.7 -43.2
43.5 11.8 23.0 18.5 2.5 -3.4 21.8 -2.4 -33.2 -45.9 -46.7 -36.8
69.8 23.9 27.0 6.8 -9.9 -9.8 12.3 -0.1 -53.3 -62.1 -63.8 -48.4
-1.5 -2.2 1.2 -1.8 -1.4 1.8 8.7 0.1 7.5 -7.7 -17.0 -23.0
1.8 0.2 1.6 4.4 -0.8 -1.7 7.1 2.6 10.0 -1.0 -10.1 -10.4
2009 1 2P 3P
-46.9 -28.8 -30.2
56.1 661.2 16.7
-51.1 -44.6 -32.5
-64.0 -64.5 -43.6
-25.9 -19.5 -23.7
-20.7 -5.3 -10.9
2008
2009
I ll III IV IP
P: Preliminary Source: Korea National Statistical Office
56
May 2009
7. Value of construction completed and domestic construction orders received See graphs 4-2 & 4-3 (current prices, billion won)
Period
2007 2008 2008
2009 2008
2009
I ll III IV IP 1 2 3 4 5 6 7 8 9 10 11 12 1 2P 3P
Type of order
Type of order
Private
Domestic construction orders received (total)
Public
Private
25,098 26,728
54,559 55,509
112,502 102,321
28,695 31,320
77,554 65,294
18,283 22,158 22,317 24,047
5,279 6,568 6,503 8,383
12,142 14,367 14,712 14,288
21,048 25,995 17,061 38,217
7,398 6,056 4,691 13,175
13,077 19,171 10,795 22,252
19,239
6,743
11,465
17,567
9,024
8,055
6,074 5,473 6,736 7,026 7,321 7,811 7,168 7,312 7,837 7,741 7,779 8,528
1,716 1,519 2,040 1,967 2,224 2,376 2,025 2,139 2,339 2,498 2,572 3,312
4,072 3,698 4,372 4,636 4,731 5,001 4,789 4,822 5,101 4,819 4,743 4,726
6,275 6,152 8,621 7,880 8,578 9,537 5,372 6,169 5,519 8,187 8,151 21,879
1,907 2,048 3,442 1,743 2,499 1,814 1,392 1,520 1,779 2,451 3,088 7,636
4,166 3,887 5,024 5,933 5,884 7,353 3,452 4,432 2,911 4,827 4,722 12,703
6,048 6,129 7,061
2,149 2,036 2,558
3,608 3,782 4,075
5,333 4,880 7,354
2,552 2,695 3,778
2,514 2,079 3,462
Value of construction completed (total)
Public
82,939 86,806
Y-o-Y change (%) 2007 2008 2008
2009 2008
2009
I ll III IV IP 1 2 3 4 5 6 7 8 9 10 11 12 1 2P 3P
6.6 4.7
8.4 6.5
4.6 1.7
23.6 -9.0
40.3 9.1
16.5 -15.8
5.6 6.1 10.6 -2.2
6.8 3.5 6.6 8.7
3.0 4.6 10.5 -9.1
-3.7 -6.1 -22.7 -6.5
17.4 14.6 2.9 5.0
-14.1 -4.7 -32.3 -15.3
5.2
27.8
-5.6
-16.5
22.0
-38.4
10.5 3.1 3.6 4.2 7.5 6.6 8.7 8.3 14.8 5.1 -1.3 -8.6
16.5 -1.0 5.5 2.4 5.0 3.1 3.2 9.5 6.9 20.4 5.7 3.4
5.6 2.6 1.0 2.6 5.9 5.3 9.2 5.9 16.7 -3.3 -7.1 -16.2
-9.3 -7.0 3.6 -0.5 16.4 -23.0 -13.2 -8.1 -39.8 -23.7 -39.3 30.7
3.6 2.1 40.1 -5.6 50.7 2.0 -9.2 9.3 8.8 -25.8 -16.6 37.8
-15.0 -14.1 -13.4 3.4 16.0 -21.0 -8.4 -10.7 -59.6 -32.1 -46.7 23.4
-0.4 12.0 4.8
25.2 34.0 25.4
-11.4 2.3 -6.8
-15.0 -20.7 -14.7
33.8 31.6 9.7
-39.7 -46.5 -31.1
P: Preliminary Source: Korea National Statistical Office
Economic Bulletin
57
8. Composite indices of business cycle indicators and BSI See graphs 13-1, 13-2 & 13-3
Y-o-Y change (%)
Coincident index (2005=100)
Cycle of coincident index (2005=100)
BSI (actual)
BSI (outlook)
104.2 104.3 104.2 104.3 104.6 105.0 105.2 105.6 106.3 107.2 108.0 108.6
6.9 6.4 5.8 5.4 5.2 5.0 4.5 4.3 4.5 5.0 5.3 5.3
104.0 104.1 104.5 104.6 105.2 105.5 105.2 105.6 106.4 108.3 109.1 109.4
100.4 100.1 100.1 99.8 99.9 99.8 99.1 99.1 99.4 100.7 101.1 101.0
95.4 90.5 111.5 99.8 94.1 94.2 79.1 85.9 99.4 99.4 103.7 100.4
102.6 102.4 118.9 112.7 110.7 98.6 94.2 93.4 107.7 103.5 104.3 101.4
2007 1 2 3 4 5 6 7 8 9 10 11 12
109.1 109.9 110.3 111.0 111.3 112.4 113.2 114.1 114.7 115.6 116.4 116.8
5.4 5.8 5.7 6.0 5.8 6.4 6.8 7.1 7.2 7.5 7.7 7.4
109.4 109.8 110.2 110.7 111.2 112.1 113.0 113.7 113.8 114.4 115.0 116.0
100.6 100.6 100.5 100.5 100.6 100.9 101.4 101.6 101.2 101.3 101.5 101.9
85.6 87.5 109.4 105.8 104.1 100.2 95.8 94.4 101.5 108.3 106.0 98.9
96.5 93.4 112.3 107.7 110.9 105.6 99.3 102.5 111.8 116.3 112.4 103.4
2008 1 2 3 4 5 6 7 8 9 10 11 12
116.5 115.7 115.1 115.0 115.0 114.6 113.8 113.5 113.4 112.7 111.3 110.4
6.5 5.0 3.9 3.2 2.5 1.5 0.2 -0.4 -0.9 -1.8 -3.2 -4.2
116.8 116.9 117.1 117.1 117.3 117.3 117.6 117.7 117.9 117.6 115.9 113.0
102.2 101.9 101.7 101.2 101.0 100.6 100.4 100.1 99.8 99.2 97.3 94.6
95.2 95.6 101.1 101.7 98.1 79.1 80.8 83.1 76.8 64.6 53.7 52.4
103.0 94.8 102.1 98.1 104.7 95.3 83.2 80.8 98.3 84.9 63.7 55.0
2009 1 2 3 4 5
110.6P 111.8P 112.9P -
-4.0P -3.0P -2.0P -
110.9P 110.8P 111.9P -
58.1 62.4 89.0 93.7 -
52.0 66.0 76.1 86.7 103.8
Period
Leading index (2005=100)
2006 1 2 3 4 5 6 7 8 9 10 11 12
P: Preliminary Source: Korea National Statistical Office & The Federation of Korean Industries
58
May 2009
92.4P 92.0P 92.5P -
9. Balance of payments (I) See graphs 5-1, 5-2, 5-3, 10-1 & 10-2 (million US$)
Current balance
Period
2007 2008P
Goods trade balance
Exports
5,876.0 -6,406.4
28,168.0 5,993.9
Imports
Services trade balance
Income trade balance
Current transfers
371,489.1 422,007.3
356,845.7 435,274.7
-19,767.6 -16,733.6
1,002.7 5,106.5
-3,527.1 -773.2
2007
I II III IV
-1,013.3 -1,303.6 4,344.1 3,848.8
5,721.8 5,811.9 8,881.9 7,752.4
84,703.5 92,984.5 90,529.1 103,272.0
82,261.7 87,961.9 86,058.8 100,563.3
-5,391.3 -4,415.9 -5,256.6 -4,703.8
-618.1 -1,662.4 1,795.9 1,487.3
-725.7 -1,037.2 -1,077.1 -687.1
2008P
I II III IV
-5,212.6 -134.4 -8,579.9 7,520.5
-1,219.8 5,722.7 -3,475.5 4,966.5
99,444.5 114,492.0 115,000.1 93,070.6
106,052.9 114,792.8 122,901.0 91,528.0
-5,067.2 -4,272.7 -5,691.7 -1,702.0
1,688.1 -645.6 1,356.7 2,707.3
-613.7 -938.8 -769.4 1,548.7
2009P
I
8,576.7
8,349.6
74,712.5
71,182.2
-1,883.3
832.4
1,278.0
1 2 3 4 5 6 7 8 9 10 11 12
439.4 430.4 -1,883.1 -2,558.6 193.8 1,061.2 1,773.7 589.1 1,981.3 3,010.5 1,674.4 -836.1
1,505.6 2,140.0 2,076.2 1,233.1 1,476.9 3,101.9 3,250.9 2,386.2 3,244.8 4,361.0 2,723.8 667.6
28,092.6 26,225.1 30,385.8 29,944.5 31,039.9 32,000.1 30,207.4 30,998.1 29,323.5 34,433.8 35,807.9 33,030.3
27,560.1 25,406.2 29,295.5 29,596.9 29,856.9 28,508.1 29,223.2 29,642.1 27,193.6 32,741.2 33,926.1 33,895.9
-1,409.6 -2,356.4 -1,625.3 -1,371.3 -1,396.5 -1,648.1 -1,675.3 -2,050.6 -1,530.7 -1,527.0 -1,410.8 -1,766.0
610.1 867.2 -2,095.4 -2,203.8 504.0 37.4 557.1 610.7 628.1 454.1 474.8 558.4
-266.7 -220.4 -238.6 -216.6 -390.6 -430.0 -359.0 -357.2 -360.9 -277.6 -113.4 -296.1
2008P 1 2 3 4 5 6 7 8 9 10 11 12
-2,751.3 -2,350.7 -110.6 -1,581.3 -377.5 1,824.4 -2,534.0 -4,696.3 -1,349.6 4,753.0 1,906.7 860.8
-1,095.2 -599.1 474.5 1,632.3 612.5 3,477.9 217.6 -2,803.4 -889.7 2,625.7 844.8 1,496.0
32,274.6 31,178.2 35,991.8 37,850.2 39,383.2 37,258.6 40,961.2 36,610.6 37,428.3 37,111.1 28,841.6 27,117.9
36,318.0 32,624.3 37,110.6 38,260.4 38,704.5 37,827.9 42,952.5 40,420.4 39,528.1 36,098.8 28,853.6 26,575.6
-2,138.1 -2,249.6 -679.5 -979.0 -1,167.4 -2,126.3 -2,456.0 -2,000.0 -1,235.7 -54.8 -130.1 -1,517.1
768.0 700.7 219.4 -1,932.0 459.2 827.2 239.6 324.8 792.3 1,411.2 720.2 575.9
-286.0 -202.7 -125.0 -302.6 -281.8 -354.4 -535.2 -217.7 -16.5 770.9 471.8 306.0
2009P 1 2 3
-1,635.8 3,563.7 6,648.8
-1,736.5 3,106.9 6,979.2
21,236,5 25,408.2 28,067.7
24,875.6 22,524.6 23,782.0
-708.6 -529.0 -645.7
563.5 484.6 -215.7
245.8 501.2 531.0
2007
P: Preliminary Source: The Bank of Korea & Korea Customs Service
Economic Bulletin
59
10. Balance of payments (II) See graph 10-3 (million US$) Changes in reserve assets
Period
Capital & financial account
Direct investment
Portfolio investment
Financial derivative
2007 2008P
7,128.3 -50,933.3
-13,836.0 -10,594.8
-26,057.8 -15,367.5
5,444.8 -14,332.7
43,964.8 -10,599.7
-2,387.5 -38.6
-15,128.4 56,446.0
2,124.1 893.7
I II III IV
6,364.1 8,948.6 -4,323.4 -3,861.0
-900.7 -2,847.3 -2,606.0 -7,482.0
-12,227.6 -1,055.9 -11,455.8 -1,318.5
1,300.5 1,067.4 1,432.9 1,644.0
19,005.7 12,466.8 8,879.2 3,613.1
-813.8 -682.4 -573.7 -317.6
-3,998.3 -6,250.1 -2,495.6 -2,384.2
-1,352.5 -1,394.9 2,475.1 2,396.4
2008P I ll III IV
395.9 -4,673.7 -4,850.5 -41,805.0
-4,790.6 -2,913.5 -2,283.5 -607.2
-9,992.8 5,997.3 -12,393.1 1,021.1
-1,072.8 -805.9 -3,470.2 -8,983.8
16,489.7 -6,718.6 13,515.7 -33,886.5
-237.6 -233.0 -219.4 651.4
3,850.0 5,717.7 12,883.1 33,995.2
966.7 -909.6 547.3 289.3
2009P I
-13.1
-1,194.7
4,347.3
-4,893.6
1,002.9
725.0
-9,017.4
453.8
2007 1 2 3 4 5 6 7 8 9 10 11 12
2,179.9 -527.7 4,711.9 4,481.5 4,750.1 -283.0 -552.8 137.3 -3,907.9 -3,753.9 -373.5 266.4
-222.3 -644.1 -34.3 -402.2 -282.9 -2,162.2 -322.0 -1,427.1 -856.9 -4,514.5 -1,723.4 -1,244.1
-1,915.9 -2,366.7 -7,945.0 3,601.6 -12.6 -4,644.9 -7,912.0 -6,531.8 2,988.0 -638.2 -2,473.5 1,793.2
292.8 368.2 639.5 197.7 409.0 460.7 705.2 440.1 287.6 663.4 627.2 353.4
4,381.7 2,318.3 12,305.7 1,325.2 4,871.5 6,270.1 7,203.9 7,864.1 -6,188.8 900.5 3,269.4 -556.8
-356.4 -203.4 -254.0 -240.8 -234.9 -206.7 -227.9 -208.0 -137.8 -165.1 -73.2 -79.3
-2,350.7 -1,134.7 -512.9 -1,878.4 -4,492.9 121.2 -2,421.6 -937.6 863.4 -847.5 -493.8 -1,042.9
-268.6 1,232.0 -2,315.9 -44.5 -451.0 -899.4 1,200.7 211.2 1,063.2 1,590.9 -807.1 1,612.6
2008P 1 2 3 4 5 6 7 8 9 10 11 12
409.2 -401.3 388.0 -376.9 -732.1 -3,564.7 -5,774.6 5,312.4 -4,388.3 -24,834.8 -12,140.9 -4,829.3
-2,488.7 303.5 -2,605.4 -1,911.9 -262.6 -739.0 -1,214.3 -742.7 -326.5 -198.7 -213.9 -194.6
-3,829.7 -5,214.3 -948.8 4,069.9 7,623.0 -5,695.6 -8,855.9 -566.8 -2,970.4 5,172.5 -3,139.6 -1,011.8
-181.4 -212.1 -679.3 -498.2 -279.6 -28.1 -707.2 1.4 -2,764.4 -3,912.1 -1,558.7 -3,513.0
7,013.3 4,819.9 4,656.5 -1,948.9 -7,758.2 2,988.5 5,180.4 6,730.0 1,605.3 -26,247.2 -7,439.3 -200.0
-104.3 -98.3 -35.0 -87.8 -54.7 -90.5 -177.6 -109.5 67.7 350.7 210.6 90.1
1,436.1 1,703.1 710.8 2,411.3 2,264.6 1,041.8 9,171.4 -1,215.2 4,926.9 19,988.1 10,904.2 3,102.9
906.0 1,048.9 -988.2 -453.1 -1,155.0 698.5 -862.8 599.1 811.0 93.7 -670.0 865.6
2009P 1 2 3
5,139.4 -2,976.9 -2,175.6
-55.0 -545.5 -594.2
5,678.8 161.4 -1,492.9
-248.5 -2,321.2 -2,323.9
-379.4 -610.3 1,992.6
143.5 338.7 242.8
-4,488.6 -1,260.0 -3,268.8
985.0 673.2 -1,204.4
2007
P: Preliminary Source: The Bank of Korea
60
May 2009
Capital transfers Other & acquisition of investment non-financial assets
Errors and omissions
11. Prices See graphs 11-1, 11-2 & 11-3 (2005 = 100) Producer prices (2000=100)
Consumer prices
Export & import prices
Period All Items
Commodity
Service
Core
All items
Commodity
2007
104.8
103.5
105.7
104.2
102.3
101.5
89.8
105.5
2008
109.7
109.9
109.6
108.6
111.1
112.5
109.5
143.7
Export
Import
2008 1
106.8
106.3
107.1
105.6
104.7
104.4
93.7
118.4
2
107.2
106.6
107.5
106.0
105.7
105.7
94.8
121.6
3
108.2
107.1
108.9
107.2
107.1
107.5
100.8
131.5
4
108.8
108.2
109.2
107.7
109.4
110.3
103.3
136.5
5
109.7
110.0
109.5
108.2
111.5
113.1
110.7
151.1
6
110.4
111.5
109.7
108.7
113.3
115.5
112.0
155.2
7
111.2
112.9
110.1
109.2
115.5
118.1
112.1
156.8
8
111.0
112.2
110.3
109.4
115.2
117.6
110.5
149.9
9
111.1
112.1
110.4
109.9
114.8
117.0
115.6
153.4
10
111.0
111.7
110.6
110.1
114.4
116.7
124.5
159.7
11
110.7
110.3
110.9
110.4
111.8
113.3
120.4
149.1
12
110.7
110.2
111.0
110.9
109.9
110.9
115.0
140.6
2009 1
110.8
110.4
111.1
111.1
109.6
110.4
111.1
138.1
2
111.6
112.1
111.2
111.5
110.3
111.5
116.5
143.5
3
112.4
113.3
111.8
112.0
110.8
112.1
118.4
145.4
4
112.7
113.8
112.0
112.2
111.0
112.1
112.2
134.1
Y-o-Y change (%) 2007
2.5
2.0
2.9
2.4
1.4
1.0
-2.1
4.5
2008
4.7
6.2
3.7
4.2
8.6
10.8
21.8
36.2
2008 1
3.9
4.8
3.2
2.8
4.2
4.8
5.8
21.2
2
3.6
4.2
3.2
2.8
5.1
6.1
7.6
22.2
3
3.9
4.7
3.5
3.3
6.0
7.3
13.4
28.0
4
4.1
5.3
3.5
3.5
7.6
9.3
15.7
31.3
5
4.9
7.0
3.6
3.9
9.0
11.3
24.0
44.6
6
5.5
8.6
3.7
4.3
10.5
13.6
25.2
49.0
7
5.9
9.3
3.9
4.6
12.5
16.1
25.1
50.6
8
5.6
8.4
4.0
4.7
12.3
15.6
21.9
42.6
9
5.1
7.1
3.9
5.1
11.3
14.4
27.4
42.6
10
4.8
6.3
3.9
5.2
10.7
14.0
38.6
47.1
11
4.5
5.1
4.1
5.3
7.8
9.9
31.5
32.0
12
4.1
4.4
4.0
5.6
5.6
6.9
25.0
22.4
2009 1
3.7
3.9
3.7
5.2
4.7
5.7
18.6
16.7
2
4.1
5.2
3.4
5.2
4.4
5.5
22.9
18.0
3
3.9
5.8
2.7
4.5
3.5
4.3
17.4
10.6
4
3.6
5.2
2.6
4.2
1.5
1.6
7.7
-1.8
Source: The Bank of Korea
Economic Bulletin
61
12. Employment See graphs 8-1, 8-2 & 8-3
Wage workers (thous.)
Economically active persons (thous.) Period
Employed persons (thous.)
Unemployment (%) Regular
Temporary
Daily
All industry Manufacturing S.O.C&service 2007
24,216
23,433
4,014
17,679
3.2
15,970
8,620
5,172
2,178
2008
24,347
23,577
3,963
17,906
3.2
16,206
9,007
5,079
2,121
2008 1
23,738
22,964
4,022
17,651
3.3
16,032
8,815
5,115
2,102
2
23,703
22,884
4,017
17,510
3.5
15,836
8,804
5,055
1,977
3
24,114
23,305
3,999
17,732
3.4
15,993
8,898
5,023
2,073
4
24,495
23,711
4,001
17,929
3.2
16,258
8,894
5,127
2,238
5
24,692
23,939
3,987
18,046
3.0
16,405
9,010
5,165
2,231
6
24,727
23,963
3,993
18,067
3.1
16,385
9,039
5,132
2,214
7
24,673
23,903
3,975
18,088
3.1
16,363
9,054
5,163
2,146
8
24,380
23,617
3,899
17,872
3.1
16,104
9,107
4,970
2,027
9
24,456
23,734
3,928
17,951
3.0
16,221
9,142
5,015
2,064
10
24,582
23,847
3,945
18,005
3.0
16,314
9,138
5,034
2,142
11
24,566
23,816
3,897
18,086
3.1
16,377
9,111
5,071
2,195
12
24,032
23,245
3,888
17,935
3.3
16,189
9,068
5,082
2,040
2009 1
23,709
22,861
3,895
17,663
3.6
16,053
9,102
4,982
1,969
2
23,667
22,742
3,842
17,539
3.9
15,953
9,194
4,862
1,897
3
24,062
23,110
3,813
17,701
4.0
16,076
9,174
4,941
1,961
4
24,456
23,524
3,846
17,899
3.8
16,353
9,227
5,051
2,076
Y-o-Y change (%) 2007
1.0
1.2
-1.0
2.2
-
2.7
5.1
0.6
-1.2
2008
0.5
0.6
-1.3
1.3
-
1.5
4.5
-1.8
-2.6
2008 1
0.7
1.0
-0.6
1.8
-
2.4
5.2
-1.2
0.2
2
0.7
0.9
-0.3
1.6
-
1.9
4.8
-1.4
-1.9
3
0.6
0.8
-0.4
1.4
-
1.7
5.5
-3.2
-1.8
4
0.7
0.8
-0.6
1.4
-
1.8
5.2
-2.1
-1.7
5
0.6
0.8
-0.8
1.5
-
1.9
5.6
-1.8
-3.2
6
0.5
0.6
-1.1
1.4
-
1.6
4.9
-1.6
-3.3
7
0.5
0.6
-1.2
1.3
-
1.5
4.4
-1.7
-2.4
8
0.7
0.7
-1.2
1.3
-
1.4
3.9
-1.5
-2.3
9
0.5
0.5
-1.6
1.1
-
1.0
3.6
-1.7
-3.2
10
0.4
0.4
-2.3
1.2
-
1.0
3.5
-1.7
-2.8
11
0.4
0.3
-2.2
0.7
-
1.0
3.6
-2.0
-2.5
12
0.2
-0.1
-3.3
0.6
-
0.5
3.6
-1.8
-6.3
2009 1
-0.1
-0.4
-3.2
0.1
-
0.1
3.3
-2.6
-6.3
2
-0.2
-0.6
-4.4
0.2
-
0.7
4.4
-3.8
-4.1
3
-0.2
-0.8
-4.7
-0.2
-
0.5
3.1
-1.6
-5.4
4
-0.2
-0.8
-3.9
-0.2
-
0.6
3.7
-1.5
-7.2
Source: Korea National Statistical Office
62
May 2009
13. Financial indicators See graphs 9-1 & 9-4 (period average) Yields (%)
Stock
Period Call rate (1 day)
CD (91 days)
Corporate bonds (3 years, AA-)
Treasury bonds (3 years)
Treasury bonds (5 years)
KOSPI (end-period)
2005 1 2 3 4 5 6 7 8 9 10 11 12
3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.4 3.5 3.7
3.5 3.6 3.6 3.5 3.5 3.5 3.5 3.5 3.7 3.9 4.0 4.0
4.1 4.6 4.5 4.3 4.1 4.2 4.5 4.8 4.9 5.2 5.5 5.5
3.7 4.2 4.0 3.9 3.7 3.8 4.1 4.3 4.5 4.8 5.1 5.1
3.9 4.5 4.3 4.1 3.9 4.0 4.4 4.7 4.8 5.1 5.4 5.3
932.70 1,011.40 965.70 911.30 970.20 1,008.20 1,111.30 1,083.30 1,221.00 1,158.10 1,297.40 1,379.40
2006 1 2 3 4 5 6 7 8 9 10 11 12
3.7 3.9 4.0 4.0 4.0 4.2 4.2 4.4 4.5 4.5 4.5 4.5
4.2 4.3 4.3 4.3 4.4 4.5 4.6 4.7 4.6 4.6 4.6 4.8
5.5 5.3 5.3 5.2 5.1 5.2 5.2 5.1 5.0 4.9 5.1 5.2
5.0 4.9 4.9 5.0 4.8 4.9 4.9 4.8 4.7 4.6 4.7 4.8
5.3 5.0 5.1 5.2 4.9 5.0 5.0 4.8 4.8 4.7 4.8 4.9
1,399.80 1,371.60 1,359.60 1,419.70 1,371.70 1,295.70 1,297.80 1,352.70 1,371.40 1,364.60 1,432.20 1,434.50
2007 1 2 3 4 5 6 7 8 9 10 11 12
4.6 4.6 4.6 4.7 4.6 4.5 4.7 4.9 5.0 5.0 5.0 5.0
4.9 5.0 4.9 5.0 5.0 5.0 5.1 5.2 5.3 5.3 5.4 5.7
5.3 5.3 5.2 5.3 5.5 5.6 5.8 5.7 5.9 6.0 6.2 6.7
5.0 4.9 4.8 4.9 5.1 5.2 5.4 5.3 5.4 5.4 5.5 5.9
5.0 4.9 4.8 5.0 5.1 5.4 5.4 5.3 5.4 5.5 5.6 5.9
1,360.20 1,417.30 1,452.60 1,542.24 1,700.91 1,743.60 1,933.27 1,873.24 1,946.48 2,064.95 1,906.00 1,897.10
2008 1 2 3 4 5 6 7 8 9 10 11 12
5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.2 5.2 4.9 4.0 3.3
5.8 5.3 5.3 5.4 5.4 5.4 5.5 5.8 5.8 6.0 5.6 4.7
6.6 6.3 6.1 5.9 6.2 6.7 7.0 7.1 7.5 8.0 8.6 8.4
5.4 5.1 5.2 5.0 5.3 5.7 6.0 5.8 5.8 5.1 5.0 4.0
5.5 5.1 5.2 5.0 5.4 5.8 6.0 5.8 5.8 5.2 5.2 4.3
1,624.68 1,711.62 1,703.99 1,825.47 1,852.02 1,674.92 1,594.67 1,474.24 1,448.06 1,113.06 1,076.07 1,124.47
2009 1 2 3 4
2.4 2.1 1.8 1.8
3.2 2.7 2.5 2.4
7.3 7.1 6.1 5.7
3.4 3.8 3.7 3.8
4.0 4.6 4.5 4.4
1,162.11 1,063.03 1,206.26 1,369.40
Source: The Bank of Korea
Economic Bulletin
63
14. Monetary indicators See graph 9-5 (period average)
Period
(billion won)
Reserve money
M1
M2
Lf
2007
48,543.7
312,832.3
1,197,094.8
1,603,516.0
2008
52,272.8
307,273.6
1,367,713.4
1,794,841.2
2008 1
50,260.5
305,868.0
1,286,407.8
1,711,196.8
2
52,563.7
304,580.7
1,309,161.7
1,726,407.2
3
49,571.5
299,792.8
1,324,032.7
1,743,481.7
4
50,683.6
298,474.4
1,339,434.9
1,762,945.3
5
50,502.5
304,239.8
1,356,612.9
1,782,721.1
6
51,274.4
305,514.3
1,369,728.1
1,798,774.9
7
50,600.6
306,584.4
1,378,914.3
1,801,540.6
8
51,981.0
304,538.7
1,386,101.1
1,810,535.1
9
53,303.9
307,067.8
1,395,719.2
1,831,313.4
10
52,976.5
310,565.5
1,403,984.2
1,845,717.7
11
54,254.5
316,330.9
1,426,165.1
1,859,348.8
12
59,300.7
323,725.9
1,436,298.3
1,864,111.6
2009 1
64,040.6
331,358.0
1,440,275.8
1,868,843.3
2
63,061.7
334,521.7
1,457,931.3
1,879,102.7
3
65,669.5
342,777.0
1,470,443.1
1,889,388.6
Y-o-Y change (%) 2007
16.5
-5.2
11.2
10.2
2008
7.7
-1.8
14.3
11.9
2008 1
5.0
-13.5
12.5
11.4
2
6.2
-13.2
13.4
11.6
3
1.3
-10.6
13.9
11.9
4
6.7
-2.3
14.9
12.7
5
5.0
1.0
15.8
13.1
6
7.0
1.0
15.1
12.7
7
6.5
1.4
14.8
12.1
8
8.7
2.2
14.7
11.8
9
9.1
2.7
14.5
12.2
10
7.3
4.2
14.2
11.9
11
11.1
5.5
14.0
11.4
12
17.8
5.2
13.1
10.4
2009 1
27.4
8.3
12.0
9.2
2
20.0
9.8
11.4
8.8
3
32.5
14.3
11.1
8.4
P: Preliminary Source: The Bank of Korea
64
May 2009
15. Exchange rates See graphs 9-2 & 9-3
₩ /US$
₩ /100￥
₩ /Euro
Period End-period
Average
End-period
Average
End-period
Average
2007
938.2
929.2
833.3
789.8
1,381.3
1,272.7
2008
1,257.5
1,102.6
1,393.9
1,076.6
1,776.2
1,606.8
2008 1
943.9
942.4
889.1
872.9
1,402.3
1,386.2
2
937.3
944.7
889.7
880.6
1,423.5
1,395.4
3
991.7
979.9
1,000.2
972.3
1,565.0
1,519.5
4
999.7
986.7
961.8
962.4
1,556.2
1,555.1
5
1,031.4
1,036.7
977.0
994.2
1,599.6
1,614.6
6
1,043.4
1,029.3
981.8
963.0
1,647.1
1,601.7
7
1,008.5
1,019.1
932.9
954.2
1,571.0
1,606.4
8
1,081.8
1,041.5
987.9
953.0
1,590.3
1,561.6
9
1,187.7
1,130.4
1,144.2
1,060.6
1,707.2
1,627.6
10
1,291.4
1,326.9
1,306.0
1,327.1
1,664.4
1,765.3
11
1,482.7
1,390.1
1,553.8
1,435.1
1,912.6
1,768.9
12
1,257.5
1,373.8
1,393.9
1,503.3
1,776.2
1,846.1
2009 1
1,368.5
1,346.1
1,521.0
1,487.2
1,768.7
1,793.8
2
1,516.4
1,429.5
1,541.1
1,546.1
1,930.1
1,829.9
3
1,377.1
1,462.0
1,414.8
1,495.7
1,816.4
1,904.0
4
1,348.0
1,341.9
1,382.9
1,356.2
1,786.8
1,771.6
Y-o-Y change (%) 2007
0.9
-2.8
6.6
-3.9
-13.0
6.1
2008
34.0
18.7
67.3
36.3
28.6
26.2
2008 1
0.3
0.6
15.0
12.2
14.9
13.9
2
-0.1
0.8
12.1
13.4
14.6
13.9
3
5.5
3.9
25.5
20.8
24.8
21.6
4
7.6
5.9
23.6
22.8
22.8
23.6
5
10.9
11.7
27.8
29.4
28.1
28.7
6
12.6
10.9
30.5
27.2
32.2
28.7
7
9.2
10.9
20.4
26.3
24.0
27.5
8
15.1
11.5
22.0
19.2
24.0
22.7
9
29.0
21.2
43.6
30.8
31.0
26.1
10
42.3
44.9
65.1
67.8
27.1
35.5
11
59.5
51.6
83.6
73.7
39.4
31.5
12
34.0
47.7
67.3
81.5
28.6
36.2
2009 1
45.0
42.8
71.1
70.4
26.1
29.4
2
61.8
51.3
73.2
75.6
35.6
31.1
3
38.9
49.2
41.5
53.8
16.1
25.3
4
34.8
36.0
43.8
40.9
14.8
13.9
Source: The Bank of Korea
Economic Bulletin
65
Editor-in-Chief Park, Chul-Kyu (MOSF) Editorial Board Kim, Young-Min (MOSF) Kim, Dong-Yule (KDI) Lee, In-Sook (KDI) Coordinators Kim, Dae-Hyun (MOSF) Kang, Ji-Eun (KDI) Editors Kim, Sun-Young (MOSF) Lim, Keun-Hyuk (MOSF) Cho, Hyun-Joo (KDI)
Useful Internet Websites Economy-related Websites Recommended
Ministry of Strategy and Finance http://english.mosf.go.kr Ministry of Knowledge Economy http://www.mke.go.kr/language/eng Financial Services Commission http://www.fsc.go.kr/eng Financial Supervisory Service http://english.fss.or.kr Fair Trade Commission http://www.ftc.go.kr/eng Ministry of Labor http://english.molab.go.kr/english The Bank of Korea http://www.bok.or.kr Korea National Statistical Office http://www.nso.go.kr/eng2006