ISSN 2287-7266
ECONOMIC BULLETIN (Republic of Korea)
Republic of Korea
Vol.37 No.1 January 2015
conomic u l l e t i n
Vol.37 No.1 January 2015
The Green Book: Current Economic Trends Policy Issues
Government to Boost Investment in Tourism and Innovative Technology
Economic News Briefing
Ministries Present 2015 Policy Briefings BOK Forecasts 3.4% Growth for Korea in 2015 FDI Posts Record High in 2014 Korea-Canada FTA Takes Effect
Statistical Appendices ECONOMIC BULLETIN (Republic of Korea)
For free subscriptions and enquiries, please contact: International Media Relations Division Ministry of Strategy and Finance Government Complex, 477 Galmae-ro
January 2015
Sejong, 339-012 Republic of Korea Tel. +82 2 731 1530 Fax. +82 2 731 1540 E-mail. fppr@mosf.go.kr Website. http://english.mosf.go.kr Economic Information and Education Center Korea Development Institute 15 Giljae-gil (Bangok-dong) Sejong, 339-007 Republic of Korea Fax. +82 44 550 4941 E-mail. jiyounlee@kdi.re.kr Website. http://eiec.kdi.re.kr
MOSF / KDI
Tel. +82 44 550 4645
02 The Green Book:Current Economic Trends Overview
03
1. External economic situation
04
2. Private consumption
08
3. Facility investment
10
4. Construction investment
12
5. Exports and imports
14
6. Mining and manufacturing production
17
7. Service sector activity
19
8. Employment
20
9. Financial markets
24
9.1 Stock market
24
9.2 Exchange rate
25
9.3 Bond market
26
9.4 Money supply & money market
26
10. Balance of payments
28
11. Prices
30
11.1 Consumer prices
30
11.2 International oil and commodity prices
32
12. Real estate market
34
12.1 Housing market
34
12.2 Land market
37
13. Composite indices of business cycle indicators
contents Editor-in-Chief Kim Joo-Hoon (KDI) An Il-Whan (MOSF) Editorial Board Choi Jae-Hyuk (MOSF) Lee Yong-Soo (KDI) Lee Jae-Yeal (KDI) Coordinators Kim Dae-Hyun (MOSF) Lee Ji-Youn (KDI) Editors David Friedman (MOSF) Kim Seul-Ki (MOSF)
39
Vol.37 No.1 / January 2015
41 Policy Issues Government to Boost Investment in Tourism and Innovative Technology
45 Economic News Briefing Ministries Present 2015 Policy Briefings Second Round of Public Institution Reform Announced BOK Forecasts 3.4% Growth for Korea in 2015 Another Record Year for Korea’s Trade FDI Posts Record High in 2014 ICT Ministry to Inject 3.95 Trillion Won into R&D Korea-Canada FTA Takes Effect
49 Statistical Appendices
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The Green Book : Current Economic Trends
Overview 1. External economic situation 2. Private consumption 3. Facility investment 4. Construction investment 5. Exports and imports 6. Mining and manufacturing production 7. Service sector activity 8. Employment 9. Financial markets 10. Balance of payments 11. Prices
The Green Book: Current Economic Trends 12. Real estate market
13. Composite indices of business cycle indicators
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ECONOMIC BULLETIN • Jan 2015
OVERVIEW Although inflation remains low, the Korean economy has seen major indicators, such as mining and manufacturing production, retail sales and facility investment, gradually improve and employment continue to rise by more than 400,000 jobs. The economy continued to add jobs in November, adding 438,000 jobs year-on-year, as regular workers continued to increase.
Exports increased 3.7 percent year-on-year in December, rebounding from a 2.1 percent fall the previous month, led by mobile phones, semiconductors & parts and steel. The trade balance remained in the black in December, posting a surplus of US $5.78 billion.
Consumer price inflation remained low in December, falling from a 1.0 percent rise to a 0.8 percent rise compared to a year ago, in line with a continuous fall in international oil prices.
In December, market interest rates rose while the KOSPI fell as foreign investors sold more shares than bought. Both the dollar-won ratio and the 100 yen-won ratio fell slightly compared to the previous month.
Mining and manufacturing production turned positive in November, increasing 1.3 percent monthon-month, as weak chemical products and primary metals were offset by strong automobiles and semiconductors & parts.
Both housing prices and Jeonse (lump-sum deposits with no monthly payments) prices continued to increase in December, rising 0.1 percent and 0.3 percent, respectively.
Service output decreased somewhat in November from a 0.8 percent rise to a 0.3 percent fall due to a high base effect as the index had improved for three months in a row. Retail sales turned positive from a 0.1 percent fall to a 1.9 percent rise, compared to the previous month, backed by strong automobiles and communication devices sales. Facility investment soared month-on-month in November from a 4.5 percent fall to a 13.1 percent rise as both machinery investment and transportation equipment investment increased. Construction completed dropped month-on-month from a 0.4 percent increase to a 1.7 percent fall. The composite index of coincident indicators
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declined 0.2 points in November, and the composite index of leading indicators fell 0.1 points.
The recovery in domestic consumption has not yet fully taken root, and the external uncertainties, such as the US rate hike, yen depreciation and high economic anxiety in oil producing countries warrant close attention. The Korean government will continue to closely monitor internal and external economic trends, and at the same time will prepare the Korean economy for any potential risks and work to protect domestic markets from external shocks. The government will continue to implement the Three-year Plan for Economic Innovation and 2015’s economic policies in order to restructure and revitalize the economy by boosting domestic consumption.
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The Green Book : Current Economic Trends
1. External economic situation Economic recovery in the US is gaining momentum, while the eurozone, Chinese and Japanese economies remain sluggish. Uncertainties are rising, due to political instability in Greece and financial market instability in oil producing nations such as Russia. The decline in international oil prices is expected to have a positive effect on the global economy, but growth in the oil producing nations may slow as their financial and current account deficits expand.
US US economic growth in the third quarter of 2014 was revised up to 5.0 percent (annualized q-o-q) from the preliminary estimate of 3.9 percent. Industrial production rose 1.3 percent month-on-month in November, the highest since May 2010, but the ISM Manufacturing Index fell to the lowest level in six months, posting 55.5 in December. ISM Manufacturing Index (base=50) 54.9 (Apr 2014) → 55.4 (May) → 55.3 (Jun) → 57.1 (Jul) → 59.0 (Aug) → 56.6 (Sep) → 59.0 (Oct) → 58.7 (Nov) → 55.5 (Dec)
US GDP growth and industrial production 10
Sources: US Department of Commerce, Federal Reserve Board
(%)
8 6 4 2 0 -2 -4 -6 -8 -10 2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
GDP (q-o-q, annualized rate)
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Industrial production (q-o-q)
Retail sales were up 0.7 percent compared to the previous month in November, led by an increase in car sales (up 1.7%). The University of Michigan Consumer Sentiment Index and the Conference Board Consumer Confidence Index both rose in December. University of Michigan Consumer Sentiment Index (1966=100) 84.1 (Apr 2014) → 81.9 (May) → 82.5 (Jun) → 81.8 (Jul) → 82.5 (Aug) → 84.6 (Sep) → 86.9 (Oct) → 88.8 (Nov) → 93.6 (Dec)
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ECONOMIC BULLETIN • Jan 2015
Conference Board Consumer Confidence Index (1985=100) 81.7 (Apr 2014) → 82.2 (May) → 86.4 (Jun) → 90.3 (Jul) → 93.4 (Aug) → 89.0 (Sep) → 94.1 (Oct) → 91.0 (Nov) → 92.6 (Dec)
The housing market slowed, with new homes sales and existing home sales both declining month-on-month. Case-Shiller Home Price Index (m-o-m, %) 0.0 (Feb 2014) → 0.9 (Mar) → 1.2 (Apr) → 1.1 (May) → 1.0 (Jun) → 0.6 (Jul) → 0.2 (Aug) → -0.1 (Sep) → -0.1 (Oct) New home sales (m-o-m, %) -5.5 (Feb 2014) → -6.7 (Mar) → 2.5 (Apr) → 10.9 (May) → -10.7 (Jun) → -2.4 (Jul) → 12.3 (Aug) → 1.6 (Sep) → -2.2 (Oct) → -1.6 (Nov)
The unemployment rate in November was unchanged at 5.8 percent, while nonfarm payrolls were up 321,000. Nonfarm payroll increase (m-o-m, thousands) 203 (Mar 2014) → 304 (Apr) → 229 (May) → 267 (Jun) → 243 (Jul) → 203 (Aug) → 271 (Sep) → 243 (Oct) → 321 (Nov) Unemployment rate (m-o-m, %) 6.7 (Mar 2014) → 6.3 (Apr) → 6.3 (May) → 6.1 (Jun) → 6.2 (Jul) → 6.1 (Aug) → 5.9 (Sep) → 5.8 (Oct) → 5.8 (Nov)
US nonfarm payroll growth and unemployment rate Source: US Department of Labor 800
(%)
(thousands)
600
12 10
400 200
8
0
6
-200 -400
4
-600
2
-800 -1000
0 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
US nonfarm payroll growth (m-o-m, left)
2013.1
2014.1
Unemployment rate (right)
(Percentage change from previous period)
2012 Annual Annual Real GDP² 2.3 2.2 - Personal consumption expenditure 1.8 2.4 - Nonresidential fixed investment 7.2 3.0 - Residential fixed investment 13.5 11.9 Industrial production 3.8 2.9 Retail sales 5.1 4.2 Existing home sales 8.9 8.9 Unemployment rate³ 8.1 7.4 Consumer prices (y-o-y) 2.1 1.5
Q1 2.7 3.6 1.5 7.8 1.0 1.5 0.7 7.7 1.7
2013 Q2 1.8 1.8 1.6 19.0 0.5 0.3 3.5 7.5 1.4
Q3 4.5 2.0 5.5 11.2 0.6 1.0 4.4 7.2 1.5
Q4 3.5 3.7 10.4 -8.5 1.2 0.9 -7.1 7.0 1.2
Q1 -2.1 1.2 1.6 -5.3 1.0 0.2 -6.9 6.7 1.4
Q2 4.6 2.5 9.7 8.8 1.4 2.3 5.7 6.2 2.1
2014¹ Q3 Sep 5.0 3.2 8.9 3.2 1.0 0.9 1.1 -0.1 5.3 2.6 6.1 5.9 1.8 1.7
Oct 0.1 0.5 1.4 5.8 1.7
Nov 1.3 0.7 -6.1 5.8 1.3
1. Preliminary 2. Annualized rate (%) 3. Seasonally adjusted Sources: US Department of Commerce, Bloomberg
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The Green Book : Current Economic Trends
China The Chinese economy remains sluggish, led by poor exports, although retail sales improved slightly in November. Exports plunged year-on-year due to a high base effect (up 5.6% in Oct 2013 → up 12.7% in Nov 2013). The manufacturing PMI continued to fall. Manufacturing PMI (base=50) 51.7 (Jul) → 51.1 (Aug) → 51.1 (Sep) → 50.8 (Oct) → 50.3 (Nov) (Percentage change from same period in previous year)
Real GDP Industrial production Fixed asset investment (accumulated) Retail sales Exports Consumer prices² Producer prices²
2012¹ Annual Annual 7.7 7.7 10.0 9.7 20.6 19.6 14.3 13.1 8.3 8.6 2.6 2.6 -1.7 -1.9
Q1 7.7 9.5 20.9 12.4 18.9 2.4 -1.7
2013¹ Q2 7.5 9.1 20.1 13.0 4.2 2.4 -2.7
Q3 7.8 10.1 20.2 13.3 4.0 2.8 -1.7
Q4 7.7 10.0 19.6 13.5 7.5 2.9 -1.4
Q1 7.4 8.7 17.6 12.0 -4.7 2.3 -2.0
Q2 7.5 8.9 17.3 12.3 5.0 2.2 -1.5
2014¹ Q3 Oct 7.3 8.0 7.7 15.7 15.9 11.9 11.5 1.2 11.6 2.0 1.6 -1.3 -2.2
Nov 7.2 15.8 11.7 4.7 1.4 -2.7
1. Preliminary 2. Quarterly change: average of monthly change Source: China National Bureau of Statistics
China’s GDP growth and fixed asset investment 18
Source: China National Bureau of Statistics
(%)
(%)
70
16
60
14
50
12
40
10
30
8
20
6
10
4
0
2004.Q1
2005.Q1
GDP (y-o-y, left)
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Fixed asset investment (accumulated, y-o-y, right)
Japan The Japanese economy is recovering at a very weak pace. Inflation slowed and major indicators, such as production and consumption, declined in November. Meanwhile, the December 14 snap election resulted in the ruling coalition’s landslide victory. The Liberal Democratic Party and its junior coalition partner Komeito won a two-thirds majority in the lower house.
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ECONOMIC BULLETIN • Jan 2015
(Percentage change from previous period)
2012¹ Annual Annual 1.8 1.6 0.2 -0.6 1.5 1.2 -2.6 9.7 -0.0 0.4
Real GDP Industrial production Retail sales Exports (y-o-y) Consumer prices (y-o-y)
Q1 1.5 0.5 0.7 1.5 -0.6
2013¹ Q2 0.7 1.6 0.7 7.1 -0.3
Q3 0.4 1.7 0.3 12.8 0.9
Q4 -0.4 1.8 1.4 17.4 1.4
Q1 1.4 3.0 3.9 6.6 1.5
Q2 -1.7 -3.8 -7.0 0.1 3.6
2014¹ Q3 -0.5 -1.9 3.5 3.2 3.3
Oct 0.4 -1.4 9.6 2.9
Nov -0.6 -0.3 4.9 2.4
1. Preliminary Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
Japan’s GDP growth and industrial production 6
Source: Japan's Cabinet Office, Ministry of Economy, Trade and Industry
(%)
25
(%)
20
4
15 10
2
5 0
0 -5
-2
-10 -15
-4
-20 -6
-25 2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
GDP (q-o-q, left)
2013.Q1
2014.Q1
Industrial production (q-o-q, right)
Eurozone The eurozone’s growth momentum remains weak. Uncertainties grew due to poltical instability in Greece, and deflation concerns intensified as prices fell 0.2 percent in December. Greece faces a snap election in late January, after failing to elect a new president in a third and final round of voting on December 29. Manufacturing PMI (base=50) 53.4 (Apr 2014) → 52.2 (May) → 51.8 (Jun) → 51.8 (Jul) → 50.7 (Aug) → 50.3 (Sep) → 50.6 (Oct) → 50.1 (Nov) → 50.6 (Dec)
(Percentage change from previous period)
Real GDP Industrial production Retail sales Exports (y-o-y) Consumer prices (y-o-y)
2012 Annual -0.7 -2.4 -1.7 7.6 2.5
Annual -0.4 -0.7 -0.8 1.0 1.4
Q1 -0.4 0.2 0.0 1.0 1.9
2013 Q2 0.3 0.6 0.1 1.7 1.4
Q3 0.2 0.0 0.4 0.2 1.3
Q4 0.2 0.6 -0.1 1.0 0.8
Q1 0.3 0.2 0.6 1.2 0.7
Q2 0.1 0.0 0.4 0.7 0.6
2014¹ Q3 Sep 0.2 -0.5 0.5 0.1 -1.2 2.9 8.5 0.4 0.3
Oct 0.1 0.4 3.9 0.4
Nov 0.3
1. Preliminary Sources: Eurostat, Bloomberg
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The Green Book : Current Economic Trends
Eurozone’s GDP growth and industrial production 3
Source: Eurostat
(%)
10
(%)
8
2
6 4
1
2 0
0
-2 -1
-4 -6
-2
-8 -10
-3 2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
GDP (q-o-q, left)
2013.Q1
2014.Q1
Industrial production (q-o-q, right)
2. Private consumption Private consumption in the third quarter of 2014 (preliminary GDP) rose 1.0 percent compared to the previous quarter and 1.5 percent compared to a year ago. (Percentage change from previous period)
Private consumption² (y-o-y)
Annual
Q1
2012 Q2
Q3
Q4
Annual
Q1
2013¹ Q2
Q3
Q4
Q1
2014¹ Q2
Q3
1.9
0.8
0.2
1.2
0.4
2.0
-0.1
0.7
1.0
0.6
0.2
-0.3
1.0
-
1.7
0.7
2.6
2.7
-
1.7
2.1
2.1
2.2
2.5
1.5
1.5
1. Preliminary 2. National accounts Source: The Bank of Korea
Private consumption 12
Source: The Bank of Korea (national accounts)
(%)
10 8 6 4 2 0 -2 -4 -6 2004.Q1
2005.Q1
Private consumption (q-o-q)
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2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Private consumption (y-o-y)
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ECONOMIC BULLETIN • Jan 2015
Retail sales in November rose 1.9 percent compared to the previous month as declines in semi-durable goods (down 1.0%) were offset by gains in durable goods (up 7.8%) and nondurable goods (up 0.3%). Compared to a year ago, retail sales rose 1.0 percent.
Retail sales 20
Source: Statistics Korea (industrial activity trends)
(%)
15 10 5 0 -5 -10 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Retail sales (m-o-m)
Retail sales (y-o-y)
Retail sales by type 50
2014.1
Source: Statistics Korea (industrial activity trends)
(y-o-y, %)
40 30 20 10 0 -10 -20 -30 2004.1
2005.1
2006.1
2007.1
2008.1
Durable goods
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Nondurable goods
Semi-durable goods
(Percentage change from previous period)
2012 Annual Q3
Q4
Annual
Q1
2013 Q2
-1.0
0.9
Q3
Q4
Q1
Q2
2014¹ Q3
Oct¹
Nov¹
0.8
0.3
0.3
-0.5
1.4
-0.1
1.9
Retail sales
-
1.4
-0.1
-
(y-o-y)
2.4
2.7
2.5
0.8
0.3
1.2
0.7
1.2
2.5
0.7
1.4
-0.2
1.0
- Durable goods²
5.3
3.2
2.1
0.3
-4.1
1.8
-0.3
0.2
4.4
-1.1
2.2
-6.3
7.8
· Automobiles
2.4
-4.4
12.0
2.1
-7.2
2.2
2.1
-2.1
12.0
4.6
0.5
-4.1
9.3
-0.4 2.0
-0.1 1.3
1.1 -1.8
2.0 0.6
1.4 -0.6
-0.4 1.3
0.9 1.5
-0.8 0.8
-1.5 -1.0
-1.3 0.2
4.8 -0.5
-2.4 4.5
-1.0 0.3
- Semi-durable goods³ - Nondurable goods4
1. Preliminary 2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc. 3. Semi-durable goods: Clothing, footwear, etc. 4. Nondurable goods: Food, medicine, cosmetics, fuel, tobacco, etc. Source: Statistics Korea
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The Green Book : Current Economic Trends
Retail sales will continue to recover in December, as automobile and mobile phone sales rose, and department store and large discount store sales declined at a slower pace. Cellphone service transfers rose, led by an increase in new cellphone sales. Cellphone service transfer sales (thousands, Korea Telecommunications Operators Association) 890 (May 2014) → 847 (Jun) → 644 (Jul) → 523 (Aug) → 626 (Sep) → 375 (Oct) → 550 (Nov) → 687 (Dec)
Domestic sales of cars surged due to the release of new models and increased marketing efforts by major automobile makers. Sales at department stores and large discount stores continued to fall, but at a slower pace compared to the previous month, while credit card use rose at a faster pace.
(y-o-y, %)
2014 May
Jun
Jul
Aug
Sep
Oct
Nov
Credit card use
3.8
5.2
5.1
8.6
5.3
7.5
5.3
Dec 8.7
Department store sales
0.8
-4.6
2.0
10.5
-6.3
-2.2
-6.5
-0.3
Large discount store sales
1.2
-5.9
-4.6
3.2
-10.1
-0.9
-4.7
-3.6
Domestic sales of gasoline
2.5
2.2
0.6
-4.5
0.6
2.0
-2.2
1.6
Domestic sales of cars
3.9
7.5
0.7
-4.8
10.4
2.1
7.0
27.2
Sources: Credit Finance Association of Korea, Ministry of Trade, Industry and Energy, Korea National Oil Corporation, Korea Automobile Manufacturers Association, Ministry of Strategy and Finance (for December data)
3. Facility investment Facility investment (preliminary GDP) fell 0.5 percent quarter-on-quarter but rose 4.3 percent year-on-year in the third quarter of 2014.
(Percentage change from previous quarter)
Facility investment²
2012 Annual
Annual¹
0.1
-1.5
Q1
2013¹ Q2
Q3
Q4
Q1¹
2014¹ Q2¹
Q3¹
1.5
1.0
2.7
5.6
-1.9
1.1
-0.5
(y-o-y)
-
-
-12.7
-3.9
1.5
10.9
7.3
7.7
4.3
- Machinery
0.3
-3.5
-2.6
4.4
6.5
3.7
-4.9
0.2
2.6
- Transportation equipment
-0.4
4.0
11.3
-6.4
-6.5
10.7
5.5
3.1
-7.0
1. Preliminary 2. National accounts Source: The Bank of Korea
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ECONOMIC BULLETIN • Jan 2015
Facility investment 40
Source: The Bank of Korea (national accounts)
(%)
30 20 10 0 -10 -20 -30 2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
Facility investment (q-o-q)
2013.Q1
2014.Q1
Facility investment (y-o-y)
The facility investment index in November rose 13.1 percent month-on-month as both machinery investment and transportation equipment investment increased. The index was up 10.6 percent year-on-year.
(Percentage change from previous quarter)
2012 Annual Annual Facility investment index
-2.8
(y-o-y)
Q1
2013 Q2
Q3
Q4
Q1
Q2
2014¹ Q3
Oct¹
Nov¹
-1.3
-3.1
1.1
5.0
5.9
-5.2
2.1
-0.9
-4.5
13.1
-
-
-13.1
-4.0
2.7
10.4
5.9
6.2
1.5
-8.5
10.6
- Machinery
-2.7
-2.6
-3.5
2.9
4.5
7.3
-8.6
1.5
-0.6
-0.6
11.9
- Transportation equipment
-3.0
2.3
-2.0
-4.0
6.4
2.5
4.7
3.4
-2.1
-14.0
15.8
1. Preliminary Source: Statistics Korea
Facility investment by type Source: The Bank of Korea (national accounts) 50 40
(y-o-y, %)
30 20 10 0 -10 -20 -30 2004.Q1
2005.Q1
Transportation equipment
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2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Machinery
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The Green Book : Current Economic Trends
Facility investment is likely to improve, considering increasing machinery orders and improving business sentiment. Business survey index for manufacturing sector (Bank of Korea) 86 (Apr 2014) → 86 (May) → 81 (Jun) →78 (Jul) → 75 (Aug) → 74 (Sep) → 78 (Oct) → 74 (Nov) → 75 (Dec) → 77 (Jan 2015)
Leading indicators of facility investment
Sources: Statistics Korea (machinery orders), Korea International Trade Association (machinery imports) 10
(trillion won)
(y-o-y, %)
9
70 60 50
8
40 30
7
20
6
10 0
5
-10
4
-20 -30
3
-40
2 2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
Machinery orders (left)
-50
2014.Q1
Machinery imports (right)
(Percentage change from same period in previous year)
Domestic machinery orders (q-o-q, m-o-m) -Public -Private Machinery imports Average manufacturing operation ratio Facility investment adjustment pressure²
2012 Annual Annual -13.9 6.7 -11.0 20.6 -14.2 5.2 -3.0 6.5 78.5 76.2 -0.7 -1.4
Q1 -11.4 6.8 -47.0 -6.1 -11.8 77.3 -2.6
2013 Q2 8.8 3.9 94.2 4.0 -2.1 75.9 -1.6
Q3 2.2 -6.9 -9.7 3.8 6.8 75.1 -1.7
Q4 32.4 27.7 129.7 22.1 13.2 76.6 0.1
Q1 17.9 -2.8 184.6 4.1 2.4 77.2 -0.6
Q2 4.4 -9.6 -45.0 9.6 11.8 76.3 -0.9
2014¹ Q3 50.2 38.2 418.5 8.6 1.6 75.8 -0.3
Oct¹ -25.4 0.6 -73.2 -4.7 -13.7 73.4 -5.0
Nov¹ 11.3 29.7 162.6 -1.3 18.7 74.4 -4.8
1. Preliminary 2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p) Sources: Statistics Korea, Korea International Trade Association
4. Construction investment Construction investment (preliminary GDP) in the third quarter of 2014 rose 2.5 percent quarter-on-quarter and 2.6 percent year-on-year. (Percentage change from previous quarter)
Construction investment² (y-o-y) - Building construction - Civil engineering works
2012¹ Annual Annual -3.9 6.7 -1.6 8.8 -7.1 3.7
Q1 6.5 1.9 5.4 8.1
2013¹ Q2 4.6 9.8 7.2 1.0
Q3 0.2 8.8 0.5 -0.1
Q4 -5.2 5.4 -4.0 -6.9
Q1¹ 5.1 4.3 5.1 5.1
2014¹ Q2¹ 0.4 0.2 2.3 -2.5
Q3¹ 2.5 2.6 3.3 1.3
1. Preliminary 2. National accounts Source: The Bank of Korea
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ECONOMIC BULLETIN • Jan 2015
Construction investment 10
Source: The Bank of Korea (national accounts)
(%)
5
0
-5
-10 2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
Construction investment (q-o-q)
2013.Q1
2014.1Q
Construction investment (y-o-y)
The value of construction completed (constant) in November fell 1.7 percent month-on-month as both building construction and civil engineering works declined. The index fell 9.6 percent year-on-year. (Percentage change from previous period)
Construction completed (constant) (y-o-y) - Building construction - Civil engineering works
2012 Annual Annual -5.0 10.1 -6.6 14.8 -3.0 4.3
Q1 3.5 4.4 5.6 1.0
2013 Q2 6.3 15.0 7.7 4.6
Q3 -0.1 10.5 0.4 -0.9
Q4 -0.7 9.7 2.9 -5.5
Q1 1.5 6.5 6.0 -5.0
Q2 0.2 0.1 2.9 -4.1
2014¹ Q3 -3.2 -1.9 -5.5 0.7
Oct¹ 0.4 -5.7 1.6 -1.4
Nov¹ -1.7 -9.6 -0.7 -3.4
1. Preliminary Source: Statistics Korea
Construction investment by type Source: The Bank of Korea (national accounts) 40
(y-o-y, %)
30 20 10 0 -10 -20 -30 2004.Q1
2005.Q1
Building construction
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
Residential buildings
2014.Q1
Civil engineering works
Construction investment is expected to decline, led by a decrease in new apartment supplies. Unsold houses (thousands, Ministry of Land, Infrastructure and Transport) 48 (Mar 2014) → 46 (Apr) → 49 (May) → 50 (Jun) → 51 (Jul) → 45 (Aug) → 39 (Sep) → 40 (Oct) → 40 (Nov) New apartment supplies (thousands, Ministry of Land, Infrastructure and Transport) 24 (Mar 2014) → 39 (Apr) → 39 (May) → 29 (Jun) → 18 (Jul) → 23 (Aug) → 33 (Sep) → 64 (Oct) → 43 (Nov) → 21 (Dec)
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The Green Book : Current Economic Trends
(Percentage change from same period in previous year)
2012
2013
Annual Annual Construction orders (current value)
-15.3
Q1
Q2
Q3
Q4
Q1
Q2
Q3¹
Oct¹
Nov¹
-29.5
-10.6
22.4
15.5
26.1
45.6
2.3
-22.5
-
-
-40.8 -2.2
0.3
16.8
2.9
-1.4
10.5
31.7
-20.7
-26.1
- Building construction
-4.7
-13.4
-34.0
-29.6
-10.8
17.9
10.7
47.0
64.7
14.2
-25.7
- Civil engineering works
-9.1
-19.2
-50.4
-29.4
-10.0
33.4
24.4
-11.2
-4.2
-22.1
-14.4
Building permit area
-0.5
-7.3
-12.4
-14.6
-3.4
-0.2
18.4
21.6
14.7
15.2
-19.8
(q-o-q, m-o-m)
-6.2
2014¹
1. Preliminary Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport
Leading indicators of construction investment Sources: Statistics Korea (construction orders), Ministry of Land, Infrastructure and Transport (building permit area) 340 300
(y-o-y, %)
250 200 150 100 50 -0 -50 -100 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Construction orders
2014.1
Building permit area
5. Exports and Imports Exports in December increased 3.7 percent (preliminary) year-on-year to US $49.74 billion. There has been an across-the-board increase in exports, due to economic recovery in the US and other advanced nations, as well an increase in the number of days worked (+1 day). By item, semiconductor and mobile phone exports surged. By region, shipments to the US, EU and ASEAN countries rose, while shipments to Japan continued to fall. Export growth by item (y-o-y, %) 20.5 (mobile phones), 12.4 (semiconductors), 7.9 (steel), -1.1 (vessels), -6.0 (petroleum products), -7.6 (petrochemicals) Export growth by region (y-o-y, %) 21.5 (US), 5.6 (EU), 3.4 (ASEAN countries), 1.7 (China), -8.1 (Japan)
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ECONOMIC BULLETIN • Jan 2015
Average daily exports, an indicator adjusted to days worked, was down 0.7 percent year-on-year, posting US $2.07 billion in December. Average daily export growth (y-o-y, %) 1.5 (Mar 2014) → 8.9 (Apr) → 5.4 (May) → 4.9 (Jun) → 5.2 (Jul) → 4.0 (Aug) → 1.2 (Sep) → 1.9 (Oct) → 2.2 (Nov) → -0.7 (Dec)
(US $ billion)
2013 Exports
Q1
Q2
Q3
Q4
Dec
Q1
Q2
Q3
Nov
Dec¹
559.63
135.32
141.16
136.79
146.37
47.98
137.55
145.68
141.80
46.89
49.74
2.1
0.3
0.7
2.8
4.7
6.9
1.7
3.2
3.7
-2.1
3.7
2.05
2.03
2.06
2.00
2.11
2.09
2.07
2.19
2.07
2.08
2.07
(y-o-y, %) Average daily exports
2014
Annual
1. Preliminary Source: Korea Customs Service
Exports by item
Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)
160 140 120 100 80 60 40 20 0 -20 -40 -60 -80 2004.1
2005.1
2006.1
2007.1
2008.1
Export growth rate
2009.1
2010.1
2011.1
Semiconductors
2012.1
2013.1
2014.1
Automobiles
Steel
Imports in December fell 0.9 percent (preliminary) year-on-year to US $43.95 billion. Imports of capital goods and consumer goods increased, but commodity imports fell sharply due to low crude oil prices. Import growth by category (y-o-y, %) -11.3 (commodities), 17.4 (capital goods), 10.1 (consumer goods) (US $ billion)
2013 Imports
2014
Annual
Q1
Q2
Q3
Q4
Dec
Q1
Q2
Q3
Nov
Dec¹
515.58
129.73
126.76
126.03
133.06
44.35
132.34
130.91
132.87
41.38
43.95
(y-o-y, %)
-0.8
-2.9
-2.8
0.3
2.5
3.0
2.0
3.3
5.4
-4.0
-0.9
Average daily imports
1.89
1.94
1.85
1.84
1.91
1.93
1.99
1.97
1.94
1.84
1.83
1. Preliminary Source: Korea Customs Service
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The Green Book : Current Economic Trends
Imports by item 100
Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)
(y-o-y, %)
80 60 40 20 0 -20 -40 -60 -80 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
Import growth rate
2011.1
2012.1
2013.1
2014.1
Commodities
Exports and imports 70
2010.1
Capital goods
Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)
(US $ billion)
60 50 40 30 20 10 0 -10 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
Trade balance
2010.1
2011.1
2012.1
2013.1
2014.1
Exports
Imports
The trade balance (preliminary) in December remained in the black for the 35th consecutive month, posting a surplus of US $5.78 billion. (US $ billion)
2013 Trade balance
2014
Annual
Q1
Q2
Q3
Q4
Dec
Q1
Q2
Q3
Nov
Dec¹
44.05
5.59
14.40
10.76
13.30
3.63
5.20
14.77
8.93
5.51
5.78
1. Preliminary Source: Korea Customs Service
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ECONOMIC BULLETIN • Jan 2015
6. Mining and manufacturing production Mining and manufacturing production rose 1.3 percent month-on-month in November, as declines in chemical products and primary metals were offset by gains in automobiles and semiconductors & parts. Compared to the same period in the previous year, the index was down 3.4 percent. Compared to the previous month, production of automobiles (up 9.0%), semiconductors & parts (up 2.9%) and electrical equipment (up 5.0%) rose, while production of chemical products (down 5.9%), primary metals (down 2.8%) and food (down 3.3%) declined. Compared to a year ago, production of refined petroleum (up 6.2%), mechanical equipment (up 2.9%) and computers (up 9.8%) rose, while semiconductors & parts (down 5.6%), audio-visual communications equipment (down 19.3%) and chemical products (down 5.7%) declined.
Industrial production Source: Statistics Korea (industrial activity trends) 50
(%)
40 30 20 10 0 -10 -20 -30 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Industrial production (m-o-m)
2014.1
Industrial production (y-o-y)
(Percentage change from previous period)
Annual¹ Mining production (q-o-q, m-o-m) (y-o-y) 0.3 Manufacturing production (q-o-q, m-o-m) Mining and (y-o-y) 0.3 manufacturing Shipment 0.4 activity² - Domestic demand -1.4 - Exports 2.3 Inventory³ 5.0 Average operation ratio (%) 76.2 Manufacturing activity 1.7 Production capacity 4
Q1 -0.5 -0.8 -0.4 -0.8 -0.3 -1.7 1.6 -0.6 77.3 1.8
2013 Q2 Q3 Q4 -0.9 0.1 1.9 0.0 0.2 1.7 -1.0 0.0 2.1 0.0 0.1 1.8 -0.6 -0.1 1.7 -1.1 1.6 1.7 -0.2 -2.0 1.6 -2.1 5.7 2.4 75.9 75.1 76.5 1.6 1.8 1.7
Nov 0.1 -0.7 0.1 -0.7 0.4 -1.1 2.1 1.1 76.2 1.7
Q1 0.3 0.7 0.4 0.6 -0.1 0.0 -0.1 -0.5 77.2 1.2
Q2 -0.9 0.3 -1.1 0.3 -0.6 -0.3 -0.8 -0.2 76.3 1.2
2014¹ Q3 -0.2 1.1 -0.1 1.2 -0.6 -0.9 -0.3 1.9 75.8 1.5
Oct¹ -1.7 -3.2 -1.8 -3.4 -1.6 -1.7 -1.4 -0.7 73.4 1.6
Nov¹ 1.3 -3.4 1.4 -3.5 3.1 1.9 4.3 -1.3 74.4 1.3
1. Preliminary 2. Including mining, manufacturing, electricity and gas industry 3. End-period 4. Percentage change from same period in previous year Source: Statistics Korea
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The Green Book : Current Economic Trends
The manufacturing inventory-shipment ratio fell 5.3 percentage points month-on-month to 119.8 percent as inventories fell 1.3 percent and shipments rose 3.1 percent. Inventories of rubber & plastics (up 3.4%), medical, precision & optical instruments (up 3.4%) and beverages (up 4.2%) rose, while primary metals (down 3.2%), automobiles (down 2.6%) and chemical products (down 2.0%) declined. Shipments of automobiles (up 9.8%), refined petroleum (up 5.8%) and mechanical equipment (up 4.7%) rose, while chemical products (down 2.1%), food (down 1.7%) and beverages (down 6.4%) fell. The average operation ratio of the manufacturing sector rose 1.0 percentage points month-on-month to 74.4 percent.
Shipment and inventory 10
Source: Statistics Korea (industrial activity trends)
(m-o-m, %)
8 6 4 2 0 -2 -4 -6 -8 -10 -12
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Shipment growth
Inventory growth
Average manufacturing operation ratio 100
2014.1
Source: Statistics Korea (industrial activity trends)
(%)
90
80
70
60
50 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Mining and manufacturing production will continue to recover in December as exports increased and chemical producers wrapped up their routine maintenance.
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ECONOMIC BULLETIN • Jan 2015
7. Service sector activity Service output in November declined 0.3 percent month-on-month, as gains in financial & insurance services and transportation services were offset by declines in hotels & restaurants and professional, scientific & technical services. Compared to the same period of the previous year, service output increased 2.1 percent. Hotels & restautants (down 3.4%, m-o-m), professional, scientific & technical services (down 3.3%, m-o-m) and publishing & communications services (down 1.7%, m-o-m) declined, and wholesale & retail (down 0.4%, m-o-m) fell for the third straight month. Financial & insurance services (up 2.4%, m-o-m) and transportation services (up 1.5%, m-o-m) continued to rise.
Service sector activity 20
Source: Statistics Korea (industrial activity trends)
(%)
15 10 5 0 -5 -10 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Service sector activity (m-o-m)
Wholesale & retail 20
2013.1
2014.1
Service sector activity (y-o-y)
Statistics Korea (industrial activity trends)
(%)
15 10 5 0 -5 -10 2004.1
2005.1
2006.1
Wholesale & retail (m-o-m)
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2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Wholesale & retail (y-o-y)
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20
The Green Book : Current Economic Trends
November 2014 service output by business 12 10
(y-o-y, %)
8
Transportation services
6 4 2
Source: Statistics Korea (industrial activity trends)
Total index
Professional, scientific & technical services
Publishing & communications services
Entertainment, cultural & sports services
Education services
Sewerage & waste management
0 -2 -4
Wholesale & retail
Hotels & restaurants
-6
Real estate & renting Financial & insurance services
Health & social welfare services
Business services
Membership organizations & personal services
-8 -10 -12
(Percentage change from previous period)
Weight Service activity index 100.0 - Wholesale & retail 21.6 - Transportation services 8.5 - Hotels & restaurants 7.2 - Publishing & communications services 8.4 - Financial & insurance services 14.7 - Real estate & renting 5.3 - Professional, scientific & technical services 5.6 - Business services 3.3 - Education services 10.9 - Healthcare & social welfare services 7.5 - Entertainment, cultural & sports services 2.9 - Membership organizations & personal services 3.6 - Sewerage & waste management 0.6
2012 Annual Annual 1.6 1.4 0.8 -0.2 1.2 1.1 -1.2 0.4 3.0 1.9 2.8 0.5 -4.8 2.5 3.7 3.3 3.5 2.2 0.9 0.8 6.7 5.0 2.8 -0.5 -1.4 5.3 -0.6 -0.4
Q1 0.2 -0.8 0.7 0.1 0.6 -0.1 -2.2 0.2 1.6 0.8 0.8 1.7 3.1 0.5
2013 Q2 0.4 0.1 0.1 0.6 -1.0 -1.1 7.4 4.9 -0.4 -1.0 1.1 0.6 -0.7 0.6
Q3 0.2 -0.1 -1.0 2.7 0.9 -0.5 -3.6 -2.9 1.6 1.2 2.5 0.2 3.5 0.9
Q4 0.9 0.6 0.6 -0.9 3.4 0.6 3.6 0.7 0.4 0.7 1.6 -0.2 0.2 1.2
Q1 0.5 0.1 1.1 -1.6 -2.0 2.7 -3.2 0.4 1.6 1.1 1.5 1.4 0.1 0.2
Q2 0.0 -0.4 -0.3 -2.1 0.8 1.4 7.6 3.0 -0.5 -2.3 0.4 -6.8 -3.5 -1.4
2014¹ Q3 1.3 -0.2 1.1 6.0 0.6 1.6 -1.4 -2.6 0.7 1.7 1.9 8.0 3.5 1.9
Oct¹ 0.8 -0.5 1.0 -1.6 -2.2 2.3 3.3 8.0 -0.6 2.0 0.2 -4.7 2.5 3.1
Nov¹ -0.3 -0.4 1.5 -3.4 -1.7 2.4 -1.0 -3.3 0.6 -0.2 0.6 -0.6 -3.3 -3.0
1. Preliminary Source: Statistics Korea
Service output in December will be affected by positive factors, such as a rise in mobile phone and automobile sales, and also by negative factors, such as a decline in stock transactions. Average daily stock transactions (trillion won) 5.5 (Jan 2014) → 5.4 (Feb) → 5.6 (Mar) → 5.6 (Apr) → 5.5 (May) → 5.4 (Jun) → 6.0 (Jul) → 6.3 (Aug) → 6.6 (Sep) → 6.8 (Oct) → 6.7 (Nov) → 6.0 (Dec)
8. Employment The number of workers on payroll in November increased by 438,000 from a year earlier to 25,970,000 and the employment rate rose 0.4 percentage points to 60.8 percent.
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ECONOMIC BULLETIN • Jan 2015
By industry, services and manufacturing continued to lead employment growth. By employment status, regular workers continued to lead employment growth, while self-employed workers increased for the fourth consecutive month.
Number of persons employed and employment growth 1,200
Source: Statistics Korea (employment trends)
(thousands)
26
(millions)
1,000 25
800 600
24
400 23
200 0
22
-200 -400
21
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
Employment growth (y-o-y, left)
Number of employed (millions)
2012.1
2013.1
2014.1
Number of employed (seasonally adjusted, right)
2010 2011 2012 2013 2014 Annual Annual Annual Annual Q1 Q2 Q3 Q4 Nov Q1 Q2 Q3 Oct Nov 23.83 24.24 24.68 25.07 24.18 25.33 25.41 25.35 25.53 24.91 25.79 25.93 25.95 25.97
Employment rate (%)
58.7 59.1 59.4 59.5 57.7 60.2 60.3 60.0 60.4 58.8 60.8 60.9 60.9 60.8
(Seasonally adjusted)
58.7 59.1 59.4 59.5 59.2 59.4 59.7 59.9 59.9 60.4 59.9 60.3 60.2 60.3
Employment growth (y-o-y, thousands)
323
415
437
386
257
324
421
541
588
729
464
517
406
438
(Excluding agriculture, forestry & fisheries)
405
440
451
394
266
351
402
556
619
717
518
638
552
523
- Manufacturing
191
63
14
79
119
122
26
49
35
123
136
194
142
102
33
-2
22
-19
-64
-6
4
-9
-18
27
12
57
47
84
- Services
200
386
416
318
199
212
354
507
598
570
387
403
372
345
- Agriculture, forestry & fisheries
-82
-25
-14
-8
-9
-27
19
-15
-31
12
- Wage workers
517
427
315
483
329
472
526
604
631
· Regular workers
697
575
436
615
554
· Temporary workers
-34
-78
-2
- Construction
· Daily workers - Nonwage workers · Self-employed workers
-54 -121 -146
-85
711
485
519
456
509
638
632
637
681
606
478
333
361
332
-96 -152 -169
-65
2
14
74
118
226
147
146
-40
-51
31
-3
-50
-71
-146
-70 -120
-37
-73
-42
-35
-64
31 -111
-194
-11
121
-97
-71 -148 -105
3
-63
-43
19
-22
-118
1
124
-67
-28 -104
-83
-54
-36
-7
-14
19
17
9
- Male
181
238
234
186
123
179
179
262
290
373
228
268
202
201
- Female
142
177
203
200
135
145
242
279
298
357
236
249
203
238
- 15 to 29
-43
-35
-36
-50 -117
-88
-41
46
54
97
53
102
77
49
- 30 to 39
-4
-47
-31
-21
8
-34
-42
-36
-6
-42
-7
-23
-34
- 40 to 49 - 50 to 59 - 60 or more
-15
29
57
11
22
12
-6
30
53
58
99
34
15
0
10
294
291
270
254
196
254
279
285
277
323
227
215
169
193
47
149
222
181
181
156
187
200
235
218
192
192
183
221
Source: Statistics Korea
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The Green Book : Current Economic Trends
Employment rate Source: Statistics Korea (employment trends) 64
(%)
63 62 61 60 59 58 57 56 55
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Original data
2014.1
Seasonally adjusted rate
Employment by industry
Source: Statistics Korea (employment trends)
100
80 69.3 69.2 69.0 68.7 69.0 70.4 70.9 71.1 70.2 69.4 69.2 69.1 69.4 69.6 69.4 69.1 69.7 70.8 71.1 71.2 70.6 69.7 69.4 69.3 69.6 69.7 69.6 69.5 69.8 60
40 7.1 20
0
7.1
7.1
7.3
7.2
7.2
6.9
6.7
6.9
7.1
7.1
7.1
7.0
6.9
7.0
7.1
7.0
7.0
6.8
6.7
6.8
6.9
7.1
7.1
7.1
7.0
7.1
7.1
7.2
16.4 16.5 16.6 16.7 16.9 17.1 17.4 17.3 16.9 16.7 16.4 16.4 16.4 16.3 16.4 16.5 16.7 17.1 17.3 17.2 17.0 16.7 16.8 16.8 16.8 16.7 16.8 16.8 16.8 6.8
6.8
6.8
6.9
6.5
4.9
4.6
5.6
6.3
6.7
6.9
6.7
6.8
6.8
6.9
6.2
4.7
4.5
5.3
6.1
6.4
6.5
6.2
6.2
6.2
6.2
5.8
2012.7
8
9
10
11
12 2013.1 2
3
4
5
6
7
8
9
10
11
12 2014.1 2
3
4
5
6
7
8
9
10
11
4.3
Services
Construction
4.4
Manufacturing
Agriculture, forestry & fisheries
Employment by status of workers Source: Statistics Korea (employment trends) 100 5.3
80
5.4
5.3
5.2
4.5
4.2
4.2
4.7
5.0
5.0
5.2
5.1
5.2
5.2
5.3
5.1
4.3
4.2
4.3
4.6
4.8
5.0
5.0
5.0
5.0
4.9
4.9
4.7
23.4 23.3 23.2 23.1 22.9 22.7 22.7 22.8 23.0 22.8 22.6 22.5 22.6 22.7 22.5 22.4 22.2 21.9 22.1 22.0 22.3 22.2 22.1 22.1 22.1 22.4 22.2 22.1 21.9 6.7
60
5.3
6.4
6.4
6.7
6.8
6.6
6.2
6.0
6.0
6.5
6.7
6.7
6.3
6.1
6.3
6.5
6.4
6.4
6.3
6.0
5.7
6.0
6.1
6.1
6.0
5.8
6.1
6.2
6.4
19.9 19.7 19.5 19.5 19.5 19.5 19.6 19.2 19.4 19.4 19.5 19.5 19.2 19.4 19.6 19.7 19.7 19.5 20.1 19.7 19.8 19.7 19.7 20.2 19.9 19.8 19.8 19.9 20.0
40
20
0
44.4 45.1 45.2 45.1 45.2 46.2 46.9 47.3 47.0 46.3 46.2 46.1 46.4 46.8 46.7 46.5 46.9 47.8 48.3 48.2 47.8 47.3 47.1 47.2 46.8 47.0 47.1 47.2 47.3
2012.7 8
9
10
Unpaid family workers
2015 EB 1월 내지_최종.indd 22
11
12 2013.1 2
3
4
5
Self-employed workers
6
7
8
9
10
11
Daily workers
12 2014.1 2
3
4
5
6
Temporary workers
7
8
9
10
11
Regular workers
15. 1. 26. 오후 8:09
23
ECONOMIC BULLETIN • Jan 2015
The number of unemployed persons in November increased by 118,000 year-on-year to 818,000, and the unemployment rate rose 0.4 percentage points to 3.1 percent. The unemployment rate rose year-on-year among young adults, and those in their 40s and 50s.
Unemployment rate 6
Source: Statistics Korea (employment trends)
(%)
5
4
3
2 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Original data
Number of unemployed (thousands)
2013.1
2014.1
Seasonally adjusted rate
2010 2011 2012 2013 2014 AnnualAnnualAnnualAnnual Q1 Q2 Q3 Q4 Nov Q1 Q2 Q3 Oct Nov 920 855 820 807 907 812 777 733 700 1,031 977 884 858 818
Unemployment growth (y-o-y, thousands) - Male
31
-65
-35
-7
-48
-26
- Female
38
-17
-9
Unemployment rate (%)
3.7
3.4
3.2
3.1 3.6 3.1 3.0 2.8 2.7
4.0 3.7 3.3 3.2 3.1
(Seasonally adjusted) -15 to 29
3.7
3.4
3.2
3.1 3.2 3.1 3.1 3.0 2.9
3.5 3.7 3.5 3.5 3.4
8.0
7.6
7.5
8.0 8.4 7.9 7.9 7.9 7.5
9.8 9.4 8.6 8.0 7.9
- 30 to 39
3.5
3.4
3.0
3.0 3.3 3.0 2.9 2.6 2.6
3.2 3.4 3.0 3.0 2.6
- 40 to 49
2.5
2.1
2.0
2.0 2.1 2.1 1.9 1.7 1.6
2.3 2.4 2.1 2.0 2.2
- 50 to 59 - 60 or more
2.5
2.1
2.1
1.9 2.3 1.8 1.8 1.5 1.5
2.2 2.3 2.1 2.3 2.2
2.8
2.6
2.4
1.8 3.4 1.6 1.2 1.4 1.2
4.4 1.9 1.5 1.8 1.2
-13 -40 -29 -6
-7 -20
-7 -33
-9
7
11 -10
11
-7 -21
40 62
37
63
58
-4
18
84 103
70
71
60
11
125 165 107 135 118
Source: Statistics Korea
The economically inactive population in November was down 113,000 from a year earlier to 15,900,000, while the labor force participation rate rose 0.6 percentage points to 62.7 percent. The number of those economically inactive due to old age (up 99,000, y-o-y) and disabilities (up 38,000, y-o-y) increased, while those due to housework (down 70,000, y-o-y), rest (down 66,000, y-o-y), education (down 59,000, y-o-y) and childcare (down 28,000, y-o-y) decreased.
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The Green Book : Current Economic Trends
Labor force participation rate 65
Source: Statistics Korea (employment trends)
(%)
64 63 62 61 60 59 58 57 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Original data
2014.1
Seasonally adjusted rate
2010 2011 2012 2013 2014 Annual Annual Annual Annual Q1 Q2 Q3 Q4 Oct Q1 Q2 Q3 Oct Nov Economically inactive population (millions) 15.84 15.95 16.08 16.22 16.83 15.91 15.98 16.17 16.02 16.40 15.69 15.76 15.84 15.90 Labor force participation rate (%)
61.0 61.1 61.3 61.5 59.9 62.2 62.1 61.7 62.1 61.3 63.1 63.0 62.9 62.7
(Seasonally adjusted) Growth in economically inactive population (y-o-y, thousands)
61.0 61.1 61.3 61.5 61.2 61.3 61.6 61.7 61.8 62.6 62.2 62.5 62.3 62.4
- Childcare
-125
-5
-2
1
0
10
- Housework
201
101
123
-3
143
36
- Education
12
-51
-12
77
118 147
88
-44
-58
- Old age - Rest
80
-45
148
54
154
7
32
21
-1
-56
182
-53
-7 -106
44
12
21
33 -197
143
112
128
141
336 242
78 9
-91 -108 -433 -226 -222 -113 -113 -57
-41
-50
-28
-80 -112 -101 -230 -127
-14
-12
-29
-99
-37
-70
-68 -109
-66
-59
-76
81 113 -90
91
87
99
-65
-32
-66
Source: Statistics Korea
9. Financial markets 9.1 Stock market The KOSPI fell 3.3 percent in December from 1,981 points to 1,916 points. The KOSPI fell sharply along with falling world stock markets due to worries over an economic crisis in Russia and other oil producing countries, as well as Greece's political instability and possible eurozone exit. (Closing rate)
Stock price index (points) Market capitalization (trillion won) Average daily trade value (trillion won) Foreign stock ownership (%, %p)
Nov 2014 1,980.8 1,216.3 4.7 34.7
KOSPI Dec 2014 1,915.6 1,192.3 3.9 34.1
Change¹ -65.2 (-3.3%) -24.0 (-2.0%) -0.8 (-17.0%) -0.6 (-1.7%)
Nov 2014 545.1 141.3 2.1 11.2
KOSDAQ Dec 2014 543.0 143.1 2.1 11.2
Change¹ -2.1 (-0.4%) 1.8 (1.3%) -
1. Change from the end of the previous month Source: Korea Exchange
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25
ECONOMIC BULLETIN • Jan 2015
Stock prices 2,200
(monthly average)
2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
KOSPI
KOSDAQ
9.2 Exchange rate The dollar-won exchange rate in December fell 8.6 won to 1,099.3 won from 1,107.9 won at the end of November. Although the value of the dollar rose due to the recovering US economy, the dollar-won exchange rate fell with increasing demand for the won as Korean exporters exchanged their dollar earnings to the won. The 100 yen-won exchange rate declined from 937.2 won in November to 913.0 won in December as the value of the yen continued to fall and the dollar-won exchange rate declined. (Closing rate)
2008 Dec
2009 Dec
2010 Dec
2011 Dec
2012 Dec
2013 Dec
Dollar-Won
1,259.5
1,164.5
1,134.8
1,151.8
1,070.6
1,055.4
100 Yen-Won
1,396.8
1,264.5
1,393.6
1,481.2
1,238.3
1,002.3
Nov
2014 Dec
Change¹
1,107.9
1,099.3
-4.0
937.2
913.0
-9.8
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.
Foreign exchange rates 1,800
(month-end, \)
1,600 1,400 1,200 1,000 800 600 2004.1
2005.1
Dollar-Won
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2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
100 Yen-Won
15. 1. 26. 오후 8:09
26
The Green Book : Current Economic Trends
9.3 Bond market 3-year Treasury bond yields rose from 2.07 percent in November to 2.10 percent in December. Treasury bond yields inched up due to rising US Treasury bond yields.
Interest rates 10
Source: The Bank of Korea
(monthly average, yearly, %)
9 8 7 6 5 4 3 2 1 2004.1
2005.1
2006.1
2007.1
2008.1
Overnight call rate (daily)
2009.1
2010.1
2011.1
2012.1
2013.1
3-yr Treasury bond yield
2014.1
3-yr corporate bond yield
(Closing rate, %)
2009 Dec 2.01 2.88 4.44 5.56 4.98
Call rate (1 day) CD (91 days) Treasury bonds (3 yrs) Corporate bonds (3 yrs) Treasury bonds (5 yrs)
2010 Dec 2.51 2.80 3.38 4.27 4.08
2011 Dec 3.29 3.55 3.34 4.21 3.46
2012 Dec 2.77 2.89 2.82 3.29 2.97
2013 Dec 2.52 2.66 2.86 3.29 3.23
Sep 2.24 2.35 2.30 2.68 2.50
Oct 1.97 2.14 2.14 2.49 2.29
2014 Nov 1.99 2.13 2.07 2.39 2.23
Dec 2.03 2.13 2.10 2.43 2.28
Change¹ 4 3 4 5
1. Basis point, changes from the previous month
9.4 Money supply & money market M2 (monthly average) in October rose 7.5 percent from a year earlier. Money supply growth in the overseas sector slowed due to a drop in the current account surplus and a rise in capital outflows, while money supply in the private sector rose, led by bank loans. (Percentage change from same period in previous year, average)
M1² M2 Lf ³
2009 Annual 16.3 10.3 7.9
2010 Annual 11.8 8.7 8.2
2011 Annual 6.6 4.2 5.3
2012 Annual 3.8 5.2 7.8
2013 Annual 9.5 4.8 6.9
2014 Aug 11.9 7.6 7.3
Sep 11.8 7.1 7.1
Oct 12.1 7.5 7.3
Oct¹ 551.4 2,051.1 2,777.0
1. Balance at end October 2014, trillion won 2. M1 excluding corporate MMFs and individual MMFs while including CMAs 3. Liquidity aggregates of financial institutions (mostly identical with M3)
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ECONOMIC BULLETIN • Jan 2015
Total money supply Source: The Bank of Korea 40
(y-o-y, monthly average balance, %)
30 20 10 0 -10 -20 2004.1
2005.1
2006.1
2007.1
2008.1
Reserve money
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
M1
Lf
Bank deposits surged in November, led by instant access deposits (3.2 trillion won → 10.9 trillion won), as money inflows in instant access savings accounts increased with loans increasing and money outflows from those accounts dropped due to the end of the month falling on a weekend. Asset management company (AMC) deposits grew at a slower pace, led by money market funds (MMF) (10.0 trillion won → -1.2 trillion won), as financial institutions withdrew funds that they had temporarily deposited the previous month, and also as interest rates declined.
(Change from previous period, end-period, trillion won)
2009
2010
2011
2012
2013
2014
Dec
Dec
Dec
Dec
Dec
Aug
Sep
Oct
Nov
Nov¹
Bank deposits
54.8
36.9
58.9
37.0
41.0
7.8
3.7
7.3
21.0
1,238.7
AMC deposits
-27.6
-16.7
-16.6
18.8
17.7
5.4
2.7
21.8
2.9
390.6
1. Balance at end November 2014, trillion won
Deposits in financial institutions 30
Source: The Bank of Korea
(y-o-y, end of month balance, trillion won)
20 10 0 -10 -20 2004.1
2015 EB 1월 내지_최종.indd 27
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
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28
The Green Book : Current Economic Trends
10. Balance of payments Korea’s current account (preliminary) in November posted a surplus of US $11.41 billion, staying in the black for 33 consecutive months. The goods account surplus expanded from US $8.49 billion to US $10.15 billion as imports declined sharply due to falling oil prices. Goods exports (US $ billion) 51.97 (Oct 2014) → 50.20 (Nov) Goods imports (US $ billion) 43.48 (Oct 2014) → 40.04 (Nov)
Compared to the same period of the previous year, the goods account surplus expanded from US $8.02 billion to US $10.15 billion as the decline in imports exceeded the decline in exports. Import growth by category (y-o-y, %) -4.0 (total), -10.9 (commodities), 7.9 (capital goods), 2.9 (consumer goods) Export growth by item (y-o-y, %) -2.1 (total), 15.9 (semiconductors), 8.6 (steel), -22.6 (petroleum products), -6.7 (automobiles), -4.4 (mobile phones)
The services account deficit contracted slightly from US $0.25 billion to US $0.20 billion. The travel and transportation account deficit contracted, while the intellectual property rights account swung to a deficit. Services account (US $ billion, October → November) -0.36 → -0.34 (manufacturing), 0.13 → 0.33 (transportation), -0.17 → 0.01 (travel), 0.92 → 0.79 (construction), 0.14 → -0.26 (intellectual property rights), -0.98 → -0.89 (other businesses)
The primary income account surplus expanded from US $0.97 billion to US $1.67 billion due to a rise in dividend income, while the secondary income account deficit contracted from US $0.36 billion to US $0.21 billion.
(US $ billion)
Current account - Goods balance - Service balance - Primary income balance - Secondary income balance
Annual Q1 81.15 12.61 82.78 14.30 -6.50 -2.67 9.06 1.81 -4.19 -0.83
2013¹ Q2 Q3 22.35 22.25 20.59 23.31 0.65 -2.08 1.66 2.35 -0.55 -1.32
Q4 23.94 24.59 -2.40 3.24 -1.49
Nov 6.23 8.02 -2.09 0.67 -0.38
Q1 15.07 17.75 -3.62 1.91 -0.96
Q2 24.13 26.42 -1.95 1.33 -1.68
2014¹ Q3 22.45 21.68 -1.02 3.14 -1.35
Oct 8.84 8.49 -0.25 0.97 -0.36
Nov 11.41 10.15 -0.20 1.67 -0.21
1. Preliminary Source: The Bank of Korea
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ECONOMIC BULLETIN • Jan 2015
Current account balance 14 12
Source: The Bank of Korea (balance of payments trends)
(US $ billion)
10 8 6 4 2 0 -2 -4 -6 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Services account
Goods account
2014.1
Current account
The capital and financial account (preliminary) in November posted a net outflow of US $9.92 billion. Capital & financial account balance (US $ billion) -5.78 (Mar 2014) → -6.24 (Apr) → -8.13 (May) → -9.84 (Jun) → -5.93 (Jul) → -7.79 (Aug) → -8.76 (Sep) → -6.80 (Oct) → -9.92 (Nov)
Net outflows of direct investment expanded slightly from US $2.09 billion to US $2.10 billion as foreign direct investment increased. Net outflows of portfolio investment expanded from US $0.38 billion to US $2.84 billion due to a rise in overseas portfolio investment. Net outflows of financial derivatives investment contracted from US $0.57 to US $0.08 billion, while net outflows of other investment expanded from US $4.01 billion to US $7.80 billion due to an increase in financial institutions’ overseas deposits and loan repayments. The current account is expected to continue posting a surplus in December, considering the trade surplus in December (US $5.78 billion).
Capital & financial account balance
Source: The Bank of Korea (balance of payments trends)
15 (US $ billion) 10 5 0 -5 -10 -15 2004.1
2005.1
Direct investment
2015 EB 1월 내지_최종.indd 29
2006.1
2007.1
2008.1
Portfolio investment
2009.1
2010.1
2011.1
Financial derivatives
2012.1
2013.1
2014.1
Capital & financial account
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30
The Green Book : Current Economic Trends
11. Prices 11.1 Consumer prices Consumer prices in December remained unchanged from the previous month. Compared to the same month of the previous year, consumer prices rose 0.8 percent, down from 1.0 percent in November.
Consumer price inflation
(%)
2013 Dec
Jan
Feb
Mar
Apr
May
2014 Jun
Jul
Aug
Sep
Oct
Nov
Dec
Month-on-Month
0.1
0.5
0.3
0.2
0.1
0.2
-0.1
0.1
0.2
-0.1
-0.3
-0.2
0.0
Year-on-Year
1.1
1.1
1.0
1.3
1.5
1.7
1.7
1.6
1.4
1.1
1.2
1.0
0.8
Source: Statistics Korea
Consumer price inflation 7
Source: Statistics Korea (consumer price trends)
(%)
6 5 4 3 2 1 0 ‐1 2004.1
2005.1
2006.1
2007.1
Consumer price inflation (m-o-m)
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Consumer price inflation (y-o-y)
Agricultural, livestock & fishery product prices were up 1.7 percent month-on-month (agricultural products up 1.7%, livestock products up 2.0%, fishery products up 1.1%), as agricultural product supply declined in the winter, the number of livestock decreased, and livestock product consumption rose at the end of the year. Price increases by item (m-o-m, %) cucumbers (43.8), green onions (22.8), pork (5.3), Chinese cabbages (-10.1), bananas (-11.2), carrots (-18.3)
Manufactured product prices declined 0.6 percent from the previous month as petroleum product prices (down 3.9%) fell sharply in line with falling international oil prices. Price increases by item (m-o-m, %) shampoos (11.2), early childhood education materials (6.5), sausages (4.8), gasoline (-3.5), diesel (-3.7), ham (-5.5)
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ECONOMIC BULLETIN • Jan 2015
Personal service prices rose 0.1 percent month-on-month. Dining out expenses and personal service prices excluding dining out expenses were up 0.1 percent, respectively. Price increases by item (m-o-m, %) resort charges (15.0), domestic group tour expenses (3.0), international flight fares (1.7), middle school student tutoring costs (0.3), amusement park tickets (-3.5)
Contribution to consumer price inflation 5
Source: Statistics Korea (consumer price trends)
(%p)
3
1
-1 2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Agricultural, livestock & fishery products
Manufactured products
Housing rents
Public services
Personal services
Public utilities
Consumer prices for basic necessities rose 0.3 percent year-on-year but fell 0.2 percent month-on-month. Price increases for basic necessities (y-o-y, %) 1.4 (Jun 2014) → 1.4 (Jul) → 0.8 (Aug) → 0.6 (Sep) → 0.7 (Oct) → 0.7 (Nov) → 0.3 (Dec)
Fresh food prices declined 2.8 percent year-on-year, led by fruits (down 11.1%). Compared to the previous month, fresh food prices rose 2.2 percent. Fresh food price increases (y-o-y, %) -7.7 (Jun 2014) → -8.3 (Jul) → -11.8 (Aug) → -8.6 (Sep) → -6.6 (Oct) → -5.2 (Nov) → -2.8 (Dec)
Core consumer prices, which exclude oil and agricultural products, rose 1.6 percent year-on-year and 0.1 percent month-on-month.
Core inflation and prices for basic necessities 2013 Dec Consumer prices excluding oil and agricultural products 1.9 Consumer prices excluding food and energy 1.6 Consumer prices for basic necessities 0.5
Jan 1.7 1.5 0.6
(y-o-y, %)
Feb 1.7 1.4 0.4
Mar 2.1 1.7 0.8
Apr 2.3 1.9 1.0
May 2.2 1.8 1.4
2014 Jun Jul 2.1 2.2 1.7 1.9 1.4 1.4
Aug 2.4 2.1 0.8
Sep 1.9 1.7 0.6
Oct 1.8 1.6 0.7
Nov 1.6 1.3 0.7
Dec 1.6 1.4 0.3
Source: Statistics Korea
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The Green Book : Current Economic Trends
Prices 16
Source: Statistics Korea (consumer price trends)
(y-o-y, %)
13 10 7 4 1 -2 -5 2004.1
2005.1
2006.1
2007.1
2008.1
Consumer price inflation
2009.1
2010.1
2011.1
2012.1
2013.1
Core inflation
2014.1
Producer price inflation
The expected annual inflation declined 0.1 percentage points from the previous month to 2.6 percent, while import prices fell 7.9 percent year-on-year. Expected inflation (%, over the next 12 months) 2.8 (May 2014) → 2.8 (Jun) → 2.8 (Jul) → 2.8 (Aug) → 2.8 (Sep) → 2.7 (Oct) → 2.7 (Nov) → 2.6 (Dec) Import price increases (y-o-y, %, won base) -6.8 (May 2014) → -8.8 (Jun) → -8.6 (Jul) → -9.9 (Aug) → -8.9 (Sep) → -7.6 (Oct) → -7.9 (Nov)
11.2 International oil and commodity prices International oil prices plunged in December due to oversupply and the strong dollar. Dubai crude prices fell 21.9 percent month-on-month as the OPEC’s decision to keep output unchanged led to speculative selling. Saudi Arabia’s oil minister said on December 12 that oil prices will be determined by the market, and that there is no need for the OPEC to reduce production. Dubai crude prices were also affected by the strong dollar. Dubai crude ($/barrel) 67.1 (Dec 3) → 63.8 (Dec 10) → 55.6 (Dec 17) → 57.2 (Dec 24) → 53.6 (Dec 31)
(US $/barrel, period average)
2011 2012 2013 Annual Annual Annual Jan
Feb
Mar
Apr
May
2014 Jun Jul
Sep
Oct
Nov
Dec
Dubai crude
105.9
109.0
105.3
104.0 105.0 104.4 104.6 105.6 107.9 106.1 101.9 96.6
86.8
77.1
60.2
Brent crude
111.0
111.7
108.7
107.7 108.9 107.7 107.8 109.4 111.8 107.4 102.6 98.0
87.8
79.3
62.8
WTI crude
95.1
93.8
98.0
84.4
76.4
59.3
94.9 100.7 100.5 102.0 101.8 105.2 102.6
Aug
96.3 93.2
Source: Korea PDS
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ECONOMIC BULLETIN • Jan 2015
International oil prices 160
Source: Korea National Oil Corporation
($/B)
140 120 100 80 60 40 20 0 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Dubai crude
WTI
Domestic gasoline prices fell for the ninth consecutive month in December, affected by falling international oil prices. Gasoline prices (won/liter) 1,702.9 (1st week Dec) → 1,685.7 (2nd week) → 1,656.0 (3rd week) → 1,620.9 (4th week) → 1,461.0 (5th week)
Dubai crude prices and import prices Source: Korea National Oil Corporation 160
(thousand won/B)
($/B)
160
140
140
120
120
100
100
80
80
60
60
40
40
20
20
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Dubai crude (import prices, won, left)
2013.1
2014.1
Dubai international prices (dollar, right)
(Won/liter, period average)
2011 2012 2013 Annual Annual Dec
Jan
Feb
Mar
Apr
May
2014 Jun Jul
Aug
Sep
Oct
Nov
Dec
Gasoline prices 1,929.3 1,985.8 1,881.1 1,886.4 1,880.7 1,880.8 1,875.9 1,869.5 1,861.7 1,856.7 1,842.0 1,817.1 1,781.1 1,730.2 1,652.2 Diesel prices
1,745.7 1,806.3 1,699.1 1,705.1 1,698.5 1,696.0 1,688.9 1,680.9 1,670.8 1,661.8 1,644.5 1,620.9 1,585.0 1,534.3 1,461.0
Source: Korea National Oil Corporation
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The Green Book : Current Economic Trends
International grain prices were mixed in December. Corn and wheat prices rose due to the cold spell in the Black Sea region and Russia’s decision to curb exports. Russia, faced with falling domestic grain prices due to the weak ruble, will introduce a duty on wheat exports in February 2015. Meanwhile, soybean prices inched down due to favorable weather in Latin America and also as the US Department of Agriculture raised production estimates. International grain price increases in December (m-o-m, %) wheat (13.5), corn (6.1), soybean (-0.4)
Nonferrous metal prices fell month-on-month as demand was expected to slow due to poor economic data in China and the eurozone. Among the major nonferrous metals, only nickel prices went up. Nonferrous metal price increases in December (m-o-m, %) nickel (1.4), tin (-0.7), zinc (-3.9), copper (-4.2), lead (-4.3), aluminum (-6.9)
Reuters index*
(Period average)
2011 2012 2013 Annual Annual Annual 3,062
3,006
2,774
Jan
Feb
Mar
Apr
May
2,574
2,586
2,641
2,650
2,608
2014 Jun Jul 2,569
2,548
Aug
Sep
Oct
Nov
Dec
2,510
2,415
2,395
2,407
2,388
* A weighted average index of 17 major commodities Source: KOREA PDS
International commodity prices
Sources: Bloomberg (CRB), The Bank of Korea (Reuters Index)
* CRB demonstrates a futures price index of 21 commodities listed on the US Commodity Transaction Market, including beans and other crops, crude oil and jewelry. 470
4000
430 3000
390 350 310
2000
270 1000
230 190 150
0 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
CRB (left)
2013.1
2014.1
Reuters index (right)
12. Real estate market 12.1 Housing market Nationwide apartment sales prices in December rose 0.1 percent month-on-month.
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ECONOMIC BULLETIN • Jan 2015
Apartment sales prices rose 0.1 percent in the Seoul metropolitan area, down from 0.2 percent in the previous month. Prices in Seoul remained unchanged, while prices in Gyeonggi Province rose 0.1 percent. Prices in areas excluding the Seoul metropolitan area rose 0.2 percent. Apartment prices in the five metropolitan cities and the eight provinces were up 0.3 percent and 0.2 percent, respectively. Apartment sales price increase in five metropolitan cities (m-o-m, %) Busan (0.1), Daegu (0.6), Gwangju (0.3), Daejeon (0.0), Ulsan (0.3)
Nationwide apartment sales prices Nationwide Seoul metropolitan area Seoul Gangnam¹ Gangbuk² Areas excluding the Seoul metropolitan area
(Percentage change from previous period)
2010 2011 2012 2013 Annual Annual Annual Annual Annual May 1.9 6.9 0.0 0.3 1.7 0.0 -1.7 0.5 -3.0 -1.1 1.5 -0.1 -1.2 0.3 -2.9 -1.4 1.1 -0.1 -1.0 0.3 -3.5 -1.1 1.2 -0.1 -1.4 0.3 -2.3 -1.7 1.1 0.0 6.4
15.1
3.1
1.7
1.9
Jun 0.0 0.0 -0.1 -0.1 0.0
Jul 0.0 0.0 0.0 0.0 -0.1
2014 Aug 0.1 0.1 0.0 0.0 0.1
Sep 0.2 0.3 0.2 0.3 0.1
Oct 0.2 0.3 0.2 0.3 0.2
Nov 0.2 0.2 0.1 0.1 0.1
Dec 0.1 0.1 0.0 0.0 0.0
0.1
0.1
0.1
0.2
0.2
0.2
0.2
0.1
1. Upscale area of Southern Seoul 2. Northern Seoul Source: Korea Appraisal Board
Apartment sales prices by region 3
Source: Korea Appraisal Board
(m-o-m, %)
2
1
0
-1 2009.1
Nationwide
7
2010.1
7
2011.1
7
2012.1
7
Seoul metropolitan area
2013.1
7
2014.1
7
Areas excluding Seoul metropolitan area
Nationwide apartment rental prices in December rose 0.3 percent month-on-month. Rental prices rose 0.3 percent in the Seoul metropolitan area and 0.2 percent in regions excluding the Seoul metropolitan area. Apartment rental price increase in major districts in Seoul (m-o-m, %) Gangnam (0.2), Seocho (0.2), Songpa (0.2), Yangcheon (0.5), Gangdong (0.6)
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The Green Book : Current Economic Trends
Nationwide apartment rental prices Nationwide Seoul metropolitan area Seoul Gangnam¹ Gangbuk² Areas excluding the Seoul metropolitan area
2010 Annual 7.1 6.3 6.4 7.6 5.1 9.2
(Percentage change from previous period)
2011 2012 2013 Annual Annual Annual Annual May 12.3 3.5 4.7 3.4 0.1 11.0 2.1 6.2 4.7 0.0 10.8 2.1 6.6 3.6 0.0 11.1 2.4 6.7 3.3 -0.1 10.6 1.8 6.4 3.8 0.1 14.5
4.6
3.3
2.2
0.1
Jun 0.1 0.1 0.0 0.0 0.1
Jul 0.1 0.2 0.1 0.1 0.1
2014 Aug 0.2 0.2 0.1 0.2 0.1
Sep 0.3 0.5 0.3 0.3 0.3
Oct 0.3 0.4 0.4 0.4 0.4
Nov 0.3 0.4 0.3 0.3 0.3
Dec 0.3 0.3 0.3 0.3 0.2
0.1
0.1
0.1
0.2
0.2
0.2
0.2
1. Upscale area of Southern Seoul 2. Northern Seoul Source: Korea Appraisal Board
Apartment rental prices by region Source: Korea Appraisal Board 3
(m-o-m, %)
2
1
0
-1
-2 2009.1
7
2010.1
7
2001.1
Nationwide
7
2012.1
7
2013.1
Seoul metropolitan area
7
2014.1
7
Areas excluding Seoul metropolitan area
Apartment sales transactions in November decreased 16.8 percent from 109,375 transactions in the previous month to 91,050 transactions, but were up 7.2 percent from a year earlier (84,932).
Monthly apartment transaction volume 160
Source: Ministry of Land, Infrastructure and Transport
(thousands)
140 120 100 80 60 40 20 0
2009.1
7
Nationwide
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2010.1
7
2011.1
7
2012.1
Seoul metropolitan area
7
2013.1
7
2014.1
7
Areas excluding Seoul metropolitan area
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ECONOMIC BULLETIN • Jan 2015
Apartment sales transactions Nationwide
(Monthly average, thousands)
2009 2010 2011 2012 2013 2014 Annual Annual Annual Annual Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 73 67 82 61 85 93 59 79 90 93 78 74 77 76 87 109 91
Source: Ministry of Land, Infrastructure and Transport
12.2 Land market Nationwide land prices in November rose 0.16 percent month-on-month. Land price growth decelerated in the Seoul metropolitan area (up 0.14%), which includes Seoul (up 0.20%) and Incheon (up 0.08%). Land price increases in Seoul metropolitan area (m-o-m, %) 0.18 (Apr 2014) → 0.15 (May) → 0.13 (Jun) → 0.15 (Jul) → 0.13 (Aug) → 0.19 (Sep) → 0.20 (Oct) → 0.14 (Nov)
Land price growth also decelerated in areas excluding the Seoul metropolitan area (up 0.18%), which includes Busan (up 0.22%), Daegu (up 0.30%) and Daejeon (up 0.17%). Land price increases in areas excluding Seoul metropolitan area (m-o-m, %) 0.18 (Apr 2014) → 0.15 (May) → 0.18 (Jun) → 0.20 (Jul) → 0.15 (Aug) → 0.18 (Sep) → 0.20 (Oct) → 0.18 (Nov)
Land prices by region
(Percentage change from previous period)
2008 2009 2010 2011 2012 Annual Annual Annual Annual Annual Annual Nationwide -0.31 0.96 1.05 1.17 0.87 1.14 Seoul -1.00 1.40 0.53 0.97 0.33 1.21 Gyeonggi -0.26 1.22 1.49 1.47 0.97 0.91 Incheon 1.37 1.99 1.43 0.66 0.36 0.87
Q1 0.21 0.10 0.17 0.21
2013 Q2 0.37 0.41 0.33 0.37
Q3 0.10 0.08 0.07 0.07
2014 Q4 Annual Q1 Q2 Q3 Sep 0.46 1.79 0.45 0.48 0.49 0.19 0.61 2.48 0.69 0.59 0.69 0.29 0.34 1.13 0.26 0.37 0.27 0.09 0.23 1.19 0.37 0.25 0.32 0.13
Oct 0.20 0.29 0.12 0.15
Nov 0.16 0.20 0.10 0.08
2012
2013
Source: Korea Appraisal Board
Land prices by region 15 12
Source: Korea Appraisal Board
(%)
9 6 3 0 -3 -6 -9 -12 -15 -18 1994
1995
National average
2015 EB 1월 내지_최종.indd 37
1996
1997
1998
1999
2000
2001
2002
2003
Metropolitan city
2004
2005
2006
2007
City
2008
2009
2010
2011
County
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The Green Book : Current Economic Trends
Land and consumer prices since 1970s 60
Source: Korea Appraisal Board
(y-o-y, %)
50 40 30 20 10 0 -10 -20
1974
1977
1980
1983
1986
1989
1992
1995
1998
2001
2004
Land price inflation
2007
2010
2013
Consumer price inflation
There were 228,000 land transactions in November, down 11.5 percent from the previous month but up 13.8 percent from 201,000 a year earlier. Land transactions declined in Seoul (down 16.0%, m-o-m), Gyeonggi Province (down 14.1%, m-o-m), Incheon (down 12.5%, m-o-m), Daejeon (down 18.8%, m-o-m), Sejong (down 27.5%, m-o-m) and South Gyeongsang Province (down 25.4%, m-o-m). Vacant land transactions, which accounted for 35.5 percent of the total land transactions, fell 7.1 percent month-on-month to 81,000, but rose 11.7 percent from 73,000 a year earlier.
Land transactions
(Land lots, thousands)
2008 2009 2010 2011 2012 2013 2014 Annual¹ Annual¹ Annual¹ Annual¹ Annual¹ Annual¹ Nov Dec Feb Mar Apr May Jun Jul Aug Sep Oct Nov Nationwide 208 203 187 208 170 187 201 236 205 227 233 207 199 219 204 214 258 228 Seoul 26 22 16 18 13 17 19 22 20 24 22 18 18 21 21 23 29 25 Gyeonggi 45 46 41 43 33 37 41 50 42 47 49 42 39 45 42 46 57 50 Incheon 13 10 8 10 8 8 9 9 10 10 11 9 9 8 9 10 13 11 1. Monthly average Source: Korea Land & Housing Corporation
Land transaction volume 500,000
Source: Korea Appraisal Board
(thousand m²)
400,000
300,000
200,000
100,000 0 2004.1
2005.1
Seoul metropolitan area
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2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Areas excluding Seoul metropolitan area
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ECONOMIC BULLETIN • Jan 2015
13. Composite indices of business cycle indicators Industrial output in November rose 0.1 percent month-on-month but fell 0.5 percent year-on-year. Output fell in services (down 0.3%, m-o-m), construction (down 1.7%, m-o-m) and public administration (down 2.0%, m-o-m), and rose in mining & manufacturing (up 1.3%, m-o-m).
Index of all industry production 20
Source: Statistics Korea (industrial activity trends)
(%)
15 10 5 0 -5
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
Index of all industry production (m-o-m)
2012.1
2013.1
2014.1
Index of all industry production(y-o-y)
The cyclical indicator of the coincident composite index fell 0.2 points month-on-month in November. Among the components of the coincident composite index, service output, domestic shipments and imports rose, while mining & manufacturing production, the value of construction completed and retail sales declined. Components of the coincident composite index in November (m-o-m) service output (0.5%), domestic shipments (0.3%), imports (1.3%), mining & manufacturing production (-0.1%), value of construction completed (-2.5%), retail sales (-0.5%)
Cyclical indicator of coincident composite index 110
Source: Statistics Korea (industrial activity trends)
(points)
100
90 2004.1
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2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
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The Green Book : Current Economic Trends
The cyclical indicator of the leading composite index fell 0.1 points. Four components of the leading composite index, including the inventory circulation indicator, domestic shipments of machinery and ratio of export to import prices, rose, while five others, such as the consumer expectations index, value of construction orders received and ratio of job openings to job seekers, fell. Components of the leading composite index in November (m-o-m) inventory circulation indicator (1.9%p), domestic shipments of machinery (1.5%), ratio of export to import prices (1.6%), international commodity prices (0.5%), consumer expectations index (-1.9p), value of construction orders received (-23.9%), ratio of job openings to job seekers (-0.6%p), KOSPI (-1.7%), spreads between long & short term interest rates (-0.01%p)
Cyclical indicator of leading composite index
Source: Statistics Korea (industrial activity trends)
110 (points)
100
90 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2014 Apr
May
Jun
Index of all industry production (m-o-m, %) (y-o-y, %)
-0.6 1.4
-1.0 -0.6
2.3 1.7
Coincident composite index (m-o-m, %)
0.1
0.0
100.5 -0.2
Cyclical indicator of coincident composite index (m-o-m, p) Leading composite index (m-o-m, %) Cyclical indicator of leading composite index (m-o-m, p)
Jul
Aug
Sep¹
Oct¹
Nov¹
0.3 2.7
-0.6 0.5
-0.8 2.0
0.3 0.1
0.1 -0.5
0.3
0.4
0.8
0.2
0.0
0.2
100.1 -0.4
100.1 0.0
100.2 0.1
100.5 0.3
100.3 -0.2
100.0 -0.3
99.8 -0.2
0.5
0.3
0.6
0.4
1.2
1.1
0.7
0.2
101.4 0.1
101.3 -0.1
101.6 0.3
101.6 0.0
102.4 0.8
103.1 0.7
103.3 0.2
103.2 -0.1
1. Preliminary
2015 EB 1월 내지_최종.indd 40
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Government to Boost Investment in Tourism and Innovative Technology
Policy Issues 2015 EB 1월 내지_최종.indd 41
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42
Policy Issues
Government to Boost Investment in Tourism and Innovative Technology
Government officials are holding a joint briefing on the 7th Round Investment Boosting Measures at the Ministry of Strategy and Finance's briefing room on January 16.
The 7th Round Investment Boosting Measures promote tourism and innovative technology development, and provide support to implement projects ahead of schedule. The four areas for the 7th round investment boost are: - Large corporate investment projects - Tourism infrastructure - Innovative technology - Venture investment and technology financing
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Large corporate investment projects: 16.8 trillion won for 4 projects The government will accelerate the development of the Yongsan and Samsung neighborhoods by easing regulations including floor area ratio, development restrictions and zoning regulations, as well as streamlining processes for land development. The Yongsan and Samsung development projects will each stimulate 5 trillion won in investment.
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ECONOMIC BULLETIN • Jan 2015
The government will ease regulations, such as pipeline construction and compressed air energy storage construction regulations, as well as development restrictions and zoning regulations, in order to help private sector utility service companies move forward with their cogeneration plant construction. The measure will stimulate a total of 2.8 trillion won in investment by 2017.
select areas to receive fiscal and tax support, while easing floor area ratio regulations in those areas. With regard to environmental protection regulations, the government will lift development restrictions for 30 percent of protected areas by 2017. Location restrictions will also be eased in coastal protection areas in order to allow hotels, restaurants and other tourism facilities provided that they build sewage treatment and pollution prevention facilities.
The government will provide infrastructure support to increase OLED manufacturing lines by building roads and allowing manufacturers to manage advanced water purification facilities, a process which is currently managed by local governments. The measure is expected to stimulate 4 trillion won in investment by 2017.
Building tourism infrastructure: 3.5 trillion won The government will promote tourist accommodation construction by providing 1.0 trillion won construction support and easing regulations on hotel real estate investment trusts (REITs), including establishment, management and listing regulations. The measure is expected to stimulate 1.2 trillion won in investment between 2015 and 2017. The government will allow four more duty free shops in Seoul and Jeju Special Self-Governing Province, and the measure will stimulate 0.3 trillion won in investment. The four new duty free shops will undergo an evaluation every two years to remain in business. The government will select companies to build two resort complexes, and the selection will be made in the second half of the year. The construction is expected to stimulate 1.0 trillion won in investment for each resort complex. The government will develop coastal tourism, and will
2015 EB 1월 내지_최종.indd 43
Tourists are shopping at a duty free shop in Seoul on September 29, 2014. The government is planning to allow four more duty free shops in Seoul and Jeju Self-Governing Province, and the measure will stimulate 0.3 trillion won in investment.
Foster innovative technology industries The government will develop an IT and cultural content industrial complex near the Pangyo TechnoValley, and six urban industrial complexes in Daejeon, Ulsan, Jeju, Namyangju, Gyeongsan and Suncheon. The IT and cultural content industrial complex will consist of the following services: hotels, convention centers, research centers, financial and legal services, and technology certification institutions. The government will draw up plans in the first half of the year and start construction in 2017. For the six urban industrial complexes, the government will draw up plans in the first half of 2015 and start construction in 2018.
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44
Policy Issues
Urban industrial complexes by region and industry Region
Industries
Daejeon
Biotechnology, IT, Creative Economy Innovation Centers
Ulsan
Automobile related technology, Energy industry
Namyangju
Smart grids, New renewable energy development
Gyeongsan
IT convergence, LED convergence, R&D clusters
Suncheon
Gwangyang Bay R&D clusters, MICE, Corporate services
Jeju
IT, Culture industries
The government will foster the aircraft maintenance, repair and overhaul (MRO) industry, which has been highly dependent on foreign businesses, by promoting foreign investment, providing land sites at a cheap price and giving tax incentives. The 50 percent foreign shareholding cap will not apply to investment made by companies with high-level MRO technologies, and the government will provide relocation support for aircraft MRO businesses.
Promote venture investment and technology financing The government will increase technology financing from 8.9 trillion won in 2014 to more than 20 trillion won in 2015. First, the government will improve technology evaluations by creating a technology credit rating industry and easing regulations to allow technology evaluation institutions to also conduct technology credit rating evaluations (The institutions allowed to conduct technology credit rating evaluations are called TCBs (Technology Credit Bureaus)). Nonbank financial institutions and government R&D funds will also provide technology financing according to the results of TCB evaluations. The government will provide support to ease the burden of technology evaluations, and will increase interest payment support for technology loans.
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In addition, 300 billion won will be mobilized to finance technology investment, and 100 billion won funds will be created to foster Non-Practicing Entities (NPEs). The government has taken the initiative to support venture investment by creating venture investment funds. However, despite a healthy increase in fund holdings (1.1 trillion won as of November 2013 to 1.9 trillion won as of November 2014), these holdings have not been sufficiently utilized (increasing 1.2 trillion won to 1.4 trillion won for the same period). The government will realign incentives for fund management companies commissioned to run venture investment funds, to ensure that these funds are invested in startups and other ventures. The government will strengthen support to help startups grow successfully, such as by increasing fund of funds matching support for angel investment and creating a 500 billion won exporter fund to help exporters enter the Chinese market. The government will improve the startup investment ecosystem by improving the ‘exit’ pathway for investors. A 500 billion won fund to support investors trying to exit from their startup investments will be created, and the government will allow utilizing venture investment funds to purchase stocks in the secondary market.
15. 1. 26. 오후 8:09
Ministries Present 2015 Policy Briefings Second Round of Public Institution Reform Announced BOK Forecasts 3.4% Growth for Korea in 2015 Another Record Year for Korea’s Trade FDI Posts Record High in 2014 ICT Ministry to Inject 3.95 Trillion Won into R&D Korea-Canada FTA Takes Effect
Economic News Briefing 2015 EB 1월 내지_최종.indd 45
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46
Economic News Briefing
President Park Geun-Hye (center) is receiving annual policy briefings from government ministries at the Sejong Government Complex on January 13.
Ministries Present 2015 Policy Briefings The government ministries’ annual policy briefings were presented to President Park Geun-hye from January 13 to 22. The first report, which was jointly presented by six ministries, focused on improving Korea’s economic fundamentals and balancing domestic consumption and exports. Details of the report included reforming public institutions, improving investment conditions by reforming regulations, and fostering the private rental housing industry for the middle class. In particular, plans for the rental housing industry involved increasing the supply of public rental housings for the working class, while at the same time fostering a rental housing industry funded by private capital. A policy briefing on creative economy was presented by five ministries, led by the Ministry of Science, ICT and Future Planning. According to the report, the government is planning to set up 17 creative economy
2015 EB 1월 내지_최종.indd 46
innovation centers nationwide this year, and will spend 180 trillion won on policy financing for creative industries.
Second Round of Public Institution Reform Announced The government announced on January 19 the Second Round of Public Institution Reform, which consists of four major parts. First, the government will more strictly define public institution functions, which will remove overlapping projects and other inefficiencies, and curb public institutions’ appetite for extending beyond their core functionality. Second, the government will expand performance-based salary systems to strengthen the link between wages and performance, and will encourage managers to think long-term by tying bonuses to long-term performance. This year, the government will develop plans for evaluations and pay, and in 2016 will begin implementing these plans starting with public enterprises.
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ECONOMIC BULLETIN • Jan 2015
Third, the government will push forward with public institutions participating in labor market reforms by promoting the switch of high-performing irregular employees to regular employees, as well as promoting work-study programs and high-school graduate employment. Last, the government will commit to institutionalizing the First Round of Public Institution Reform in order to ensure that public institutions are not tempted to fall back on old habits, and will continue to cement debt reduction and reckless management reform systems. These measures will improve overall public institution soundness while boosting public credibility.
Consumer prices are expected to rise 1.9 percent this year, up from 1.3 percent last year. The current account surplus is expected to rise from US $90 billion in 2014 to US $94 billion in 2015.
Another Record Year for Korea’s Trade
BOK Forecasts 3.4% Growth for Korea in 2015 The Bank of Korea (BOK) predicted that the Korean economy will grow 3.4 percent in 2015. According to the BOK’s economic outlook report released on January 15, the Korean economic growth rate will be 3.0 percent in the first half of 2015, but will rise to 3.7 percent in the second half of the year, as the global economy recovers. The number of workers on payroll is projected to increase by 420,000 in 2015, down from 530,000 last year, and the unemployment rate is projected to decline from 3.5 percent in 2014 to 3.4 percent in 2015.
Bank of Korea Governor Lee Ju-Yeol is presiding over the Monetary Policy Committee meeting at the central bank's headquarters on January 15.
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Participants are examining semiconductor products during the Korea Electronics Show in Goyang on October 14, 2014. Korea's trade volume reached a record high of US $1.1 trillion last year, partly due to strong exports of semiconductors, which became the first item to exceed US $60 billion in yearly exports.
Korea’s trade volume reached a record high of US $1.1 trillion in 2014, as exports increased 2.4 percent yearon-year to US $573.1 billion and imports were up 2.0 percent to US $525.7 billion. The trade balance posted a surplus of US $47.4 billion, also a record high. Exports rose thanks to robust shipments to the US, EU and ASEAN nations, and strong exports of semiconductors, steel and mobile phones. In particular, semiconductors became the first item to exceed US $60 billion in yearly exports. Semiconductor shipments rose 9.7 percent year-on-year to US $62.7 billion last year. Korea’s trade will continue to expand in 2015, helped by the global economic recovery, free trade agreements and low oil prices. Exports are expected to grow 3.7 percent, and imports are expected to grow 3.2 percent. The trade surplus is forecast to reach US $52.0 billion in 2015.
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48
Economic News Briefing
Cars are waiting to be loaded onto a ship at a loading dock in Ulsan. The Korea-Canada FTA is expected to boost automobile exports, as Canada's tariffs on Korean cars will be eliminated gradually over the next three years.
FDI Posts Record High in 2014 Foreign direct investment (FDI) in Korea posted a record high in 2014, rising 30.6 percent from the previous year to US $19 billion (notification basis). Investment from China, the US and EU rose, due to increased economic cooperation between China and Korea, large-scale M&A investments from the EU, and economic recovery in the US. However, investment from Japan decreased, as a result of the weak yen and poor consumption. FDI in manufacturing rose 64.6 percent, led by materials and parts, and FDI in services rose 13.6 percent, led by business services.
ICT Ministry to Inject 3.95 Trillion Won into R&D The Ministry of Science, ICT and Future Planning will inject 3.95 trillion won into R&D projects related to science & technology and information & communications
2015 EB 1월 내지_최종.indd 48
technology (ICT). Out of the total budget, 2.9 trillion won will be allocated to science & technology, and 1.05 trillion won will be earmarked for ICT projects. The funds, which will be invested in all aspects of the R&D phase (basic research, technical development, commercialization, human capital development, infrastructure), are expected to help speed up the process of creating new growth engines.
Korea-Canada FTA Takes Effect Korea and Canada’s Free Trade Agreement (FTA) took effect on January 1, becoming Korea’s 11th free trade deal to enter into effect. Both countries will eliminate import tariffs on 97.5 percent of all products within 10 years. Tariffs on televisions (5%), washing machines (8%) and vacuum cleaners (8%) shipped to Canada were eliminated immediately after the KoreaCanada FTA entered into force, and tariffs on Korean cars (6.1%) will be eliminated gradually over the next three years.
15. 1. 26. 오후 8:09
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 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
Statistical Appendices 2015 EB 1월 내지_최종.indd 49
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50
Statistical Appendices
1. National accounts (year-on-year change, %, chained 2010 year prices)
Real GDP Final consumption Agri., fores. & Manufacturing expenditure fisheries
Period
Gross fixed capital formation Construction
Facilities
2005 2006 2007 2008 2009 2010 2011 2012 2013P
3.9 5.2 5.5 2.8 0.7 6.5 3.7 2.3 3.0
1.4 1.6 4.1 5.6 3.2 -4.3 -2.0 -0.9 5.8
5.8 7.7 8.4 3.7 -0.5 13.7 6.5 2.4 3.3
4.4 5.2 5.3 2.2 1.3 4.3 2.7 2.2 2.2
2.0 3.6 5.0 -0.9 0.3 5.5 0.8 -0.5 4.2
-0.1 0.7 1.5 -2.7 3.5 -3.7 -3.4 -3.9 6.7
4.8 8.4 9.7 -0.2 -7.7 22.0 4.7 0.1 -1.5
2005 Ⅰ Ⅱ Ⅲ Ⅳ
2.5 3.6 4.5 4.9
0.5 4.8 3.8 -3.1
3.6 4.5 7.0 8.1
2.6 4.5 5.4 5.3
0.6 1.7 2.1 3.3
-2.5 1.1 0.0 0.3
3.7 2.1 4.3 9.1
2006 Ⅰ Ⅱ Ⅲ Ⅳ
6.3 4.7 2.1 4.8
4.1 -0.2 -1.3 4.2
9.6 7.4 8.2 6.1
5.9 5.1 4.7 5.0
3.0 0.7 4.3 5.9
1.7 -4.1 -0.3 5.4
4.6 8.8 13.5 6.8
2007 Ⅰ Ⅱ Ⅲ Ⅳ
4.7 5.6 5.1 6.3
1.7 7.0 8.1 -0.6
6.5 8.6 7.4 10.9
5.2 5.6 5.5 5.0
6.6 6.3 2.1 5.2
3.8 2.0 0.0 0.9
10.3 14.2 2.1 12.2
2008 Ⅰ Ⅱ Ⅲ Ⅳ
5.5 4.1 3.9 -1.6
7.7 4.6 4.3 6.4
8.2 7.1 6.1 -5.3
4.7 3.1 2.4 -1.4
1.8 0.9 2.3 -7.0
-2.0 -0.7 0.2 -7.3
7.0 1.4 5.6 -13.0
2009 Ⅰ Ⅱ Ⅲ Ⅳ
-1.9 -1.1 0.9 4.8
2.5 0.0 5.0 5.0
-8.4 -5.7 1.6 10.4
-1.9 0.9 1.7 4.5
-5.4 -1.1 0.8 5.8
1.9 4.4 3.1 4.1
-19.4 -13.6 -5.9 9.5
2010 Ⅰ Ⅱ Ⅲ Ⅳ
7.2 7.4 5.4 6.0
0.0 -2.2 -7.8 -5.7
16.1 17.2 10.1 11.9
6.2 3.6 3.9 3.4
12.0 6.8 3.8 1.2
1.6 -4.8 -4.8 -5.2
27.6 28.8 20.6 12.9
2011 Ⅰ Ⅱ Ⅲ Ⅳ
4.9 3.6 3.3 3.1
-9.2 -2.4 -5.8 7.0
11.4 6.5 5.6 3.4
3.3 3.3 2.8 1.7
-0.7 2.5 1.7 -0.3
-8.3 -2.5 -2.1 -2.0
8.2 8.3 3.4 -0.9
2012 Ⅰ Ⅱ Ⅲ Ⅳ
2.6 2.4 2.1 2.1
-0.3 -2.2 -0.1 -0.7
2.7 2.8 2.0 2.0
2.2 1.3 2.7 2.7
6.2 -2.3 -1.0 -3.4
-0.2 -5.4 -2.7 -6.2
11.1 -1.8 -4.2 -4.0
2013PⅠ Ⅱ Ⅲ Ⅳ
2.1 2.7 3.4 3.7
0.4 2.9 7.4 9.9
1.8 2.8 3.8 4.5
1.6 2.4 2.3 2.4
-2.6 5.0 5.9 7.8
1.9 9.8 8.8 5.4
-12.7 -3.9 1.5 10.9
2014PⅠ Ⅱ Ⅲ
3.9 3.5 3.2
7.7 3.4 0.6
5.6 5.3 3.1
2.6 1.5 2.0
5.9 3.4 3.7
4.3 0.2 3.0
7.3 7.7 3.9
P: Preliminary Source: The Bank of Korea
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ECONOMIC BULLETIN • Jan 2015
2. Production, shipment and inventory (constant prices, 2010=100)
Period
Production index
Shipment index
y-o-y change(%)
Inventory index
y-o-y change(%)
Service production index
y-o-y change(%)
y-o-y change(%)
2011 2012 2013
106.0 107.4 107.7
6.0 1.3 0.3
105.6 107.2 107.6
5.6 1.5 0.4
119.9 125.2 131.4
15.0 4.4 5.0
103.2 104.8 106.3
3.2 1.6 1.4
2011 Ⅰ Ⅱ Ⅲ Ⅳ
102.6 107.5 104.0 109.7
9.1 6.2 5.4 3.4
103.4 106.6 103.2 109.3
10.0 5.4 4.7 2.8
104.9 109.8 112.3 119.9
7.8 11.8 11.4 15.0
99.4 103.4 103.2 106.7
2.8 2.7 4.2 3.0
2012 Ⅰ Ⅱ Ⅲ Ⅳ
106.6 108.9 103.7 110.6
3.9 1.3 -0.3 0.8
106.6 108.4 103.8 109.8
3.1 1.7 0.6 0.5
117.7 114.8 114.5 125.2
12.2 4.6 2.0 4.4
102.0 104.9 104.8 107.6
2.6 1.5 1.6 0.8
2013 Ⅰ Ⅱ Ⅲ Ⅳ
105.7 108.9 103.9 112.5
-0.8 0.0 0.2 1.9
105.7 108.9 104.0 111.8
-0.8 0.5 0.2 2.0
123.1 119.4 125.0 131.4
4.6 4.0 9.2 6.2
102.9 106.7 105.6 109.9
0.9 1.7 0.8 2.1
2014 Ⅰ Ⅱ Ⅲ
106.4 109.2 105.0
0.7 0.3 1.1
105.9 108.7 104.3
0.2 -0.2 0.3
130.1 128.6 129.3
5.7 7.7 3.4
104.9 108.2 108.3
1.9 1.4 2.6
2012 1 2 3 4 5 6 7 8 9 10 11 12
102.0 106.1 111.6 106.8 110.7 109.2 106.0 100.3 104.7 108.8 112.6 110.3
-3.1 15.3 0.9 0.0 3.3 0.7 0.0 -1.3 0.3 -0.8 3.0 0.1
102.8 106.1 111.0 106.2 109.9 109.2 105.2 99.9 106.2 108.2 111.0 110.1
-2.8 13.5 0.1 -0.6 3.7 2.0 1.0 -1.4 1.9 -0.9 2.6 -0.3
119.3 117.4 117.7 116.5 118.2 114.8 115.4 119.3 114.5 116.1 121.3 125.2
14.2 14.1 12.2 10.2 8.8 4.6 3.2 6.5 2.0 0.6 3.1 4.4
100.3 99.9 105.7 102.8 105.9 105.9 104.8 103.9 105.7 104.7 105.5 112.7
0.3 6.2 1.5 0.7 2.4 1.2 1.6 0.8 2.2 0.5 1.5 0.7
2013 1 2 3 4 5 6 7 8 9 10 11 12
110.9 96.9 109.2 109.1 110.2 107.4 107.5 103.5 100.7 112.7 111.8 113.0
8.7 -8.7 -2.2 2.2 -0.5 -1.6 1.4 3.2 -3.8 3.6 -0.7 2.4
109.5 97.8 109.8 108.8 109.8 108.1 106.6 104.4 100.9 112.0 111.3 112.1
6.5 -7.8 -1.1 2.4 -0.1 -1.0 1.3 4.5 -5.0 3.5 0.3 1.8
128.3 124.6 123.1 121.0 122.2 119.4 124.2 123.8 125.0 126.9 129.2 131.4
7.5 6.1 4.6 3.9 3.4 4.0 7.6 3.8 9.2 9.3 6.5 5.0
102.1 100.2 106.4 105.4 107.7 107.0 105.6 105.6 105.5 107.7 107.4 114.7
1.8 0.3 0.7 2.5 1.7 1.0 0.8 1.6 -0.2 2.9 1.8 1.8
2014 1 2 3 4 5 6 7 8 9 10P 11P
106.1 100.7 112.3 111.8 107.9 107.9 111.8 100.6 102.6 109.1 108.0
-4.3 3.9 2.8 2.5 -2.1 0.5 4.0 -2.8 1.9 -3.2 -3.4
104.5 100.8 112.5 110.8 108.1 107.3 108.9 101.0 102.8 108.6 109.1
-4.6 3.1 2.5 1.8 -1.5 -0.7 2.2 -3.3 1.9 -3.0 -2.0
133.1 129.3 130.1 131.3 129.8 128.6 133.0 130.3 129.3 130.0 129.6
3.7 3.8 5.7 8.5 6.2 7.7 7.1 5.3 3.4 2.4 0.3
104.3 101.3 109.0 106.4 108.5 109.7 108.4 107.7 108.8 110.6 109.7
2.2 1.1 2.4 0.9 0.7 2.5 2.7 2.0 3.1 2.7 2.1
P: Preliminary Source: Statistics Korea
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Statistical Appendices
3. Production capacity and operation ratio (year-on-year change, %, chained 2010 year prices)
Period
Production capacity index (2010=100)
Operation ratio index (2010=100)
y-o-y change (%)
y-o-y change (%)
Average operation ratio (%)
2011 2012 2013
104.7 106.9 108.7
4.7 2.1 1.7
100.2 97.5 94.8
0.2 -2.7 -2.8
80.5 78.5 76.2
2011 Ⅰ Ⅱ Ⅲ Ⅳ
103.5 104.5 105.0 105.6
5.7 5.1 4.3 3.5
97.8 103.5 97.7 101.9
2.2 0.8 0.1 -2.0
81.4 80.6 80.9 79.1
2012 Ⅰ Ⅱ Ⅲ Ⅳ
106.3 106.7 107.0 107.5
2.7 2.1 1.9 1.8
97.5 101.0 93.2 98.3
-0.3 -2.4 -4.6 -3.5
79.9 79.5 76.6 78.0
2013 Ⅰ Ⅱ Ⅲ Ⅳ
108.2 108.4 108.9 109.3
1.8 1.6 1.8 1.7
93.3 97.4 90.5 97.9
-4.3 -3.6 -2.9 -0.4
77.3 75.9 75.1 76.5
2014 Ⅰ Ⅱ Ⅲ
109.5 109.7 110.5
1.2 1.2 1.5
92.5 96.8 91.2
-0.9 -0.6 0.8
77.2 76.3 75.8
2012 1 2 3 4 5 6 7 8 9 10 11 12
106.2 106.2 106.4 106.6 106.7 106.8 106.7 107.2 107.0 107.3 107.5 107.6
2.9 2.7 2.4 2.1 2.2 2.1 1.8 2.1 1.7 1.4 1.9 1.9
92.5 97.2 102.9 98.9 102.6 101.4 97.2 88.3 94.1 98.1 100.7 96.1
-8.0 11.3 -2.6 -3.6 -0.6 -3.1 -3.5 -6.9 -3.6 -4.6 -1.7 -4.5
80.0 80.4 79.2 79.6 79.9 78.9 78.4 74.3 77.2 77.4 78.3 78.2
2013 1 2 3 4 5 6 7 8 9 10 11 12
108.1 108.2 108.2 108.2 108.4 108.6 108.7 109.0 109.0 109.1 109.3 109.6
1.8 1.9 1.7 1.5 1.6 1.7 1.9 1.7 1.9 1.7 1.7 1.9
98.5 84.5 96.8 97.4 99.0 95.9 94.3 90.4 86.7 99.2 97.9 96.7
6.5 -13.1 -5.9 -1.5 -3.5 -5.4 -3.0 2.4 -7.9 1.1 -2.8 0.6
78.8 77.1 75.9 75.9 75.9 75.9 74.8 76.3 74.3 76.2 76.2 77.2
2014 1 2 3 4 5 6 7 8 9 10P 11P
109.6 109.5 109.5 109.5 109.7 109.8 110.3 110.5 110.7 110.8 110.7
1.4 1.2 1.2 1.2 1.2 1.1 1.5 1.4 1.6 1.6 1.3
91.6 87.2 98.7 99.8 95.6 95.1 98.4 86.4 88.7 95.4 94.0
-7.0 3.2 2.0 2.5 -3.4 -0.8 4.3 -4.4 2.3 -3.8 -4.0
78.2 75.8 77.5 77.8 74.6 76.4 78.2 74.0 75.1 73.4 74.4
P: Preliminary Source: The Bank of Korea
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4. Consumer goods sales index (constant prices, 2010=100)
Period
y-o-y change (%)
Consumer goods sales index Durable goods Semi-durable goods y-o-y y-o-y change (%) change (%)
Nondurable goods y-o-y change (%)
2011 2012 2013
104.5 107.0 107.9
4.5 2.4 0.8
110.6 116.2 116.6
10.6 5.3 0.3
103.7 103.8 105.9
3.7 -0.4 2.0
102.1 104.1 104.7
2.1 2.0 0.6
2011 Ⅰ Ⅱ Ⅲ Ⅳ
100.7 104.8 103.7 108.9
5.3 6.2 4.0 2.6
105.4 112.2 111.4 113.3
11.5 16.9 10.3 4.4
98.3 105.5 94.2 116.7
5.1 5.2 3.6 1.2
99.6 101.2 104.4 103.3
2.7 2.0 1.5 2.4
2012 Ⅰ Ⅱ Ⅲ Ⅳ
103.4 106.4 106.5 111.6
2.8 1.4 2.7 2.5
109.4 114.9 118.4 122.0
4.0 2.6 6.4 8.3
99.0 105.5 92.3 118.4
0.6 -0.5 -2.3 0.5
102.6 102.8 107.2 103.8
3.1 1.7 2.8 0.5
2013 Ⅰ Ⅱ Ⅲ Ⅳ
103.7 107.7 107.2 112.9
0.3 1.2 0.7 1.2
110.9 118.2 116.8 120.2
1.4 2.9 -1.4 -1.5
101.7 107.2 95.0 119.6
2.7 1.6 2.9 1.0
101.2 103.0 108.0 106.7
-1.4 0.2 0.7 2.8
2014 Ⅰ Ⅱ Ⅲ
106.3 108.5 108.7
2.5 0.7 1.4
117.5 121.2 123.3
6.0 2.5 5.6
99.9 104.6 95.8
-1.8 -2.4 0.8
103.9 104.3 107.4
2.7 1.3 -0.6
2012 1 2 3 4 5 6 7 8 9 10 11 12
107.5 97.8 105.0 103.0 110.1 106.1 108.2 102.3 109.1 109.0 111.6 114.3
2.1 5.5 1.1 0.4 2.6 1.2 3.8 1.3 2.9 1.5 4.1 2.1
107.2 107.2 113.7 107.3 117.3 120.0 125.6 114.0 115.7 117.1 123.1 125.9
3.3 9.8 -0.4 1.0 4.4 2.2 7.4 4.0 7.6 8.0 6.5 10.6
104.7 91.9 100.4 104.8 111.4 100.3 97.3 82.1 97.6 114.8 118.8 121.5
-0.2 2.0 0.1 -1.3 0.8 -0.9 0.9 -5.1 -3.0 -2.0 5.1 -1.4
108.8 96.0 102.9 100.1 106.1 102.1 104.9 105.7 111.1 102.7 103.0 105.8
2.4 4.8 2.2 0.8 2.4 1.6 3.0 2.2 3.2 0.0 2.2 -0.5
2013 1 2 3 4 5 6 7 8 9 10 11 12
104.6 99.5 107.0 105.3 110.8 106.9 109.2 104.6 107.7 111.2 113.1 114.5
-2.7 1.7 1.9 2.2 0.6 0.8 0.9 2.2 -1.3 2.0 1.3 0.2
112.2 105.9 114.7 115.0 119.5 120.2 127.4 116.3 106.8 120.4 120.2 120.0
4.7 -1.2 0.9 7.2 1.9 0.2 1.4 2.0 -7.7 2.8 -2.4 -4.7
102.9 93.1 109.2 106.4 113.8 101.5 98.1 87.1 99.9 113.6 123.5 121.8
-1.7 1.3 8.8 1.5 2.2 1.2 0.8 6.1 2.4 -1.0 4.0 0.2
101.7 99.3 102.5 100.3 105.5 103.1 105.5 106.9 111.6 105.9 105.3 108.8
-6.5 3.4 -0.4 0.2 -0.6 1.0 0.6 1.1 0.5 3.1 2.2 2.8
2014 1 2 3 4 5 6 7 8 9 10P 11P
110.5 99.1 109.3 105.5 112.0 108.0 109.8 107.0 109.2 111.0 114.2
5.6 -0.4 2.1 0.2 1.1 1.0 0.5 2.3 1.4 -0.2 1.0
116.8 117.1 118.6 114.1 121.7 127.6 131.2 118.4 120.4 118.8 128.7
4.1 10.6 3.4 -0.8 1.8 6.2 3.0 1.8 12.7 -1.3 7.1
100.2 91.6 107.9 105.4 111.3 97.2 95.2 91.1 101.1 115.3 120.4
-2.6 -1.6 -1.2 -0.9 -2.2 -4.2 -3.0 4.6 1.2 1.5 -2.5
112.1 94.0 105.5 101.5 107.8 103.6 106.1 108.6 107.5 105.4 104.7
10.2 -5.3 2.9 1.2 2.2 0.5 0.6 1.6 -3.7 -0.5 -0.6
P: Preliminary Source: Statistics Korea
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Statistical Appendices
5. Consumer goods shipment index and consumer sentiment index Domestic consumer goods shipment index (2010=100) Durable goods Nondurable goods y-o-y y-o-y y-o-y change (%) change (%) change (%)
Period
Consumer sentiment index
2011 2012 2013
100.9 102.5 101.9
0.9 1.6 -0.6
100.3 102.8 103.1
0.3 2.5 0.3
101.2 102.4 101.4
1.2 1.2 -1.0
-
2011 Ⅰ Ⅱ Ⅲ Ⅳ
101.0 97.9 101.5 103.3
4.6 0.9 0.8 -2.2
99.5 100.7 100.9 100.1
3.8 3.1 -0.1 -5.0
101.6 96.8 101.7 104.6
4.7 0.2 1.1 -1.1
-
2012 Ⅰ Ⅱ Ⅲ Ⅳ
100.8 99.9 103.5 106.0
-0.2 2.0 2.0 2.6
97.8 99.1 102.5 112.0
-1.7 -1.6 1.6 11.9
102.0 100.2 103.9 103.4
0.4 3.5 2.2 -1.1
-
2013 Ⅰ Ⅱ Ⅲ Ⅳ
102.8 98.4 102.1 104.5
2.0 -1.5 -1.4 -1.4
108.0 100.6 102.3 101.5
10.4 1.5 -0.2 -9.4
100.5 97.4 101.9 105.8
-1.5 -2.8 -1.9 2.3
-
2014 Ⅰ Ⅱ Ⅲ
100.4 99.9 101.8
-2.3 1.5 -0.3
103.2 102.6 100.1
-4.4 2.0 -2.2
99.2 98.7 102.5
-1.3 1.3 0.6
-
2012 1 2 3 4 5 6 7 8 9 10 11 12
100.6 98.6 103.1 99.2 101.6 98.9 102.8 101.5 106.1 106.6 105.7 105.7
-7.0 10.9 -2.6 0.9 5.9 -0.6 2.4 -0.8 4.3 1.7 4.7 1.5
92.5 98.3 102.5 94.1 100.4 102.8 105.3 98.4 103.9 108.5 110.9 116.5
-8.3 6.0 -2.4 -3.6 1.2 -2.4 0.7 0.1 4.1 8.0 12.0 15.5
104.0 98.7 103.3 101.3 102.1 97.3 101.8 102.9 107.0 105.7 103.5 101.1
-6.6 13.1 -2.6 2.6 8.0 0.2 3.4 -1.1 4.4 -0.8 1.6 -4.1
98 102 102 106 106 101 100 101 99 100 100 99
2013 1 2 3 4 5 6 7 8 9 10 11 12
108.4 96.7 103.2 99.1 99.3 96.7 103.2 103.7 99.3 108.7 102.8 102.0
7.8 -1.9 0.1 -0.1 -2.3 -2.2 0.4 2.2 -6.4 2.0 -2.7 -3.5
110.4 106.1 107.6 97.9 101.3 102.6 108.8 103.6 94.6 104.3 102.9 97.4
19.4 7.9 5.0 4.0 0.9 -0.2 3.3 5.3 -9.0 -3.9 -7.2 -16.4
107.5 92.6 101.3 99.6 98.5 94.1 100.8 103.7 101.3 110.6 102.7 104.0
3.4 -6.2 -1.9 -1.7 -3.5 -3.3 -1.0 0.8 -5.3 4.6 -0.8 2.8
102 102 104 102 104 105 105 105 102 106 107 107
2014 1 2 3 4 5 6 7 8 9 10P 11P 12
102.2 96.3 102.6 101.2 99.6 98.9 104.2 99.7 101.6 104.2 100.3 -
-5.7 -0.4 -0.6 2.1 0.3 2.3 1.0 -3.9 2.3 -4.1 -2.4 -
99.8 106.5 103.3 97.8 103.4 106.7 106.8 94.2 99.4 99.0 101.9 -
-9.6 0.4 -4.0 -0.1 2.1 4.0 -1.8 -9.1 5.1 -5.1 -1.0 -
103.3 91.9 102.3 102.7 97.9 95.5 103.1 102.0 102.5 106.4 99.7 -
-3.9 -0.8 1.0 3.1 -0.6 1.5 2.3 -1.6 1.2 -3.8 -2.9 -
109 108 108 108 105 107 105 107 107 105 103 102
P: Preliminary Source: The Bank of Korea
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6. Machinery orders received and estimated facility investment index Domestic machinery orders received excluding ship (billion won, constant value) Total Public Private Estimated facility investment index y-o-y y-o-y y-o-y y-o-y change (%) (2010=100) change (%) change (%) change (%)
Period 2011 2012 2013
25,148 21,648 23,105
7.6 -13.9 6.7
2,407 2,142 2,580
-2.6 -11.0 20.5
22,741 19,506 20,524
8.8 -14.2 5.2
103.5 100.6 99.3
3.5 -2.8 -1.3
2011 Ⅰ Ⅱ Ⅲ Ⅳ
6,383 6,723 5,666 6,376
15.3 9.6 -0.7 6.4
358 708 310 1,031
-36.7 83.1 -18.6 -9.5
6,025 6,015 5,356 5,345
21.2 4.6 0.6 10.1
97.0 109.4 104.5 103.0
5.2 7.4 3.2 -1.4
2012 Ⅰ Ⅱ Ⅲ Ⅳ
6,310 5,391 5,036 4,910
-1.1 -19.8 -11.1 -23.0
810 285 579 468
126.1 -59.7 86.7 -54.6
5,500 5,106 4,458 4,442
-8.7 -15.1 -16.8 -16.9
105.0 104.8 96.2 96.4
8.2 -4.2 -7.9 -6.4
2013 Ⅰ Ⅱ Ⅲ Ⅳ
5,592 5,867 5,148 6,498
-11.4 8.8 2.2 32.4
429 554 522 1,075
-47.0 94.2 -9.7 129.7
5,163 5,313 4,625 5,423
-6.1 4.0 3.8 22.1
91.2 100.6 98.8 106.4
-13.1 -4.0 2.7 10.4
2014 Ⅰ Ⅱ Ⅲ
6,594 6,126 7,732
17.9 4.4 50.2
1,221 305 2,708
184.6 -45.0 418.5
5,373 5,821 5,024
4.1 9.6 8.6
96.6 106.8 100.3
5.9 6.2 1.5
2012 1 2 3 4 5 6 7 8 9 10 11 12
1,933 2,541 1,836 1,845 1,830 1,716 1,835 1,509 1,693 1,511 1,656 1,743
-0.8 25.1 -23.6 -4.4 -14.4 -35.4 -9.4 -14.2 -10 -22.5 -27.8 -18.3
52 695 63 56 39 190 310 169 100 86 127 255
-22.2 829.0 -70.9 -10.3 -72.8 -62.2 135.5 105.9 3.5 -72.3 -75.8 31.2
1,881 1,846 1,773 1,789 1,791 1,526 1,525 1,339 1,593 1,425 1,529 1,488
0.0 -5.7 -18.9 -4.3 -10.2 -29.1 -19.5 -20.1 -10.7 -13.1 -13.5 -23.3
97.7 109.1 108.2 106.2 105.8 102.3 105.4 90.1 93.1 94.5 92.4 102.2
5.6 26.4 -3.5 3.0 -4.9 -10.2 -1.6 -16.5 -5.5 1.1 -10 -9.3
2013 1 2 3 4 5 6 7 8 9 10 11 12
1,847 1,666 2,079 1,846 2,127 1,894 1,935 1,623 1,589 2,606 2,109 1,784
-4.4 -34.4 13.2 0 16.2 10.4 5.5 7.6 -6.1 72.4 27.4 2.4
139 168 121 92 250 212 359 92 71 788 163 124
169.8 -75.8 92.2 63.8 542.9 11.5 15.8 -45.4 -28.5 815.4 28.2 -51.4
1,708 1,498 1,957 1,754 1,877 1,682 1,576 1,531 1,518 1,818 1,946 1,660
-9.2 -18.8 10.4 -2.0 4.8 10.2 3.4 14.3 -4.7 27.5 27.3 11.6
89.8 83.5 100.4 98.2 101.6 102.0 108.0 100.1 88.2 108.9 101.4 108.9
-8.1 -23.5 -7.2 -7.5 -4 -0.3 2.5 11.1 -5.3 15.2 9.7 6.6
2014 1 2 3 4 5 6 7 8 9 10P 11P
1,716 1,848 3,029 2,283 1,842 2,001 1,802 4,097 1,833 1,944 2,348
-7.1 10.9 45.7 23.7 -13.4 5.7 -6.9 152.3 15.3 -25.4 11.3
88 120 1,013 97 116 92 89 2,541 79 211 428
-36.9 -28.8 735.6 5.1 -53.4 -56.7 -75.3 2653.2 10.6 -73.2 162.6
1,628 1,728 2,016 2,187 1,726 1,910 1,713 1,556 1,754 1,733 1,920
-4.7 15.4 3.0 24.7 -8.1 13.6 8.7 1.6 15.6 -4.7 -1.3
88.4 93.8 107.6 108.7 107.2 104.4 111.1 90.2 99.7 99.6 112.1
-1.6 12.3 7.2 10.7 5.5 2.4 2.9 -9.9 13.0 -8.5 10.6
P: Preliminary Source: Statistics Korea
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Statistical Appendices
7. Value of construction completed and domestic construction orders received Period 2011 2012 2013
2015 EB 1월 내지_최종.indd 56
Type of order Type of order Domestic Value of construction construction Public Private Public Private orders y-o-y completed y-o-y received y-o-y y-o-y y-o-y y-o-y change (%) change (%) (Total) change (%) change (%) change (%) change (%) (Total) 91,717 88,713 97,938
-0.6 -3.3 10.4
35,120 33,807 34,532
-0.1 -3.7 2.1
51,663 50,622 59,492
-2.2 -2.0 17.5
95,332 89,395 75,644
6.1 -6.2 -15.4
28,624 26,071 24,574
-2.0 -8.9 -5.7
61,839 59,811 48,888
12.3 -3.3 -18.3
2011 Ⅰ Ⅱ Ⅲ Ⅳ
19,277 24,057 21,423 26,960
-5.2 -0.1 -2.7 4.4
7,322 9,290 7,684 10,825
-2.1 1.8 -1.5 0.7
11,031 13,339 12,597 14,696
-7.9 -4.3 -4.3 6.9
16,335 25,319 20,444 33,233
-11.5 -0.9 5.6 25.5
4,119 6,311 6,711 11,483
-49.0 -8.4 -1.4 54.5
11,107 17,653 12,871 20,209
20.3 4.7 12.1 15.4
2012 Ⅰ Ⅱ Ⅲ Ⅳ
19,275 22,410 21,351 25,676
0.0 -6.8 -0.3 -4.8
7,442 8,892 7,598 9,876
1.6 -4.3 -1.1 -8.8
10,893 12,440 12,676 14,613
-1.2 -6.7 0.6 -0.6
22,671 25,732 18,395 22,596
38.8 1.6 -10.0 -32.0
5,655 5,570 5,401 9,443
37.3 -11.7 -19.5 -17.8
16,309 19,100 12,522 11,877
46.8 8.2 -2.7 -41.2
2013 Ⅰ Ⅱ Ⅲ Ⅳ
20,145 25,707 23,679 28,407
4.5 14.7 10.9 10.6
7,005 9,345 8,083 10,099
-5.9 5.1 6.4 2.3
12,375 15,377 14,674 17,066
13.6 23.6 15.8 16.8
13,425 18,143 16,454 27,621
-40.8 -29.5 -10.6 22.2
4,289 5,348 4,910 10,025
-24.1 -4.0 -9.1 6.2
8,781 12,108 11,165 16,832
-46.2 -36.6 -10.8 41.7
2014 Ⅰ Ⅱ Ⅲ
21,626 26,116 23,551
7.4 1.6 -0.5
7,144 8,697 7,236
2.0 -6.9 -10.5
13,630 16,470 15,321
10.1 7.1 4.4
15,501 22,881 23,961
15.5 26.1 45.6
5,968 6,578 5,219
39.1 23.0 6.3
9,102 16,002 18,144
3.6 32.2 62.5
2012 1 2 3 4 5 6 7 8 9 10 11 12
5,796 6,035 7,444 6,844 7,307 8,259 7,037 6,582 7,732 7,343 8,098 10,235
-6.3 13.2 -4.1 -4.5 -1.8 -12.6 4.2 -4.6 -0.5 -7.8 3.0 -8.1
2,123 2,373 2,945 2,644 2,873 3,374 2,372 2,322 2,904 2,591 3,003 4,282
-12.9 17.0 3.1 -3.6 3.0 -10.2 -0.3 -5.6 2.1 -10.7 -5.3 -9.9
3,373 3,405 4,115 3,903 4,106 4,431 4,281 3,943 4,452 4,452 4,773 5,387
-3.3 11.3 -8.2 -4.0 -3.4 -11.8 5.4 -3.8 0.3 -4.7 11.2 -6.0
7,468 8,488 6,714 6,428 7,310 11,993 6,823 5,390 6,181 5,800 7,239 9,556
52.0 108.1 -8.6 -4.2 2.3 4.6 32.3 -28.8 -19.9 -22.6 -19.9 -42.8
2,034 2,218 1,402 1,453 1,061 3,056 2,304 1,316 1,780 1,970 2,105 5,366
54.6 57.5 0.6 1.7 -43.9 2.2 24.2 -12.5 -46.9 -14.9 -29.5 -13.1
5,269 6,121 4,918 4,461 6,133 8,505 4,329 4,032 4,161 3,787 4,798 3,290
81.4 144.1 -13.6 -3.6 29.4 2.7 39.9 -30.3 4.2 -24.1 -18.3 -64.8
2013 1 2 3 4 5 6 7 8 9 10 11 12
6,266 6,222 7,657 8,089 8,142 9,476 7,839 7,657 8,183 8,628 9,083 10,696
8.1 3.1 2.9 18.2 11.4 14.7 11.4 16.3 5.8 17.5 12.2 4.5
2,072 2,345 2,589 2,839 2,805 3,700 2,643 2,561 2,878 2,958 3,124 4,017
-2.4 -1.2 -12.1 7.4 -2.4 9.7 11.5 10.3 -0.9 14.2 4.0 -6.2
3,956 3,650 4,769 4,954 5,062 5,361 4,885 4,810 4,979 5,329 5,625 6,112
17.3 7.2 15.9 26.9 23.3 21.0 14.1 22.0 11.8 19.7 17.8 13.5
3,546 4,431 5,447 4,946 6,073 7,124 5,675 4,708 6,070 7,346 7,895 12,379
-52.5 -47.8 -18.9 -23.1 -16.9 -40.6 -16.8 -12.6 -1.8 26.7 9.1 29.5
1,289 1,287 1,713 1,558 1,559 2,231 1,412 1,493 2,004 1,500 2,648 5,877
-36.6 -42.0 22.1 7.2 47.0 -27.0 -38.7 13.5 12.6 -23.9 25.8 9.5
2,108 2,992 3,680 2,962 4,393 4,753 4,153 3,171 3,840 5,756 5,004 6,070
-60.0 -51.1 -25.2 -33.6 -28.4 -44.1 -4.1 -21.4 -7.7 52.0 4.3 84.5
2014 1 7,034 2 6,654 3 7,938 4 8,457 5 8,173 6 9,486 7 7,896 8 7,705 9 7,950 8,237 10P 11P 8,298 P: Preliminary Source: The Bank of Korea
12.3 6.9 3.7 4.6 0.4 0.1 0.7 0.6 -2.9 -4.5 -8.6
2,310 2,207 2,627 2,737 2,580 3,380 2,427 2,320 2,489 2,531 2,654
11.5 -5.9 1.5 -3.6 -8.0 -8.7 -8.2 -9.4 -13.5 -14.4 -15.0
4,434 4,226 4,971 5,445 5,302 5,723 5,134 5,101 5,085 5,366 5,288
12.1 15.8 4.2 9.9 4.8 6.7 5.1 6.1 2.1 0.7 -6.0
5,300 5,393 4,807 7,290 6,427 9,163 6,902 8,679 8,379 7,519 6,122
49.5 21.7 -11.8 47.4 5.8 28.6 21.6 84.3 38.0 2.3 -22.5
2,102 2,242 1,625 1,892 2,000 2,686 1,555 1,633 2,031 1,415 1,886
62.9 74.2 -5.2 21.4 28.3 20.4 10.1 9.4 1.3 -5.7 -28.8
3,026 3,001 3,075 5,388 4,359 6,256 5,281 6,835 6,029 5,922 4,119
43.5 0.3 -16.4 81.9 -0.8 31.6 27.1 115.5 57.0 2.9 -17.7
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ECONOMIC BULLETIN • Jan 2015
8. Composite indexes of business cycle indicators and BSI Period
Leading index (2010=100)
Cyclical indicator of leading index (2010=100)
Cyclical Coincident index indicator of (2010=100) coincident index (2010=100)
BSI (results)
BSI (prospects)
2011 1 2 3 4 5 6 7 8 9 10 11 12
101.2 101.5 101.6 101.3 101.6 102.1 102.5 102.8 103.0 103.1 103.1 103.4
100.8 100.7 100.4 99.6 99.4 99.4 99.5 99.3 99.0 98.7 98.3 98.1
103.3 103.4 104.0 104.0 104.8 105.4 106.0 106.5 106.5 106.9 106.8 107.2
101.1 100.9 101.0 100.6 101.0 101.2 101.3 101.4 101.0 101.0 100.5 100.5
99.1 92.2 107.8 98.4 98.9 99.6 96.2 86.8 96.4 95.0 93.0 90.1
101.8 98.0 113.5 99.3 104.3 104.3 101.3 98.9 96.3 101.4 96.4 94.8
2012 1 2 3 4 5 6 7 8 9 10 11 12
104.2 105.3 105.8 106.3 106.5 107.5 107.9 108.0 107.8 108.1 108.8 109.5
98.5 99.2 99.2 99.4 99.1 99.7 99.8 99.5 98.9 98.8 99.1 99.4
107.3 108.1 108.4 108.6 108.8 109.2 109.9 109.8 110.3 110.2 110.8 111.4
100.2 100.6 100.5 100.4 100.2 100.2 100.5 100.0 100.1 99.6 99.8 100.0
88.6 92.2 101.4 97.5 95.7 90.4 82.1 84.4 89.3 88.9 82.2 87.0
88.3 91.0 106.1 98.4 104.7 98.3 89.7 82.7 99.5 97.0 92.5 82.0
2013 1 2 3 4 5 6 7 8 9 10 11 12
109.8 110.1 110.7 111.3 112.0 113.1 113.8 114.4 114.6 115.3 116.2 117.0
99.2 99.2 99.3 99.5 99.7 100.3 100.5 100.7 100.4 100.8 101.1 101.5
111.7 112.2 112.3 112.9 113.2 113.9 114.3 114.9 115.1 115.7 116.1 116.7
100.0 100.0 99.7 99.9 99.8 100.1 100.1 100.3 100.1 100.2 100.2 100.4
85.0 83.0 101.3 94.1 97.6 95.0 91.1 89.8 93.0 94.7 91.9 90.5
85.7 86.7 104.4 101.5 99.8 97.2 90.7 92.7 94.4 101.1 94.7 92.6
2014 1 2 3 4 5 6 7 8 9 10 11 12
117.6 118.0 118.2 118.8 119.1 119.8 120.3 121.7 122.9 123.8 124.1 -
101.6 101.5 101.3 101.5 101.3 101.6 101.6 102.4 103.0 103.3 103.2 -
117.5 117.9 118.4 118.5 118.5 118.9 119.5 120.2 120.5 120.5 120.7 -
100.7 100.6 100.7 100.4 100.1 100.1 100.2 100.5 100.3 100.0 99.8 -
89.4 87.0 100.7 95.8 93.0 91.3 90.8 89.0 92.3 93.1 90.0 95.4
93.4 88.7 104.4 99.5 101.7 94.5 94.0 91.6 93.1 100.7 93.6 94.0
2015 1
-
-
-
-
-
90.3
Sources: Statistics Korea, The Bank of Korea
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Statistical Appendices
9. Balance of payments (I) (US $ million)
Period
Current account
Goods
2011 2012 2013
18,655.8 50,835.0 79,883.6
2011 Ⅰ Ⅱ Ⅲ Ⅳ
Services
Primary income
Secondary income
558,009.8 554,103.2 536,559.0
-12,279.1 -5,213.6 -7,927.4
6,560.6 12,116.7 11,424.8
-4,715.6 -5,474.1 -4,182.3
133,839.7 150,171.3 150,723.9 152,364.8
131,386.1 147,650.8 139,288.5 139,684.4
-4,746.0 -3,468.8 -2,163.6 -1,900.7
-195.2 372.1 3,723.5 2,660.2
-1,281.5 -1,345.0 -1,000.8 -1,088.3
1,661.5 8,535.0 15,894.6 23,314.9
144,260.1 150,834.0 149,619.5 158,795.6
142,598.6 142,299.0 133,724.9 135,480.7
-2,970.8 172.0 -679.8 -1,735.0
2,045.3 3,942.3 2,972.2 3,156.9
-1,482.0 -1,044.2 -1,300.2 -1,647.7
10,458.1 20,804.7 23,782.0 24,838.8
12,075.8 19,998.5 23,876.5 24,617.8
146,933.9 153,981.4 153,754.8 162,457.5
134,858.1 133,982.9 129,878.3 137,839.7
-3,512.2 -409.8 -2,062.7 -1,942.7
2,782.6 1,835.0 3,162.8 3,644.4
-888.1 -619.0 -1,194.6 -1,480.6
2014P Ⅰ Ⅱ Ⅲ
15,070.7 24,125.2 22,450.5
17,745.2 26,428.1 21,676.0
152,688.6 159,385.4 153,482.3
134,943.4 132,957.3 131,806.3
-3,618.6 -1,953.9 -1,019.2
1,905.8 1,330.9 3,143.5
-961.7 -1,679.9 -1,349.8
2012 1 2 3 4 5 6 7 8 9 10 11 12
-2,151.2 -2,409.5 3,814.7 87.8 5,265.5 6,251.8 8,413.0 1,808.7 6,665.1 7,494.2 8,293.6 7,301.3
-1,727.4 -863.1 4,252.0 -222.9 3,387.9 5,370.0 7,529.7 2,118.1 6,246.8 7,472.8 8,580.9 7,261.2
44,738.1 48,304.2 51,217.8 49,330.2 50,854.0 50,649.8 51,530.7 47,379.6 50,709.2 53,409.2 54,492.4 50,894.0
46,465.5 49,167.3 46,965.8 49,553.1 47,466.1 45,279.8 44,001.0 45,261.5 44,462.4 45,936.4 45,911.5 43,632.8
-1,017.2 -2,018.3 64.7 288.4 545.9 -662.3 110.0 -844.3 54.5 -415.4 -833.9 -485.7
1,243.3 873.2 -71.2 364.5 1,660.1 1,917.7 1,260.7 965.2 746.3 867.8 988.6 1,300.5
-649.9 -401.3 -430.8 -342.2 -328.4 -373.6 -487.4 -430.3 -382.5 -431.0 -442.0 -774.7
2013 1 2 3 4 5 6 7 8 9 10 11 12
1,969.3 2,146.5 6,342.3 4,552.9 9,752.2 6,499.6 7,985.1 7,198.0 8,598.9 11,107.9 6,854.8 6,876.1
2,855.2 2,733.1 6,487.5 5,103.3 9,591.6 5,303.6 7,911.7 7,378.1 8,586.7 9,816.8 8,175.6 6,625.4
51,027.4 44,778.4 51,128.1 51,587.2 53,548.1 48,846.1 53,353.6 49,839.2 50,562.0 56,702.8 52,756.9 52,997.8
48,172.2 42,045.3 44,640.6 46,483.9 43,956.5 43,542.5 45,441.9 42,461.1 41,975.3 46,886.0 44,581.3 46,372.4
-1,783.5 -1,394.1 -334.6 5.7 -298.2 -117.3 -1,058.1 -805.9 -198.7 393.5 -1,923.2 -413.0
1,434.6 1,035.1 312.9 -354.1 670.3 1,518.8 1,396.1 912.4 854.3 1,260.6 1,010.9 1,372.9
-537.0 -227.6 -123.5 -202.0 -211.5 -205.5 -264.6 -286.6 -643.4 -363.0 -408.5 -709.1
2014P 1 2 3 4 5 6 7 8 9 10 11
3,285.3 4,499.1 7,286.3 7,124.7 9,080.8 7,919.7 7,843.3 7,196.7 7,410.5 8,844.8 11,406.1
4,367.0 5,403.4 7,974.8 10,648.0 9,133.5 6,646.6 6,794.4 7,367.3 7,514.3 8,487.1 10,153.8
50,599.8 47,993.3 54,095.5 56,721.4 52,383.0 50,281.0 53,811.7 48,920.1 50,750.5 51,970.8 50,196.9
46,232.8 42,589.9 46,120.7 46,073.4 43,249.5 43,634.4 47,017.3 41,552.8 43,236.2 43,483.7 40,043.1
-1,912.1 -1,058.7 -647.8 -1,042.8 -336.1 -575.0 -7.4 -732.7 -279.1 -251.0 -203.0
1,211.4 371.8 322.6 -1,619.7 725.1 2,225.5 1,488.8 1,048.0 606.7 967.6 1,667.5
-381.0 -217.4 -363.3 -860.8 -441.8 -337.4 -432.5 -485.9 -431.4 -358.9 -212.2
Exports
Imports
29,089.9 49,406.0 80,568.6
587,099.7 603,509.2 617,127.6
-3,769.1 -1,921.2 11,994.5 12,351.6
2,453.6 2,520.5 11,435.4 12,680.4
2012 Ⅰ Ⅱ Ⅲ Ⅳ
-746.0 11,605.1 16,886.8 23,089.1
2013 Ⅰ Ⅱ Ⅲ Ⅳ
P: Preliminary Source: The Bank of Korea
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ECONOMIC BULLETIN • Jan 2015
10. Balance of payments (II) (US $ million) Capital transfers & acquisition of nonfinancial assets
Period
Capital & financial account
Direct investment
Portfolio investment
Financial derivatives
Other investment
2011 2012 2013
-24,315.8 -51,582.4 -76,881.1
-19,931.7 -21,136.2 -16,951.5
13,142.7 6,747.8 -8,287.1
-1,031.3 2,627.8 3,839.7
-2,542.7 -26,637.3 -41,003.7
-112.0 -41.7 -27.8
-13,952.8 -13,184.5 -14,478.5
2011 Ⅰ Ⅱ Ⅲ Ⅳ
3,231.1 -8.5 -11,957.3 -15,581.1
-4,872.2 -5,028.1 -4,652.9 -5,378.5
-472.1 4,043.3 8,344.5 1,227.0
922.4 -160.6 -1,535.5 -257.6
11,172.4 3,754.9 -20,439.5 2,969.5
-30.0 -9.7 -5.4 -66.9
-3,519.4 -2,618.0 6,326.1 -14,141.5
2012 Ⅰ Ⅱ Ⅲ Ⅳ
-4,564.4 -4,278.7 -18,096.1 -24,643.2
-7,579.6 -4,057.3 -5,705.4 -3,793.9
14,759.6 -6,803.0 4,177.7 -5,386.5
1,198.5 -270.6 595.3 1,104.6
-6,495.1 6,181.1 -13,247.2 -13,076.1
-19.2 -6.7 -9.0 -6.8
-6,447.8 671.1 -3,916.5 -3,491.3
2013 Ⅰ Ⅱ Ⅲ Ⅳ
-11,560.0 -16,194.8 -23,107.8 -26,018.5
-5,148.2 -3,297.9 -3,988.6 -4,516.8
-6,461.9 -8,919.2 8,996.0 -1,902.0
1,418.9 -604.6 1,694.0 1,331.4
2,562.0 -7,439.0 -23,231.0 -12,895.7
-3.5 -27.5 12.8 -9.6
-3,930.8 4,065.9 -6,578.2 -8,035.4
2014P Ⅰ Ⅱ Ⅲ
-17177.8 -24,208.1 -22,481.5
-3,657.7 -7,552.9 -3,908.6
-13,596.7 -5,867.2 -4,762.4
892.6 2,083.5 1,531.9
6,207.4 -1,701.9 -9,510.4
-2.1 -4.3 3.6
-7,023.4 -11,169.6 -5,832.0
2012 1 2 3 4 5 6 7 8 9 10 11 12
-1,295.1 435.0 -3,704.3 1,566.7 -2,645.3 -3,200.1 -9,113.6 -3,219.3 -5,763.2 -7,172.4 -9,211.9 -8,258.9
-2,022.6 -3,631.3 -1,925.7 -1,225.9 -1,687.4 -1,144.0 -1,695.4 -1,719.8 -2,290.2 -1,001.3 -1,599.7 -1,192.9
7,904.1 6,238.0 617.5 -3,114.3 -1,893.6 -1,795.1 1,730.8 646.6 1,800.3 -4,742.4 -3,886.7 3,242.6
452.6 245.8 500.1 215.0 -480.7 -4.9 358.8 -35.5 272.0 -137.8 631.8 610.6
-5,167.1 -190.9 -1,137.1 5,832.0 147.6 201.5 -8,171.9 -1,016.0 -4,059.3 185.2 -1,759.5 -11,501.8
-9.6 -5.8 -3.8 0.3 -1.0 -6.0 -5.5 -1.9 -1.6 -4.9 0.7 -2.6
-2,462.1 -2,226.6 -1,759.1 -140.1 1,268.8 -457.6 -1,335.9 -1,094.6 -1,486.0 -1,476.1 -2,597.8 582.6
2013 1 2 3 4 5 6 7 8 9 10 11 12
-3,288.5 -3,297.9 -4,973.6 -1,908.3 -9,945.6 -4,340.9 -9,155.6 -7,937.6 -6,014.6 -9,880.0 -8,399.9 -7,738.6
-1,631.9 -1,145.9 -2,370.4 -21.0 -1,659.7 -1,617.2 -1,301.4 -1,275.8 -1,411.4 -296.1 -2,303.1 -1,917.6
-5,226.0 2,023.2 -3,259.1 -1,873.5 -1,091.4 -5,954.3 1,825.5 1,435.1 5,735.4 4,467.7 -1,522.8 -4,846.9
586.9 686.9 145.1 -313.2 649.2 -940.6 443.3 218.1 1,032.6 713.1 14.0 604.3
3,380.1 -2,870.9 2,052.8 -643.1 -6,804.3 8.4 -8,131.5 -6,631.3 -8,468.2 -10,064.8 -1,742.0 -1,088.9
-8.0 -3.3 7.8 -1.4 -11.2 -14.9 1.1 18.2 -6.5 -2.0 0.0 -7.6
-397.6 -1,991.2 -1,542.0 942.5 -1,039.4 4,162.8 -1,991.5 -1,683.7 -2,903.0 -4,699.9 -2,846.0 -489.5
2014P 1 2 3 4 5 6 7 8 9 10 11
-4,477.0 -6,920.5 -5,780.3 -6,238.8 -8,132.4 -9,836.9 -5,916.9 -7,802.4 -8,762.2 -6,801.5 -9,915.5
529.9 -2,163.5 -2,024.1 -2,157.8 -3,338.8 -2,056.3 -1,011.5 -749.5 -2,147.6 -2,088.9 -2,098.2
-4,193.1 -7,394.4 -2,009.2 1,662.3 -3,311.0 -4,218.5 -1,743.7 504.4 -3,523.1 -382.4 -2,835.6
155.5 223.1 514.0 858.1 534.5 690.9 504.1 557.7 470.1 -570.7 -81.8
1,937.4 4,739.0 -469.0 -5,935.6 3,950.6 283.1 -338.1 -7,288.1 -1,884.2 -4,007.0 -7,797.4
-3.0 3.5 -2.6 2.6 -4.3 -2.6 -6.3 11.2 -1.3 -1.1 -0.9
-2,906.7 -2,324.7 -1,792.0 -665.8 -5,967.7 -4,536.1 -3,327.7 -826.9 -1,677.4 247.5 2,897.5
Reserve assets
P: Preliminary Source: Statistics Korea
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Statistical Appendices
11. Prices (2010=100)
Period
Consumer Prices Commodities Services
All Items y-o-y change (%)
y-o-y change (%)
Producer prices All Items Commodities
Core
y-o-y change (%)
y-o-y change (%)
y-o-y change (%)
y-o-y change (%)
2011 2012 2013
104.0 106.3 107.7
4.0 2.2 1.3
105.7 108.9 110.1
5.7 3.0 1.0
102.7 104.2 105.8
2.7 1.4 1.5
103.2 104.9 106.6
3.2 1.6 1.6
106.7 107.5 105.7
6.7 0.7 -1.6
108.7 108.9 106.2
8.7 0.2 -2.5
2011 7 8 9 10 11 12
104.3 105.0 104.9 104.7 104.8 105.2
4.5 4.7 3.8 3.6 4.2 4.2
105.9 107.1 107.1 106.6 106.8 107.3
6.4 6.8 5.0 4.5 6.0 5.7
103.1 103.3 103.1 103.2 103.3 103.5
2.9 3.0 2.7 2.8 2.7 2.8
103.7 103.8 103.7 103.6 103.9 104.3
3.6 3.5 3.3 3.2 3.5 3.6
107.2 107.4 107.4 107.3 107.0 107.1
7.0 6.9 6.3 5.8 5.1 4.3
109.3 109.5 109.6 109.4 108.9 109.0
9.1 8.9 8.0 7.4 6.5 5.3
2012 1 2 3 4 5 6 7 8 9 10 11 12
105.7 106.1 106.0 106.0 106.2 106.1 105.9 106.3 107.0 106.9 106.5 106.7
3.4 3.1 2.6 2.5 2.5 2.2 1.5 1.2 2.0 2.1 1.6 1.4
107.9 108.5 109.2 108.9 109.2 108.8 107.9 108.8 110.4 109.8 108.9 109.0
4.4 3.9 4.1 4.1 4.3 3.6 1.9 1.6 3.1 3.0 2.0 1.6
103.9 104.2 103.5 103.7 103.9 104.0 104.2 104.4 104.4 104.6 104.6 104.8
2.7 2.5 1.4 1.3 1.3 1.2 1.1 1.1 1.3 1.4 1.3 1.3
104.6 104.7 104.3 104.4 104.6 104.9 104.9 105.1 105.2 105.2 105.3 105.5
3.2 2.5 1.9 1.8 1.6 1.5 1.2 1.3 1.4 1.5 1.3 1.2
107.7 108.4 108.9 109.0 108.4 107.1 106.6 107.2 107.6 106.8 106.1 105.8
3.2 3.1 2.4 1.9 1.0 0.0 -0.6 -0.1 0.2 -0.5 -0.9 -1.2
109.5 110.5 111.2 111.1 110.3 108.4 107.6 108.6 109.2 107.8 106.8 106.4
3.6 3.6 2.7 1.9 0.7 -0.7 -1.5 -0.9 -0.4 -1.4 -1.9 -2.3
2013 1 2 3 4 5 6 7 8 9 10 11 12
107.3 107.7 107.6 107.5 107.5 107.3 107.6 107.9 108.1 107.8 107.8 107.9
1.6 1.6 1.5 1.3 1.1 1.2 1.6 1.5 1.0 0.9 1.2 1.1
109.9 110.4 110.4 109.9 109.6 109.4 109.7 110.3 110.9 110.1 110.1 110.2
1.7 1.6 1.1 0.9 0.4 0.7 1.7 1.5 0.4 0.3 1.0 0.9
105.3 105.6 105.4 105.6 105.7 105.7 105.9 106.1 106.0 106.0 106.0 106.2
1.5 1.5 1.7 1.7 1.8 1.6 1.5 1.5 1.5 1.4 1.3 1.3
105.9 106.2 106.0 106.0 106.4 106.6 106.7 106.7 107.0 107.1 107.4 107.5
1.3 1.4 1.6 1.6 1.7 1.6 1.7 1.5 1.7 1.8 2.0 1.9
106.0 106.7 106.3 105.9 105.6 105.5 105.5 105.8 105.7 105.3 105.1 105.4
-1.6 -1.6 -2.4 -2.8 -2.6 -1.4 -1.0 -1.3 -1.8 -1.4 -0.9 -0.4
106.8 107.8 107.1 106.6 106.1 106.0 106.0 106.2 106.1 105.5 105.2 105.5
-2.5 -2.5 -3.7 -4.1 -3.8 -2.2 -1.6 -2.1 -2.8 -2.2 -1.5 -0.9
2014 1 2 3 4 5 6 7 8 9 10 11
108.5 108.8 109.0 109.1 109.2 109.1 109.3 109.5 109.4 109.1 108.8
1.1 1.0 1.3 1.5 1.7 1.7 1.6 1.4 1.1 1.2 1.0
110.9 111.4 111.6 111.3 111.5 111.2 111.2 111.4 111.5 110.6 110.2
0.9 0.9 1.1 1.3 1.7 1.7 1.4 1.0 0.5 0.5 0.2
106.6 106.7 107.0 107.3 107.5 107.4 107.7 107.9 107.8 107.8 107.7
1.3 1.1 1.5 1.6 1.6 1.6 1.7 1.7 1.7 1.7 1.6
107.7 108.0 108.3 108.5 108.8 108.9 109.1 109.2 109.1 109.1 109.1
1.7 1.7 2.1 2.3 2.2 2.1 2.2 2.4 1.9 1.8 1.6
105.6 105.8 105.7 105.6 105.5 105.6 105.7 105.6 105.2 104.5 104.1
-0.3 -0.9 -0.5 -0.3 0 0.1 0.2 -0.2 -0.5 -0.8 -0.9
105.7 105.9 105.7 105.4 105.3 105.4 105.5 105.1 104.7 103.6 103.1
-1.0 -1.7 -1.3 -1.1 -0.7 -0.6 -0.4 -1.1 -1.3 -1.8 -2.0
Source: The Bank of Korea
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ECONOMIC BULLETIN • Jan 2015
12. Employment Period
Economically active persons (thousand)
All industry
y-o-y change (%)
Employed persons (thousand) Manufacturing SOC & services
y-o-y change (%)
y-o-y change (%)
y-o-y change (%)
Unemployment rate (%)
2011 2012 2013 2014
25,099 25,501 25,873 26,536
1.4 1.6 1.5 2.6
24,244 24,681 25,066 25,599
1.7 1.8 1.6 2.1
4,091 4,105 4,184 4,330
1.6 0.3 1.9 3.5
18,595 19,033 19,347 19,805
2.1 2.4 1.6 2.4
3.4 3.2 3.1 3.5
2011 7 8 9 10 11 12
25,473 25,257 25,076 25,409 25,318 24,880
1.0 1.7 0.7 1.6 1.9 1.4
24,636 24,495 24,318 24,673 24,589 24,125
1.4 2.0 1.1 2.1 2.0 1.9
4,079 4,031 4,014 4,044 4,054 4,071
1.0 -0.7 -1.2 -1.3 -2.1 -2.1
18,844 18,739 18,595 18,856 18,921 18,833
1.9 3.1 2.1 3.2 3.2 3.1
3.3 3.0 3.0 2.9 2.9 3.0
2012 1 2 3 4 5 6 7 8 9 10 11 12
24,585 24,825 25,210 25,653 25,939 25,939 25,901 25,623 25,755 25,787 25,652 25,139
2.0 1.6 1.2 1.6 1.8 1.4 1.7 1.4 2.7 1.5 1.3 1.0
23,732 23,783 24,265 24,758 25,133 25,117 25,106 24,859 25,003 25,069 24,941 24,402
2.3 1.9 1.8 1.9 1.9 1.5 1.9 1.5 2.8 1.6 1.4 1.1
4,034 4,060 4,018 4,027 4,071 4,084 4,114 4,111 4,153 4,188 4,218 4,183
-2.8 -2.1 -2.5 -2.0 -1.6 -1.2 0.8 2.0 3.5 3.6 4.0 2.8
18,631 18,599 18,870 19,103 19,292 19,248 19,265 19,040 19,125 19,128 19,088 19,010
3.5 3.2 3.4 3.1 3.0 2.3 2.2 1.6 2.8 1.4 0.9 0.9
3.5 4.2 3.7 3.5 3.1 3.2 3.1 3.0 2.9 2.8 2.8 2.9
2013 1 2 3 4 5 6 7 8 9 10 11 12
24,901 24,973 25,397 25,928 26,195 26,291 26,301 26,074 26,186 26,268 26,230 25,736
1.3 0.6 0.7 1.1 1.0 1.4 1.5 1.7 1.7 1.9 2.3 2.4
24,054 23,984 24,514 25,103 25,398 25,478 25,473 25,291 25,466 25,545 25,530 24,962
1.4 0.8 1.0 1.4 1.1 1.4 1.5 1.7 1.9 1.9 2.4 2.3
4,189 4,139 4,141 4,192 4,175 4,180 4,167 4,116 4,174 4,218 4,253 4,264
3.9 1.9 3.1 4.1 2.6 2.3 1.3 0.1 0.5 0.7 0.8 2.0
18,810 18,736 18,989 19,303 19,492 19,531 19,577 19,438 19,540 19,558 19,670 19,514
1.0 0.7 0.6 1.0 1.0 1.5 1.6 2.1 2.2 2.2 3.0 2.7
3.4 4.0 3.5 3.2 3.0 3.1 3.1 3.0 2.7 2.8 2.7 3.0
2014 1 2 3 4 5 6 7 8 9 10 11 12
25,650 25,997 26,187 26,714 26,762 26,825 26,891 26,775 26,766 26,809 26,786 26,270
3.0 4.1 3.1 3.0 2.2 2.0 2.2 2.7 2.2 2.1 2.1 2.1
24,759 24,819 25,163 25,684 25,811 25,875 25,979 25,885 25,917 25,951 25,968 25,384
2.9 3.5 2.6 2.3 1.6 1.6 2.0 2.3 1.8 1.6 1.7 1.7
4,280 4,274 4,284 4,288 4,324 4,345 4,358 4,335 4,347 4,361 4,355 4,406
2.2 3.3 3.5 2.3 3.6 3.9 4.6 5.3 4.1 3.4 2.4 3.3
19,376 19,407 19,538 19,819 19,815 19,841 20,003 19,940 19,949 19,973 20,098 19,896
3.0 3.6 2.9 2.7 1.7 1.6 2.2 2.6 2.1 2.1 2.2 2.0
3.5 4.5 3.9 3.9 3.6 3.5 3.4 3.3 3.2 3.2 3.1 3.4
Source: Statistics Korea
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Statistical Appendices
13. Financial indicators (period average)
Period
Yields(%) Corporate bonds Treasury bonds (3 years, AA-) (3 years)
Treasury bonds (5 years)
Stock KOSPI(endperiod)
Call rate (1 day)
CDs (91 days)
2010 7 8 9 10 11 12
2.2 2.3 2.3 2.3 2.4 2.5
2.6 2.6 2.7 2.7 2.7 2.8
4.8 4.7 4.4 4.1 4.2 4.2
3.9 3.7 3.5 3.2 3.4 3.3
4.5 4.3 3.9 3.7 4.0 4.0
1,759.33 1,742.75 1,872.81 1,882.95 1,904.63 2,051.00
2011 1 2 3 4 5 6 7 8 9 10 11 12
2.7 2.8 2.9 3.0 3.0 3.2 3.3 3.3 3.3 3.2 3.3 3.3
2.9 3.1 3.4 3.4 3.5 3.5 3.6 3.6 3.6 3.6 3.6 3.6
4.5 4.7 4.5 4.5 4.4 4.4 4.5 4.2 4.2 4.3 4.2 4.2
3.7 3.9 3.7 3.7 3.7 3.7 3.8 3.6 3.5 3.5 3.4 3.4
4.3 4.4 4.1 4.1 4.0 3.9 4.0 3.7 3.6 3.6 3.5 3.5
2,069.73 1,939.30 2,106.70 2,192.36 2,142.47 2,100.69 2,133.21 1,880.11 1,769.65 1,909.03 1,847.51 1,825.74
2012 1 2 3 4 5 6 7 8 9 10 11 12
3.3 3.3 3.3 3.3 3.3 3.3 3.1 3.0 3.0 2.8 2.8 2.8
3.6 3.5 3.5 3.5 3.5 3.5 3.3 3.2 3.1 2.9 2.9 2.9
4.2 4.3 4.4 4.3 4.0 3.9 3.6 3.4 3.3 3.3 3.3 3.3
3.4 3.4 3.6 3.5 3.4 3.3 3.0 2.8 2.8 2.8 2.8 2.9
3.5 3.6 3.7 3.6 3.5 3.4 3.1 2.9 2.9 2.9 2.9 3.0
1,955.79 2,030.25 2,014.04 1,981.99 1,843.47 1,854.01 1,881.99 1,905.12 1,996.21 1,912.06 1,932.90 1,997.05
2013 1 2 3 4 5 6 7 8 9 10 11 12
2.8 2.8 2.7 2.8 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5
2.9 2.8 2.8 2.8 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7
3.2 3.1 3.0 2.9 3.0 3.2 3.4 3.3 3.3 3.3 3.4 3.4
2.8 2.7 2.6 2.6 2.6 2.9 2.9 2.9 2.9 2.8 2.9 2.9
2.9 2.8 2.7 2.6 2.7 3.1 3.2 3.2 3.2 3.1 3.2 3.3
1,961.94 2,026.49 2,004.89 1,963.95 2,001.05 1,863.32 1,914.03 1,926.36 1,996.96 2,030.09 2,044.87 2,011.34
2014 1 2 3 4 5 6 7 8 9 10 11 12
2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.3 2.2 2.1 2.0 2.0
2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.5 2.4 2.2 2.1 2.1
3.3 3.3 3.3 3.3 3.3 3.2 3.0 3.0 2.8 2.6 2.5 2.5
2.9 2.9 2.9 2.9 2.8 2.7 2.6 2.5 2.4 2.2 2.1 2.1
3.3 3.2 3.2 3.2 3.1 3.0 2.8 2.8 2.6 2.4 2.3 2.3
1,941.15 1,979.99 1,985.61 1,961.79 1,994.96 2,002.21 2,076.12 2,068.54 2,020.09 1,964.43 1,980.78 1,915.59
Source: The Bank of Korea
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ECONOMIC BULLETIN • Jan 2015
14. Monetary indicators (billion won)
Period
Reserve money y-o-y change (%)
M1
M2
2011 2012 2013
75,232.0 82,131.1 91,379.4
11.3 9.2 11.3
425,675.1 441,963.6 484,062.9
6.6 3.8 9.5
1,708,984.5 1,798,625.7 1,885,781.3
4.2 5.2 4.8
2,208,170.4 2,379,518.7 2,543,299.4
5.3 7.8 6.9
2011 7 8 9 10 11 12
74,069.7 75,642.3 77,942.2 76,944.6 76,617.3 77,842.5
10.6 12.4 10.9 10.1 10.3 8.9
418,973.1 422,649.3 425,196.4 421,480.1 423,111.9 432,602.2
3.8 5.4 5.1 4.1 2.0 1.6
1,705,451.5 1,719,437.8 1,729,531.1 1,742,645.4 1,753,296.4 1,756,597.4
3.2 4.0 4.2 4.4 4.4 4.4
2,208,624.3 2,230,191.9 2,243,675.6 2,263,627.7 2,279,234.1 2,288,816.9
4.6 5.5 5.7 6.1 6.2 6.2
2012 1 2 3 4 5 6 7 8 9 10 11 12
81,635.4 81,655.3 79,068.0 80,641.8 80,547.7 81,804.0 81,555.7 82,369.1 82,958.7 85,078.6 82,956.5 85,302.7
11.0 8.3 8.3 10.2 9.1 9.5 10.1 8.9 6.4 10.6 8.3 9.6
439,352.9 437,193.9 440,075.4 437,445.3 438,795.3 441,611.0 441,760.6 439,573.2 440,034.3 444,477.8 445,463.9 457,778.9
2.3 1.1 2.1 2.8 3.5 4.7 5.4 4.0 3.5 5.5 5.3 5.8
1,757,058.7 1,762,988.4 1,773,172.9 1,777,114.7 1,784,220.5 1,796,981.5 1,807,289.2 1,817,134.9 1,819,290.1 1,822,420.9 1,830,280.3 1,835,556.7
4.8 5.3 5.7 5.5 5.5 5.9 6.0 5.7 5.2 4.6 4.4 4.5
2,292,213.5 2,302,065.8 2,341,626.9 2,349,723.2 2,357,701.0 2,377,071.3 2,393,737.7 2,405,239.9 2,415,263.5 2,424,000.4 2,440,062.8 2,455,962.9
6.5 7.2 8.8 8.6 8.4 8.5 8.4 7.8 7.6 7.1 7.1 7.3
2013 1 2 3 4 5 6 7 8 9 10 11 12
85,839.3 88,855.7 89,523.5 87,729.0 89,654.8 91,207.6 90,643.7 93,729.6 95,130.6 93,640.4 93,609.9 96,988.5
5.1 8.8 13.2 8.8 11.3 11.5 11.1 13.8 14.7 10.1 12.8 13.7
464,914.5 472,239.6 472,430.1 475,330.0 475,526.7 486,587.5 488,982.7 481,416.9 490,518.7 491,947.9 499,242.7 509,617.9
5.8 8.0 7.4 8.7 8.4 10.2 10.7 9.5 11.5 10.7 12.1 11.3
1,841,128.1 1,857,135.0 1,862,405.5 1,867,726.3 1,870,289.7 1,884,193.2 1,890,728.6 1,888,658.4 1,903,187.1 1,908,557.6 1,923,339.2 1,932,026.4
4.8 5.3 5.0 5.1 4.8 4.9 4.6 3.9 4.6 4.7 5.1 5.3
2,469,789.3 2,488,539.0 2,499,718.1 2,512,459.7 2,518,239.1 2,533,750.8 2,549,443.5 2,557,336.3 2,577,546.7 2,587,071.4 2,605,873.9 2,619,029.5
7.7 8.1 6.8 6.9 6.8 6.6 6.5 6.3 6.7 6.7 6.8 6.6
2014 1 2 3 4 5 6 7 8 9 10 11
98,541.6 100,547.9 100,624.0 98,898.5 101,791.4 101,412.3 101,164.2 107,682.4 105,354.1 107,117.5 106,667.9
14.8 13.2 12.4 12.7 13.5 11.2 11.6 14.9 10.7 14.4 13.9
515,742.5 518,475.5 520,299.0 518,809.3 523,069.9 532,041.2 534,028.8 538,640.3 548,550.8 551,416.0 562,006.2
10.9 9.8 10.1 9.1 10.0 9.3 9.2 11.9 11.8 12.1 12.6
1,937,045.6 1,954,340.7 1,964,954.0 1,970,361.6 1,982,390.9 1,999,376.3 2,013,935.1 2,031,777.2 2,037,600.8 2,051,149.8 2,083,253.5
5.2 5.2 5.5 5.5 6.0 6.1 6.5 7.6 7.1 7.5 8.3
2,635,100.1 2,647,674.0 2,659,370.7 2,669,341.4 2,684,643.9 2,703,088.1 2,725,737.6 2,743,972.5 2,759,390.8 2,776,971.6 2,817,698.0
6.7 6.4 6.4 6.2 6.6 6.7 6.9 7.3 7.1 7.3 8.1
y-o-y change (%)
Lf
y-o-y change (%)
y-o-y change (%)
Source: The Bank of Korea
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Statistical Appendices
15. Exchange rates (end-period)
Period
100￥/ \
US $/ \
Euro/ \
Won
y-o-y change (%)
Won
y-o-y change (%)
Won
y-o-y change (%)
2011 2012 2013 2014
1,153.3 1,071.1 1,055.3 1,099.2
1.3 -7.1 -1.5 4.2
1,485.2 1,247.5 1,004.7 920.1
6.3 -16.0 -19.5 -8.4
1,494.1 1,416.3 1,456.3 1,336.5
-1.3 -5.2 2.8 -8.2
2011 7 8 9 10 11 12
1,052.6 1,071.7 1,179.5 1,104.5 1,150.3 1,153.3
-11.3 -9.9 3.3 -2.0 -0.6 1.3
1,353.2 1,396.8 1,536.6 1,458.0 1,475.7 1,485.2
-1.2 -0.7 12.7 4.8 7.4 6.3
1,507.9 1,547.3 1,601.4 1,562.7 1,532.9 1,494.1
-2.9 2.7 2.9 -0.4 1.0 -1.3
2012 1 2 3 4 5 6 7 8 9 10 11 12
1,125.0 1,126.5 1,137.8 1,134.2 1,177.8 1,153.8 1,136.2 1,134.6 1,118.6 1,094.1 1,084.7 1,071.1
1.0 -0.1 2.8 5.8 9.0 7.0 7.9 5.9 -5.2 -0.9 -5.7 -7.1
1,473.1 1,399.2 1,380.7 1,412.0 1,489.1 1,453.8 1,453.6 1,444.0 1,441.1 1,374.5 1,320.6 1,247.5
8.6 1.3 3.7 7.5 11.5 8.8 7.4 3.4 -6.2 -5.7 -10.5 -16.0
1,478.2 1,516.3 1,513.4 1,501.7 1,456.6 1,435.0 1,393.1 1,419.6 1,444.3 1,418.3 1,407.3 1,416.3
-2.4 -2.1 -3.2 -5.6 -6.0 -8.0 -7.6 -8.3 -9.8 -9.2 -8.2 -5.2
2013 1 2 3 4 5 6 7 8 9 10 11 12
1,082.7 1,085.4 1,112.1 1,108.1 1,128.3 1,149.7 1,113.6 1,110.9 1,075.6 1,061.4 1,062.1 1,055.3
-3.8 -3.6 -2.3 -2.3 -4.2 -0.4 -2.0 -2.1 -3.8 -3.0 -2.1 -1.5
1,188.5 1,176.2 1,180.1 1,132.0 1,116.6 1,167.2 1,135.4 1,129.2 1,098.7 1,077.5 1,038.2 1,004.7
-19.3 -15.9 -14.5 -19.8 -25.0 -19.7 -21.9 -21.8 -23.8 -21.6 -21.4 -19.5
1,469.3 1,425.8 1,425.2 1,451.3 1,471.4 1,498.2 1,476.7 1,470.6 1,451.3 1,456.6 1,444.8 1,456.3
-0.6 -6.0 -5.8 -3.4 1.0 4.4 6.0 3.6 0.5 2.7 2.7 2.8
2014 1 2 3 4 5 6 7 8 9 10 11 12
1,079.2 1,067.7 1,068.8 1,031.7 1,021.6 1,014.4 1,024.3 1,013.6 1,050.6 1,054.0 1,101.1 1,099.2
-0.3 -1.6 -3.9 -6.9 -9.5 -11.8 -8.0 -8.8 -2.3 -0.7 3.7 4.2
1,043.7 1,044.8 1,038.7 1,005.3 1,004.2 1,000.0 995.7 977.6 960.2 964.1 933.9 920.1
-12.2 -11.2 -12.0 -11.2 -10.1 -14.3 -12.3 -13.4 -12.6 -10.5 -10.0 -8.4
1,473.6 1,463.6 1,469.4 1,425.0 1,389.6 1,384.2 1,371.8 1,336.2 1,333.3 1,328.8 1,372.2 1,336.5
0.3 2.7 3.1 -1.8 -5.6 -7.6 -7.1 -9.1 -8.1 -8.8 -5.0 -8.2
Source: The Bank of Korea
2015 EB 1월 내지_최종.indd 64
15. 1. 26. 오후 8:09
64 64
Statistical Appendices
15. Exchange rates (end-period)
Period
100/ \
US $/ \
Euro/ \
Won
y-o-y change (%)
Won
y-o-y change (%)
Won
y-o-y change (%)
2011 2012 2013 2014
1,153.3 1,071.1 1,055.3 1,099.2
1.3 -7.1 -1.5 4.2
1,485.2 1,247.5 1,004.7 920.1
6.3 -16.0 -19.5 -8.4
1,494.1 1,416.3 1,456.3 1,336.5
-1.3 -5.2 2.8 -8.2
2011 7 8 9 10 11 12
1,052.6 1,071.7 1,179.5 1,104.5 1,150.3 1,153.3
-11.3 -9.9 3.3 -2.0 -0.6 1.3
1,353.2 1,396.8 1,536.6 1,458.0 1,475.7 1,485.2
-1.2 -0.7 12.7 4.8 7.4 6.3
1,507.9 1,547.3 1,601.4 1,562.7 1,532.9 1,494.1
-2.9 2.7 2.9 -0.4 1.0 -1.3
2012 1 2 3 4 5 6 7 8 9 10 11 12
1,125.0 1,126.5 1,137.8 1,134.2 1,177.8 1,153.8 1,136.2 1,134.6 1,118.6 1,094.1 1,084.7 1,071.1
1.0 -0.1 2.8 5.8 9.0 7.0 7.9 5.9 -5.2 -0.9 -5.7 -7.1
1,473.1 1,399.2 1,380.7 1,412.0 1,489.1 1,453.8 1,453.6 1,444.0 1,441.1 1,374.5 1,320.6 1,247.5
8.6 1.3 3.7 7.5 11.5 8.8 7.4 3.4 -6.2 -5.7 -10.5 -16.0
1,478.2 1,516.3 1,513.4 1,501.7 1,456.6 1,435.0 1,393.1 1,419.6 1,444.3 1,418.3 1,407.3 1,416.3
-2.4 -2.1 -3.2 -5.6 -6.0 -8.0 -7.6 -8.3 -9.8 -9.2 -8.2 -5.2
2013 1 2 3 4 5 6 7 8 9 10 11 12
1,082.7 1,085.4 1,112.1 1,108.1 1,128.3 1,149.7 1,113.6 1,110.9 1,075.6 1,061.4 1,062.1 1,055.3
-3.8 -3.6 -2.3 -2.3 -4.2 -0.4 -2.0 -2.1 -3.8 -3.0 -2.1 -1.5
1,188.5 1,176.2 1,180.1 1,132.0 1,116.6 1,167.2 1,135.4 1,129.2 1,098.7 1,077.5 1,038.2 1,004.7
-19.3 -15.9 -14.5 -19.8 -25.0 -19.7 -21.9 -21.8 -23.8 -21.6 -21.4 -19.5
1,469.3 1,425.8 1,425.2 1,451.3 1,471.4 1,498.2 1,476.7 1,470.6 1,451.3 1,456.6 1,444.8 1,456.3
-0.6 -6.0 -5.8 -3.4 1.0 4.4 6.0 3.6 0.5 2.7 2.7 2.8
2014 1 2 3 4 5 6 7 8 9 10 11 12
1,079.2 1,067.7 1,068.8 1,031.7 1,021.6 1,014.4 1,024.3 1,013.6 1,050.6 1,054.0 1,101.1 1,099.2
-0.3 -1.6 -3.9 -6.9 -9.5 -11.8 -8.0 -8.8 -2.3 -0.7 3.7 4.2
1,043.7 1,044.8 1,038.7 1,005.3 1,004.2 1,000.0 995.7 977.6 960.2 964.1 933.9 920.1
-12.2 -11.2 -12.0 -11.2 -10.1 -14.3 -12.3 -13.4 -12.6 -10.5 -10.0 -8.4
1,473.6 1,463.6 1,469.4 1,425.0 1,389.6 1,384.2 1,371.8 1,336.2 1,333.3 1,328.8 1,372.2 1,336.5
0.3 2.7 3.1 -1.8 -5.6 -7.6 -7.1 -9.1 -8.1 -8.8 -5.0 -8.2
Source: The Bank of Korea
Tteokguk Tteokguk is a traditional Korean dish that consists of meat broth and sliced rice cakes, and is usually garnished with eggs and marinated beef. It is a tradition to eat tteokguk in the morning of the Korean New Year, as the white rice cakes signify purity and longevity.
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ECONOMIC BULLETIN (Republic of Korea)
Republic of Korea
Vol.37 No.1 January 2015
conomic u l l e t i n
Vol.37 No.1 January 2015
The Green Book: Current Economic Trends Policy Issues
Government to Boost Investment in Tourism and Innovative Technology
Economic News Briefing
Ministries Present 2015 Policy Briefings BOK Forecasts 3.4% Growth for Korea in 2015 FDI Posts Record High in 2014 Korea-Canada FTA Takes Effect
Statistical Appendices ECONOMIC BULLETIN (Republic of Korea)
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