201511

ISSN 2287-7266

ECONOMIC BULLETIN (Republic of Korea)

Republic of Korea

Vol.37 No.11 november 2015 eb.kdi.re.kr

conomic u l l e t i n

Vol.37 No.11 november 2015

The Green Book: Current Economic Trends Policy Issues Government to Expand Public Sector Spending by More Than 9 Trillion Won in Q4 Korea and China to Expand Cooperation in Development, Trade and Investment

Economic News Briefing Korea Ranked 4th in Doing Business Report Peak Wage System to be Adopted by Most Public Institutions Retail and Tourism Improve during Korea Black Friday Korea Grows 1.2% in Q3

Statistical Appendices

ECONOMIC BULLETIN

(Republic of Korea)

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november 2015

Sejong, 30109 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 263 Namsejong-ro Sejong, 30149 Republic of Korea Fax. +82 44 550 4941 E-mail. jiyounlee@kdi.re.kr Website. http://eb.kdi.re.kr

MOSF / KDI

Tel. +82 44 550 4645

02 The Green Book: Current Economic Trends Overview

03

01. External economic situation

04

02. Private consumption

08

03. Facility investment

11

04. Construction investment

13

05. Exports and imports

15

06. Mining and manufacturing production

17

07. Service sector activity

19

08. Employment

21

09. Financial markets

25

9.1 Stock market

25

9.2 Exchange rate

26

9.3 Bond market

27

9.4 Money supply & money market

27

10. Balance of payments

29

11. Prices

31

11.1 Consumer prices

31

11.2 International oil and commodity prices

32

12. Real estate market 12.1 Housing market

35

12.2 Land market

37

13. Composite indices of business cycle indicators

contents Editor-in-Chief Kim Joo-Hoon (KDI) Jung Moo-kyung (MOSF) Editorial Board Park Joon-Kyu (MOSF) Lee Yong-Soo (KDI) Lee Jae-Yeal (KDI)

35

39

Vol.37 No.11 / november 2015

41 Policy Issues Government to Expand Public Sector Spending by More Than 9 Trillion Won in Q4 Korea and China to Expand Cooperation in Development, Trade and Investment

48 Economic News Briefing

Coordinators Kim Dae-Hyun (MOSF) Lee Ji-Youn (KDI)

Korea Ranked 4th in Doing Business Report

Editors Jeon Aram (MOSF) Kim Hanul (MOSF)

Peak Wage System to be Adopted by Most Public Institutions

Korea Positively Evaluated in Pursuit of Brisbane Agenda at G20 Summit Korea Calls for Northeast Asian Development at G20 Summit Retail and Tourism Improve during Korea Black Friday New Prudential Regulations to be Adopted Starting 2016 Korea and Russia to Launch Working Groups to Explore and Finance Joint Projects R&D Spending Up 7.48% in 2014 Korea Grows 1.2% in Q3 (Advanced)

53 Statistical Appendices

02

The Green Book : Current Economic Trends

Overview

01. External economic situation

02. Private consumption 03. Facility investment 04. Construction investment 05. Exports and imports 06. Mining and manufacturing production 07. Service sector activity 08. Employment 09. Financial markets 10. Balance of payments 11. Prices 12. Real estate market 13. Composite indices of business cycle indicators

The Green Book: Current Economic Trends

03

ECONOMIC BULLETIN • november 2015

OVERVIEW Economic recovery has gained momentum backed by strong domestic consumption, which has led to the fastest industrial output growth in 54 months, spurring production and investment.

The economy added 347,000 jobs year-on-year in September as jobs grew at a faster pace compared with the previous month (256,000) helped by recovering domestic demand. On a month-on-month basis, jobs grew for a fourth consecutive month.

Consumer price inflation continued a less than 1 percent increase in October, rising 0.9 percent year-on-year, amid low oil prices. Core inflation, which excludes oil and agricultural products and is more related to demand, remained in the two percent range (2.3%).

Mining and manufacturing production growth accelerated month-on-month in September from 0.2 percent to 1.9 percent, as domestic consumption continued to be strong and the production of semiconductors rose following the release of new mobile products.

In September service output and retail sales improved for the third consecutive month, rising 1.2 and 0.5 percent, respectively, backed by the Korea Grand Sale, individual consumption tax cuts and Chuseok holidayrelated sales.

Facility investment surged month-on-month in September, from a 0.9 percent fall to a 4.1 percent rise, led by strong transportation equipment investment, while construction completed increased for the fifth month in a row, up 4.9 percent compared with the previous month, as both building construction and civil engineering works continued to improve.

The cyclical indicator of the coincident composite index rose for the third consecutive month in September, up 0.7 points, while the cyclical indicator of the leading composite index increased 0.5 points, staying in the positive territory for two months.

Exports declined 15.8 percent year-on-year in October due to a high base effect from a year ago, when exports hit the record high of US $51.8 billion, as well as regular maintenance in oil refineries.

In October market interest rates and stock prices increased amid rising risk appetite. The Korean won appreciated against both the US dollar and Japanese yen.

Both housing prices and Jeonse (lump-sum deposits with no monthly payments) prices continued to increase month-on-month in October, rising 0.3 percent and 0.4 percent, respectively.

Although economic recovery is gaining momentum thanks to strong domestic consumption, exports remain weak and external uncertainties as to the Fed’s rate hikes and China’s economic slowdown are posing risks.

The Green Book : Current Economic Trends

The government will work to sustain the current recovery momentum gained through strong domestic consumption as it will implement more than 9 trillion won stimulus packages as planned, and will renew efforts to enhance export competitiveness and successfully carry out the reform of the four areas of the public, education, labor and financial sectors.

The government will closely monitor internal and external economic developments as well as examine uncertainties and their possible impact on domestic financial markets, and will be prepared to make appropriate responses if necessary.

1. External economic situation The global economy has continued to steadily recover led by the US and eurozone, while concerns remain over economic slowdowns in emerging economies, including China and commodity exporting countries, as well as regarding the Fed rate hikes.

Looming deflation threats and the influx of refugees in the eurozone as well as a sluggish economic recovery in Japan are posing risks to the global economy.

US US economic growth declined in the third quarter from 3.9 percent in the previous quarter to 1.5 percent (annualized, advance estimates) as companies reduced inventories. Economic recovery continued in the US helped by strong consumption.

Industrial production fell 0.2 percent month-on-month in September and the ISM Manufacturing Index for October dropped to 50.1 due to the strong dollar and weak global demand.

ISM Manufacturing Index (base=50) 52.9 (Feb 2015) → 51.5 (Mar) → 51.5 (Apr) → 52.8 (May) → 53.5 (Jun) → 52.7 (Jul) → 51.1 (Aug) → 50.2 (Sep) → 50.1 (Oct)

Retail sales grew 0.1 percent month-on-month in September. The University of Michigan Consumer Sentiment Index for October rose to 90.0, while the Conference Board Consumer Confidence Index fell.

University of Michigan Consumer Sentiment Index (1966=100) 95.4 (Feb 2015) → 93.0 (Mar) → 95.9 (Apr) → 90.7 (May) → 96.1 (Jun) → 93.1 (Jul) → 91.9 (Aug) → 87.2 (Sep) → 90.0 (Oct) Conference Board Consumer Confidence Index (1985=100) 98.8 (Feb 2015) → 101.4 (Mar) → 94.3 (Apr) → 94.6 (May) → 99.8 (Jun) → 90.9 (Jul) → 101.5 (Aug) → 103.0 (Sep) → 97.6 (Oct)

04

05

ECONOMIC BULLETIN • november 2015

(Percentage change from previous period)

2012

2013

2014

Annual Annual Annual 1

Q2

2015 Q3

Q4

Q1

Q2

Q3

Jul

Aug

Sep

Real GDP

2.2

1.5

2.4

4.6

4.3

2.1

0.6

3.9

1.5

-

-

-

- Personal consumption expenditure

1.5

1.7

2.7

3.8

3.5

4.3

1.8

3.6

3.2

-

-

-

- Nonresidential fixed investment - Residential fixed investment

9.0

3.0

6.2

4.4

9.0

0.7

1.6

4.1

2.1

-

-

-

13.5

9.5

1.8

10.4

3.4

10.0

10.1

9.3

6.1

-

-

-

Industrial production

2.8

1.9

3.7

1.4

1.0

1.2

-0.1

-0.6

0.6

0.8

-0.2

-0.2

Retail sales

4.9

3.9

3.8

2.4

0.7

0.5

-1.0

1.7

1.2

0.8

0.0

0.1

Existing home sales

8.9

9.0

-3.0

4.5

3.5

0.1

-1.7

6.5

3.4

1.8

-5.0

4.7

Unemployment rate²

8.1

7.4

6.2

6.2

6.1

5.7

5.6

5.4

5.2

5.3

5.1

5.1

Consumer prices (y-o-y)

2.1

1.5

1.6

2.1

1.8

1.2

-0.1

0.0

0.1

0.2

0.2

0.0

1. Annualized rate (%) 2. Seasonally adjusted Sources: US Department of Commerce, Bloomberg

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

GDP (q-o-q, annualized rate)

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

2015.Q1

Industrial production (q-o-q)

The housing market recovered as existing home sales increased by 4.7 percent in September compared to the previous month and home prices continued to rise.

Case-Shiller Home Price Index (y-o-y, %) 4.4 (Jan 2015) → 4.9 (Feb) → 4.9 (Mar) → 4.9 (Apr) → 4.9 (May) → 4.9 (Jun) → 4.9 (Jul) → 5.1 (Aug) Existing home sales (m-o-m, %) 2.4 (Dec 2014) → -4.9 (Jan 2015) → 1.5 (Feb) → 6.5 (Mar) → -2.3 (Apr) → 4.5 (May) → 3.0 (Jun) → 1.8 (Jul) → -4.8 (Aug) → 4.7 (Sep)

The unemployment rate for October was 5.0 percent, verging on full employment, while nonfarm payrolls rebounded from modest growth in August and September, increasing by 271,000.

Nonfarm payroll increase (m-o-m, thousand) 119 (Mar 2015) → 187 (Apr) → 260 (May) → 245 (Jun) → 223 (Jul) → 153 (Aug) → 137 (Sep) → 271 (Oct)

06

The Green Book : Current Economic Trends

US nonfarm payroll growth and unemployment rate Source: US Department of Labor 800

12

(thousands)

600 10 400 200

8

0 6 -200 -400

4

-600 2 -800 -1,000

0

2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

US nonfarm payroll growth (m-o-m, left)

2014.1

2015.1

Unemployment rate (right)

China Chinese economic growth slowed in the third quarter compared to the previous quarter to 6.9 percent year-onyear as export growth worsened, industrial production fell and investment grew at a slower rate, particularly in the real estate sector.

The fifth plenum of the 18th Party Congress was held on October 26-29, where key proposals for the 13th Five Year Plan (2016-2020) were put forward.

Manufacturing PMI (base=50) 49.8 (Jan 2015) → 49.9 (Feb) → 50.1 (Mar) → 50.1 (Apr) → 50.2 (May) → 50.2 (Jun) → 50.0 (Jul) → 49.7 (Aug) → 49.8 (Sep) → 49.8 (Oct)

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 0

4 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

2015.Q1

Fixed asset investment (accumulated, y-o-y, right)

07

ECONOMIC BULLETIN • november 2015

(Percentage change from same period in previous year)

2012 2013 2014 2015 Annual Annual Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Jul Real GDP 7.7 7.7 7.7 7.4 7.5 7.3 7.3 7.0 7.0 6.9 Industrial production 10.0 9.7 10.0 8.7 8.9 8.0 7.6 6.4 6.3 5.9 6.0 Fixed asset investment (accumulated) 20.6 19.6 19.6 17.6 17.3 16.1 15.7 13.5 11.4 10.3 11.2 Retail sales 14.3 13.1 13.5 12.0 12.3 11.9 11.7 10.6 10.2 10.7 10.5 Exports 8.3 8.6 7.5 -3.5 5.0 13.0 8.6 4.7 -2.1 -5.9 -8.3 Consumer prices1 2.6 2.6 2.9 2.3 2.2 2.0 1.5 1.2 1.4 1.7 1.6 -1.7 -1.9 -1.4 -2.0 -1.5 -1.3 -2.7 -4.6 -4.8 -5.7 -5.4 Producer prices1

Aug 6.1 10.9 10.8 -5.5 2.0 -5.9

Sep 5.7 10.3 10.9 -3.7 1.6 -5.9

1. Quarterly change: average of monthly change Source: China National Bureau of Statistics

Japan The Japanese recovery weakened in September, despite improving industrial production, as export growth decelerated and retail sales failed to meet the forecast of 1.1 percent growth.

Consumer prices excluding fresh food fell 0.1 percent year-on-year in September, declining for the second consecutive month.

The Bank of Japan decided to maintain the current level of its quantitative easing program and revised downward its forecasts for economic growth and inflation at the Monetary Policy Meeting on October 30.

(Percentage change from previous period)

Real GDP Industrial production Retail sales Exports (y-o-y) Consumer prices (y-o-y)

2012 2013 Annual Annual Q4 Annual Q1 1.8 1.6 -0.2 -0.1 1.1 0.2 -0.6 1.8 2.1 2.3 1.5 1.2 1.4 1.7 3.8 -2.7 9.5 17.4 4.8 6.6 -0.0 0.4 1.4 2.7 1.5

2014 Q2 Q3 -1.9 -0.3 -3.1 -1.3 -7.2 3.9 0.1 3.2 3.6 3.3

Q4 0.3 0.8 1.0 9.1 2.6

2015 Q2 Jul -0.4 -1.4 -0.8 0.2 1.4 6.7 7.6 0.5 0.2

Q1 1.1 1.6 -2.1 9.0 2.3

Aug -1.2 0.0 3.1 0.2

Sep 1.0 0.7 0.5 0.0

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

(%)

(%)

4

25 20 15 10

2

5 0

0

-5 -2

-10 -15

-4

-20 -25

-6 2004.Q1

2005.Q1

GDP (q-o-q, left)

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

2015.Q1

Industrial production (q-o-q, right)

08

The Green Book : Current Economic Trends

Eurozone The eurozone economy has been recovering backed by sustained improvement in exports, but economic slowdowns in China and other emerging economies as well as deflationary pressures remain as risks.

Manufacturing PMI (base=50) 51.0 (Feb 2015) → 52.2 (Mar) → 52.0 (Apr) → 52.2 (May) → 52.5 (Jun) → 52.4 (Jul) → 52.3 (Aug) → 52.0 (Sep) → 52.3 (Oct)

(Percentage change from previous period)

2012 2013 Annual Annual Q3

Q4

Annual

Q1

2014 Q2

Q3

Q4

Q1

Q2

2015 Jul

Aug

Sep

Real GDP

-0.8

-0.3

0.2

0.3

0.9

0.2

0.1

0.3

0.4

0.5

0.4

-

-

-

Industrial production

-2.4

-0.7

0.0

0.6

0.8

0.1

0.1

-0.2

0.5

1.0

-0.1

0.8

-0.5

-

Retail sales

-1.6

-0.8

0.6

-0.3

1.2

0.6

0.3

0.2

0.7

0.9

0.4

0.6

0.0

-0.1

Exports (y-o-y)

7.7

1.1

0.3

1.0

2.3

1.0

0.5

3.0

4.6

5.1

8.0

6.6

5.5

-

Consumer prices (y-o-y)

2.5

1.4

1.3

0.8

0.4

0.7

0.6

0.4

0.2

-0.3

0.2

0.2

0.1

-0.1

Sources: Eurostat, Bloomberg

Eurozone’s GDP growth and industrial production 3

Source: Eurostat

(%)

(%)

2

10 8 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

GDP (q-o-q, left)

2011.Q1

2012.Q1

2013.Q1

2014.Q1

2015.Q1

Industrial production (q-o-q, right)

2. Private consumption Private consumption in the third quarter of 2015 (advance estimates of GDP) grew 1.1 percent compared to the previous quarter and rose 2.0 percent compared to a year ago.

09

ECONOMIC BULLETIN • november 2015

(Percentage change from previous period)

Annual

Q1

2013 Q2

Q3

Q4

Annual

Q1

2014 Q2

Q3

Q4¹

Q1¹

2015 Q2¹

Q3¹

1.9

-0.1

0.5

1.1

0.6

1.8

0.4

-0.4

0.8

0.5

0.6

-0.2

1.1

-

1.6

1.9

1.9

2.2

-

2.6

1.7

1.5

1.4

1.5

1.7

2.0

Private consumption² (y-o-y)

1. Preliminary 2. National accounts Source: The Bank of Korea

Private consumption 12 10

Source: The Bank of Korea (national accounts)

(%)

8 6 4 2 0 -2 -4 -6 2004.Q1

2005.Q1

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

Private consumption (q-o-q)

2014.Q1

2015.Q1

Private consumption (y-o-y)

Retail sales grew 0.5 percent month-on-month in September backed by strong nondurable goods sales (up 2.3%), while sales of durable goods (down 1.0%), such as household appliances, and semi-durable goods (down 1.4%), such as clothing, decreased. The index rose 5.5 percent compared with the same period of the previous year.

Retail sales 20

Source: Statistics Korea (industrial activity trends)

(%)

15

10

5

0

-5

-10 2004.1

2005.1

Retail sales (m-o-m)

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

Retail sales (y-o-y)

10

The Green Book : Current Economic Trends

(Percentage change from previous period)

Annual

2013 Q3

Q4

Annual

Q1

2014 Q2

Q3

Q4

Q1

Q2

2015 Q3¹

Aug¹

Sep¹

-

0.8

0.4

-

0.2

-0.2

1.3

0.4

0.5

0.6

1.1

2.1

0.5

(y-o-y)

0.7

0.5

1.1

1.7

2.4

0.8

1.5

1.9

1.6

2.9

3.1

2.0

5.5

- Durable goods²

0.3

-0.3

0.2

5.1

3.8

-0.2

1.8

1.3

5.2

-0.4

0.5

2.9

-1.0

· Automobiles

2.1

2.1

-2.1

16.6

9.8

5.3

1.2

6.3

3.9

3.9

1.5

0.6

4.7

- Semi-durable goods³

2.1

0.7

-0.4

-0.6

-1.4

-1.1

4.8

-1.8

-3.5

-0.1

1.1

4.9

-1.4

- Nondurable goods 4

0.4

1.5

0.8

0.8

-0.9

0.2

-0.7

1.0

-0.5

1.5

1.5

0.5

2.3

Retail sales

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

Retail sales by type 50

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

2009.1

Durable goods

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

Nondurable goods

Semi-durable goods

In October department store sales as well as domestic sales of cars and gasoline improved year-on-year, while credit card use and sales at large discount stores stayed in positive territory. (y-o-y, %)

2015 Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Credit card use

5.7

15.3

7.1

8.6

14.5

10.3

14.8

13.1

Department store sales

-2.8

5.4

7.8

-6.0

5.7

1.2

14.1

17.4

Large discount store sales

-3.2

4.1

4.4

-4.4

2.5

-4.8

10.0

1.6

Domestic sales of gasoline and diesel

8.6

9.6

3.3

1.0

0.7

10.8

1.1

9.2

Domestic sales of cars

5.5

2.8

-0.2

9.4

3.5

14.9

15.5

22.7

Sources: Credit Finance Association of Korea, Ministry of Trade, Industry and Energy, Korea National Oil Corporation, Korea Automobile Manufacturers Association

11

ECONOMIC BULLETIN • november 2015

3. Facility investment Facility investment (advance estimates of GDP) rose 2.0 percent quarter-on-quarter and 6.8 percent year-onyear in the third quarter of 2015.

(Percentage change from previous quarter)

2013 Annual -0.8 -2.3 3.1

Facility investment² (y-o-y) - Machinery - Transportation equipment

Annual 5.8 5.0 7.7

2014 Q2 1.3 7.7 0.4 3.6

Q1 -1.4 7.2 -3.4 3.7

Q3 0.2 4.2 2.0 -3.8

Q4 4.0 4.2 5.6 0.4

Q1¹ 0.2 5.8 -0.7 2.4

2015 Q2¹ 0.5 5.0 -3.9 10.6

Q3¹ 2.0 6.8 -

1. Preliminary 2. National accounts Source: The Bank of Korea

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

2013.Q1

Facility investment (q-o-q)

2014.Q1

2015.Q1

Facility investment (y-o-y)

The facility investment index in September rose 4.1 percent month-on-month due to an increase in transportation equipment investment despite a decline in machinery investment. The index rose 7.1 percent year-on-year.

Facility investment by type Source: The Bank of Korea (national accounts) 50

(y-o-y, %)

40 30 20 10 0 -10 -20 -30 2004.Q1

2005.Q1

Transportation equipment

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

2015.Q1

Machinery

12

The Green Book : Current Economic Trends

(Percentage change from previous quarter)

Facility investment index (y-o-y) - Machinery - Transportation equipment

2013 Annual Annual -0.8 5.2 -2.1 3.9 2.8 8.8

Q1 -4.0 7.5 -6.1 1.6

2014 Q2 1.7 6.7 0.9 3.6

Q3 -0.9 1.5 -0.8 -1.4

Q4 8.6 5.4 11.7 1.5

Q1 -1.6 8.4 -1.3 -2.4

Q2 -1.5 5.2 -5.8 10.2

2015 Q31 4.7 9.9 1.2 12.7

Aug1 -0.9 16.6 -1.5 1.0

Sep1 4.1 7.1 -3.7 22.9

1. Preliminary Source: Statistics Korea

Facility investment is expected to rise backed by an increase in transportation equipment imports including aircraft and vessels.

Business survey index for manufacturing sector (Bank of Korea) 73 (Feb 2015) → 82 (Mar) → 80 (Apr) → 82 (May) → 76 (Jun) → 67 (Jul) → 70 (Aug) → 71 (Sep) → 70 (Oct) → 70 (Nov) Aircraft and vessel imports (US $ million, Korea Customs Service) 860 (May 2015) → 720 (Jun) → 710 (Jul) → 510 (Aug) → 850 (Sep) → 8701 (Oct) 1. Preliminary

Leading indicators of facility investment Sources: Statistics Korea (machinery orders), Korea International Trade Association (machinery imports) 10

70

(trillion won)

60

9

50

8

40 30

7

20

6

10 0

5

-10

4

-20 -30

3

-40

2

-50

2004.Q1

2005.Q1

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

Machinery orders (left)

2014.Q1

2015.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

2013 Annual Annual Q1 6.6 14.8 18.5 -2.0 20.5 94.2 184.6 5.1 4.8 4.7 1.1 5.8 2.5 76.5 76.1 77.1 -0.9 -1.5 -0.7

2014 Q2 4.0 -11.3 -45.0 9.1 11.9 76.1 -1.1

Q3 49.4 45.2 418.5 7.7 1.7 76.0 -0.5

Q4 -6.3 -26.0 -27.6 -2.0 7.0 75.1 -3.5

Q1 -2.6 6.2 -66.9 12.0 8.5 74.4 -2.5

1. Preliminary 2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p) Sources: Statistics Korea, Korea International Trade Association

Q2 15.7 1.4 61.7 13.2 -1.1 74.2 -2.7

2015 Q3¹ -28.0 -14.9 -85.3 3.1 2.3 74.6 -1.2

Aug¹ -59.7 -3.0 -93.7 -3.9 -11.1 74.1 -0.5

Sep¹ 2.4 7.9 34.8 1.0 0.0 75.1 1.6

13

ECONOMIC BULLETIN • november 2015

4. Construction investment Construction investment in the third quarter of 2015 (advance estimates of GDP) rose 4.5 percent quarter-onquarter and 5.2 percent year-on-year.

(Percentage change from previous quarter)

2013 Annual Annual

Q1

2014 Q2

Q3

Q4

Q1¹

2015 Q2¹

Q3¹

Construction investment²

5.5

1.0

5.3

0.5

0.9

-7.8

7.4

1.6

4.5

(y-o-y)

-

-

4.1

0.2

2.3

-1.5

0.6

1.6

5.2

- Building construction

11.2

4.4

3.2

3.1

2.4

-7.3

4.5

4.6

-

- Civil engineering works

-2.5

-4.4

8.9

-3.8

-1.8

-8.8

12.7

-3.6

-

1. Preliminary 2. National accounts Source: The Bank of Korea

Construction investment 15

Source: The Bank of Korea (national accounts)

(%)

10

5

0

-5

-10 2004.Q1

2005.Q1

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

Construction investment (q-o-q)

2014.Q1

2015.Q1

Construction investment (y-o-y)

The value of construction completed (constant) in September rose 4.9 percent month-on-month as both building construction and civil engineering works increased. The index rose 13.4 percent year-on-year.

(Percentage change from previous period)

2013 Annual Annual Construction completed (constant) (y-o-y) - Building construction - Civil engineering works 1. Preliminary Source: Statistics Korea

Q1

2014 Q2

Q3

Q4

Q1

Q2

2015 Q31

Aug1

Sep1

10.2

-0.8

1.0

-0.4

-2.7

-3.9

4.8

-2.7

7.4

2.6

4.9

-

-

6.6

0.1

-1.9

-5.9

-2.0

-3.9

5.8

3.4

13.4

15.1 4.4

7.8 -12.3

4.8 -4.6

2.0 -4.1

-3.8 -0.8

-3.7 -4.2

5.0 4.5

-1.5 -4.7

10.5 2.0

-0.3 8.3

4.0 6.7

14

The Green Book : Current Economic Trends

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

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

Residential buildings

Building construction

2014.Q1

2015.Q1

Civil engineering works

Construction investment is projected to increase considering the increasing supply of new apartments and rising construction orders.

New apartment supply (thousand, monthly average, Real Estate 114) 31 (H1 2015) → 46 (Q3) → 591 (Oct) 1. Estimate

Domestic shipments of cement (million tons) 4.33 (May 2015) → 4.60 (Jun) → 4.08 (Jul) → 3.97 (Aug) → 4.03 (Sep) → 4.38 (Oct)

Leading indicators of construction investment Sources: Statistics Korea (construction orders), Ministry of Land, Infrastructure and Transport (building permit area) 300

(y-o-y, %)

250 200 150 100 50 0 -50 -100 2004.1

2005.1

Construction orders

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

Building permit area

15

ECONOMIC BULLETIN • november 2015

(Percentage change from same period in previous year)

2013 Annual Annual Construction orders (current value) (q-o-q, m-o-m)

-12.9

15.3

Q1

2014 Q2

Q3

Q4

Q1

Q2

2015 Q31

Aug1

Sep1

15.5

25.4

42.8

-7.5

55.4

50.0

48.7

-2.5

121.8

-

-

-5.1

12.4

22.0

-29.0

50.9

13.4

17.7

12.7

76.0

- Building construction

-10.2

24.5

11.2

45.6

61.8

-5.0

87.7

49.9

39.0

-5.7

102.8

- Civil engineering works

-18.2

-4.4

24.0

-11.5

-6.2

-13.1

-1.5

50.0

91.4

22.0

181.3

-7.3

11.2

18.4

21.6

14.7

-4.6

11.0

25.1

57.0

25.2

60.6

Building permits²

1. Preliminary 2. Floor area Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport

5. Exports and imports Exports in October declined 15.8 percent (preliminary) year-on-year to US $43.47 billion.

Exports plummeted in September from a 8.4 percent fall in the previous month to a 15.8 drop, due to a high base effect from a year ago when exports hit the record high, regular maintenance carried out in oil refining and petrochemical manufacturing industries, and plunging vessel exports (US $4.53 billion → US $1.65 billion).

Most major exports declined, except mobile phones, and shipments to most regions fell.

Export growth by item (y-o-y, %) 42.1 (mobile phones), -1.3 (automobiles), -7.0 (semiconductors), -63.7 (vessels), -29.6 (steel), -31.6 (petrochemicals), -44.9 (petroleum products) Export growth by region (y-o-y, %) -8.0 (China), -11.4 (US), -12.5 (EU), -12.6 (ASEAN countries), -25.4 (Middle East), -25.6 (Japan), -34.5 (Latin America)

Average daily exports, an indicator adjusted to days worked, declined to US $1.89 billion in October.

Average daily export growth (US $ billion) 1.92 (Jan 2015) → 2.18 (Feb) → 1.95 (Mar) → 1.93 (Apr) → 2.06 (May) → 1.98 (Jun) → 1.83 (Jul) → 1.78 (Aug) → 2.02 (Sep) → 1.89 (Oct)

(US $ billion)

2013 Annual Annual Exports (y-o-y, %) Average daily exports 1. Preliminary Source: Korea Customs Service

2014 Q1

Q2

Q3

Q4

559.63 572.66 137.53 145.67 141.76 147.70

Oct

Q1

Q2

2015 Q3

51.63 133.42 135.13 128.32

Sep

Sep1

43.48

43.47

2.1

2.3

1.6

3.2

3.6

0.9

2.3

-3.0

-7.2

-9.5

-8.4

-15.8

2.05

2.11

2.07

2.19

2.07

2.13

2.24

2.01

1.99

1.88

2.02

1.89

16

The Green Book : Current Economic Trends

Exports by item 160 140

Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)

(y-o-y, %)

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

2015.1

Automobiles

Steel

Imports in October fell 16.6 percent (preliminary) year-on-year to US $36.78 billion.

Imports fell slowly compared with the previous month from a 21.8 percent drop to a 16.6 percent fall, despite continuing low oil prices, due to strong capital goods imports.

Import growth by category (Sep → Oct, y-o-y, %) -36.2 → -32.2 (commodities), 0.0 → 9.0 (capital goods), -5.4 → -5.0 (consumer goods) (US $ billion)

2013 Annual Annual Imports

2014 Q1

Q2

Q3

2015 Q3

Sep

Oct1

44.10 111.83 110.60 108.33

Q4

Oct

515.59 525.51 132.37 130.96 132.84 129.35

Q1

Q2

34.56

36.78

(y-o-y, %)

-0.8

1.9

2.0

3.3

5.4

-2.8

-3.3

-15.5

-15.5

-18.4

-21.8

-16.6

Average daily imports

1.89

1.94

1.99

1.97

1.94

1.86

1.92

1.68

1.63

1.58

1.61

1.60

1. Preliminary Source: Korea Customs Service

Imports by item 100 80

Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)

(y-o-y, %)

60 40 20 0 -20 -40 -60 -80 2004.1

2005.1

Import growth rate

2006.1

2007.1

2008.1

2009.1

2010.1

Commodities

2011.1

2012.1

2013.1

2014.1

2015.1

Capital goods

17

ECONOMIC BULLETIN • november 2015

Exports and imports

Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)

60 (US $ billion) 50

40

30

20

10

0

-10 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

Trade balance

2011.1

2012.1

2013.1

2014.1

2015.1

Exports

Imports

The trade balance (preliminary) posted a surplus of US $6.69 billion in October, staying in the black for the 45th consecutive month, and the surplus decreased compared with the previous month.

(US $ billion)

2013

2014

Annual Annual Trade balance

44.05

47.15

2015

Q1

Q2

Q3

Q4

Oct

Q1

Q2

Q3

Sep

Oct1

5.17

14.72

8.92

18.35

7.53

21.59

24.53

19.99

8.92

6.69

1. Preliminary Source: Korea Customs Service

6. Mining and manufacturing production Mining and manufacturing production rose 1.9 percent month-on-month in September backed by a surge in semiconductors and automobiles, despite other transportation equipment and machinery being weak.

Compared to the same period of the previous year, the index increased 2.5 percent.

Compared to the previous month, production of semiconductors (up 17.26%), automobiles (up 5.0%) and chemical products (up 4.2%) rose, while other transportation equipment (down 10.6%), machinery (down 4.3%) and communications equipment (down 12.5%) fell.

Compared to a year ago, production of semiconductors (up 46.2%), automobiles (up 14.5%) and chemical products (up 3.7%) rose, while machinery (down 8.2%), other transportation equipment (down 15.4%) and processed metals (down 7.8%) declined.

18

The Green Book : Current Economic Trends

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

2014.1

Industrial production (m-o-m)

2015.1

Industrial production (y-o-y)

(Percentage change from previous period)

Mining (q-o-q, m-o-m) (y-o-y)

2013 2014 Q2 Annual Annual Q1 -0.3 -0.6 0.7

0.0

0.7

0.5

Manufacturing (q-o-q, m-o-m) Mining and (y-o-y) manufacturing Shipment activity² - Domestic consumption

-0.8

0.3

- Exports

2.6

-0.4

Q3

Q4

Q1

Q2

2015 Q3 Aug¹ Sep¹

0.1

-0.9

-0.1

-0.9

1.5

0.2

1.9

1.2

-1.9

-0.9

-1.5

-0.3

0.1

2.4

-

-

-0.2

-0.7

0.1

-1.0

0.0

-1.0

1.5

0.3

1.9

0.7

0.1

0.7

0.4

1.2

-1.9

-1.0

-1.4

-0.5

0.0

2.5

0.7

0.0

-0.3

-0.3

-0.4

0.0

-0.6

-0.7

1.8

-0.4

2.8

-0.4

-0.2

-0.9

-0.8

0.5

0.5

0.8

-1.6

2.1

-0.1

-0.3

0.1

1.1

-2.0

-2.1

3.1

1.2

3.5

Inventory³

4.4

-1.8

-0.3

0.6

0.9

-2.2

3.5

3.3

2.9

0.9

1.6

Manufacturing Average operation ratio (%) indicators Production capacity (y-o-y)

76.5

76.1

77.1

76.1

76.0

75.1

74.4

74.2

74.6

74.1

75.1

1.6

1.6

1.4

1.5

1.7

1.6

1.5

1.3

0.7

0.5

0.9

1. Preliminary 2. Including mining, manufacturing, electricity and gas industry 3. End-period

The manufacturing inventory-shipment ratio fell 1.4 percentage points month-on-month to 128.1 percent as inventories rose 1.6 percent and shipments increased 2.8 percent.

Inventories of semiconductors (up 41.0%), automobiles (up 16.2%) and electronic parts (up 9.9%) rose, while communications equipment (down 32.1%), clothing and furs (down 13.1%) and electrical equipment (down 7.8%) declined.

Shipments of semiconductors (up 19.8%), automobiles (up 5.4%) and electronic parts (up 6.1%) rose, while other transportation equipment (down 10.1%), communications equipment (down 8.2%) and machinery (down 3.0%) fell.

The average operation ratio of the manufacturing sector rose 1.0 percentage points month-on-month to 75.1 percent.

19

ECONOMIC BULLETIN • november 2015

Shipment and inventory 10 8

Source: Statistics Korea (industrial activity trends)

(m-o-m, %)

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

2014.1

Shipment growth

Inventory growth

Average manufacturing operation ratio 100

2015.1

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

2015.1

Mining and manufacturing production is expected to continue to improve in October as consumption has been recovering backed by the Korea Black Friday and sales tax cuts on luxury items. However, weak exports may offset these positive factors.

7. Service sector activity Service output in September rose 1.2 percent month-on-month, led by wholesale & retail, hotels & restaurants and healthcare & social welfare services. Compared to the same period of the previous year, service output rose 3.7 percent.

Wholesale & retail (up 2.7%, m-o-m), hotels & restaurants (up 2.8%, m-o-m), transportation services (up 0.4%, m-o-m) and healthcare & social welfare services (up 4.1%, m-o-m) rose for the third consecutive month.

20

The Green Book : Current Economic Trends

Meanwhile, financial & insurance services (up 0.4%, m-o-m), real estate & renting (down 1.7%, m-o-m), business services (up 0.2%, m-o-m) and education services (down 1.7%, m-o-m) have been fluctuating monthly.

Service sector activity 15

Source: Statistics Korea (industrial activity trends)

(%)

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

Service sector activity (m-o-m)

2014.1

2015.1

Service sector activity (y-o-y)

(Percentage change from previous period)

2013 2014 Weight Annual Q4 Annual Q1 Q2 Service activity index - Wholesale & retail

Q3

Q4

Q1

2015 Q2 Q31 Aug1 Sep1

100.0

1.5

0.8

2.2

0.7 0.1 0.9 1.0 0.5 -0.1 1.4 0.4 1.2

21.6

0.1

0.8

-0.2 -0.4 -0.5 0.1 0.1 0.5 0.0 0.8 0.7 2.7

- Transportation services

8.5

1.0 -0.3

1.7

0.8 0.7 0.6 2.6 0.1 -3.2 1.7 5.8 0.4

- Hotels & restaurants

7.2

0.5

0.9

1.2

0.2 -1.5 2.6 -1.2 -0.5 -3.3 1.7 2.2 2.8

- Publishing & communications services

8.4

2.2

3.0

1.8 -1.2 0.9 -0.2 0.1 -2.7 -0.6 4.7 1.2 1.4

14.7

0.5

0.5

5.2

2.5 1.2 2.1 2.9 2.7 1.9 1.6 -3.0 0.4

- Real estate & renting

5.3

2.5

2.7

6.2

0.2 4.4 0.0 3.6 -2.1 7.3 1.0 0.4 -1.7

- Professional, scientific & technical services

5.6

3.3

0.4

2.3

0.1 2.6 -1.1 2.0 -2.9 -0.3 1.8 -2.8 2.6

- Business services

3.3

2.1

0.4

2.4

1.5 -0.6 0.3 1.0 1.9 0.5 -0.9 -0.3 0.2

- Education services

10.9

0.8

0.3

1.3

1.6 -1.9 1.1 0.0 0.8 -0.8 0.1 1.3 -1.7

- Healthcare & social welfare services

7.5

5.2

1.7

6.3

1.4 1.0 1.4 2.7 2.1 -0.9 1.6 1.0 4.1

- Entertainment, cultural & sports services

2.9

-0.7 -0.4

-1.1

0.0 -4.7 6.1 -2.1 2.6 -4.2 1.3 2.9 -0.6

- Membership organizations & personal services

3.6

6.1 -1.0

-0.6

1.1 -1.0 0.5 -3.8 1.8 2.1 0.2 -0.6 -1.5

- Sewerage & waste management

0.6

-0.4

1.0

0.2 -1.4 1.6 1.1 1.8 3.2 6.1 0.9 1.1

- Financial & insurance services

1. Preliminary Source: Statistics Korea

1.2

21

ECONOMIC BULLETIN • november 2015

September 2015 service output by business 16 14 12 10

Source: Statistics Korea (industrial activity trends)

(y-o-y, %)

8

Transportation services

Total index

6 4

Health & social welfare services

Financial & insurance services Professional, scientific & technical services

Hotels & restaurants

2

Membership organizations & personal services

Education services

0 -2 Wholesale & retail

-4 -6

Publishing & communications services

Real estate & renting

Business services

Entertainment, cultural & sports services

-8 -10

Sewerage & waste management

The service output outlook for October is positive, led by financial & insurance services and real estate & renting, due to robust stock and housing transactions.

Average daily stock transactions (trillion won) 7.2 (Jan 2015) → 7.5 (Feb) → 8.1 (Mar) → 10.9 (Apr) → 9.8 (May) → 10.1 (Jun) → 11.2 (Jul) → 8.9 (Aug) → 8.1 (Sep) → 8.7 (Oct)

8. Employment The number of workers on payroll in September increased by 347,000 from a year earlier to 26,260,000 and the employment rate rose 0.4 percentage points to 66.1 percent.

By industry, services and manufacturing continued to lead employment growth.

By employment status, permanent workers continued to lead employment growth, while temporary and daily workers also increased and self-employed workers decreased.

Number of persons employed and employment growth 1,000

Source: Statistics Korea (employment trends) 27

(thousands)

800

26

600 25 400 24 200 23

0

22

-200 -400 2004.1

21 2005.1

2006.1

Employment growth (y-o-y, left)

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

Number of employed (seasonally adjusted, right)

22

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

2014.1

Original data

2015.1

Seasonally adjusted rate

Employment by industry

Source: Statistics Korea (employment trends)

(%)

100

80 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 70.8 71.5 71.4 70.8 70.2 70.0 69.9 69.9 70.2 70.2 60

40 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 7.2 7.0 6.9 7.0 7.1 7.1 7.1 7.1 7.0 7.0 20 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 17.4 17.6 17.6 17.3 17.2 17.0 17.1 17.2 17.2 17.2 0 4.3 4.6 5.6 6.3 6.7 6.9 6.7 6.8 6.8 6.9 6.2 4.7 4.4 4.5 5.3 6.1 6.4 6.5 6.2 6.2 6.2 6.2 5.8 4.2 3.9 4.1 4.9 5.5 5.9 5.9 5.8 5.7 5.7 2013.1 2

3

4

5

6

7

8

9

10

Services

11 12 2014.1 2

3

4

5

6

Construction

7

8

9

10

11 12 2015.1 2

Manufacturing

3

4

5

6

7

8

9

Agriculture, forestry & fisheries

Employment by status of workers Source: Statistics Korea (employment trends)

(%) 100 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 4.1 4.0 4.1 4.3 4.5 4.6 4.7 4.7 4.6 4.6

80

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 21.5 21.5 21.5 21.9 21.8 21.8 21.6 21.5 21.5 21.3 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 6.2 6.0 6.0 5.7 6.2 6.5 6.2 6.1 5.9 5.9

60 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 19.7 19.5 19.4 19.5 19.4 19.3 19.5 19.7 19.5 19.7

40

20

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 48.5 49.0 49.0 48.5 48.1 47.8 47.9 48.0 48.5 48.6

0 2013.1 2

3

4

5

Unpaid family workers

6

7

8

9

10

11 12 2014.1 2

Self-employed workers

3

4

5

Daily workers

6

7

8

9

10

11 12 2015.1 2

Temporary workers

3

4

5

6

7

8

9

Permanent workers

23

ECONOMIC BULLETIN • november 2015

2011 2012 2013 Annual Annual Annual Annual Q1 Number of employed (millions)

2014 Q2 Q3

Q4

Sep

Q1

2015 Q3 Aug

Q2

Sep

24.24 24.68 25.07 25.60 24.91 25.79 25.93 25.77 25.92 25.27 26.10 26.24 26.14 26.26

Employment rate (%)

59.1 59.4 59.5 60.2 58.8 60.8 60.9 60.4 60.8 59.0 60.7 60.9 60.7 60.9

(Seasonally adjusted)

59.1 59.4 59.5 60.2 60.4 59.9 60.3 60.3 60.3 60.5 59.9 60.3 60.3 60.4

Employment growth (y-o-y, thousands)

415

437

386

533

729

464

517

422

451

354

308

310

256

347

(Excluding agriculture, forestry & fisheries)

440

451

394

601

717

518

638

531

579

441

435

419

371

467

- Manufacturing

63

14

79

146

123

136

194

129

173

139

147

164

156

166

- Construction

-2

22

-19

42

27

12

57

72

51

72

44

11

10

-1

- Services

386

416

318

424

570

387

403

336

367

222

235

194

194

292

- Agriculture, forestry & fisheries

-25

-14

-8

-68

12

- Wage workers

427

315

483

548

· Permanent workers

575

436

615

· Temporary workers

-78

-2

· Daily workers

-54 -121 -109 -128

-87 -127 -115 -115 -120

711

485

519

476

489

442

422

521

536

550

443

606

478

333

355

324

355

332

505

510

545

-96

140

74

118

226

141

201

82

3

1

2

32

-70 -120

-37

-35

31 -111

-40

-20

-37

4

87

15

24

-27

-11

121

-97

-15

19

-22

-3

-54

-38

-88 -114 -211 -279 -203

1

124

-67

1

-7

-14

19

7

18

-49

-37 -136 -183 -149

- Male

238

234

186

266

373

228

268

196

222

141

145

111

97

118

- Female

177

203

200

267

357

236

249

226

229

213

163

199

160

229

- 15 to 29

-35

-36

-50

77

97

53

102

56

52

32

90

50

36

91

- 30 to 39

-47

-31

-21

-21

-6

-42

-7

-29

-32

-1

-56

-60

-60

-67

- 40 to 49

57

11

22

38

99

34

15

4

27

-47

-15

1

-17

17

- 50 to 59

291

270

254

239

323

227

215

190

206

177

138

145

121

134

- 60 or more

149

222

181

200

218

192

192

201

198

192

150

174

177

172

- Nonwage workers · Self-employed workers

Source: Statistics Korea

Unemployment rate 6

Source: Statistics Korea (employment trends)

(%)

5

4

3

2 2004.1

2005.1

Original data

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

Seasonally adjusted rate

24

The Green Book : Current Economic Trends

The number of unemployed persons in September increased by 16,000 year-on-year to 866,000, and the unemployment rate remained unchanged at 3.2 percent. The unemployment rate rose in all age groups except young adults and those in their 50s.

2011 2012 2013 Annual Annual Annual Annual Q1

2014 Q2 Q3

Q4

Sep

Q1

Q2

2015 Q3 Aug

Sep

929

923

866

Number of unemployed (thousands)

855

820

807

937 1,031

977

884

854

849 1,089 1,042

Unemployment growth (y-o-y, thousands)

-65

-35

-13

137

125

165

107

121

129

58

65

45

33

16

- Male

-48

-26

-6

49

40

62

37

59

72

25

42

31

14

9

- Female

-17

-9

-7

80

84

103

70

63

57

32

23

14

19

7

Unemployment rate (%)

3.4

3.2

3.1

3.5

4.0

3.7

3.3

3.2

3.2

4.1

3.8

3.4

3.4

3.2

3.8

3.6

3.6

3.5

8.0

7.9

(Seasonally adjusted)

3.4

3.2

3.1

3.5

3.5

3.7

3.5

3.5

3.5

3.7

-15 to 29

7.6

7.5

8.0

9.0

9.8

9.4

8.6

8.3

8.5

10.3

9.9

8.4

- 30 to 39

3.4

3.0

3.0

3.1

3.2

3.4

3.0

2.8

2.8

3.1

3.3

3.0

3.0

3.1

- 40 to 49

2.1

2.0

2.0

2.2

2.3

2.4

2.1

2.1

2.0

2.4

2.5

2.3

2.5

2.1

- 50 to 59 - 60 or more

2.1

2.1

1.9

2.2

2.2

2.3

2.1

2.2

2.1

2.6

2.6

2.4

2.5

2.1

2.6

2.4

1.8

2.3

4.4

1.9

1.5

1.6

1.5

4.1

2.2

2.0

1.9

1.8

Source: Statistics Korea

The economically inactive population in September was up 146,000 from a year earlier to 15,990,000, while the labor force participation rate rose 0.1 percentage points to 62.9 percent.

The number of those economically inactive due to education (down 87,000, y-o-y) and childcare (down 26,000, y-o-y) decreased, while those due to rest (up 134,000, y-o-y) increased.

Labor force participation rate 65

Source: Statistics Korea (employment trends)

(%)

64 63 62 61 60 59 58 57 2004.1

2005.1

Original data

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

Seasonally adjusted rate

25

ECONOMIC BULLETIN • november 2015

2011 2012 2013 Annual Annual Annual Annual Q1 Economically inactive population (millions)

2014 Q2 Q3

Q4

Sep

Q1

Q2

2015 Q3 Aug

Sep

15.95 16.08 16.22 15.98 16.40 15.69 15.76 16.07 15.85 16.47 15.84 15.92 16.02 15.99

Labor force participation rate (%) 61.1 61.3 61.5 62.4 61.3 63.1 63.0 62.4 62.8 61.5 63.2 63.0 62.8 62.9 (Seasonally adjusted)

61.1 61.3 61.5 62.4 62.6 62.2 62.5 62.4 62.4 62.8 62.3 62.5 62.6 62.6

Growth in economically inactive population (y-o-y, thousands)

112

- Childcare

128

141 -246 -433 -226 -222 -101 -163 1

-39

-29

72

150

162

225

146 -26

-5

-2

-57

-41

-31

-29

41

50

3

12

- Housework

101

123

-3 -131 -230 -127

-99

-67 -110

-91

-41

-19

16

4

- Education

-51

-12

77

-81

-76

-68 -109

-72

-74 -141 -213 -112 -111

-87

- Old age - Rest

-45

148

54

93

81

113

91

89

98

68

95

103

102

107

182

-53

-7

-92 -197

-90

-65

-15

-64

154

151

123

142

134

Source: Statistics Korea

9. Financial markets 9.1 Stock market The KOSPI rose 3.4 percent in October, from 1,963 points to 2,030 points, due to positive third quarter GDP data in Korea, expectations for strong earnings reports, and net buying by foreign investors.

The KOSDAQ rose 0.8 percent from 679 points to 684 points due to expectations for additional economic stimulus measures in China.

Stock prices 2,200

(monthly average)

2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 2004.1

KOSPI

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

KOSDAQ

26

The Green Book : Current Economic Trends

(Closing rate)

Sep 2015

KOSPI Oct 2015

Sep 2015

KOSDAQ Oct 2015

Change1

Change1

Stock price index (points)

1,962.8

2,029.5

66.7 (3.4%)

678.5

683.6

5.1 (0.8%)

Market capitalization (trillion won)

1,230.6

1,284.9

54.3 (4.4%)

190.6

193.9

3.3 (1.7%)

4.9

5.3

0.4 (8.2%)

3.2

3.3

0.1 (4.6%)

32.1

32.9

0.8 (2.5%)

10.1

9.9

-0.2 (-2.0%)

Average daily trade value (trillion won) Foreign stock ownership (%, %p) 1. Change from the end of the previous month Source: Korea Exchange

9.2 Exchange rate The dollar-won exchange rate fell to as low as 1,121 won in early October, as third quarter GDP growth in Korea improved, China lowered interest rates, and poor economic data in the US led to expectations that the Fed will delay rate hikes. However, the exchange rate ended the month at 1,140 won, as the possibility of a rate hike in the US before year-end resurfaced after the October FOMC meeting.

The 100 yen-won exchange rate fell to around 940 won as the dollar-yen exchange rate rose due to decreased demand for safe-haven assets.

(Closing rate)

2009 Dec

2010 Dec

2011 Dec

2012 Dec

2013 Dec

2014 Dec

Sep

2015 Oct

Change1

Dollar-Won

1,164.5

1,134.8

1,151.8

1,070.6

1,055.4

1,099.3

1,185.3

1,140.1

-3.6

100 Yen-Won

1,264.5

1,393.6

1,481.2

1,238.3

1,002.3

913.0

988.2

941.0

-3.0

1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.

Foreign exchange rates 1,800

(month-end, \)

1,600

1,400

1,200

1,000

800 600 2004.1

2005.1

Dollar-Won

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

100 Yen-Won

27

ECONOMIC BULLETIN • november 2015

9.3 Bond market 3-year Treasury bond yields rose from 1.57 percent in September to 1.66 percent in October. Treasury bond yields rose as reduced concerns over a rate hike in the US, along with improved economic indicators in Korea and the US, lowered demand for safe-haven assets.

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

2009.1

Overnight call rate (daily)

2010.1

2011.1

2012.1

2013.1

2014.1

3-yr Treasury bond yield

2015.1

3-yr corporate bond yield

(Closing rate, %)

Call rate (1 day) CD (91 days) Treasury bonds (3 yrs) Corporate bonds (3 yrs) Treasury bonds (5 yrs)

2009 Dec 2.01 2.88 4.44 5.56 4.98

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

2014 Dec 2.03 2.13 2.10 2.43 2.28

2015 Aug 1.52 1.63 1.74 1.99 1.93

Sep 1.49 1.59 1.57 1.89 1.72

Oct 1.50 1.57 1.66 2.00 1.79

Change1 1 -2 9 11 7

1. Basis point, changes from the previous month

9.4 Money supply & money market M2 (monthly average) in August rose 9.2 percent from a year earlier. Private sector credit rose, led by banks, and money supply from the overseas sector also increased due to the current account surplus.

(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

1. Balance at end August 2015, trillion won 2. M1 excluding corporate MMFs and individual MMFs while including CMAs 3. Liquidity aggregates of financial institutions (mostly identical with M3)

2014 Annual 10.9 6.6 7.0

2015 Jun 18.5 9.0 10.5

Jul 21.0 9.3 10.6

Aug 21.3 9.2 10.4

Aug1 653.1 2,218.7 3,029.0

28

The Green Book : Current Economic Trends

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

2009.1

Reserve money

2010.1

2011.1

2012.1

2013.1

2014.1

M1

2015.1

Lf

Bank deposits rose in September, led by instant access deposits (12.4 trillion won → 16.2 trillion won), due to Chuseok bonuses and short-term corporate funds.

Asset management company (AMC) deposits declined, led by money market funds (MMF) (-3.8 trillion won → -10.5 trillion won), as financial institutions withdrew funds to improve their quarter-end financial ratios.

Deposits in financial institutions 60

Source: The Bank of Korea

(y-o-y, end of month balance, trillion won)

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

2014.1

2015.1

(Change from previous period, end-period, trillion won)

Bank deposits AMC deposits

2009 2010 2011 2012 2013 2014 Annual Annual Annual Annual Annual Annual Dec 54.8 36.9 58.9 37.0 41.0 115.4 52.0 -27.6 -16.7 -16.6 18.8 17.7 47.0 -8.7

1. Balance at end September 2015

2015 Jul 0.6 13.9

Aug 14.4 1.7

Sep 14.4 -7.5

Sep1 1,353.1 424.0

29

ECONOMIC BULLETIN • november 2015

10. Balance of payments Korea’s current account (preliminary) in September posted a surplus of US $10.61 billion, staying in the black for 43 consecutive months, and total surpluses reached US $80.63 billion in Jan-Sep 2015.

The goods account surplus rose to US $12.06 billion in September from US $8.89 billion in the previous month, as exports of mobile phones increased following the release of new models and exports to the EU rose.

Goods exports (US $ billion) 43.07 (Aug 2015) → 45.27 (Sep 2015) Goods imports (US $ billion) 34.19 (Aug 2015) → 33.21 (Sep 2015) Export growth by item (y-o-y, %) -8.4 (total), 40.7 (mobile phones), 0.8 (semiconductors), -1.6 (automobiles), -21.6 (steel), -35.6 (oil), -24.2 (chemicals) Import growth by category (y-o-y, %) -21.8 (total), -36.2 (commodities), 0.0 (capital goods), -5.4 (consumer goods)

Current account balance 15

Source: The Bank of Korea (balance of payments trends)

(US $ billion)

10

5

0

-5 2004.1

2005.1

2006.1

2007.1

2008.1

Goods account

2009.1

2010.1

Services account

2011.1

2012.1

2013.1

2014.1

2015.1

Current account

The services account deficit rose from US $1.34 billion to US $1.73 billion, as gains in the travel account were offset by declines in the intellectual property rights account.

Services account (US $ billion, Aug → Sep) -0.38 → -0.46 (manufacturing), 0.11 → 0.11 (transportation), -1.06 → -0.71 (travel), 0.71 → 0.71 (construction), 0.05 → -0.26 (intellectual property rights), -0.92 → -1.11 (other businesses)

The primary income account surplus fell from US $0.95 billion to US $0.79 billion due to a decline in dividend income. The secondary income account deficit rose from US $0.10 billion to US $0.50 billion.

30

The Green Book : Current Economic Trends

(US $ billion)

2013 Annual Annual

Q1

2014 Q2 Q3

Q4

Sep

Q1

Q2

2015 Q3

Aug

Sep1

Current account

81.15

89.22 15.19 24.24 22.57 27.23

- Goods balance

82.78

92.69 17.75 26.43 21.68 26.84

7.51 25.26 34.86 30.99

8.89 12.06

- Services balance

-6.50

-8.16

-0.24

-1.34

- Primary income balance

9.06

10.20

1.91

1.33

3.14

3.82

0.61

4.83

-0.87

3.01

0.95

0.79

- Secondary income balance

-4.19

-5.50

-0.96

-1.68

-1.35

-1.51

-0.43

-1.22

-1.11

-0.70

-0.10

-0.50

-3.50

-1.84

-0.90

-1.92

7.45 23.45 28.86 28.31 -5.41

-4.02

-4.99

8.40 10.61 -1.73

1. Preliminary Source: The Bank of Korea

The capital and financial account (preliminary) in September posted a net outflow of US $10.60 billion.

Capital & financial account balance (US $ billion) -5.54 (Feb 2015) → -11.03 (Mar) → -10.07 (Apr) → -8.81 (May) → -10.51 (Jun) → -10.18 (Jul) → -9.15 (Aug) → -10.60 (Sep)

FDI net outflows rose from US $0.43 billion to US $4.66 billion.

Net outflows of portfolio investment rose from US $2.54 billion to US $4.28 billion, as Korean investment in overseas shares increased.

Net outflows of financial derivatives investment declined from US $1.62 billion to US $1.49 billion, while other investment switched from a net outflow of US $8.45 billion to a net inflow of US $0.40 billion as financial institutions collected loans.

The current account surplus is expected to decline month-on-month in October, considering the smaller trade surplus (US $6.69 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

2006.1

2007.1

2008.1

2009.1

Portfolio investment

2010.1

2011.1

2012.1

Financial derivatives

2013.1

2014.1

2015.1

Capital & financial account

31

ECONOMIC BULLETIN • november 2015

11. Prices 11.1 Consumer prices Consumer prices rose 0.9 percent year-on-year in October.

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

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

Consumer price inflation (m-o-m)

2014.1

2015.1

Consumer price inflation (y-o-y)

Consumer price inflation

(%)

2015 Mar 0.0 0.4

Month-on-Month Year-on-Year

Apr 0.1 0.4

May 0.3 0.5

Jun 0.0 0.7

Jul 0.2 0.7

Aug 0.2 0.7

Sep -0.2 0.6

Oct 0.0 0.9

Source: Statistics Korea

Declines in oil product prices (down 18.6%) pushed down consumer price inflation in October by 0.92 percentage points. agricultural, livestock & fishery product prices rose fast year-on-year in october due to a low base effect from a year ago, when vegetable prices had declined 12.9 percent month-on-month.

Month-on-month, agricultural, livestock & fishery product prices fell 2.3 percent.

Consumer price inflation in major sectors Total Year-on-Year (%) Contribution (%p)

0.9 -

Agricultural, livestock & fishery products 3.0 0.2

Manufactured Public Housing Public Personal products Oil products utilities rents services services -0.3 -18.6 -7.2 2.8 2.0 2.0 -0.1 -0.9 -0.4 0.3 0.3 0.6

32

The Green Book : Current Economic Trends

Core inflation stayed in the 2 percent range. Consumer prices excluding oil and agricultural products rose 2.3 percent year-on-year, and consumer prices excluding food and energy rose 2.6 percent.

Prices 16

Source: Statistics Korea (consumer price trends)

(y-o-y, %)

12

8

4

0

-4

-8 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

Consumer price inflation

2010.1

2011.1

2012.1

2013.1

2014.1

Core inflation

2015.1

Producer price inflation

(y-o-y, %)

2015 Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Consumer prices excluding oil and agricultural products

2.1

2.0

2.1

2.0

2.0

2.1

2.1

2.3

Consumer prices excluding food and energy

2.3

2.3

2.2

2.2

2.5

2.5

2.5

2.6

Source: Statistics Korea

The expected annual inflation stayed in the mid-2 percent range.

Expected inflation (%, Bank of Korea) 2.6 (Feb 2015) → 2.5 (Mar) → 2.5 (Apr) → 2.5 (May) → 2.5 (Jun) → 2.6 (Jul) → 2.5 (Aug) → 2.5 (Sep) → 2.5 (Oct)

11.2 International oil and commodity prices International oil prices remained steady in October as upward pressures such as declining output in the US was offset by downward pressures such as economic slowdown in China and positive outlook for Iran’s production.

Dubai crude prices rose in early October due to the weak dollar and a decline in drilling, but fell later in the month due to China’s economic slowdown and the possibility that Iran will increase output.

Dubai crude (US $/barrel) 48.0 (1st week Oct) → 47.2 (2nd week) → 44.6 (3rd week) → 43.6 (4th week)

33

ECONOMIC BULLETIN • november 2015

The number of oil-drilling rigs in the US declined for the ninth consecutive week in the fourth week of October, hitting the lowest level since June 2010. Meanwhile, China’s GDP grew 6.9 percent year-on-year in the third quarter of 2015, rising at the slowest pace since 2009.

International oil prices 160

Source: Korea National Oil Corporation

(US $/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

2015.1

Dubai crude

WTI

(US $/barrel, period average)

Dubai crude Brent crude WTI crude

2013 Annual Annual 105.2 96.6 108.7 99.1 98.0 93.1

Q1 104.4 108.1 98.7

2014 Q2 106.1 109.7 103.0

Q3 101.6 102.7 97.2

Q4 74.6 76.7 73.4

Q1 51.9 55.1 48.6

Q2 60.5 63.5 58.0

2015 Q3 49.9 51.3 46.5

Sep 45.8 48.6 45.5

Oct 45.8 49.3 46.3

Source: Korea PDS

Domestic gasoline prices continued to fall at a steady pace, despite rising international gasoline prices, as the dollar-won exchange rate declined.

Domestic gasoline prices (won/liter) 1,502.1 (1st week Oct) → 1,501.3 (2nd week) → 1,499.1 (3rd week) → 1,492.7 (4th week) International gasoline prices (US $/barrel) 61.6 (4th week Sep) → 62.3 (5th week) → 64.6 (1st week Oct) → 62.3 (2nd week) Dollar-won exchange rate (won) 1,179 (4th week Sep) → 1,188 (5th week) → 1,171 (1st week Oct) → 1,148 (2nd week) (Won/liter, period average)

Gasoline prices

2013 2014 2015 Annual Annual Q1 Q2 Q3 Q4 Q1 Q2 Q3 Sep Oct 1,924.5 1,827.6 1,882.7 1,868.9 1,837.8 1,721.1 1,485.4 1,543.2 1,544.4 1,511.5 1,498.7

Diesel prices

1,729.6 1,637.0 1,699.9 1,680.0 1,641.4 1,526.7 1,312.6 1,344.2 1,309.3 1,263.8 1,251.9

Source: Korea National Oil Corporation

34

The Green Book : Current Economic Trends

Dubai crude prices and import prices Source: Korea National Oil Corporation 160

(US $/B)

(thousand won/B)

160

140

140

120

120

100

100

80

80

60

60

40

40

20 2004.1

20 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

2015.1

Dubai international prices (dollar, right)

International grain prices rose in October due to bad weather conditions and a lower outlook for global inventories.

Dry weather in the US and Ukraine is threatening winter wheat sowings, and the International Grains Council (IGC) cited dry weather caused by El Nino as the reason for its lowering the 2015-16 forecast for global wheat inventories by 2 million tons compared to the previous month.

International grain price increases in October (m-o-m, %) wheat (4.3), soybeans (1.2), corn (2.5), raw sugar (25.0)

Nonferrous metal prices were mixed in October. The prices of zinc, tin and copper rose slightly due to expectations for lower output levels, while aluminum prices fell as a result of a supply glut.

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.

4000

470 430

3000

390 350

2000

310 270

1000

230 190 150

0

2004.1

CRB (left)

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

Reuters index (right)

35

ECONOMIC BULLETIN • november 2015

Glencore, the world’s largest commodity trading company, announced its plan to cut zinc production by 500,000 tons, which is equivalent to 4 percent of total global supplies. Meanwhile, China is expected to have a surplus of 1.4 million tons of aluminum next year due to overproduction.

Nonferrous metal price increases in October (m-o-m, %) zinc (0.5), tin (2.4), copper (0.3), aluminum (-4.1)

(Period average)

2013 Annual Annual Reuters Index1 (sep 18,1931=100)

2,774

2,523

Q1

2014 Q2

Q3

Q4

Q1

Q2

2015 Q3

Sep

Oct

2,600

2,608

2,491

2,397

2,368

2,394

2,287

2,220

2,279

1. A weighted average index of 17 major commodities Source: KOREA PDS

12. Real estate market 12.1 Housing market Apartment prices rose 0.3 percent month-on-month nationwide in October.

Apartment prices rose 0.4 percent in the Seoul metropolitan area, which includes Seoul (up 0.5%) and Gyeonggi Province (up 0.4%).

Apartment prices were up 0.2 percent in areas excluding the Seoul metropolitan area. Apartment prices in the five metropolitan cities and the eight provinces were up 0.4 percent and 0.1 percent, respectively.

Apartment price increases in five metropolitan cities (m-o-m, %) Busan (0.4), Daegu (0.7), Gwangju (0.4), Daejeon (0.1), Ulsan (0.3)

Apartment sales prices by region 3

Source: Korea Appraisal Board

(m-o-m, %)

2

1

0

-1 2009.1

7

Nationwide

2010.1

7

2011.1

7

2012.1

7

Seoul metropolitan area

2013.1

7

2014.1

7

2015.1

7

Areas excluding Seoul metropolitan area

36

The Green Book : Current Economic Trends

Nationwide apartment prices Nationwide Seoul metropolitan area Seoul Gangnam¹ Gangbuk² Areas excluding the Seoul metropolitan area

(Percentage change from previous period)

2010 2011 2012 2013 2014 Annual Annual Annual Annual Annual Oct Annual May 1.9 6.9 0.0 0.3 1.7 0.2 3.0 0.3 -1.7 0.5 -3.0 -1.1 1.5 0.3 3.8 0.4 -1.2 0.3 -2.9 -1.4 1.1 0.2 3.8 0.4 -1.0 0.3 -3.5 -1.1 1.2 0.3 4.4 0.6 -1.4 0.3 -2.3 -1.7 1.1 0.2 3.2 0.3 6.4

15.1

3.1

1.7

1.9

0.2

2.4

0.2

Jun 0.4 0.5 0.5 0.6 0.4

2015 Jul 0.3 0.4 0.4 0.4 0.3

Aug 0.3 0.3 0.4 0.4 0.4

Sep 0.3 0.4 0.4 0.5 0.4

Oct 0.3 0.4 0.5 0.5 0.5

0.3

0.2

0.2

0.3

0.2

1. Upscale area of Southern Seoul 2. Northern Seoul Source: Korea Appraisal Board

Apartment rental prices rose 0.4 percent month-on-month nationwide in October.

Rental prices rose 0.6 percent in the Seoul metropolitan area and 0.2 percent in regions excluding the Seoul metropolitan area.

Apartment rental price increases in major districts in Seoul (m-o-m, %) Gangnam (0.5), Seocho (0.5), Songpa (0.6), Gangdong (0.6), Seongdong (1.0), Nowon (1.3)

Nationwide apartment rental prices 2010 Annual 7.1 6.3 6.4 7.6 5.1

Nationwide Seoul metropolitan area Seoul Gangnam¹ Gangbuk² Areas excluding the Seoul metropolitan area

(Percentage change from previous period)

2011 2012 2013 2014 Annual Annual Annual Annual Oct Annual May 12.3 3.5 4.7 3.4 0.3 4.1 0.4 11.0 2.1 6.2 4.7 0.4 6.1 0.7 10.8 2.1 6.6 3.6 0.4 5.9 0.6 11.1 2.4 6.7 3.3 0.4 6.6 0.7 10.6 1.8 6.4 3.8 0.4 5.2 0.5

9.2

14.5

4.6

3.3

2.2

0.2

2.4

2013.1

7

0.2

Jun 0.5 0.7 0.7 0.8 0.5

2015 Jul 0.3 0.5 0.5 0.6 0.5

0.3

0.2

Aug Sep 0.3 0.4 0.4 0.6 0.5 0.7 0.4 0.7 0.5 0.7

Oct 0.4 0.6 0.6 0.5 0.8

0.2

0.2

0.3

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

Nationwide

7

2010.1

7

2001.1

7

2012.1

7

Seoul metropolitan area

2014.1

7

2015.1

7

Areas excluding Seoul metropolitan area

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ECONOMIC BULLETIN • november 2015

Apartment sales transactions declined 8.5 percent from 94,110 transactions in August to 86,152 transactions in September, and were down 0.6 percent from a year ago (86,689).

Apartment sales transactions

(Thousands)

2010 2011 2012 2013 2014 2015 Annual1 Annual1 Annual1 Annual1 Annual1 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 67

Nationwide

82

61

71

84

87

109

91

91

79

79

112 120 110 110 111

94

86

1. Monthly average Source: Ministry of Land, Infrastructure and Transport

Monthly apartment transaction volume 160

Source: Ministry of Land, Infrastructure and Transport

(thousands)

140 120 100 80 60 40 20 0 2009.1

7

2010.1

7

2011.1

Nationwide

7

2012.1

7

2013.1

Seoul metropolitan area

7

2014.1

7

2015.1

7

Areas excluding Seoul metropolitan area

12.2 Land market Land prices rose 0.19 percent month-on-month nationwide in September.

Land prices were up 0.18 percent in the Seoul metropolitan area, which includes Seoul (up 0.22%) and Gyeonggi Province (up 0.14%).

Land price increases in Seoul metropolitan area (m-o-m, %) 0.15 (Feb 2015) → 0.17 (Mar) → 0.19 (Apr) → 0.17 (May) → 0.19 (Jun) → 0.20 (Jul) → 0.18 (Aug) → 0.18 (Sep)

Land prices rose 0.22 percent in areas excluding the Seoul metropolitan area, which include Daegu (up 0.35%), Daejeon (up 0.26%), Ulsan (up 0.21%) and Sejong (up 0.40%).

Land price increases in areas excluding Seoul metropolitan area (m-o-m, %) 0.15 (Feb 2015) → 0.22 (Mar) → 0.21 (Apr) → 0.20 (May) → 0.25 (Jun) → 0.24 (Jul) → 0.21 (Aug) → 0.22 (Sep)

38

The Green Book : Current Economic Trends

Land prices

(Percentage change from previous period)

2009 2010 2011 2012 2013 2014 2015 Annual Annual Annual Annual Annual Annual Q3 Q4 Annual Q1 Q2 Q3 Jul Aug Sep 0.96 1.05 1.17 0.96 1.14 1.96 0.49 0.53 1.67 0.48 0.59 0.60 0.22 0.19 0.19

Nationwide Seoul

1.40 0.53

0.97

0.38

1.21

2.66 0.69 0.67

1.96 0.57 0.69 0.69 0.24 0.22 0.22

Gyeonggi

1.22 1.49

1.47

1.04

0.91

1.24 0.27 0.33

1.21 0.35 0.41 0.43 0.17 0.13 0.14

Incheon

1.99 1.43

0.66

0.46

0.87

1.35 0.32 0.40

1.44 0.37 0.53 0.54 0.17 0.19 0.17

Source: Korea Appraisal Board

There were 229,000 land transactions in September, down 4.9 percent from the previous month and up 7.2 percent from a year ago (214,000).

Land transactions declined in Seoul (down 8.0%, m-o-m), Busan (down 13.7%, m-o-m), Daegu (down 12.1%, m-o-m) and North Chungcheong Province (down 15.7%, m-o-m).

Vacant land transactions, which accounted for 36.3 percent of total land transactions, recorded 83,000 in September, down 3.6 percent month-on-month and up 11.6 percent compared with a year ago (75,000).

Land transactions

(Land lots, thousands)

2010 2011 2012 2013 2014 2015 Annual1 Annual1 Annual1 Annual1 Annual1 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Nationwide 187 208 170 187 220 214 258 228 257 219 199 278 293 262 279 290 241 229 Seoul

16

18

13

17

22

23

29

25

23

20

21

33

36

34

33

36

29

27

Gyeonggi

41

43

33

37

46

46

57

50

53

45

43

62

66

60

65

62

56

58

Incheon

8

10

8

8

10

10

13

11

9

8

8

12

13

12

13

15

13

12

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

2006.1

Seoul metropolitan area

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

Areas excluding Seoul metropolitan area

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ECONOMIC BULLETIN • november 2015

13. Composite indices of business cycle indicators Industrial output in September rose 2.4 percent month-on-month and 4.4 percent year-on-year. Output rose in mining & manufacturing (up 1.9%, m-o-m), services (up 1.2%, m-o-m), construction (up 4.9%, m-o-m) and public administration (up 12.1%, m-o-m).

Index of all industry production 20

Source: Statistics Korea (industrial activity trends)

(%)

15

10

5

0

-5

-10

-15 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

Index of all industry production (m-o-m)

2014.1

2015.1

Index of all industry production(y-o-y)

2015 Feb Index of all industry production (m-o-m, %) (y-o-y, %)

Mar

Apr

May

Jun

Jul1

Aug1

Sep1

2.2 0.6

-0.5 2.0

-0.5 0.7

-0.6 0.1

0.6 1.4

0.6 0.3

0.3 1.2

2.4 4.4

Coincident composite index (2010=100) (m-o-m, %)

124.4 0.6

124.7 0.2

125.1 0.3

125.0 -0.1

125.2 0.2

125.9 0.6

126.8 0.7

128.1 1.0

Cyclical indicator of coincident composite index (m-o-m, p)

100.5 0.4

100.3 -0.2

100.3 0.0

99.8 -0.5

99.5 -0.3

99.7 0.2

100.0 0.3

100.7 0.7

Leading composite index (2010=100) (m-o-m, %)

129.0 0.9

130.5 1.2

131.1 0.5

132.1 0.8

132.3 0.2

133.0 0.5

133.9 0.7

135.3 1.0

Cyclical indicator of leading composite index (m-o-m, p)

103.1 0.6

103.8 0.7

103.7 -0.1

104.0 0.3

103.6 -0.4

103.5 -0.1

103.6 0.1

104.1 0.5

1. Preliminary

40

The Green Book : Current Economic Trends

The cyclical indicator of the coincident composite index was up 0.7 points month-on-month to 100.7. All components of the coincident composite index rose.

Components of the coincident composite index in September (m-o-m) mining & manufacturing production (0.6%), service output (1.1%), value of construction completed (2.7%), retail sales (1.5%), domestic shipments (0.8%), imports (0.5%), nonfarm payroll employment (0.3%)

Cyclical indicator of coincident composite index 110

Source: Statistics Korea (industrial activity trends)

(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

2015.1

The cyclical indicator of the leading composite index rose 0.5 points month-on-month to 104.1. Four components of the leading composite index declined, while five others rose.

Components of the leading composite index in September (m-o-m) consumer expectations index (1.6p), value of construction orders received (30.7%), ratio of export to import prices (0.7%), international commodity prices (2.3%), ratio of job openings to job seekers (1.1%p), inventory circulation indicator (-0.3%p), domestic shipments of machinery (-1.8%), KOSPI (-2.0%), spreads between long & short term interest rates (-0.01%p)

Cyclical indicator of leading composite index 110

Source: Statistics Korea (industrial activity trends)

(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

2015.1

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ECONOMIC BULLETIN • november 2015

Government to Expand Public Sector Spending by More Than 9 Trillion Won in Q4 Korea and China to Expand Cooperation in Development, Trade and Investment

Policy Issues

Policy Issues

Government to Expand Public Sector Spending by More Than 9 Trillion Won in Q4

The government announced plans to increase public sector spending by more than 9 trillion won in the fourth quarter at the 20th Ministerial Meeting on the Economy held on October 27.

Background: Current economic situation The Korean economy rose 1.2 percent in the third quarter, the highest quarterly growth in five years, rebounding from the second quarter slowdown. Strong domestic demand from both the private and public sectors, which was stimulated by supplementary budget expenditures and spending promotion measures1, contributed to the high growth. Strong domestic demand (up 1.9%p, q-o-q) offset weak exports (down 0.7%p, q-o-q), leading to the highest GDP growth since the second quarter of 2010 (up 1.7%).

Private consumption soared in the third quarter to 1.1 percent, recovering from a 0.2 percent fall in the previous quarter, while public spending growth accelerated from 0.8 percent to 1.9 percent.

Facility investment increased for six quarters in a row backed by improving business sentiment and corporate investment.

Business Sentiment Index (BSI) 77 (Jun 2015) → 67 (Jul) → 70 (Aug) → 72 (Sept) → 72 (Oct) Machinery imports (y-o-y, %) 8.5 (Q1 2015) → -1.1 (Q2) → 2.3 (Q3)

1) The measures include sales tax cuts on luxury goods, the Korea Grand Sale and an extra holiday

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ECONOMIC BULLETIN • november 2015

Construction investment grew at a faster pace from 1.6 percent to 4.5 percent as both building construction and civil engineering works increased amid recovering housing markets and due to strong SOC investment2.

However, both exports and imports continued to fall, while current account surpluses increased.

Exports of most items declined in the third quarter, excluding semiconductors and mobile phones, due to slowing global trade and falling unit prices.

Export growth by item (y-o-y, %) 3.5 (semiconductors), 11.3 (mobile phones), -5.8 (automobiles), -14.4 (vessels), -37.0 (petroleum products), -7.4 (flat screen displays)

Imports continued to decline due to low oil and other commodity prices, although import volumes increased backed by strong domestic demand.

Import volume growth (y-o-y, %) 3.3 (Q1 2015) → 3.7 (Q2) → 4.0 (Q3)

Evaluation and outlook GDP growth was fueled by strong domestic demand in the third quarter, while exports, which had contributed around 1.0 percentage point growth to GDP, have been negative in 2015. Domestic consumption grew 3.4 percentage points in the Q1-Q3 period of 2015.

Contribution of exports and domestic consumption to GDP growth

(%p)

2011

2012

2013

2014

Q1 2015

Q2

Q3

Q1-Q3

Domestic consumption

2.9

0.7

1.4

2.8

1.0

0.6

1.9

3.4

Exports

0.9

1.5

1.5

0.5

-0.2

-0.3

-0.7

-1.0

GDP growth

3.7

2.3

2.9

3.3

0.8

0.3

1.2

2.4

Korea’s domestic consumption growth is high among the OECD member countries.

Contribution of domestic consumption to GDP growth (H1 2015, %p) 6.6 (Ireland), 6.2 (Iceland), 4.4 (Czech Republic), 3.43 (Korea), 3.1 (US), 2.2 (UK), 1.1 (Germany), -0.6 (Japan)

2) Supplementary budget spending exceeded the target by 2.7 percentage points at 66.6 percent in Q3 3) Q1 – Q3 of 2015

44

Policy Issues

Domestic consumption is expected to continue to improve in the fourth quarter given increasing household income, consumption promotion measures including sales tax cuts on luxury goods and the Korea Black Friday, and supplementary budget spending and other fiscal stimulus measures. The Korea Black Friday is projected to boost private consumption by 0.2 percentage points in the fourth quarter.

Household income growth (real income, y-o-y, %) 1.1 (Q2 2014) → 1.6 (Q3) → 1.4 (Q4) → 2.0 (Q1 2015) → 2.3 (Q2)

Both consumer and investor sentiments are improving, and tax revenues are projected to increase4.

Deputy Prime Minister Choi Kyung Hwan speaks at the 20th Ministerial Meeting on the Economy on October 27.

Consumer Sentiment Index (CSI) 105 (May 2015) → 99 (Jun) → 100 (Jul) → 102 (Aug) → 103 (Sept) → 105 (Oct) Business Sentiment Index (BSI) 77 (Jun 2015) → 67 (Jul) → 70 (Aug) → 72 (Sept) → 72 (Oct)

Weak exports will likely continue in the fourth quarter due to slowing global demand, including demand from China, and low oil prices, which will affect export unit prices.

Measures to stimulate consumption The government will continue to stimulate consumption in the fourth quarter, by increasing public sector spending by more than 9 trillion won, while accelerating the reforming of the four areas of the labor, finance, education and public sectors, as well as working for the ratification of economic bills at the National Assembly.

1) Increasing public sector spending - Expand central government fiscal expenditures by 1.6 trillion won, making total annual budget execution 96 percent in 2015, a 0.5 percentage point rise from the original plan, by increasing spending on disaster prevention including drought preparedness and streamlining appropriations processes - A total of 6.1 trillion won to be spent additionally by local governments: 3.7 trillion won of supplementary budgets and 2.4 trillion won of a budget execution increase, a 0.8 percentage point rise from the original plan

4) As of August 2015, 69.8 percent of taxes were collected, a 6.7 percent increase compared with the previous year

45

ECONOMIC BULLETIN • november 2015

2) Stimulating demand - Early payment of national health care benefits to be made in the fourth quarter, instead of next year, adding 1 trillion won to this year’s payments - Promote cultural activities by designating the last week of the month as the Culture Appreciation Days, during which citizens can enjoy cultural events free or at discounted prices, an expansion from the last Wednesday of the month to a whole week - Korea Development Bank to increase its corporate investment promotion program by 0.4 trillion won to 1.8 trillion won in the fourth quarter, making its annual corporate financing under this program a total of 5.6 trillion won in 2015 - Solve administrative difficulties to help enterprises make investments as planned5

3) Implementing policies as scheduled - Minimize budgets left unspent6, while implementing other economy-boosting measures7 - Aggressively work with the National Assembly for the legislation of the service sector promotion bills and business restructuring promotion bills8, as well as for the ratification of the FTAs that have already concluded, including the Korea-China FTA - Pursue restructuring by legislating related laws, while producing outcomes regarding issues related to restructuring, such as developing guidelines on employment and contract termination, completing the adoption of the peak wage system in the public sector, finalizing the PRIME project to support universities that lead industry-university cooperation, and laying the foundation for internet-only banks to take off

A concert takes place at Deoksugung Palace on August 26 as a Culture Appreciation Day event. As part of efforts to stimulate demand, the government is planning to promote cultural activities by expanding the Culture Appreciation Days.

5) A total of 74.5 trillion won of investment is planned to be made by the 30 largest enterprises in H2 6) Of the 8.3 trillion won of supplementary budgets allocated to projects, around 5.5 trillion won has been executed 7) MOUs regarding investment in the Korea Infrastructure Investment Platform (KIIP) to be signed in November 8) Framework Act on Service Sector Development, Tourism Promotion Act, International Healthcare Business Support Act, Business Promotion Act

Policy Issues

Korea and China to Expand Cooperation in Development, Trade and Investment

MOUs for regional development initiatives and overseas market exploration Deputy Prime Minister Choi Kyung Hwan and China’s National Development and Reform Commission Chairman Xu Shaoshi signed MOUs to expand cooperation in regional development initiatives, Korea’s Eurasia Initiative and China’s One Belt One Road initiative, and jointly explore foreign markets.

With regard to the Eurasia Initiative and One Belt One Road, the two countries agreed to expand cooperation in implementing policies, jointly developing infrastructure, boosting investment, promoting financial cooperation and exchanging human capital, since the two initiative share many areas in common.

The two countries also agreed to jointly explore foreign markets in such areas as infrastructure construction, city development, energy supply, IT & communications and environmental protection, and to strengthen cooperation in financing, research and the sharing of information with regard to jointly exploring new markets. Korea and China will seek ways to utilize funds from the Asian Infrastructure investment Bank (AIIB) and other multilateral development financial institutions in order to finance joint projects.

The Korea-China Finance Ministers’ Meeting will be a center for implementing the MOU for joint market exploration.

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ECONOMIC BULLETIN • november 2015

President Park Geun-hye (right) and Chinese Premier Li Keqiang inspect an honor guard during a welcoming ceremony at Cheongwadae on October 31.

Financial cooperation Following the Korea-China summit, the Korean government and the People’s Bank of China agreed on the following: - Set up a direct trading exchange market between the Korean won and the Chinese renminbi (RMB) in the China Foreign Exchange Trade System (CFETS) - Korea to issue RMB-denominated sovereign bonds in the Chinese interbank bond market, while promoting an RMB-denominated bond market in Korea - Korean banks to provide RMB-denominated loans to enterprises located in Shandong Province, an expansion from the city of Qingdao, while launching a pilot program for crowd-funding in Shandong province - China to increase the RMB Qualified Foreign Institutional Investor (RQFII) quota for Korean financial institutions from 80 billion yuan to 120 billion yuan - Korea Securities Depository (KSD) to provide depository and settlement services for bonds traded in the China Interbank Bond Market as it works with China Central Depository & Clearing (CCDC)

Please refer to the joint statement on the financial cooperation at http://english.mosf.go.kr/pre/view.do?bcd=N0001&seq=3955&bPage=1

Economic News Briefing

Korea Ranked 4th in Doing Business Report Korea Positively Evaluated in Pursuit of Brisbane Agenda at G20 Summit Korea Calls for Northeast Asian Development at G20 Summit Peak Wage System to be Adopted by Most Public Institutions Retail and Tourism Improve during Korea Black Friday New Prudential Regulations to be Adopted Starting 2016 Korea and Russia to Launch Working Groups to Explore and Finance Joint Projects R&D Spending Up 7.48% in 2014 Korea Grows 1.2% in Q3 (Advanced)

Economic News Briefing

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ECONOMIC BULLETIN • november 2015

Korea Ranked 4th in Doing Business Report Korea was ranked fourth among 189 countries, the highest ever, in the World Bank’s Doing Business 2016 report, edging up one notch from the previous year. Of the 10 areas included this year to measure the ease of doing business in the 189 countries, Korea showed improvement in four areas: registering property, protecting minority investors, enforcing contracts and resolving insolvency.

The latest report demonstrates that Korea provides a world class business environment. Korea’s doing business conditions will further improve as the government will continue to work on regulatory reforms in the labor, finance and education sectors, while promoting a creative economy. The government will continue to streamline regulations, encourage innovation and new technology development, and boost the service sector.

Korea Positively Evaluated in Pursuit of Brisbane Agenda at G20 Summit Korea was positively evaluated to have successfully pursued the Brisbane growth agenda, which is aimed at lifting collective G20 GDP by an additional 2 percent by 2018, at the 2015 G20 summit meeting held in Antalya, Turkey on November 15-16. Korea was ranked the second among the 20 member countries for 22 important tasks in the seven areas which include improving regulations and enhancing service sector competitiveness, and was particularly praised for the quality of its policies and speedy implementation with regard to regulatory reforms and investment promotion.

Korea Calls for Northeast Asian Development at G20 Summit President Park Geun-hye called for Northeast Asian development and proposed the setting up of a Northeast Asian Development Bank on the premise that North Korea completely abandons its nuclear ambitions in her speech at the G20 Summit Meeting. President Park said Northeast Asian development would be a large project which will require US $63 billion annually, and that the Northeast Asian Development Bank will closely cooperate with the Asian Development Bank (ADB) and the Asian Infrastructure investment Bank (AIIB) if it is established.

Peak Wage System to be Adopted by Most Public Institutions 287 out of a total of 313 public institutions have decided to adopt the peak wage system next year. The adoption of the new wage system is projected to create as many as 4,211 new jobs in 2016, while

Economic News Briefing

extending the retirement age of those institutions by an average of 2.5 years. The average wage will be adjusted to 82.6 percent in the first year, 76.2 percent in the second and 70.1 percent in the third. The government will continue to encourage public institutions that have yet to adopt the peak wage system to do it, and will work to help prepare for the implementation of the new wage system, such as developing duties for the newly hired young adults.

Retail and Tourism Improve during Korea Black Friday The government released its analysis of the economic effects of Korea Black Friday, a nationwide sales event unfolded during the first two weeks of October in which 92 retail companies, such as department stores and online retailers, as well as 200 local traditional markets participated. During the event, 22 major retail companies saw their sales increase by 20.7 percent, or 719.4 billion won, compared to the same period last year.

Also, the number of foreign tourists visiting Korea rose 8.5 percent during the first two weeks of October compared to the same period of last year, increasing for the first time since the MERS outbreak. Foreign tourists are estimated to have spent 30-40 billion won on food and accommodations during the event period.

Chinese tourists shop for cosmetics at a duty free shop in downtown Seoul on October 1, the first day of Korea Black Friday.

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New Prudential Regulations to be Adopted Starting 2016 The Financial Services Commission (FSC) will revise prudential regulations to match the global standard, ease regulations that are excessive compared to global equivalents, and adjust prudential standards to reduce arbitrage between different financial businesses.

Regulations in regard to domestic systematically important banks (D-SIBs), capital buffers and Basel II’s Pillar 2, on which the government has been working this year, will be introduced in 2016, and consolidated risk-based capital (RBC) and own risk & solvency assessment (ORSA) will be introduced in 2016 and 2017, respectively.

The loan-to-deposit (LTD) ratio requirement will be eased for foreign bank branches, and the LTD ratio for mutual companies will be raised to the level applied to banks, 100 percent.

Korea and Russia to Launch Working Groups to Explore and Finance Joint Projects The 14th Meeting of the Korea-Russia Joint Commission on Economic, Scientific and Technological Cooperation was held in Vladivostok, Russia on October 23. The two countries discussed measures to cooperate broadly across eight different sectors, including trade and investment, energy and other natural resources supply, transportation and logistics, agriculture and fisheries, and science, technology and space exploration.

Korea and Russia agreed to form working groups in order to accelerate joint project exploration, which will be financed by the Korea-Russia Joint Investment Platform, and support corporate investment in the Far East. Korea and Russia will also seek to launch a consultative commission between Korea and the Eurasia Economic Union (EEU) to expand economic cooperation and help businesses expand to the other’s markets.

R&D Spending Up 7.48% in 2014 Koreaʼs R&D expenditures amounted to 63.7 trillion won in 2014, up 7.48 percent from the previous year.

R&D spending as a percentage of GDP rose 0.14 percentage points to 4.29 percent, which is among the highest in the world. The private sector contributed 75.3 percent of total R&D spending, while 24.0 percent was invested by the government and public sector, and 0.7 percent came from overseas. The number of researchers per thousand people was 6.9, which was high compared to other countries, but R&D spending per researcher was relatively low.

52

Economic News Briefing

Korea Grows 1.2% in Q3 (Advanced) Korea’s real gross domestic product (GDP) expanded 1.2 percent in the third quarter of 2015 compared to the previous quarter, according to advanced data released by the Bank of Korea on October 23. The growth rate was up 2.6 percent from a year ago.

On the production side, agriculture, forestry & fisheries grew 6.5 percent quarter-on-quarter due to a low base effect. Manufacturing grew 0.1 percent, led by mobile phones and semiconductors, while construction surged 5.3 percent, led by building construction. Services were up 1.0 percent, as wholesale & retail and hotels & restaurants recovered from the aftermath of the MERS outbreak.

On the expenditure side, private consumption rose 1.1 percent due to strong durable goods and services, while facility investment grew 2.0 percent due to increasing machinery investment. Construction investment was up 4.5 percent, as both building construction and civil engineering works increased, and intellectual property investment rose 0.2 percent, led by software investment Exports declined 0.2 percent, led by LCDs, chemical products and vessels, while imports rose 1.3 percent, led by coal, oil products and electronics.

GDP by production and expenditure*

(Percentage change from previous period)

20141

2013 Q1

Q2

0.6

GDP

2

Q3

1.0

0.9 2

Q1

0.9 2

Q2

1.1 2

Q3

0.5 2

Q4

0.8 2

Q1

0.3 2

Q2

0.8 2

Q3

0.3 2

1.2

(2.1)

(2.7)

(3.2)

(3.5)

(3.9)

(3.4)

(3.3)

(2.7)

(2.5)

(2.2)

(2.6)2

Agriculture, forestry & fisheries

-2.0

0.7

4.1

3.3

-2.2

-2.0

2.0

2.8

3.4

-12.2

6.5

Manufacturing

1.6

1.1

0.8

0.8

2.2

1.1

-0.9

0.0

0.4

1.2

0.1

Construction

2.0

1.5

0.1

-1.2

1.4

0.1

0.9

-3.0

2.0

0.0

5.3

Services

0.5

1.2

0.8

0.7

0.9

0.3

1.2

0.6

0.9

0.0

1.0

Private consumption

-0.1

0.5

1.1

0.6

0.4

-0.4

0.8

0.5

0.6

-0.2

1.1

Government consumption

1.2

1.9

0.7

0.4

0.1

0.6

2.1

0.2

0.2

0.8

1.9

Facility investment

2.7

0.9

3.5

4.2

-1.4

1.3

0.2

4.0

0.2

0.5

2.0

Construction investment

5.3

4.6

-0.8

-4.8

5.3

0.5

0.9

-7.8

7.4

1.6

4.5

Intellectual property investment

3.0

0.6

0.6

3.3

2.0

-0.1

-0.3

-0.5

2.3

-0.7

0.2

Exports

0.2

2.3

-0.7

1.3

1.4

1.3

-1.7

0.4

0.1

0.3

-0.2

Imports

0.7

1.5

0.0

2.9

-1.1

1.2

-0.7

0.7

0.6

0.9

1.3

3

2

Q4

20151

*At 2010 chained prices in seasonally adjusted terms 1. Preliminary 2. Percentage change from the same period of the previous year (original data) 3. Wholesale & retail, hotels & restaurants, transportation & storage, communications services, financial & insurance services, real estate & renting, business services, public administration, defense & social security, education services, healthcare & social welfare services, entertainment, cultural & sports services and other services are included.

53

ECONOMIC BULLETIN • november 2015

01. National accounts 02. Production, shipment and inventory 03. Production capacity and operation ratio 04. Consumer goods sales index 05. Consumer goods shipment index and consumer sentiment index 06. Machinery orders received and estimated facility investment index 07. Value of construction completed and domestic construction orders received 08. Composite indices of business cycle indicators and BSI 09. Balance of payments (I) 10. Balance of payments (II) 11. Prices 12. Employment 13. Financial indicators 14. Monetary indicators 15. Exchange rates

Statistical Appendices

54

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

2006 2007 2008 2009 2010 2011 2012 2013 2014P

5.2 5.5 2.8 0.7 6.5 3.7 2.3 2.9 3.3

1.6 4.1 5.6 3.2 -4.3 -2.0 -0.9 3.1 2.6

7.7 8.4 3.7 -0.5 13.7 6.5 2.4 3.6 4.0

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 3.3 3.1

0.7 1.5 -2.7 3.5 -3.7 -3.4 -3.9 5.5 1.0

8.4 9.7 -0.2 -7.7 22.0 4.7 0.1 -0.8 5.8

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

-9.3 -2.5 -5.8 7.1

11.4 6.5 5.6 3.4

3.3 3.3 2.8 1.7

-0.7 2.5 1.7 -0.3

-8.2 -2.5 -2.2 -2.0

8.3 8.3 3.4 -0.9

2012 Ⅰ Ⅱ Ⅲ Ⅳ

2.6 2.4 2.1 2.1

0.1 -1.8 0.0 -1.3

2.7 2.8 2.0 2.0

2.2 1.3 2.7 2.7

6.2 -2.2 -0.9 -3.6

-0.2 -5.3 -2.6 -6.4

11.0 -1.9 -4.2 -3.8

2013 Ⅰ Ⅱ Ⅲ Ⅳ

2.1 2.7 3.2 3.5

-1.2 0.3 4.4 6.8

2.7 3.6 3.8 4.2

1.5 2.2 2.4 2.6

-3.2 4.3 4.9 6.5

1.3 8.9 7.4 3.5

-12.3 -3.2 2.3 11.6

2014PⅠ Ⅱ Ⅲ Ⅳ

3.9 3.4 3.3 2.7

5.6 3.3 1.4 1.3

5.1 5.1 3.3 2.4

2.7 1.7 2.0 1.8

5.8 3.3 3.3 0.7

4.1 0.2 2.3 -1.5

7.2 7.7 4.2 4.2

2015PⅠ Ⅱ Ⅲ

2.5 2.2 2.6

6.3 -4.7 -0.6

0.7 0.8 1.7

1.9 2.0 2.3

2.4 2.4 5.0

0.6 1.6 5.2

5.8 5.0 6.8

P: Preliminary Source: The Bank of Korea

55

ECONOMIC BULLETIN • november 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(%)

2012 2013 2014

107.4 108.2 108.2

1.3 0.7 0.0

107.2 108.1 107.9

1.5 0.8 -0.2

125.2 130.7 128.4

4.4 4.4 -1.8

104.8 106.4 108.7

1.6 1.5 2.2

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

106.0 109.3 104.3 113.0

-0.6 0.4 0.6 2.2

106.1 109.4 104.5 112.2

-0.5 0.9 0.7 2.2

123.1 119.2 124.5 130.7

4.6 3.8 8.7 4.4

103.2 106.8 105.6 110.0

1.2 1.8 0.8 2.1

2014 Ⅰ Ⅱ Ⅲ Ⅳ

106.7 109.8 105.5 110.9

0.7 0.5 1.2 -1.9

106.5 109.3 104.8 111.0

0.4 -0.1 0.3 -1.1

130.0 128.9 129.7 128.4

5.6 8.1 4.2 -1.8

105.3 108.4 108.3 112.9

2.0 1.5 2.6 2.6

2015 Ⅰ Ⅱ

105.7 108.2

-0.9 -1.5

105.9 108.0

-0.6 -1.2

133.7 136.0

2.8 5.5

108.2 111.1

2.9 2.5

2013 1 2 3 4 5 6 7 8 9 10 11 12

111.2 97.3 109.6 109.5 110.6 107.8 108.0 103.9 101.1 113.3 112.2 113.4

9.0 -8.3 -1.8 2.5 -0.1 -1.3 1.9 3.6 -3.4 4.1 -0.4 2.8

110.0 98.2 110.2 109.3 110.3 108.6 107.1 104.9 101.4 112.6 111.4 112.6

7.0 -7.4 -0.7 2.9 0.4 -0.5 1.8 5.0 -4.5 4.1 0.4 2.3

128.6 124.6 123.1 120.7 121.7 119.2 124.0 123.5 124.5 126.3 129.1 130.7

7.8 6.1 4.6 3.6 3.0 3.8 7.5 3.5 8.7 8.8 6.4 4.4

102.4 100.4 106.7 105.6 107.7 107.0 105.6 105.7 105.4 107.8 107.4 114.7

2.1 0.5 0.9 2.7 1.6 1.0 0.8 1.7 -0.3 2.9 1.8 1.8

2014 1 2 3 4 5 6 7 8 9 10 11 12

106.2 101.0 112.9 112.4 108.4 108.5 112.3 101.2 103.1 109.8 108.3 114.7

-4.5 3.8 3.0 2.6 -2.0 0.6 4.0 -2.6 2.0 -3.1 -3.5 1.1

105.1 101.3 113.1 111.3 108.7 107.8 109.5 101.7 103.2 109.0 109.2 114.9

-4.5 3.2 2.6 1.8 -1.5 -0.7 2.2 -3.1 1.8 -3.2 -2.0 2.0

132.1 129.3 130.0 131.2 130.0 128.9 133.2 130.6 129.7 130.7 129.7 128.4

2.7 3.8 5.6 8.7 6.8 8.1 7.4 5.7 4.2 3.5 0.5 -1.8

104.7 101.8 109.4 106.9 108.8 109.6 108.7 107.9 108.3 110.6 109.8 118.4

2.2 1.4 2.5 1.2 1.0 2.4 2.9 2.1 2.8 2.6 2.2 3.2

2015 1 2 3 4 5 6 7 8P 9P

108.1 96.0 113.0 109.5 105.1 110.0 108.6 101.3 105.6

1.8 -5.0 0.1 -2.6 -3.0 1.4 -3.3 0.1 2.4

108.1 96.6 113.1 109.5 105.5 108.9 107.8 102.0 106.9

2.9 -4.6 0.0 -1.6 -2.9 1.0 -1.6 0.3 3.6

132.4 133.0 133.7 135.2 134.6 136.0 138.8 138.8 139.5

0.2 2.9 2.8 3.0 3.5 5.5 4.2 6.3 7.6

107.1 104.6 113.0 111.2 111.4 110.6 111.3 110.4 112.3

2.4 2.8 3.3 4.0 2.4 0.9 2.4 2.3 3.7

P: Preliminary Source: Statistics Korea

56

Statistical Appendices

3. Production capacity and operation ratio Period

Production capacity index (2010=100)

Operation ratio index (2010=100)

y-o-y change (%)

y-o-y change (%)

Average operation ratio (%)

2012 2013 2014

106.9 108.6 110.3

2.1 1.6 1.6

97.5 95.1 94.2

-2.7 -2.5 -0.9

78.6 76.5 76.1

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

108.1 108.3 108.8 109.3

1.7 1.5 1.7 1.7

93.7 97.9 90.8 98.3

-3.9 -3.1 -2.6 0.0

77.3 76.1 75.4 77.0

2014 Ⅰ Ⅱ Ⅲ Ⅳ

109.6 109.9 110.6 111.0

1.4 1.5 1.7 1.6

92.8 96.8 91.5 95.8

-1.0 -1.1 0.8 -2.5

77.1 76.1 76.0 75.1

2015 Ⅰ Ⅱ

111.2 111.3

1.5 1.3

90.1 94.8

-2.9 -2.1

74.4 74.2

2013 1 2 3 4 5 6 7 8 9 10 11 12

108.0 108.1 108.1 108.1 108.3 108.5 108.6 108.9 108.9 109.1 109.2 109.6

1.7 1.8 1.6 1.4 1.5 1.6 1.8 1.6 1.8 1.7 1.6 1.9

98.9 84.9 97.2 97.9 99.4 96.3 94.6 90.7 87.0 99.7 98.2 96.9

6.9 -12.7 -5.5 -1.0 -3.1 -5.0 -2.7 2.7 -7.5 1.6 -2.5 0.8

78.8 77.3 75.9 75.8 76.4 76.2 74.7 76.8 74.8 77.0 76.5 77.4

2014 1 2 3 4 5 6 7 8 9 10 11 12

109.7 109.5 109.7 109.6 109.9 110.1 110.4 110.7 110.8 110.9 110.9 111.1

1.6 1.3 1.5 1.4 1.5 1.5 1.7 1.7 1.7 1.6 1.6 1.4

91.9 87.5 99.0 99.8 95.6 94.9 98.7 86.8 88.9 95.8 94.1 97.6

-7.1 3.1 1.9 1.9 -3.8 -1.5 4.3 -4.3 2.2 -3.9 -4.2 0.7

77.8 76.3 77.2 77.2 74.9 76.3 77.9 74.7 75.4 74.2 74.6 76.6

2015 1 2 3 4 5 6 7 8P 9P

111.1 111.0 111.5 111.2 111.3 111.4 111.2 111.3 111.8

1.3 1.4 1.6 1.5 1.3 1.2 0.7 0.5 0.9

93.0 81.1 96.3 95.8 91.9 96.8 94.8 86.0 88.6

1.2 -7.3 -2.7 -4.0 -3.9 2.0 -4.0 -0.9 -0.3

74.1 75.1 73.9 74.1 73.2 75.2 74.7 74.1 75.1

P: Preliminary Source: The Bank of Korea

57

ECONOMIC BULLETIN • november 2015

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 (%)

2012 2013 2014

107.1 107.9 109.7

2.5 0.7 1.7

116.3 116.6 122.6

5.4 0.3 5.1

103.9 106.1 105.5

-0.3 2.1 -0.6

104.3 104.7 105.5

2.2 0.4 0.8

2012 Ⅰ Ⅱ Ⅲ Ⅳ

103.5 106.5 106.7 111.8

2.9 1.5 2.9 2.7

109.4 115.0 118.5 122.1

4.0 2.7 6.5 8.4

99.0 105.6 92.4 118.4

0.6 -0.4 -2.2 0.5

102.8 103.0 107.5 104.1

3.3 1.9 3.1 0.8

2013 Ⅰ Ⅱ Ⅲ Ⅳ

103.8 107.7 107.2 113.0

0.3 1.1 0.5 1.1

111.0 118.2 116.8 120.3

1.5 2.8 -1.4 -1.5

102.1 107.3 94.9 119.9

3.1 1.6 2.7 1.3

101.2 102.9 108.0 106.6

-1.6 -0.1 0.5 2.4

2014 Ⅰ Ⅱ Ⅲ Ⅳ

106.3 108.6 108.8 115.1

2.4 0.8 1.5 1.9

117.2 121.2 123.4 128.6

5.6 2.5 5.7 6.9

100.3 104.9 96.2 120.4

-1.8 -2.2 1.4 0.4

103.8 104.3 107.5 106.5

2.6 1.4 -0.5 -0.1

2015 Ⅰ Ⅱ

108.0 111.8

1.6 2.9

126.6 131.9

8.0 8.8

98.7 104.0

-1.6 -0.9

103.4 105.8

-0.4 1.4

2013 1 2 3 4 5 6 7 8 9 10 11 12

104.6 99.5 107.3 105.4 110.9 106.8 109.2 104.5 107.8 111.3 113.2 114.6

-2.8 1.6 2.1 2.2 0.6 0.6 0.7 2.0 -1.4 2.0 1.3 0.1

112.3 105.9 114.8 115.1 119.7 119.9 127.5 116.2 106.8 120.5 120.2 120.1

4.7 -1.2 0.9 7.2 2.0 -0.2 1.4 1.8 -7.8 2.9 -2.4 -4.7

102.8 93.3 110.2 106.7 113.8 101.3 98.0 86.6 100.1 113.9 123.8 122.1

-1.9 1.5 9.8 1.7 2.2 0.9 0.6 5.4 2.6 -0.8 4.1 0.4

101.7 99.3 102.5 100.3 105.5 103.0 105.6 106.8 111.6 105.8 105.3 108.8

-6.7 3.2 -0.6 0.0 -0.8 0.7 0.4 0.8 0.3 2.8 1.9 2.6

2014 1 2 3 4 5 6 7 8 9 10 11 12

110.4 99.1 109.3 105.6 112.1 108.1 109.9 107.1 109.3 111.1 114.3 119.9

5.5 -0.4 1.9 0.2 1.1 1.2 0.6 2.5 1.4 -0.2 1.0 4.6

116.1 116.9 118.5 114.2 121.8 127.5 131.1 118.5 120.5 118.9 128.7 138.1

3.4 10.4 3.2 -0.8 1.8 6.3 2.8 2.0 12.8 -1.3 7.1 15.0

100.7 92.0 108.2 105.8 111.8 97.2 95.7 91.5 101.5 116.0 120.6 124.7

-2.0 -1.4 -1.8 -0.8 -1.8 -4.0 -2.3 5.7 1.4 1.8 -2.6 2.1

111.9 93.9 105.5 101.5 107.7 103.7 106.3 108.6 107.5 105.4 104.9 109.3

10.0 -5.4 2.9 1.2 2.1 0.7 0.7 1.7 -3.7 -0.4 -0.4 0.5

2015 1 2 3 4 5 6 7 8P 9P

107.3 104.4 112.4 110.8 115.6 108.9 112.2 109.2 115.3

-2.8 5.3 2.8 4.9 3.1 0.7 2.1 2.0 5.5

128.2 117.2 134.5 129.3 130.1 136.2 139.9 129.7 128.5

10.4 0.3 13.5 13.2 6.8 6.8 6.7 9.5 6.6

97.9 92.6 105.7 107.6 115.4 89.1 92.4 87.2 99.2

-2.8 0.7 -2.3 1.7 3.2 -8.3 -3.4 -4.7 -2.3

101.7 103.6 105.0 103.5 109.0 104.9 107.9 109.3 116.2

-9.1 10.3 -0.5 2.0 1.2 1.2 1.5 0.6 8.1

P: Preliminary Source: Statistics Korea

58

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

2012 2013 2014

102.5 102.2 101.8

1.6 -0.3 -0.4

102.8 103.4 102.6

2.5 0.6 -0.8

102.4 101.7 101.5

1.2 -0.7 -0.2

-

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

103.0 98.7 102.4 104.7

2.2 -1.2 -1.1 -1.2

108.3 100.9 102.6 101.8

10.7 1.8 0.1 -9.1

100.8 97.7 102.3 105.9

-1.2 -2.5 -1.5 2.4

-

2014 Ⅰ Ⅱ Ⅲ Ⅳ

100.7 100.3 102.4 103.9

-2.2 1.6 0.0 -0.8

103.4 103.0 100.9 103.2

-4.5 2.1 -1.7 1.4

99.5 99.2 103.0 104.2

-1.3 1.5 0.7 -1.6

-

2015 Ⅰ Ⅱ

101.8 101.0

1.1 0.7

99.9 102.5

-3.4 -0.5

102.5 100.4

3.0 1.2

-

2013 1 2 3 4 5 6 7 8 9 10 11 12

108.8 96.9 103.3 99.5 99.7 96.9 103.4 104.0 99.7 108.8 102.9 102.3

8.2 -1.7 0.2 0.3 -1.9 -2.0 0.6 2.5 -6.0 2.1 -2.6 -3.2

110.3 106.4 108.1 98.1 101.7 102.8 109.0 103.8 94.9 104.4 103.1 97.8

19.2 8.2 5.5 4.3 1.3 0.0 3.5 5.5 -8.7 -3.8 -7.0 -16.1

108.1 92.9 101.3 100.0 98.8 94.4 101.1 104.2 101.7 110.7 102.8 104.2

3.9 -5.9 -1.9 -1.3 -3.2 -3.0 -0.7 1.3 -5.0 4.7 -0.7 3.1

102 102 104 102 104 105 105 105 102 106 107 107

2014 1 2 3 4 5 6 7 8 9 10 11 12

102.4 96.6 103.0 101.7 99.8 99.5 104.8 100.2 102.2 105.0 100.9 105.8

-5.9 -0.3 -0.3 2.2 0.1 2.7 1.4 -3.7 2.5 -3.5 -1.9 3.4

99.9 106.7 103.6 97.9 103.4 107.7 107.6 95.0 100.1 99.8 102.9 106.8

-9.4 0.3 -4.2 -0.2 1.7 4.8 -1.3 -8.5 5.5 -4.4 -0.2 9.2

103.4 92.3 102.8 103.3 98.2 96.1 103.7 102.4 103.0 107.3 100.0 105.4

-4.3 -0.6 1.5 3.3 -0.6 1.8 2.6 -1.7 1.3 -3.1 -2.7 1.2

109 108 108 108 105 107 105 107 107 105 103 101

2015 1 2 3 4 5 6 7 8P 9P 10

104.8 94.5 106.0 105.5 98.8 98.8 103.2 102.0 107.6 -

2.3 -2.2 2.9 3.7 -1.0 -0.7 -1.5 1.8 5.3 -

101.2 92.8 105.8 107.1 98.1 102.3 107.0 103.2 104.9 -

1.3 -13.0 2.1 9.4 -5.1 -5.0 -0.6 8.6 4.8 -

106.3 95.2 106.1 104.7 99.1 97.3 101.6 101.5 108.7 -

2.8 3.1 3.2 1.4 0.9 1.2 -2.0 -0.9 5.5 -

102 103 101 104 105 99 100 102 103 105

P: Preliminary Source: Statistics Korea

59

ECONOMIC BULLETIN • november 2015

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 2012 2013 2014

21,648 23,078 26,485

-13.9 6.6 14.8

2,142 2,580 5,012

-11.0 20.5 94.2

19,506 20,497 21,473

-14.2 5.1 4.8

100.6 99.8 105.0

-2.8 -0.8 5.2

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

5,587 5,865 5,144 6,481

-11.5 8.8 2.1 32.0

429 554 522 1,075

-47.0 94.2 -9.7 129.7

5,158 5,311 4,622 5,406

-6.2 4.0 3.7 21.7

91.7 101.1 99.3 107.0

-12.7 -3.5 3.2 11.0

2014 Ⅰ Ⅱ Ⅲ Ⅳ

6,624 6,099 7,687 6,075

18.5 4.0 49.4 -6.3

1,221 305 2,708 778

184.6 -45.0 418.5 -27.6

5,403 5,794 4,979 5,297

4.7 9.1 7.7 -2.0

98.6 107.9 100.8 112.8

7.5 6.7 1.5 5.4

2015 Ⅰ Ⅱ

6,453 7,054

-2.6 15.7

405 493

-66.9 61.7

6,048 6,561

12.0 13.2

106.9 113.5

8.4 5.2

2013 1 2 3 4 5 6 7 8 9 10 11 12

1,844 1,666 2,078 1,846 2,127 1,893 1,934 1,622 1,588 2,604 2,094 1,783

-4.6 -34.5 13.2 0.0 16.2 10.3 5.4 7.5 -6.2 72.3 26.5 2.3

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 -45.5 -28.5 815.5 28.2 -51.4

1,704 1,497 1,957 1,753 1,877 1,681 1,575 1,530 1,517 1,816 1,931 1,659

-9.4 -18.9 10.4 -2.0 4.8 10.2 3.3 14.2 -4.8 27.4 26.3 11.5

90.1 83.9 101.0 98.7 102.1 102.5 108.4 100.6 88.8 109.6 101.9 109.4

-7.8 -23.1 -6.7 -7.1 -3.5 0.2 2.8 11.7 -4.6 16.0 10.3 7.0

2014 1 2 3 4 5 6 7 8 9 10 11 12

1,748 1,847 3,029 2,276 1,826 1,997 1,779 4,090 1,818 1,932 2,303 1,840

-5.2 10.9 45.8 23.3 -14.1 5.5 -8.0 152.2 14.5 -25.8 10.0 3.2

88 120 1,013 97 116 92 89 2,541 79 211 428 139

-36.9 -28.8 735.6 5.1 -53.4 -56.7 -75.3 2,653.2 10.6 -73.2 162.6 12.5

1,660 1,727 2,016 2,179 1,709 1,906 1,690 1,549 1,739 1,722 1,874 1,701

-2.6 15.3 3.0 24.3 -8.9 13.4 7.3 1.3 14.7 -5.2 -2.9 2.5

90.3 95.6 109.8 110.6 108.3 104.9 111.4 90.7 100.2 99.8 112.5 126.0

0.2 13.9 8.7 12.1 6.1 2.3 2.8 -9.8 12.8 -8.9 10.4 15.2

2015 1 2 3 4 5 6 7 8P 9P

2,324 1,856 2,273 2,782 2,102 2,170 2,023 1,648 1,862

32.9 0.5 -24.9 22.2 15.1 8.6 13.7 -59.7 2.4

116 141 148 127 197 169 133 160 106

32.0 17.6 -85.4 30.7 69.4 84.7 50.2 -93.7 34.8

2,208 1,715 2,126 2,656 1,905 2,000 1,890 1,488 1,756

33.0 -0.7 5.5 21.9 11.4 5.0 11.8 -3.9 1.0

102.7 98.6 119.5 113.5 109.1 117.8 119.4 105.8 107.3

13.7 3.1 8.8 2.6 0.7 12.3 7.2 16.6 7.1

P: Preliminary Source: Statistics Korea

60

Statistical Appendices

7. Value of construction completed and domestic construction orders received (current value, billion won)

Period

Value of construction completed y-o-y (Total) change (%)

Type of order Public Private

Domestic construction orders y-o-y received change (%) y-o-y change (%) (Total)

y-o-y change (%)

Type of order Public Private y-o-y change (%)

y-o-y change (%)

2012 2013 2014

88,713 98,089 98,465

-3.3 10.6 0.4

33,807 34,459 32,004

-3.7 1.9 -7.1

50,622 59,714 62,403

-2.0 18.0 4.5

89,395 77,885 89,833

-6.2 -12.9 15.3

26,071 24,736 26,497

-8.9 -5.1 7.1

59,811 50,947 61,321

-3.3 -14.8 20.4

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

20,178 25,760 23,718 28,732

4.7 14.9 11.1 10.7

6,998 9,318 8,058 10,085

-6.0 4.8 6.0 2.1

12,415 15,455 14,739 17,106

14.0 24.2 16.3 17.1

13,826 18,694 16,833 28,532

-39.0 -27.4 -8.5 26.3

4,292 5,371 4,987 10,086

-24.1 -3.6 -7.7 6.8

9,180 12,636 11,442 17,688

-43.7 -33.8 -8.6 48.9

2014 Ⅰ Ⅱ Ⅲ Ⅳ

21,675 26,174 23,601 27,016

7.4 1.6 -0.5 -5.0

7,147 8,706 7,243 8,909

2.1 -6.6 -10.1 -11.7

13,676 16,512 15,360 16,855

10.2 6.8 4.2 -1.5

15,972 23,436 24,035 26,390

15.5 25.4 42.8 -7.5

5,898 6,577 5,190 8,833

37.4 22.5 4.1 -12.4

9,628 16,537 18,175 16,982

4.9 30.9 58.8 -4.0

2015 Ⅰ Ⅱ

21,252 25,004

-2.0 -4.5

6,554 8,190

-8.3 -5.9

13,949 15,831

2.0 -4.1

24,821 35,163

55.4 50.0

4,566 9,186

-22.6 39.7

19,980 107.5 25,459 54.0

2013 1 2 3 4 5 6 7 8 9 10 11 12

6,272 6,236 7,670 81,057 81,607 94,947 7,854 7,666 8,199 8,637 9,088 10,708

8.2 3.3 3.0 18.4 11.7 15.0 11.6 16.5 6.0 17.6 12.2 4.6

2,072 2,346 2,581 2,830 2,797 3,691 2,635 2,553 2,870 2,952 3,118 4,015

-2.4 -1.1 -12.4 7.0 -2.7 9.4 11.1 10.0 -1.2 13.9 3.8 -6.2

3,962 3,662 4,790 4,978 5,088 5,389 4,908 4,827 5,004 5,344 5,635 6,126

17.4 7.5 16.4 27.5 23.9 21.6 14.7 22.4 12.4 20.0 18.1 13.7

3,557 4,723 5,546 5,151 6,221 7,321 5,775 4,690 6,368 7,751 8,083 12,698

-52.4 -44.4 -17.4 -19.9 -14.9 -39.0 -15.4 -13.0 3.0 33.6 11.6 32.9

1,300 1,281 1,711 1,565 1,564 2,241 1,493 1,474 2,021 1,518 2,664 5,904

-36.1 -42.3 21.9 7.7 47.4 -26.7 -35.2 12.0 13.5 -23.0 26.5 10.0

2,109 3,290 3,781 3,160 4,537 4,940 4,148 3,172 4,122 6,144 5,204 6,340

2014 1 2 3 4 5 6 7 8 9 10 11 12

7,057 6,665 7,953 8,476 8,191 9,506 7,914 7,721 7,966 8,239 8,339 10,438

12.5 6.9 3.7 4.6 0.4 0.1 0.8 0.7 -2.8 -4.6 -8.2 -2.5

2,314 2,207 2,626 2,740 2,584 3,382 2,429 2,324 2,491 2,532 2,673 3,704

11.7 -6.0 1.8 -3.2 -7.6 -8.4 -7.8 -9.0 -13.2 -14.2 -14.3 -7.8

4,452 4,237 4,987 5,458 5,316 5,737 5,149 5,112 5,099 5,369 5,293 6,194

12.4 15.7 4.1 9.6 4.5 6.5 4.9 5.9 1.9 0.5 -6.1 1.1

5,528 5,549 4,895 7,359 6,834 9,243 6,969 8,688 8,377 7,755 6,427 12,209

55.4 17.5 -11.7 42.9 9.9 26.2 20.7 85.2 31.6 0.0 -20.5 -3.9

2,034 2,241 1,623 1,894 2,000 2,682 1,533 1,628 2,029 1,416 1,895 5,522

56.4 75.0 -5.1 21.0 27.8 19.7 2.7 10.5 0.4 -6.7 -28.9 -6.5

3,305 56.7 3,158 -4.0 3,165 -16.3 5,454 72.6 4,767 5.1 6,316 27.8 5,298 27.7 6,849 115.9 6,029 46.3 6,157 0.2 4,415 -15.2 6,410 1.1

2015 1 2 3 4 5 6 7 8P 9P

6,774 6,681 7,796 7,708 7,764 9,531 7,883 7,909 8,931

-4.0 0.2 -2.0 -9.1 -5.2 0.3 -0.4 2.4 12.1

1,997 2,089 2,468 2,467 2,325 3,399 2,284 2,207 2,648

-13.7 -5.3 -6.0 -10.0 -10.0 0.5 -6.0 -5.0 6.3

4,561 4,374 5,014 4,937 5,127 5,767 5,338 5,406 5,855

2.4 3.2 0.5 -9.6 -3.6 0.5 3.7 5.7 14.8

7,216 5,367 12,238 9,048 12,556 13,559 8,680 8,471 18,577

30.5 -3.3 150.0 22.9 83.7 46.7 24.6 -2.5 121.8

1,297 1,133 2,136 2,586 2,458 4,142 1,791 1,921 1,191

-36.2 -49.4 31.6 36.5 22.9 54.4 16.9 18.0 -41.3

5,882 78.0 4,115 30.3 9,882 215.4 6,406 17.4 9,995 109.7 9,059 43.4 6,812 28.6 6,245 -8.8 17,042 182.7

P: Preliminary Source: Statistics Korea

-60.0 -46.3 -23.1 -29.2 -26.0 -41.9 -4.2 -21.3 -0.9 62.2 8.5 92.7

61

ECONOMIC BULLETIN • november 2015

8. Composite indices 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

101.5 101.7 101.8 101.4 101.7 102.2 102.8 103.0 103.1 103.3 103.5 103.8

101.0 100.7 100.3 99.5 99.4 99.4 99.5 99.2 99.0 98.7 98.4 98.3

103.5 103.5 104.0 104.0 104.9 105.6 106.2 106.7 106.8 107.2 107.3 107.7

101.7 101.4 101.4 101.1 101.5 101.8 101.9 102.0 101.6 101.6 101.2 101.2

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

104.6 105.7 106.2 106.6 106.7 107.8 108.3 108.4 108.1 108.5 109.3 110.1

98.5 99.2 99.1 99.1 98.7 99.3 99.3 98.9 98.2 98.1 98.4 98.7

107.7 108.6 108.8 109.2 109.3 109.7 110.5 110.4 110.8 110.9 111.5 112.1

100.8 101.3 101.0 101.0 100.6 100.7 100.9 100.4 100.4 100.0 100.2 100.3

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

110.4 110.9 111.4 111.9 112.7 113.8 114.5 115.1 115.3 116.2 117.1 118.1

98.5 98.5 98.5 98.6 98.8 99.3 99.5 99.6 99.3 99.6 99.9 100.3

112.4 112.9 113.0 113.6 114.1 114.8 115.2 115.8 116.1 116.8 117.2 117.8

100.2 100.2 99.8 100.0 100.0 100.2 100.2 100.3 100.1 100.3 100.2 100.3

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

118.7 118.9 119.0 119.4 119.8 120.5 121.1 122.4 123.6 124.4 124.9 125.9

100.4 100.2 99.8 99.7 99.6 99.7 99.8 100.4 101.0 101.2 101.1 101.5

118.5 118.9 119.4 119.6 119.8 120.2 120.8 121.5 121.8 121.9 122.2 123.0

100.5 100.5 100.5 100.3 100.1 100.1 100.2 100.4 100.2 99.9 99.8 100.1

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 2 3 4 5 6 7 8 9 10 11

127.8 129.0 130.5 131.1 132.1 132.3 133.0 133.9 135.3 -

102.5 103.1 103.8 103.8 104.0 103.6 103.5 103.6 104.1 -

123.6 124.5 124.7 125.1 125.0 125.2 125.9 126.8 128.1 -

100.2 100.5 100.3 100.3 99.8 99.5 99.7 100.0 100.7 -

94.0 89.4 101.5 101.3 95.6 79.9 88.4 86.6 96.1 97.2 -

90.3 92.1 103.7 97.5 99.4 96.4 84.3 89.6 95.1 101.2 95.9

Sources: Statistics Korea, The Bank of Korea

62

Statistical Appendices

9. Balance of payments (I) (US $ million)

Period

Current account

Goods

2012 2013 2014

50,835.0 79,883.6 89,220.1

2012 Ⅰ Ⅱ Ⅲ Ⅳ

Services

Primary income

Secondary income

554,103.2 536,559.0 528,611.3

-5,213.6 -7,927.4 -8,163.4

12,116.7 11,424.8 10,197.7

-5,474.1 -4,182.3 -5,501.8

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

14,298.0 20,585.3 23,305.7 24,592.0

147,823.3 154,065.9 153,715.8 162,551.9

133,525.3 133,480.6 130,410.1 137,959.9

-2,667.9 647.9 -2,078.5 -2,400.7

1,812.4 1,660.5 2,346.6 3,236.2

-828.2 -546.3 -1,323.4 -1,491.4

15,185.9 24,240.4 22,565.7 27,228.1

17,745.2 26,428.1 21,676.0 26,838.3

152,688.6 159,385.4 153,482.3 155,742.6

134,943.4 132,957.3 131,806.3 128,904.3

-3,503.4 -1,838.7 -904.0 -1,917.3

1,905.8 1,330.9 3,143.5 3,817.5

-961.7 -1,679.9 -1,349.8 -1,510.4

2015P Ⅰ Ⅱ

23,454.5 28,863.0

25,258.2 34,858.5

135,480.6 143,437.4

110,222.4 108,578.9

-5,413.0 -4,019.5

4,830.5 -863.3

-1,221.2 -1,112.7

2013 1 2 3 4 5 6 7 8 9 10 11 12

3,075.6 2,473.1 7,065.6 5,334.6 9,886.4 7,126.4 7,323.2 6,745.6 8,181.6 11,108.9 6,229.9 6,597.3

3,953.0 3,256.4 7,088.6 5,510.6 9,363.1 5,711.6 7,462.2 7,271.4 8,572.1 9,767.8 8,024.8 6,799.4

51,765.7 44,916.0 51,141.6 51,704.7 53,477.3 48,883.9 53,326.3 49,899.2 50,490.3 56,820.8 52,702.3 53,028.8

47,812.7 41,659.6 44,053.0 46,194.1 44,114.2 43,172.3 45,864.1 42,627.8 41,918.2 47,053.0 44,677.5 46,229.4

-1,556.6 -1,144.9 33.6 496.2 -28.7 180.4 -879.0 -869.3 -330.2 405.8 -2,088.9 -717.6

1,169.5 623.3 19.6 -482.0 721.6 1,420.9 1,032.7 665.9 648.0 1,335.7 674.8 1,225.7

-490.3 -261.7 -76.2 -190.2 -169.6 -186.5 -292.7 -322.4 -708.3 -400.4 -380.8 -710.2

2014 1 2 3 4 5 6 7 8 9 10 11 12

3,323.7 4,537.5 7,324.7 7,163.1 9,119.2 7,958.1 7,881.7 7,235.1 7,448.9 8,883.2 11,322.1 7,022.8

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 10,031.4 8,319.8

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 50,063.0 53,708.8

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 40,031.6 45,389.0

-1,873.7 -1,020.3 -609.4 -1,004.4 -297.7 -536.6 31.0 -694.3 -240.7 -212.6 -164.6 -1,540.1

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 1,182.4

-381.0 -217.4 -363.3 -860.8 -441.7 -377.4 -432.5 -485.9 -431.4 -358.9 -212.2 -939.3

2015P 1 2 3 4 5 6 7 8 9

6,583.0 6,442.2 10,429.3 8,135.7 8,618.1 12,109.2 9,301.7 8,400.6 10,610.8

6,687.0 7,321.2 11,250.0 12,558.0 9,156.2 13,144.3 10,045.9 8,886.6 12,057.7

45,398.8 40,595.3 49,486.5 50,376.1 43,835.5 49,225.8 47,380.6 43,072.5 45,267.2

38,711.8 33,274.1 38,236.5 37,818.1 34,679.3 36,081.5 37,334.7 34,185.9 33,209.5

-2,384.4 -2,061.6 -967.0 -1,125.0 -397.6 -2,496.9 -1,924.0 -1,337.6 -1,733.0

2,900.4 1,401.3 528.8 -2,837.5 293.6 1,680.6 1,275.1 948.0 790.2

-620.0 -218.7 -382.5 -459.8 -434.1 -218.8 -95.3 -96.4 -504.1

Exports

Imports

49,406.0 80,568.6 92,687.6

603,509.2 617,127.6 621,298.9

-746.0 11,605.1 16,886.8 23,089.1

1,661.5 8,535.0 15,894.6 23,314.9

2013 Ⅰ Ⅱ Ⅲ Ⅳ

12,614.3 22,347.4 22,250.4 23,936.1

2014 Ⅰ Ⅱ Ⅲ Ⅳ

P: Preliminary Source: The Bank of Korea

63

ECONOMIC BULLETIN • november 2015

10. Balance of payments (II) (US $ million)

Capital & financial account

Direct investment

Portfolio investment

Financial derivatives

Other investment

Capital transfers & acquisition of nonfinancial assets

Reserve assets

2012 2013 2014

-51,582.4 -80,104.6 -90,383.3

-21,136.2 -15,593.2 -20,659.5

6,747.8 -9,344.5 -33,605.3

2,627.8 4,410.3 3,704.9

-26,637.3 -43,281.1 -21,937.9

-41.7 -27.0 -9.0

-13,184.5 -16,296.1 -17,885.5

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

-11,448.7 -19,645.6 -22,675.5 -26,334.8

-3,878.4 -3,397.8 -3,426.8 -4,890.2

-7,285.9 -9,776.5 9,375.4 -1,657.5

1,395.8 -513.6 1,656.3 1,871.8

2,880.2 -10,063.8 -23,611.4 -12,486.1

-2.7 -27.5 12.8 -9.6

-4,560.4 4,106.1 -6,669.0 -9,172.8

2014 Ⅰ Ⅱ Ⅲ Ⅳ

-17177.8 -24,208.1 -22,481.5 -26,515.9

-3,657.7 -7,552.9 -3,908.6 -5,540.3

-13,596.7 -5,867.2 -4,762.4 -9,379.0

892.6 2,083.5 1,531.9 -803.1

6,207.4 -1,701.9 -9,510.4 -16,933.0

-2.1 -4.3 3.6 -6.2

-7,023.4 -11,169.6 -5,832.0 6,139.5

2015P Ⅰ Ⅱ

-24,799.8 -29,365.0

-5,385.9 -8,161.2

-7,838.4 -6,994.1

41.0 461.4

-4,506.4 -7,369.2

-23.1 -25.5

-7,110.1 -7,301.9

2013 1 2 3 4 5 6 7 8 9 10 11 12

-2,694.7 -1,707.1 -7,046.9 -2,435.7 -12,288.9 -4,921.0 -9,446.1 -6,236.3 -6,993.1 -10,139.4 -7,433.1 -8,762.3

-802.5 -909.3 -2,166.6 401.3 -2,175.6 -1,623.5 -796.8 -1,157.2 -1,472.8 -340.7 -2,243.9 -2,305.6

-5,964.7 2,149.9 -3,471.1 -2,060.8 -1,642.1 -6,073.6 1,785.8 1,584.1 6,005.5 4,942.8 -1,557.9 -5,042.4

579.6 651.0 165.2 -301.1 719.1 -931.6 431.4 210.0 1,014.9 805.3 466.9 599.6

4,123.7 -1,158.3 -85.2 -1,382.5 -8,189.7 -491.6 -8,821.6 -5,172.4 -9,617.4 -10,754.2 -1,248.6 -483.3

-8.0 -2.9 8.2 -1.6 -11.0 -14.9 1.1 18.2 -6.5 -2.0 0.0 -7.6

-630.8 -2,440.4 -1,489.2 907.4 -1,000.6 4,199.3 -2,044.9 -1,700.8 -2,923.3 -4,792.6 -2,849.6 -1,530.6

2014 1 2 3 4 5 6 7 8 9 10 11 12

-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 -9,798.9

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 -1,353.2

-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 -6,161.0

155.5 223.1 514.0 858.1 534.5 690.9 504.1 557.7 470.1 -570.7 -81.8 -150.6

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 -5,128.6

-3.0 3.5 -2.6 2.6 -4.3 -2.6 -6.3 11.2 -1.3 -1.1 -0.9 -4.2

-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 2,994.5

2015P 1 2 3 4 5 6 7 8 9

-8,240.4 -5,538.7 -11,020.7 -10,061.9 -8,810.9 -10,492.2 -10,153.6 -9,149.6 -10,597.8

-1,001.5 -1,994.5 -2,389.9 -1,971.3 -1,202.7 -4,987.2 -120.5 -425.2 -4,661.0

-3,623.7 -3,001.5 -1,213.2 -138.0 -358.3 -6,497.8 -8,277.2 -2,537.4 -4,281.6

-76.2 27.5 89.7 301.9 403.7 -244.2 -936.4 -1,618.6 -1,485.7

489.1 -371.2 -4,624.3 -4,851.0 -4,755.5 2,237.3 -1,792.3 -8,450.1 398.3

-13.0 -1.7 -8.4 -8.5 -1.5 -15.5 -29.9 1.1 0.9

-4,028.1 -199.0 -2,883.0 -3,403.5 -2,898.1 -1,000.3 972.8 3,881.7 -567.8

Period

P: Preliminary Source: Statistics Korea

64

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 (%)

2012 2013 2014

106.3 107.7 109.0

2.2 1.3 1.3

108.9 110.1 111.1

3.0 1.0 0.9

104.2 105.8 107.4

1.4 1.5 1.6

104.9 106.6 108.8

1.6 1.6 2.0

107.5 105.7 105.2

0.7 -1.6 -0.5

108.9 106.2 104.8

0.2 -2.5 -1.4

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 12

108.5 108.8 109.0 109.1 109.2 109.1 109.3 109.5 109.4 109.1 108.8 108.8

1.1 1.0 1.3 1.5 1.7 1.7 1.6 1.4 1.1 1.2 1.0 0.8

110.9 111.4 111.6 111.3 111.5 111.2 111.2 111.4 111.5 110.6 110.2 110.1

0.9 0.9 1.1 1.3 1.7 1.7 1.4 1.0 0.5 0.5 0.2 0.0

106.6 106.7 107.0 107.3 107.5 107.4 107.7 107.9 107.8 107.8 107.7 107.8

1.3 1.1 1.5 1.6 1.6 1.6 1.7 1.7 1.7 1.7 1.6 1.6

107.7 108.0 108.3 108.5 108.8 108.9 109.1 109.2 109.1 109.1 109.1 109.3

1.7 1.7 2.1 2.3 2.2 2.1 2.2 2.4 1.9 1.8 1.6 1.6

105.6 105.8 105.7 105.6 105.5 105.6 105.7 105.6 105.2 104.5 104.1 103.1

-0.3 -0.9 -0.5 -0.3 0.0 0.1 0.2 -0.2 -0.5 -0.8 -0.9 -2.1

105.7 105.9 105.7 105.4 105.3 105.4 105.5 105.1 104.7 103.6 103.1 101.9

-1.0 -1.7 -1.3 -1.1 -0.7 -0.6 -0.4 -1.1 -1.3 -1.8 -2.0 -3.6

2015 1 2 3 4 5 6 7 8 9

109.4 109.4 109.4 109.5 109.8 109.8 110.0 110.2 110.0

0.8 0.5 0.4 0.4 0.5 0.7 0.7 0.7 0.6

110.9 110.6 110.3 110.1 110.6 110.7 110.3 111.5 110.2

-0.1 -0.7 -1.2 -1.1 -0.8 -0.5 -0.8 -0.8 -1.1

108.2 108.4 108.7 109.0 109.2 109.2 109.8 110.0 109.9

1.5 1.5 1.6 1.6 1.6 1.6 2.0 2.0 2.0

110.3 110.4 110.6 110.7 111.1 111.1 111.3 111.5 111.4

2.4 2.3 2.1 2.0 2.1 2.0 2.0 2.1 2.1

101.9 101.9 101.8 101.8 101.8 101.8 101.4 100.8 100.5

-3.6 -3.6 -3.7 -3.6 -3.5 -3.6 -4.0 -4.5 -4.5

99.7 99.7 99.5 99.3 99.3 99.3 98.6 97.7 97.2

-5.8 -5.8 -5.9 -5.8 -5.7 -5.8 -6.4 -7.1 -7.1

Source: The Bank of Korea

65

ECONOMIC BULLETIN • november 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 (%)

2012 2013 2014

25,501 25,873 26,536

1.6 1.5 2.6

24,681 25,066 25,599

1.8 1.6 2.1

4,105 4,184 4,330

0.3 1.9 3.5

19,033 19,347 19,805

2.4 1.6 2.4

3.2 3.1 3.5

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

2015 1 2 3 4 5 6 7 8 9 10

26,094 26,398 26,577 26,954 27,211 27,255 27,303 27,064 27,129 27,137

1.7 1.5 1.5 0.9 1.7 1.6 1.5 1.1 1.4 1.2

25,106 25,195 25,501 25,900 26,189 26,205 26,305 26,141 26,264 26,298

1.4 1.5 1.3 0.8 1.5 1.3 1.3 1.0 1.3 1.3

4,421 4,433 4,400 4,455 4,464 4,478 4,528 4,491 4,512 4,552

3.3 3.7 2.7 3.9 3.2 3.1 3.9 3.6 3.8 4.4

19,693 19,716 19,832 20,004 20,179 20,161 20,250 20,153 20,249 20,248

1.6 1.6 1.5 0.9 1.8 1.6 1.2 1.1 1.5 1.5

3.8 4.6 4.0 3.9 3.8 3.9 3.7 3.4 3.2 3.1

Source: Statistics Korea

66

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)

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

2015 1 2 3 4 5 6 7 8 9 10

2.0 2.0 1.8 1.7 1.7 1.6 1.5 1.5 1.5 1.5

2.1 2.1 2.0 1.8 1.8 1.7 1.7 1.6 1.6 1.6

2.4 2.3 2.1 2.0 2.1 2.0 2.0 2.0 1.9 2.0

2.0 2.0 1.9 1.7 1.9 1.8 1.8 1.7 1.7 1.6

2.2 2.1 2.0 1.9 2.1 2.0 2.0 1.9 1.8 1.8

1,949.26 1,985.80 2,041.03 2,127.17 2,114.80 2,074.20 2,030.16 1,941.49 1,962.81 2,029.47

Source: The Bank of Korea

67

ECONOMIC BULLETIN • november 2015

14. Monetary indicators (billion won)

Period 2012 2013 2014

Reserve money y-o-y change (%)

M1

M2

y-o-y change (%)

Lf

y-o-y change (%)

y-o-y change (%)

82,131.1 91,379.4 103,331.5

9.2 11.3 13.1

441,963.6 484,062.9 536,733.4

3.8 9.5 10.9

1,798,625.7 1,885,781.3 2,009,576.3

5.2 4.8 6.6

2,379,518.7 2,543,299.4 2,721,747.4

7.8 6.9 7.0

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 12

98,541.6 100,547.9 100,624.0 98,898.5 101,791.4 101,412.3 101,164.2 107,682.4 105,354.1 107,117.5 106,667.9 110,175.6

14.8 13.2 12.4 12.7 13.5 11.2 11.6 14.9 10.7 14.4 13.9 13.6

515,742.5 518,475.5 520,299.0 518,809.3 523,069.9 532,041.2 534,028.8 538,640.3 548,550.8 551,416.0 562,006.2 577,721.1

10.9 9.8 10.1 9.1 10.0 9.3 9.2 11.9 11.8 12.1 12.6 13.4

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 2,088,729.8

5.2 5.2 5.5 5.5 6.0 6.1 6.5 7.6 7.1 7.5 8.3 8.1

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 2,837,910.9

6.7 6.4 6.4 6.2 6.6 6.7 6.9 7.3 7.1 7.3 8.1 8.2

2015 1 2 3 4 5 6 7 8 9

113,304.2 116,502.4 115,974.9 115,132.7 117,726.3 118,688.2 122,041.0 121,854.4 126,572.2

15.0 15.9 15.3 16.4 15.7 17.0 20.6 13.2 20.1

579,964.2 592,737.4 600,719.9 610,803.3 621,985.5 630,546.3 645,975.4 653,105.9 665,691.1

12.5 14.3 15.5 17.7 18.9 18.5 21.0 21.3 21.4

2,092,223.5 2,109,843.2 2,127,887.8 2,148,114.7 2,166,741.1 2,180,006.1 2,200,510.9 2,218,660.3 2,230,000.7

8.0 8.0 8.3 9.0 9.3 9.0 9.3 9.2 9.4

2,857,610.1 2,876,619.9 2,907,976.4 2,936,746.7 2,960,998.1 2,986,326.9 3,013,503.9 3,028,981.1 3,049,823.2

8.4 8.6 9.3 10.0 10.3 10.5 10.6 10.4 10.5

Source: The Bank of Korea

68

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 (%)

2012 2013 2014

1,071.1 1,055.3 1,099.2

-7.1 -1.5 4.2

1,247.5 1,004.7 920.1

-16.0 -19.5 -8.4

1,416.3 1,456.3 1,336.5

-5.2 2.8 -8.2

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

2015 1 2 3 4 5 6 7 8 9 10

1,090.8 1,099.2 1,105.0 1,068.1 1,108.0 1,124.1 1,166.3 1,176.3 1,194.5 1,142.3

1.1 3.0 3.4 3.5 8.5 10.8 13.9 16.1 13.7 8.4

921.3 920.7 920.3 897.2 894.6 917.2 939.3 970.1 996.8 944.1

-11.7 -11.9 -11.4 -10.8 -10.9 -8.3 -5.7 -0.8 3.8 -2.1

1,235.7 1,230.7 1,196.8 1,187.0 1,215.2 1,260.5 1,275.4 1,317.3 1,343.9 1,254.8

-16.1 -15.9 -18.6 -16.7 -12.6 -8.9 -7.0 -1.4 0.8 -5.6

Source: The Bank of Korea

69

ECONOMIC BULLETIN • november 2015

Yongsomak Church Yongsomak Church is a gothic style church that was built in 1914 by Father Pierre Chizallet, a French priest. Located in Wonju, it is the third oldest Catholic church in Gangwon Province, and was designated as Tangible Cultural Property 106 of Gangwon Province in 1986.

Useful websites Ministry of Strategy and Finance_http://english.mosf.go.kr Ministry of Trade, Industry and Energy_http://www.motie.go.kr/language/eng Financial Services Commission_http://www.fsc.go.kr/eng Financial Supervisory Service_http://english.fss.or.kr Fair Trade Commission_http://eng.ftc.go.kr Ministry of Employment and Labor_http://www.moel.go.kr/english The Bank of Korea_http://www.bok.or.kr/eng Statistics Korea_http://kostat.go.kr/portal/english

ISSN 2287-7266

ECONOMIC BULLETIN (Republic of Korea)

Republic of Korea

Vol.37 No.11 november 2015 eb.kdi.re.kr

conomic u l l e t i n

Vol.37 No.11 november 2015

The Green Book: Current Economic Trends Policy Issues Government to Expand Public Sector Spending by More Than 9 Trillion Won in Q4 Korea and China to Expand Cooperation in Development, Trade and Investment

Economic News Briefing Korea Ranked 4th in Doing Business Report Peak Wage System to be Adopted by Most Public Institutions Retail and Tourism Improve during Korea Black Friday Korea Grows 1.2% in Q3

Statistical Appendices

ECONOMIC BULLETIN

(Republic of Korea)

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