Republic of Korea
Economic Bulletin
Vol.40 No.6 JUNE 2018 eb.kdi.re.kr ISSN 2287-7266
The Green Book: Current Economic Trends Economic News Briefing Exports Up 10.1% in Q1 2018 Major Credit Rating Agencies Maintain Ratings for Korea Korea Issues Its Second 50-year KTBs This Year Korea Grows 2.8% in Q1 2018
Statistical Appendices
Daebal A daebal is a large bamboo screen, which is hung across an open door. In summer the bamboo screen blocks sunlight while allowing a cool breeze to enter the room. Dried bamboos are cut into long strips and made to be held together with threads. During the Joseon Dynasty female members of the royal family had a daebal placed in front of them when meeting someone outside the family to avoid a direct contact.
02
The Green Book: Current Economic Trends Overview
03
01. External economic situation
04
02. Private consumption
09
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
22
09. Financial markets
26
9.1 Stock market
26
9.2 Exchange rate
27
9.3 Bond market
28
9.4 Money supply and money market
29
10. Balance of payments
30
11. Prices
33
11.1 Consumer prices
33
11.2 International oil and commodity prices
35
12. Real estate market
38
12.1 Housing market
38
12.2 Land market
40
13. Composite indices of business cycle indicators
45
06
Contents
43
Economic News Briefing Exports up 10.1% in Q1 2018 Major credit rating agencies maintain their ratings for Korea Korea issues its second 50-year KTBs this year External debt rises to US $433.9 billion in Q1 2018 Korean FDI posts US $9.61 billion in Q1 2018 Korea grows 2.8% in Q1 2018 (preliminary)
Editor-in-Chief Seo Joong-Hae (KDI) Lee Kye-Moon (MOSF) Editorial Board Suk Ran (MOSF) Lee Jae-Yeal (KDI) Yu Seong-Im (KDI) Coordinators Kim Dae-Hyun (MOSF) Lee Ji-Youn (KDI)
49 Statistical Appendices
Editors Kwon Bum-Joon (MOSF) Shin Dong-Gyun (MOSF)
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. C omposite indices of business cycle indicators
03
June 2018
Overview
The Korean economy has stayed on a recovery path backed by an improvement in mining and manufacturing as well as in construction. However, facility investment and consumption fell in April. The economy added 123,000 jobs year-on-year in April led by the service sector. Job markets remained weak due to the struggling manufacturing sector and a high base effect from a year ago. Young adult unemployment fell somewhat (11.2% → 10.7%, down 0.5%p, y-o-y). Consumer price inflation in May fell 0.1 percentage points from the previous month (up 1.6% → up 1.5%, y-o-y), despite high oil product prices, as livestock product prices have become stable and public service prices have been kept low. Industrial production rose in April (down 0.9% → up 1.5%, m-o-m): Mining and manufacturing production improved (down 2.2% → up 3.4, m-o-m) due to strong semiconductors and automobiles. Service output stayed unchanged (up 0.4% → 0.0%, m-o-m): Financial & insurance services improved along with transportation & storage services, while wholesale & retail fell. Retail sales fell in April (up 2.9% → down 1.0%, m-o-m): The sales of nondurable goods increased, and the sales of semi-durable goods fell. Facility investment continued to fall in April (down 7.8% → down 3.3%, m-o-m), despite an improvement in machinery, as transportation equipment plummeted. Construction completed rose (down 3.3% → up 4.4%, m-o-m), despite a slowdown in civil engineering works, as building construction improved. In April, the cyclical indicator of the coincident composite index declined 0.1 points to 99.7, and the cyclical indicator of the leading composite index fell 0.4 points to 100.0. Exports exceeded US $50 billion for the third consecutive month in May due to strong petroleum products and semiconductors. In May, KOSPI fell amid worries over political uncertainties in Italy, despite expectations for positive impacts on the economy of the talks between the leaders of the US and North. The dollar-won exchange rate increased as inflationary pressures rose in the US. Government bond yields fell. Housing prices fell in May (up 0.06% → down 0.03%, m-o-m), led by houses outside the Seoul metropolitan area, and Jeonse (lump-sum deposits with no monthly payments) prices continued to fall (down 0.19% → down 0.28%, m-o-m), led by southern districts of Seoul.
04
Economic Bulletin
The Green Book
The economy is expected to continue to recover given improving global economies and recovering investor confidence, as well as expectations for eased geopolitical risks on the Korean Peninsula. However, job markets have yet to recover and external risks linger, such as Fed’s interest rate hikes. The government will strengthen its risk management, and will continue to work to improve the job market and the real economy by successfully implementing the 2018 economic policies and the recent measures aimed at increasing young adult jobs.
1. External economic situation The global economy has been improving as recovery continues in both developed and emerging economies. However, there are risks arising from the possibility of faster rate hikes in the US, trade protectionism and financial instability in emerging markets.
US The US economy has continued to recover as employment, production and consumption have all been strong. Consumer confidence has been high. Industrial production in April rose 0.7 percent month-on-month led by machinery, utilities and consumer goods. The ISM Manufacturing Index edged up in May. ISM Manufacturing Index (base=50)
60.2 (Sep 2017) → 58.5 (Oct) → 58.2 (Nov) → 59.3 (Dec) → 59.1 (Jan 2018) → 60.8 (Feb) → 59.3 (Mar) → 57.3 (Apr) → 58.7 (May)
Retail sales in April increased 0.2 percent month-on-month led by strong sales of clothing and furniture. Consumer confidence rose in May. Conference Board Consumer Confidence Index (1985=100)
126.2 (Oct 2017) → 128.6 (Nov) → 123.1 (Dec) → 124.3 (Jan 2018) → 130.0 (Feb) → 127.0 (Mar) → 125.6 (Apr) → 128.0 (May)
Existing home sales dropped 2.5 percent month-on-month in April to an annual rate of 5,460,000 homes (down 1.4%, y-o-y), while new home sales fell 1.5 percent to an annual rate of 670,000 units (up 11.6%, y-o-y). Case-Shiller Home Price Index (y-o-y, %)
5.6 (Jun 2017) → 5.8 (Jul) → 5.8 (Aug) → 6.1 (Sep) → 6.3 (Oct) → 6.4 (Nov) → 6.3 (Dec) → 6.4 (Jan 2018) → 6.8 (Feb) → 6.8 (Mar)
New home sales (m-o-m, %)
2.1 (Jun 2017) → -8.9 (Jul) → -0.9 (Aug) → 14.3 (Sep) → -3.6 (Oct) → 15.4 (Nov) → -10.7 (Dec) → -0.5 (Jan 2018) → 4.1 (Feb) → 2.0 (Mar) → -1.5 (Apr)
05
June 2018
US GDP growth and industrial production (%)
6 4 2 0 -2 -4
GDP (q-o-q, annualized rate)
-6 2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
2015.Q1
2016.Q1
2017.Q1
2018.Q1
Industrial production (q-o-q)
Sources: US Department of Commerce, Federal Reserve Board
In May, nonfarm payrolls increased by 223,000, and the employment rate stood at 60.4 percent. The unemployment rate fell for the second straight month to 3.8 percent, the lowest since April 2000. Labor force participation rate (%)
62.7 (Dec 2017) → 62.7 (Jan 2018) → 63.0 (Feb) → 62.9 (Mar) → 62.8 (Apr) → 62.7 (May)
Nonfarm payroll increase (m-o-m, thousands)
175 (Dec 2017) → 176 (Jan 2018) → 324 (Feb) → 155 (Mar) → 159 (Apr) → 223 (May)
Unemployment rate (%)
4.1 (Dec 2017) → 4.1 (Jan 2018) → 4.1 (Feb) → 4.1 (Mar) → 3.9 (Apr) → 3.8 (May)
US nonfarm payroll growth and unemployment rate (thousands)
(%)
600
12
400
10
200 8
0
6
-200 -400
4
-600 2
-800
US nonfarm payroll growth (m-o-m, left)
-1,000
0 2009.1
2010.1
2011.1
Unemployment rate (right)
Source: US Department of Labor
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
06
Economic Bulletin
The Green Book
(Percentage change from previous period)
2015 2016
2017
Annual Annual Annual Q1
Real GDP
2.9
- Personal consumption expenditures - Nonresidential fixed investment
2018
Q2
Q3
Q4
Q1
Feb Mar Apr
1.5
2.3
1.2
3.1
3.2
2.9
2.2
-
-
-
3.6
2.7
2.8
1.9
3.3
2.2
4.0
1.0
-
-
-
2.3
-0.6
4.7
7.2
6.7
4.7
6.8
9.2
-
-
-
- Residential fixed investment
10.2
5.5
1.8
11.1 -7.3 -4.7 12.8 -2.0
-
-
-
Industrial production
-1.0
-1.9
1.6
0.2
1.2 -0.4
1.9
0.5
0.4
0.7 0.7
Retail sales
2.6
2.9
4.7
1.5
0.6
2.3
0.4
0.1
0.7 0.2
Existing home sales
6.2
4.1
1.7
1.0 -1.0 -2.6
3.5 -1.5
3.0
1.1 -2.5
Unemployment rate
5.3
4.9
4.4
4.7
4.3
4.3
4.1
4.1
4.1
4.1 3.9
Consumer prices (y-o-y)
0.1
1.3
2.1
2.6
1.9
2.0
2.1
2.3
2.2
2.4 2.5
1
2
1.0
1. Annualized rate (%) 2. Seasonally adjusted Sources: US Department of Commerce, Bloomberg
China China’s economy continued to grow steadily due to an improvement in industrial production, retail sales and fixed asset investment. Exports in April increased 12.7 percent compared to a year ago.
China’s GDP growth and fixed asset investment (%)
(%)
14
50
12
40
10
30
8
20
6
10
GDP (y-o-y, left) Fixed asset investment (accumulated, y-o-y, right)
4
0 2009.Q1
2010.Q1
2011.Q1
2012.Q1
Source: China National Bureau of Statistics
2013.Q1
2014.Q1
2015.Q1
2016.Q1
2017.Q1
2018.Q1
07
June 2018
(Percentage change from same period in previous year)
2015 2016
2017
Annual Annual Annual
2018
Q1
Q2
Q3
Q4
Q1
Feb
Mar
Apr
Real GDP
6.9
6.7
6.9
6.9
6.9
6.8
6.8
6.8
-
-
-
Industrial production
6.0
6.2
6.6
6.8
6.9
6.3
6.2
6.8
7.21
6.0
7.0
Fixed asset investment (accumulated)
10.0
8.1
7.2
9.2
8.6
7.5
7.2
7.5
7.91
7.5
7.0
Retail sales
10.6
10.4
10.2
10.2
10.8
10.3
9.9
9.8
9.71
10.1
9.4
Exports
-3.0
-7.7
7.9
7.2
8.2
6.4
9.6
14.1
43.8
-2.8
12.7
Consumer prices
1.4
2.0
1.6
1.4
1.4
1.6
1.8
2.2
2.9
2.1
1.8
Producer prices
-5.2
-1.3
6.3
7.4
5.8
6.2
5.9
3.7
3.7
3.1
3.4
1. Accumulated, January-February Source: China National Bureau of Statistics
Japan Japan’s economy contracted in the first quarter of 2018 as consumption stumbled amid cold weather. However, the economy is expected to return to growth led by an increase in investment and exports. Analysts forecast that Japan’s economy will return to growth in the second quarter given improving employment and income situations. Unemployment rate (%)
3.0 (May 2017) → 2.8 (Jun) → 2.8 (Jul) → 2.8 (Aug) → 2.8 (Sep) → 2.8 (Oct) → 2.7 (Nov) → 2.7 (Dec) → 2.4 (Jan 2018) → 2.5 (Feb) → 2.5 (Mar) → 2.5 (Apr)
Japan’s GDP growth and industrial production
GDP (q-o-q, left) Industrial production (q-o-q, right)
(%)
(%)
3
15
2
10
1
5
0
0
-1
-5
-2
-10
-3
-15
-4
-20 -25
-5 2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
2015.Q1
2016.Q1
2017.Q1
2018.Q1
Sources: Japan's Cabinet Office, Ministry of Economy Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
08
Economic Bulletin
The Green Book
(Percentage change from previous period)
2015 2016
2017
Annual Annual Annual
2018
Q1
Q2
Q3
Q4
Q1
Feb
Mar
Apr
0.7
0.5
0.5
0.1
-0.2
-
-
-
Real GDP
1.4
0.9
1.7
Industrial production
-1.2
-0.2
4.5
0.2
1.8
0.4
1.6
-1.3
2.0
1.4
0.3
Retail sales
-0.3
-0.6
1.9
-0.2
0.6
0.1
1.3
-0.6
0.5
-0.6
1.4
Exports (y-o-y)
3.8
-7.4
11.8
8.5 10.5 15.1 13.0
4.9
1.8
2.1
7.8
Consumer prices (y-o-y)
0.8
-0.1
0.5
0.3
1.3
1.5
1.1
0.6
0.4
0.6
0.6
Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
Eurozone The eurozone economy is expected to maintain modest growth: Industrial production rebounded in March (up 0.5%, m-o-m), and employment and economic sentiment continued to improve. The unemployment rate fell to 8.5 percent in April, the lowest level since December 2008. Unemployment rate (%)
9.0 (Jun 2017) → 9.0 (Jul) → 9.0 (Aug) → 8.9 (Sep) → 8.8 (Oct) → 8.7 (Nov) → 8.7 (Dec) → 8.7 (Jan 2018) → 8.6 (Feb) → 8.6 (Mar) → 8.5 (Apr)
Manufacturing PMI
56.6 (Jul 2017) → 57.4 (Aug) → 58.1 (Sep) → 58.5 (Oct) → 60.1 (Nov) → 60.6 (Dec) → 59.6 (Jan 2018) → 58.6 (Feb) → 56.6 (Mar) → 56.2 (Apr) → 55.5 (May)
Eurozone Economic Sentiment Indicator (base 2010=100)
111.4 (Aug 2017) → 112.5 (Sep) → 113.5 (Oct) → 114.0 (Nov) → 115.3 (Dec) → 114.9 (Jan 2018) → 114.1 (Feb) → 112.7 (Mar) → 112.7 (Apr) → 112.5 (May)
Eurozone’s GDP growth and industrial production (%)
(%)
6
2
4 1 2 0
0 -2
-1 -4 -2
-6 -8
-3 -10
GDP (q-o-q, left) Industrial production (q-o-q, right)
-4 2009.Q1
Source: Eurostat
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
2015.Q1
2016.Q1
2017.Q1
-12 2018.Q1
09
June 2018
(Percentage change from previous period)
2015 2016
2017
Annual Annual Annual
2018
Q1
Q2
Q3
Q4
Q1
Feb
Mar
Apr
0.4
-
-
-
Real GDP
2.1
1.9
2.4
0.6
0.7
0.7
0.7
Industrial production
2.1
1.6
2.9
0.1
1.2
1.3
1.5
-0.6
-0.9
0.5
-
Retail sales
2.9
1.6
2.2
0.3
0.8
0.4
0.4
-0.2
0.3
0.1
-
Exports (y-o-y)
5.3
0.3
7.1
1.2
1.3
-2.2
6.0
2.5
2.8
-2.9
-
Consumer prices (y-o-y)
0.0
0.2
1.5
1.8
1.5
1.4
1.4
1.3
1.1
1.3
1.2
Sources: Eurostat, Bloomberg
2. Private consumption Private consumption (preliminary GDP) in the first quarter of 2018 rose 0.7 percent compared to the previous quarter and 3.5 percent compared to a year ago. (Percentage change from previous period)
2015
2016
Annual Annual
Private consumption2 (y-o-y)
Q1
Q2
2017 Q3
1
Q4 Annual
1
Q1
1
Q2
2018 1
Q3
1
Q4
Q11
2.2
2.5
-0.2
0.8
0.5
0.3
2.6
0.5
1.0
0.8
1.0
0.7
-
-
2.4
3.6
2.8
1.4
-
2.1
2.4
2.6
3.4
3.5
1. Preliminary 2. National accounts Source: Bank of Korea
Private consumption (%) 8 6 4 2 0 -2 -4
Private consumption (y-o-y) Private consumption (q-o-q)
-6 2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
2015.Q1
2016.Q1
2017.Q1
2018.Q1
Source: Bank of Korea (national accounts)
Retail sales in April fell 1.0 percent month-on-month: Sales of durable goods (up 1.2%) increased but sales of semi-durable goods (down 6.0%) declined. Year-onyear, the index rose 5.3 percent.
10
Economic Bulletin
The Green Book
(Percentage change from previous period)
2015
2016
2017
Annual Annual Annual
2018
Q1
Q2
Q3
Q4
Q11
Mar1
Apr1 -1.0
Retail sales
4.1
3.9
1.9
0.4
1.0
0.2
0.9
3.0
2.9
(y-o-y)
-
-
-
1.6
1.0
3.2
2.1
5.0
7.0
5.3
10.1
4.6
5.4
1.0
5.2
-3.0
1.4
5.5
6.6
1.2
21.1
2.8
0.9
-0.5
3.5
-6.9
1.4
11.0
8.1
2.1
-1.2
2.3
-1.1
-1.3
-0.5
1.1
1.4
2.8
5.8
-6.0
3.2
4.2
1.7
0.8
-0.5
1.4
0.5
2.1
-0.1
0.0
- Durable goods2 · Automobiles - Semi-durable goods - Nondurable goods4
3
1. Preliminary 2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices and etc. 3. Semi-durable goods: Clothing, footwear and etc. 4. Nondurable goods: Food, medicine, cosmetics, fuel, tobacco and etc. Source: Statistics Korea
Retail sales (%)
15
10
5
0
-5
Retail sales (y-o-y)
-10 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Retail sales (m-o-m)
Source: Statistics Korea (industrial activity trends)
In May, consumer sentiment improved and credit card use increased, but large discount store sales dropped and the number of Chinese tourists rose at a slower rate. 2017 Oct
2018
Nov
Dec
Jan
Feb
Mar
Apr
May1
Credit card use (y-o-y, %)
-0.8
6.6
4.1
0.2
4.2
1.2
14.1
5.2
Department store sales (y-o-y, %)
-0.2
6.3
5.9
-7.9
8.5
5.5
0.5
2.0
Large discount store sales (y-o-y, %)
1.7
5.9
1.0
-8.7
24.7
3.1
-2.0
-3.0
Domestic sales of cars (y-o-y, %)
-13.5
-4.0
-19.4
8.6
-11.2
-3.5
1.9
0.3
Consumer sentiment index
108.9
112.0
110.6
109.9
108.2
108.1
107.1
107.9
Number of Chinese tourists (y-o-y, %) -49.3
-42.1
-37.9
-46.0
-41.5
11.8
60.9
44.02
1. Preliminary 2. Advanced estimates based on all Chinese entries, which can be different from the statistic released by the Ministry of Culture, Sports and Tourism as it excludes diplomatic and military personnel Sources: B ank of Korea, Credit Finance Association of Korea, Korea National Oil Corporation, Korea Automobile Manufacturers Association, data provided by retail industries
11
June 2018
3. Facility investment Facility investment (preliminary GDP) in the first quarter of 2018 rose 3.4 percent quarter-on-quarter and 7.3 percent year-on-year. (Percentage change from previous period)
2015
2016
Annual Annual
2017
2018
Q1
Q2
Q3
Q4 Annual1 Q11
Q21
Q31
Q41
Q11
-7.1
2.7
1.6
6.5
14.6
4.3
0.2 -0.7
3.4
-3.6 -1.6 -2.5
3.3
-
Facility investment2
4.7
-1.0
(y-o-y)
-
-
- Machinery
2.9
-0.8
-7.5
4.1
6.5
8.6
23.0
7.1
3.9
- Transportation equipment
8.7
-1.5
-6.3
0.2 -7.9
1.8
-3.2
-1.7
5.3 -5.5
4.5
16.1 17.9 16.3
8.6
7.3
2.4 -1.2
4.0
0.8
1.9
1. Preliminary 2. National accounts Source: Bank of Korea
Facility investment (%) 40 30 20 10 0 -10 -20
Facility investment (y-o-y)
-30 2009.Q1
Facility investment (q-o-q)
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
2015.Q1
2016.Q1
2017.Q1
2018.Q1
Source: Bank of Korea (national accounts)
Facility investment by type (y-o-y, %)
40 30 20 10 0 -10 -20
Machinery Transportation equipment
-30 2009.Q1
2010.Q1
2011.Q1
Source: Bank of Korea (national accounts)
2012.Q1
2013.Q1
2014.Q1
2015.Q1
2016.Q1
2017.Q1
12
Economic Bulletin
The Green Book
The facility investment index in April fell 3.3 percent month-on-month as transportation equipment investment decreased. The index increased 0.6 percent year-on-year. (Percentage change from previous period)
2015 2016
2017
Annual Annual Annual
Facility investment index
6.9
-1.3
2018
Q1
Q2
Q3
Q4
14.1
6.0
3.1
0.2
-1.7
1
Mar1
Apr1
8.4
-7.8
-3.3
Q1
(y-o-y)
-
-
-
18.2
17.8
20.6
2.0
9.3
-0.1
0.6
- Machinery
3.6
-2.2
22.4
6.6
7.9
-0.1
-2.0
5.2 -11.3
2.1
15.0
0.9
-4.4
5.1
-8.7
0.4
-0.8
- Transportation equipment
17.8
3.0 -17.4
1. Preliminary Source: Statistics Korea
The facility investment outlook is mixed: Domestic machinery orders received and machinery imports increased along with the capacity utilization rate, but the BSI in the manufacturing sector remains low. BSI in the manufacturing sector (base=100, Bank of Korea)
82 (Dec 2017) → 82 (Jan 2018) → 77 (Feb) → 82 (Mar) → 78 (Apr) → 81 (May) → 80 (Jun) (Percentage change from same period in previous year)
2015 2016
2017
Annual Annual Annual
Domestic machinery orders received
-3.9
4.7
(q-o-q, m-o-m)
-
-
-Public
-61.7
-Private
9.6
Machinery imports
2018
Q1
Q2
Q3
Q4
19.2
21.1
23.7
31.3
4.2
-
-8.6
11.4
1.4
0.3
1
Mar1
Apr1
4.2
1.2
5.7
-9.1
6.3
11.4 25.3
Q1
49.0 -21.8
8.4
-5.8
-0.9 -54.0 -12.7 -43.6
1.1
24.1
22.5
26.3
34.1
15.0
5.8
6.6
3.8
0.4
-2.5
18.8
24.2
20.5
22.7
9.1
20.7
10.9
6.6
Capacity utilization rate
74.4
72.9
72.6
73.5
72.0
73.0
71.8
71.0
70.3
72.5
Facility investment pressure2
-1.2
-0.3
0.6
2.8
0.3
3.8
-4.7
-2.6
-3.6
1.7
1. Preliminary 2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p) Sources: Statistics Korea, Korea International Trade Association
Leading indicators of facility investment (trillion won)
(y-o-y, %)
10
60
9 40
8 7
20
6 0
5 4
-20
3
Machinery orders (left) Machinery imports (right)
2
-40 2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
2015.Q1
2016.Q1
2017.Q1
Sources: Statistics Korea (machinery orders), Korea International Trade Association (machinery imports)
2018.Q1
13
June 2018
4. Construction investment Construction investment (preliminary GDP) in the first quarter of 2018 rose 1.8 percent both quarter-on-quarter and year-on-year. (Percentage change from previous period)
2015
2016
Annual Annual Q1
2017 Q3
Q4 Annual1 Q11
Q21
Q31
Q41
Q11
2.2
1.0
Construction investment
6.6
10.3
5.6
3.2
(y-o-y)
-
-
8.4
9.4 11.0 11.9
10.0
16.2
4.4
5.0
2.4
0.3
-1.8
8.3 -1.0 -1.4 -2.7
2
- Building construction - Civil engineering works 1. Preliminary
2018
Q2
3.7
7.6
4.2
0.9
1.1 -2.3
1.8
-
11.3
8.5
8.0
1.8
12.1
4.5
2.4
1.9 -1.6
0.7
-3.5
3.5 -3.0 -1.2 -4.2
5.3
3.8
2. National accounts Source: Bank of Korea
Construction investment (%)
15
10
5
0
-5
Construction investment (y-o-y)
-10 2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
2015.Q1
2016.Q1
2017.Q1
2018.Q1
Construction investment (q-o-q)
Source: Bank of Korea (national accounts)
Construction investment by type (y-o-y, %) 40 30 20 10 0 -10
Building construction
-20
Residential buildings
-30
Civil engineering works
2009.Q1
2010.Q1
2011.Q1
Source: Bank of Korea (national accounts)
2012.Q1
2013.Q1
2014.Q1
2015.Q1
2016.Q1
2017.Q1
14
Economic Bulletin
The Green Book
Construction completed (constant) in April increased 4.4 percent month-on-month as building construction rose. The index increased 1.4 percent year-on-year. (Percentage change from previous period)
2015 2016
2017
Annual Annual Annual
Construction completed (constant)
Q1
2018
Q2
Q3
Q4
Q11
Mar1
Apr1
5.0
15.4
10.1
4.3
-0.2
-0.3
-0.1
2.6
-3.3
4.4
-
-
-
17.7
13.6
12.7
-0.5
1.6
-5.4
1.4
- Building construction
7.3
25.7
18.2
5.8
2.2
1.8
-0.9
1.0
-5.1
8.1
- Civil engineering works
1.2
-2.6
-8.4
0.6
-6.5
-6.2
2.3
7.5
1.8
-5.6
(y-o-y)
1. Preliminary
Source: Statistics Korea
With regard to outlook, building permits and apartment presales increased, but construction orders received declined. Apartment presales (thousands, monthly average of the quarter, Real Estate 114) 19 (Q1 2017) → 27 (Q2) → 30 (Q3) → 33 (Q4) → 17 (Q1 2018) → 39 (Apr) → 43 (May)
(Percentage change from same period in previous year)
2015 2016
2017
Annual Annual Annual
Construction orders received (current value) (q-o-q, m-o-m)
48.4
Q1
8.1
-3.1
1.2 -5.4
Q2
2018 Q3
Q4
17.9 -10.2 -15.0
-
-
-
- Building construction
50.5
14.4
-6.5
-7.7
- Civil engineering works
42.6 -10.5
9.7
29.7
63.3 -17.3 -13.0
Building permits2
34.3
-4.0
-5.0
-7.8
-5.7
8.5 -10.6 8.4
-1.1
-8.3 -15.5
-0.3
-2.4
Q11
Mar1
Apr1
2.3
20.5 -42.0
6.8
6.7 -14.1
-2.4
47.4 -32.6
13.0 -38.6 -72.0 3.7
5.3
5.7
1. Preliminary 2. Floor area Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport
Leading indicators of construction investment (y-o-y, %) 200
150
100
50
0
-50
Construction orders Building permit area
-100 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Sources: Statistics Korea (construction orders), Ministry of Land, Infrastructure and Transport (building permit area)
15
June 2018
5. Exports and imports Exports (preliminary) increased 13.5 percent year-on-year to US $50.98 billion in May. Exports rose to the fifth largest on record, exceeding US $50 billion for the third month in a row. By item, semiconductors, petroleum products, computers and automotive parts rose, while vessels and home appliances dropped. By region, shipments to China, India, Japan, the US and the EU increased, while exports to Vietnam and the Middle East declined. Export growth by item (y-o-y, %)
44.5 (semiconductors), 37.6 (petroleum products), 28.7 (computers), 14.7 (automotive parts), -15.0 (home appliances), -67.2 (vessels)
Export growth by region (y-o-y, %)
30.0 (China), 18.9 (India), 16.2 (Japan), 11.8 (US), 5.7 (EU), -5.4 (Middle East), -8.4 (Vietnam)
Average daily exports, an indicator adjusted to days worked, rose month-on-month to US $2.37 billion. Average daily exports (US $ billion)
2.18 (Dec 2017) → 2.05 (Jan 2018) → 2.29 (Feb) → 2.19 (Mar) → 2.18 (Apr) → 2.37 (May)
Exports by item (y-o-y, %)
140 120 100 80 60 40 20 0
Export growth rate Semiconductors
-20 -40 -60
Automobiles Steel
-80 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends) (US $ billion)
2015
2016
2017
Annual Annual Annual
Exports (y-o-y, %) Average daily exports
Q1
Q2
2018 Q3
Q4
526.76 495.43 573.69 132.06 147.04 151.05 143.54
May
Q1
May1
50.06
50.98
-8.0
-5.9
15.8
14.7
16.7
24.0
8.4
13.1
10.1
-1.5
13.5
1.93
1.81
2.13
1.96
2.21
2.13
2.23
2.14
2.17
2.18
2.37
1. Preliminary Source: Korea Customs Service
44.93 145.38
Apr
16
Economic Bulletin
The Green Book
Imports (preliminary) in May rose 12.6 percent year-on-year to US $44.25 billion. Imports of commodities and consumer goods grew faster, while capital goods imports rose at a slower rate. Import growth by category (y-o-y, %, Apr → May)
18.8 → 19.0 (commodities), 8.0 → 2.1 (capital goods), 16.0 → 17.2 (consumer goods)
Imports by category (y-o-y, %)
100 80 60 40 20 0 -20
Import growth rate Commodities Capital goods
-40 -60 -80 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)
(US $ billion)
2015
2016
2017
Annual Annual Annual
Imports
Q1
Q2
2018 Q3
Q4
May
Q1
Apr
May1
436.50 406.19 478.48 116.43 117.80 120.85 123.40 39.29 132.20 43.45 44.25
(y-o-y, %)
-16.9
-6.9
17.8
24.1
18.6
18.0
11.6
19.0
13.5
14.5
12.6
Average daily imports
1.60
1.49
1.78
1.72
1.77
1.70
1.91
1.87
1.97
1.89
2.06
1. Preliminary Source: Korea Customs Service
The trade balance (preliminary) posted a surplus of US $6.73 billion in May, staying in the black for the 76th consecutive month. Surpluses increased compared with the previous month. (US $ billion)
2015
2016
2017
Annual Annual Annual
Trade balance
90.26
89.23
1. Preliminary Source: Korea Customs Service
95.22
2018
Q1
Q2
Q3
Q4
15.63
29.25
30.20
20.14
May 5.64
Q1
Apr
13.24
6.61
May1 6.73
17
June 2018
Exports and imports (US $ billion)
60 50 40 30 20 10
Exports
0
Imports
-10
Trade balance
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)
6. Mining and manufacturing production Mining and manufacturing production rose 3.4 percent month-on-month in April, despite a fall in mining, as manufacturing rose along with electricity and gas production. The index rose 0.9 percent year-on-year. Compared to the previous month, production of semiconductors (up 9.9%), automobiles (up 6.7%) and refined petroleum (up 13.9%) rose, while broadcasting & communications equipment (down 10.3%), precision medical optics (down 5.8%) and audio-visual equipment (down 11.1%) fell. Compared to a year ago, production of semiconductors (up 26.6%), electronic products (up 10.7%) and chemical products (up 6.8%) rose, while broadcasting & communications equipment (down 29.9%), automobiles (down 5.6%) and processed metals (down 8.6%) declined. The manufacturing inventory-shipment ratio fell 0.7 percentage points month-on-month to 113.4 percent as inventories increased 1.3 percent and shipments rose 1.9 percent. Inventories of mechanical equipment (up 6.7%), chemical products (up 2.3%) and refined petroleum (up 4.9%) rose, while clothing & fur (down 6.1%), tobaccos (down 5.6%) and paper products (down 2.0%) declined. Shipments of automobiles (up 5.0%), refined petroleum (up 12.7%) and chemical products (up 3.1%) rose, while broadcasting & communications equipment (down 17.9%), semiconductors (down 2.5%) and pharmaceutical products (down 9.6%) fell. The capacity utilization rate of the manufacturing sector rose 2.2 percentage points month-on-month to 72.5 percent.
18
Economic Bulletin
The Green Book
Industrial production (%)
50 40 30 20 10 0 -10 -20
Industrial production (y-o-y)
-30 2009.1
Industrial production (m-o-m)
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Source: Statistics Korea (industrial activity trends)
Shipment and inventory (m-o-m, %) 8 6 4 2 0 -2 -4
Shipment growth
-6 2009.1
Inventory growth
2010.1
2011.1
2012.1
Source: Statistics Korea (industrial activity trends)
Capacity utilization rate (%) 90 85 80 75 70 65 60 2009.1
2010.1
2011.1
2012.1
Source: Statistics Korea (industrial activity trends)
19
June 2018
(Percentage change from same period in previous year)
2017 Annual Q1
Q11
Feb Mar1 Apr1
-
1.7
-1.0
-1.8
-1.2
0.8
-2.2
3.4
(y-o-y)
1.9
4.7
-3.8
3.7
-2.2
-6.8
-4.0
0.9
(q-o-q, m-o-m)
-
1.5
-1.1
-1.9
-1.3
0.7
-1.9
3.5
(y-o-y)
1.6
4.8
-4.8
3.7
-2.9
-7.8
-4.4
0.7
0.7
3.0
-5.0
1.6
-3.9
-8.9
-5.3
-1.6
-Domestic consumption
1.4
3.4
-5.4
1.7
-3.1
-7.3
-5.1
-1.2
-Exports
-0.3
2.4
-4.3
1.3
-5.0 -11.1
-5.5
-2.2
8.8
-5.5
8.8
-1.9 10.5
8.8 10.5
9.5
Production Shipment
Inventory
3
Capacity utilization rate Production capacity 1. Preliminary
Apr
(q-o-q, m-o-m)
Mining and manufacturing2
Manufacturing
2018
Q4
72.6 73.5 71.8 71.7 71.0 72.1 70.3 72.5 1.1
2.2
-0.1
2. Including mining, manufacturing, electricity and gas industry
1.9
-0.3
0.1
-0.8
-1.0
3. At the end of the period
Mining and manufacturing is expected to increase given strong exports amid improving global economies. However, there are uncertainties, such as trade issues and major economies’ monetary policy normalization.
7. Service sector activity Service output in April remained unchanged from the previous month. Financial & insurance services rose, along with transportation & communications services, while wholesale & retail and healthcare & social welfare services declined. Compared to a year ago, service output rose 2.6 percent.
Service sector activity (%)
10 8 6 4 2 0 -2
Service sector activity (y-o-y)
-4 2009.1
2010.1
2011.1
2012.1
Service sector activity (m-o-m)
Source: Statistics Korea (industrial activity trends)
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
20
Economic Bulletin
The Green Book
April 2018 service output by business (y-o-y, %) 14
Sewerage & waste management
12 Financial & insurance services
10 8 6 4
Total index
2 0 -2
Professional, scientific & technical services
Transportation & storage services
Hotels & restaurants Wholesale & retail
Education services
Real estate & renting
Publishing & communications services
Business services
Entertainment & leisure
Healthcare & social welfare services
Membership organizations & personal services
-4
Source: Statistics Korea (industrial activity trends)
(Percentage change from previous period)
Weight
2016
2018
2017
Annual Annual Q1
Q2
Q3
Q4
Q11 Mar1 Apr1
Service activity index
100.0
2.6
1.9
0.7
0.5
0.9
0.2
1.0
0.4
- Wholesale & retail
21.1
2.6
0.7 -0.1
0.1
0.8
0.6
1.0
1.3 -2.1
- Transportation & storage services
9.0
2.2
1.6
2.0
0.5
1.4 -0.2 -0.6
- Hotels & restaurants
6.2
2.3 -1.9
0.2
0.0 -0.8 -0.9 -2.0
- Publishing & communications services
8.0
2.5
1.5
1.2
0.7
1.3
0.9
1.4 -0.5 -0.3
14.1
4.1
5.1
1.5
1.0
1.1
3.9
1.4 -1.6
- Real estate & renting
3.2
0.6
1.2 -2.3
3.0
3.2 -8.4
- Professional, scientific & technical services
7.1 -0.8 -1.6
0.1 -0.2 -0.8 -0.6
3.1 -2.4
- Business services
4.8
1.5
4.3
1.5
0.2 -0.6 -1.1
- Education services
10.6
0.7
0.0
0.1 -0.4
0.5 -0.6
0.1 -1.9
- Healthcare & social welfare services
9.4
8.1
7.0
1.3
1.2
2.1 -1.1
1.2
0.9 -2.9
- Entertainment & leisure
2.2
2.3
0.2
0.6
1.0 -1.8
0.2
2.0
1.4 -3.1
- Membership organizations & personal services
3.2
0.3
0.0 -0.5
0.9 -1.4
1.4
4.7 -2.2
- Sewerage & waste management
1.1
3.1 -2.3
2.2
2.3
2.5
- Financial & insurance services
1. Preliminary Source: Statistics Korea
1.1
0.2
0.2 -4.8
1.5
1.1
1.5
5.1
0.9
0.0
3.0
5.0 -0.8
2.1
4.9 -2.1 3.4
2.3
2.8
21
June 2018
Wholesale & retail (%) 10 8 6 4 2 0 -2 -4
Wholesale & retail (y-o-y) Wholesale & retail (m-o-m)
-6
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Source: Statistics Korea (industrial activity trends)
Service output for May will likely be affected by both positive and negative factors: Department store sales and stock transactions increased, but large discount store sales declined and the number of Chinese tourists rose at a slower rate.
2017 Oct
2018 Feb
Mar
Apr
May1
-4.0 -19.4
8.6 -11.2
-3.5
1.9
0.3
Nov
Dec
Jan
Domestic sales of cars (y-o-y, %)
-13.5
Department store sales (y-o-y, %)
-0.2
6.3
5.9
-7.9
8.5
5.5
0.5
2.0
Large discount store sales (y-o-y, %)
1.7
5.9
1.0
-8.7
24.7
3.1
-2.0
-3.0
Average daily stock transactions (trillion won) 10.1
12.7
12.1
15.8
13.0
12.4
14.3
15.0
-49.3 -42.1 -37.9 -46.0 -41.5
11.8
60.9
44.02
Number of Chinese tourists (y-o-y, %)
1. Preliminary 2. ‌ Advanced estimates based on all Chinese entries, which can be different from the statistic released by the Ministry of Culture, Sports and Tourism as it excludes diplomatic and military personnel Sources: Korea Automobile Manufacturers Association, Korea Exchange, data provided by retail industries
22
Economic Bulletin
The Green Book
8. Employment The number of workers on payroll in April increased by 123,000 from a year earlier to 26,868,000, and the employment rate (aged 15-64) remained unchanged at 66.6 percent. By industry, construction and services continued to lead employment growth. By employment status, permanent and self-employed workers increased, while temporary and daily workers continued to decline.
Employment by industry (%)
100
80
60
70.7 70.7 70.6 70.6 70.6 71.5 71.9 71.5 71.1 70.6 70.2 70.1 70.4 70.6 70.4 70.3 70.5 70.9 71.1 71.2 70.9 70.3
40
Services Construction
7.1
7.1
7.1
7.4
7.4
7.3
7.3
7.3
7.4
7.5
7.5
7.4
7.3
7.5
7.5
7.6
7.7
7.6
7.5
7.5
7.5
17.1 16.9 17.0 17.0 17.0 17.2 17.4 17.5 17.2 17.0 17.0 17.1 17.0 16.9 16.9 16.9 17.0 17.4 17.6 17.5 17.1 16.6
Manufacturing Agriculture, forestry & fisheries
7.2
20
0
5.2
5.2
2016.7 8
5.3
5.3
5.0
9
10
11
3.4 3.7 4.4 5.0 5.3 5.4 5.2 5.3 5.3 5.3 5.0 4.0 3.8 3.8 4.5 5.2 12 2017.1 2 3 4 5 6 7 8 9 10 11 12 2018.1 2 3 4
3.8
Source: Statistics Korea (employment trends)
Employment by status of workers (%) 100
80
4.4
4.5
4.5
4.5
4.3
3.8
3.7
3.8
4.0
4.3
4.3
4.4
4.3
4.3
4.3
4.4
4.2
3.7
3.7
3.7
3.9
4.2
21.3 21.5 21.4 21.4 21.3 21.1 21.3 21.4 21.4 21.3 21.2 21.2 21.2 21.3 21.3 21.4 21.1 21.0 21.1 21.2 21.2 21.2 5.8
5.5
5.5
5.6
5.8
5.8
5.7
5.5
5.4
5.8
5.9
5.9
5.9
5.4
5.6
5.6
5.7
5.6
5.4
5.2
5.3
5.4
60 19.7 19.5 19.3 19.3 19.3 19.1 18.4 18.3 18.6 18.7 18.9 19.0 18.9 18.8 18.7 18.7 18.8 18.5 17.8 17.5 18.1 18.3
Unpaid family workers
40
Self-employed workers Daily workers
20
48.8 48.9 49.2 49.1 49.2 50.1 50.8 51.0 50.6 49.9 49.7 49.6 49.8 50.2 50.0 50.0 50.2 51.1 52.0 52.4 51.5 50.9
Temporary workers 0
Regular workers
2016.7 8
9
10
11
12 2017.1 2
Source: Statistics Korea (employment trends)
3
4
5
6
7
8
9
10
11
12 2018.1 2
3
4
23
June 2018
Number of persons employed and employment growth (thousands)
Employment growth (y-o-y, left)
(millions)
1,000
28
800
27
600
26
400
25
200
24
0
23
-200
22 21
-400 2009.1
Number of employed (seasonally adjusted, right)
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Source: Statistics Korea (employment trends)
2016
2017
Annual Annual
Number of employed (millions)
Q1
Q2
2018 Q3
Q4
Apr
Q1
Mar
Apr
26.41
26.73
Employment rate (%)
60.6
60.8
59.6
61.3
61.4
61.0
61.0
59.6
60.2
60.9
(Seasonally adjusted)
60.6
60.8
60.9
60.8
60.8
60.9
60.8
60.9
60.9
60.8
- 15 to 64
66.1
66.6
65.8
66.9
67.0
66.9
66.6
66.0
66.1
66.6
Employment growth (y-o-y, thousands)
231
316
353
367
279
265
420
183
112
123
- Manufacturing
-21
-18
-120
-21
30
41
-60
45
15
-68
- Construction
15
119
136
163
84
92
166
69
44
34
299
209
360
224
144
103
331
17
26
100
-63
41
71
46
20
28
76
-74
-96
-61
- Services · Wholesale & retail
26.10 26.92 27.00 26.88 26.74 26.28 26.56 26.87
· Hotels & restaurants
96
-3
55
4
-31
-40
28
-24
-20
-28
· Healthcare & social welfare services
80
61
78
57
53
54
68
51
88
144
- Wage workers
267
265
191
312
291
265
318
228
196
140
346
366
317
347
417
382
365
409
308
319
·Temporary workers
10
-132
-152
-126
-145
-104
-128
-124
-96
-83
·Daily workers
-88
31
27
92
19
-13
81
-57
-16
-96
-36
51
161
55
-12
0
102
-45
-84
-16
·Permanent workers
- Nonwage workers ·Self-employed workers
-9
68
168
59
23
20
99
-24
-41
2
85
127
171
174
92
72
187
75
-9
13
- Female
146
189
182
192
187
193
232
109
121
111
- 15 to 29
43
-1
16
31
-7
-42
55
26
4
-68
- Male
- 30 to 39
-57
-29
-53
-27
-18
-17
-14
-29
-38
-17
- 40 to 49
-59
-50
-41
-48
-55
-54
-51
-85
-97
-88
82
152
177
159
139
134
186
67
21
69
223
242
254
251
221
243
244
203
221
227
- 50 to 59 - 60 and above Source: Statistics Korea
24
Economic Bulletin
The Green Book
The number of unemployed persons in April was down by 6,000 from a year earlier to 1,161,000, and the unemployment rate fell 0.1 percentage points to 4.1 percent. Unemployment among those over 50 rose, while unemployment among young adults and those in their 30s declined.
Unemployment rate (%)
6
5
4
3
Original data
2 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Seasonally adjusted rate
Source: Statistics Korea (employment trends)
2016
2017
Annual Annual
Q1
Q2
2018 Q3
Q4
Apr
Q1
Mar
Apr
Number of unemployed (thousands)
1,009
1,023
1,162
1,074
963
892
1,167
1,181
1,257
1,161
Unemployment growth (y-o-y, thousands)
34
14
13
48
-20
14
94
19
12
-6
- Male
23
12
-15
31
-8
42
65
13
94
-8
- Female
11
1
28
17
-12
-28
29
6
26
2
Unemployment rate (%)
3.7
3.7
4.3
3.8
3.4
3.2
4.2
4.3
4.5
4.1
(Seasonally adjusted)
3.7
3.7
3.7
3.7
3.7
3.7
3.9
3.7
4.0
3.8
- 15 to 29
9.8
9.8
10.7
10.3
9.3
9.0
11.2
10.0
11.6
10.7
- 30 to 39
3.1
3.3
3.6
3.4
3.0
3.0
4.0
3.3
3.7
3.7
- 40 to 49
2.1
2.1
2.4
2.4
2.0
1.8
2.7
2.5
2.8
2.7
- 50 to 59
2.3
2.2
2.2
2.4
2.3
1.8
2.3
2.5
2.8
2.6
- 60 and above
2.7
2.9
4.8
2.3
2.2
2.2
2.4
5.4
3.8
2.7
Source: Statistics Korea
25
June 2018
The economically inactive population in April increased 134,000 from a year earlier to 16,090,000, and the labor force participation rate fell 0.1 percentage points year-on-year to 63.5 percent. The number of persons economically inactive due to rest (up 122,000) and housework (up 77,000) increased, and those due to education (down 35,000) and childcare (down 97,000) decreased. Job seekers were up by 42,000.
Labor force participation rate (%)
65
64
63
62
61
60
Original data Seasonally adjusted rate
59 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Source: Statistics Korea (employment trends)
2016
2017
Annual Annual
Economically inactive population (millions)
16.19
Q1
Q2
2018 Q3
Q4
Apr
Q1
Mar
Apr
16.18 16.56 15.91 16.01 16.26 15.96 16.62 16.29 16.09
Labor force participation rate (%)
62.9
63.2
62.2
63.8
63.6
63.1
63.6
62.3
63.1
63.5
(Seasonally adjusted)
62.9
63.2
63.2
63.1
63.1
63.2
63.3
63.3
63.4
63.2
Growth in economically inactive population (y-o-y, thousands)
102
-5
-20
-85
56
30
-179
68
22
134
- Childcare
-79
-96
-86
-88
-105
-107
-78
-80
-72
-97
- Housework
50
8
31
24
8
-33
23
52
71
77
- Education
-51
-91
-63
-131
-88
-81
-155
-58
-72
-35
- Old age
109
81
60
98
98
69
93
35
-3
16
- Rest
34
108
32
16
166
220
-18
107
77
122
- Job seeking
20
45
44
67
79
-10
17
15
12
42
Source: Statistics Korea
26
Economic Bulletin
The Green Book
9. Financial markets 9.1 Stock market KOSPI fell 3.7 percent in May from 2,515.38 points to 2,423.01 points, while KOSDAQ rose 0.4 percent from 875.95 points to 879.66 points. KOSPI (points)
2,515 (end-Apr 2018) → 2,409 (May 30) → 2,423 (end-May)
Stock prices (monthly average, points)
2,700 2,400 2,100 1,800 1,500 1,200 900 600 KOSPI KOSDAQ
300 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Source: Korea Exchange
(Closing rate)
KOSPI Apr 2018 May 2018
KOSDAQ 1
Change
Apr 2018 May 2018
Change1
Stock price index (points) 2,515.38 2,423.01
-92.4 (-3.7%)
875.95
879.66
3.7 (0.4%)
Market capitalization (trillion won) Daily trade (trillion won) Foreign stock ownership (%, %p)
1,680.1
1,619.4
-60.7 (-3.6%)
284.6
286.7
2.1 (0.7%)
7.81
9.05
1.2 (15.9%)
6.48
5.94
-0.5 (-8.3%)
36.45
36.50
0.0 (0.1%)
10.91
11.38
0.5 (4.3%)
1. Change from the end of the previous month as of end-May 2018 Source: Korea Exchange
27
June 2018
9.2 Exchange rate The dollar-won exchange rate rose 0.9 percent in May from 1,068.0 won to 1,077.7 won amid growing expectations of US inflation picking up, as well as the weakening euro. The 100 yen-won exchange rate rose 1.3 percent from 978.4 won to 991.4 won as the yen gained amid political uncertainty in Italy and concerns over escalating trade conflicts.
Foreign exchange rates (month-end, â‚Š)
1,600
1,400
1,200
1,000
Dollar-Won
800 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
100 Yen-Won
Source: Bank of Korea
Daily foreign exchange rate trend (â‚Š)
1,200 1,150 1,100 1,050 1,000 950
Dollar-Won 100 Yen-Won
900 2017.6
2017.7
Source: Bank of Korea
2017.8
2017.9 2017.10 2017.11 2017.12 2018.1
2018.2
2018.3
2018.4
2018.5
28
Economic Bulletin
The Green Book
(Closing rate)
2012
2013
2014
2015
2016
2017
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
Change1
1,070.6
1,055.4
1,099.3
1,172.5
1,207.7
1,070.5
1,068.0
1,077.7
-0.9
100 Yen-Won 1,238.3
1,002.3
913.0
974.1
1,035.4
949.3
978.4
991.4
-1.3
Dollar-Won
2018
1. ‌ Appreciation from the end of the previous month as of end-May 2018 (%); the exchange rate is based on the closing price at 3:30 p.m., local time. Source: Bank of Korea
9.3 Bond market Korea treasury yields fell in May as the BOK held interest rates steady, as well as due to risk aversion amid US-China trade conflicts and political uncertainty in the eurozone. Yield to maturity (m-o-m, basis points)
-2.1 (3yrs), -0.7 (5 yrs), -1.8 (10 yrs), -2.5 (20 yrs), -2.4 (30 yrs) (Closing rate, %)
Call rate (1 day)
2012
2013
2014
2015
2016
2017
2018
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Apr
May Change1
2.77
2.52
2.03
1.52
1.27
1.58
1.54
1.51
1.55
4
CD (91 days)
2.89
2.66
2.13
1.67
1.52
1.66
1.65
1.65
1.65
-
Treasury bonds (3 yrs)
2.82
2.86
2.10
1.66
1.64
2.14
2.22
2.22
2.20
-2.1
Corporate bonds (3 yrs)
3.29
3.29
2.43
2.11
2.13
2.68
2.80
2.82
2.82
-0.3
Treasury bonds (5 yrs)
2.97
3.23
2.28
1.81
1.80
2.34
2.43
2.49
2.48
-0.7
1. Basis points, %p, change from the previous month as of end-May 2018 Source: Bank of Korea
Interest rates (monthly average, yearly, %)
8 7 6 5 4 3 2
3-yr corporate bond yield
1
3-yr Treasury bond yield
0
Overnight call rate (daily)
2009.1
2010.1
Source: Bank of Korea
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
29
June 2018
9.4 Money supply and money market M2 (monthly average) in March rose 5.8 percent from a year ago as home purchase mortgage loans increased, as well as Jeonse (rental homes with lumpsum deposits and no monthly payments) loans. (Percentage change from same period in previous year, average)
2011
2012
2013
2014
2015
2016
2017
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Feb
Mar
Mar1
M12
6.6
3.8
9.5
10.9
18.6
15.4
9.2
8.1
6.6
841.0
M2
4.2
5.2
4.8
6.6
8.6
7.3
5.5
6.2
5.8
2,578.4
5.3
7.8
6.9
7.0
9.7
8.1
6.7
6.9
6.7
3,614.9
Lf
3
2018
1. Balance at end-March 2018, trillion won 2. M1 excludes corporate MMFs and individual MMFs, and includes CMAs 3. Liquidity aggregates of financial institutions (mostly identical with M3) Source: Bank of Korea
Total money supply (y-o-y, monthly average balance, %)
35 30 25 20 15 10
Reserve money
5
M1
0
Lf
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Source: Bank of Korea
Bank deposits decreased 4.5 trillion won in April, as instant access deposits fell 13.5 trillion won and time deposits rose 7 trillion won. Instant access deposits fell due to payments of VAT and corporate taxes, while time deposits increased due to inflows of local government funds. Asset management company (AMC) deposits increased 22.4 trillion won led by money market funds (MMFs): Banks redeposited funds which they withdrew the previous month to improve BIS ratios, and government surplus funds increased. (Change from the end of the previous period, trillion won)
2011
2012
2013
2014
2015
2016
2017
Annual Annual Annual Annual Annual Annual Annual
2018 Feb
Mar
Apr
Apr1
Bank deposits
58.9
37.0
41.0 115.4 100.3
80.8
79.5
14.4
7.8
-4.5 1,561.4
AMC deposits
-16.6
18.8
17.7
47.6
27.9
0.7
-4.6
22.4 544.6
1. Balance at end-April 2018 Source: Bank of Korea
42.4
44.4
30
Economic Bulletin
The Green Book
Deposits in financial institutions (m-o-m, end of month balance, trillion won)
60 50 40 30 20 10 0 -10 -20 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Source: Bank of Korea
10. Balance of payments Korea’s current account (preliminary) in April posted a surplus of US $1.77 billion, staying in the black for 74 consecutive months. Goods account surpluses increased month-on-month from US $9.88 billion to US $10.36 billion backed by recovering global economies. Growth in goods exports (y-o-y, %) 5.2 (Mar 2018) → 7.0 (Apr)
Growth in goods imports (y-o-y, %) 5.1 (Mar 2018) → 12.5 (Apr)
Export growth by item in April (y-o-y, %, customs clearance basis)
37.0 (semiconductors), 23.5 (computers), 11.7 (petrochemicals), 15.8 (machinery), -7.6 (steel), -8.6 (automobiles)
Import growth by category in April (y-o-y, %, customs clearance basis) 18.8 (commodities), 8.0 (capital goods), 16.0 (consumer goods)
Services account deficits decreased month-on-month from US $2.25 billion to US $1.98 billion helped by intellectual property rights, which shifted to a surplus, and travel, which reduced deficits. Services balance (US $ billion, Mar → Apr)
-0.34 → 0.20 (intellectual property rights), -1.31 → -1.09 (travel), -0.39 → -0.52 (transportation), 0.67 → 0.57 (construction), -0.55 → -0.57 (manufacturing), -0.67 → -0.82 (others)
31
June 2018
Travel balance (US $ billion)
4 3 2 1 0 -1 -2
Travel balance
-3
Travel payment
-4
2009.1
Travel revenue
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Source: Bank of Korea (balance of payments trends)
Primary income account deficits increased from US $1.58 billion to US $5.86 billion, and secondary income account deficits decreased from US $0.87 billion to US $0.75 billion. (US $ billion)
2016
2017
Annual Annual1
Current account
Q11
Q21
2018
Q31
Q41
99.24 78.46 19.20 16.45 25.57 17.24
Apr1
Q11
Mar1
3.67 11.83
5.18
Apr1 1.77
- Goods balance
118.90 119.89 27.31 29.56 34.75 28.27 11.54 23.91
9.88 10.36
- Services balance
-17.74 -34.47
-8.66
-6.75
-8.50 -10.56
-2.42
-9.41
-2.25
-1.98
- Primary income balance
3.85
0.12
1.37
-4.88
1.95
1.68
-4.92
0.39
-1.58
-5.86
- Secondary income balance
-5.77
-7.08
-0.82
-1.48
-2.63
-2.15
-0.53
-3.06
-0.87
-0.75
1. Preliminary Source: Bank of Korea
Current account balance (US $ billion) 18 15 12 9 6 3 0
Goods account
-3
Services account
-6
Current account
2009.1
2010.1
2011.1
2012.1
2013.1
Source: Bank of Korea (balance of payments trends)
2014.1
2015.1
2016.1
2017.1
2018.1
32
Economic Bulletin
The Green Book
The capital and financial account (preliminary) in April posted an outflow of US $0.01 billion. Capital & financial account balance* (US $ billion)
9.44 (Jul 2017) → 8.99 (Aug) → 12.41 (Sep) → 6.69 (Oct) → 10.44 (Nov) → 6.35 (Dec) → 4.11 (Jan 2018) → 4.21 (Feb) → 4.22 (Mar) → 0.01 (Apr) * Positive figures represent net outflows, and negative figures represent net inflows.
Net outflows increased in foreign direct investment (FDI) (US $1.52 billion in March → US $1.88 billion in April) as inbound FDI (US $1.28 billion → US $0.26 billion) fell at a faster pace than Korean FDI (US $2.80 billion → US $2.14 billion). Net outflows increased in portfolio investment (US $0.20 billion → US $3.94 billion) as foreign investment in Korean shares (US $5.62 billion → US $0.77 billion) fell faster than Korean investment in foreign shares (US $5.82 billion → US $4.71 billion). Net inflows decreased in financial derivatives investment (US $1.46 billion → US $0.75 billion), and other investment posted a net inflow (US $2.78 billion net outflow → US $8.18 billion net inflow).
Capital & financial account balance (US $ billion)
15 12 9 6 3 0 -3
Capital & financial account
-6
Direct investment
-9
Portfolio investment Financial derivatives
-12
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Source: Bank of Korea (balance of payments trends)
Current account surpluses are likely to increase in May considering an increase in trade surpluses (US $6.6 billion in April → US $6.7 billion in May) and a decrease in dividend payments.
33
June 2018
11. Prices 11.1 Consumer prices Consumer prices in May rose 0.1 percent from the previous month and 1.5 percent from the same period of the previous year.
Consumer price inflation (%)
6 5 4 3 2 1 0
Consumer price inflation (y-o-y)
-1 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Consumer price inflation (m-o-m)
Source: Statistics Korea (consumer price trends) (Percentage change)
2017
2018
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Consumer price inflation (m-o-m) 0.6
0.1
-0.2
-0.7
0.3
0.4
0.8
-0.1
0.1
0.1
(y-o-y)
2.1
1.8
1.3
1.5
1.0
1.4
1.3
1.6
1.5
2.6
Source: Statistics Korea
Fresh food prices continued to rise, but at a slower rate (up 4.1% → up 2.7%, y-o-y) helped by increased supply of livestock products. Vegetable prices continued to rise. Domestic oil prices rose faster (up 3.8% → up 6.0%, y-o-y) in line with higher international oil prices. Public utility prices continued to fall (down 2.5% → down 3.3%, y-o-y) due to a high base effect of gas rate hikes from a year ago. Personal service prices continued to rise (up 2.5% → up 2.6%, y-o-y) as travel costs went up during the Children’s Day holiday.
34
Economic Bulletin
The Green Book
Consumer price inflation in major sectors Total
Agricultural, Manufactured Public Housing Public Personal Oil livestock & utilities rents services services fishery products products products
Apr (y-o-y, %)
1.6
4.1
1.4
3.8
-2.5
0.8
0.3
2.5
May (y-o-y, %)
1.5
2.7
1.6
6.0
-3.3
0.7
0.1
2.6
-
0.22
0.52
0.27
-0.13
0.07
0.02
0.84
- Contribution (%p) Source: Statistics Korea
Contribution to consumer price inflation (%p)
5
4
3
Personal services
2
Public services 1
Housing rents Public utilities Manufactured products Agricultural, livestock & fishery products
0
-1
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Source: Statistics Korea (consumer price trends)
Core inflation, which excludes oil and agricultural products, slowed slightly in May. (Percentage change from same period in previous year)
2017 Oct
2018
Nov Dec
Jan
Feb Mar Apr May
Consumer prices excluding oil and agricultural products 1.3
1.2
1.5
1.1
1.2
1.3
1.4
1.3
Consumer prices excluding food and energy
1.4
1.5
1.2
1.3
1.4
1.4
1.4
1.6
Source: Statistics Korea
The basic necessities price index and the fresh food price index rose 1.4 percent and 4.5 percent, respectively, year-on-year. (Percentage change from same period in previous year)
2017
2018
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Consumer prices for basic necessities
2.0
1.3
1.6
0.8
1.4
1.1
1.4
1.4
Fresh food prices
1.8
-2.5
-3.9
-2.6
4.3
1.0
4.7
4.5
Source: Statistics Korea
35
June 2018
Prices (y-o-y, %) 9
6
3
0
-3
Consumer price inflation Core inflation
-6 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Producer price inflation
Sources: Statistics Korea (consumer price trends), Bank of Korea (producer prices)
11.2 International oil and commodity prices International oil prices rose in May as the US withdrew from the Iran nuclear deal and also as declining oil output in Venezuela raised supply concerns. Dubai crude (US $/barrel)
70.3 (1st week May 2018) → 73.6 (2nd week) → 75.6 (3rd week) → 76.6 (4th week) → 74.3 (5th week)
Venezuela’s crude oil output (thousand barrels/day)
2,360 (Dec 2015) → 1,550 (Apr 2018)
International oil prices (US $/B)
140 120 100 80 60 40 20
WTI Dubai crude
0 2009.1
2010.1
2011.1
Source: Korea National Oil Corporation
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
36
Economic Bulletin
The Green Book
(US $/barrel, period average)
2018
2017 Annual
Q1
Q2
Q3
Q4
Q1
Jan
Feb
Mar
Apr
May
Dubai crude
53.2
53.0
49.7
50.4
59.3
64.0
66.2
62.7
62.7
68.3
74.4
WTI crude
50.9
51.8
48.1
48.2
55.3
62.9
63.7
62.2
62.8
66.3
70.0
Brent crude
54.7
54.6
50.8
52.2
61.5
67.2
69.1
65.7
66.7
71.8
77.0
Source: Korea National Oil Corporation
Domestic gasoline prices went up in May as international oil prices rose. Domestic gasoline prices (won/liter)
1,557.3 (1st week May 2018) → 1,564.2 (2nd week) → 1,577.2 (3rd week) → 1,590.1 (4th week) → 1,605.0 (5th week)
International gasoline prices (US $/barrel)
78.5 (3rd week Apr 2018) → 80.8 (4th week) → 80.5 (1st week May) → 83.4 (2nd week) → 87.2 (3rd week)
Dollar-won exchange rate (won)
1,067.8 (3rd week Apr 2018) → 1,073.7 (4th week) → 1,073.2 (1st week May) → 1,076.8 (2nd week) → 1,072.7 (3rd week)
Dubai crude prices and import prices (thousand won/B)
Dubai crude (import prices, left)
(US $/B)
160
160
140
140
120
120
100
100
80
80
60
60
40
40
20
20 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Dubai international prices (right)
Source: Korea National Oil Corporation
(Won/liter, period average)
2018
2017 Annual
Q1
Q2
Q3
Q4
Q1
Jan
Feb
Mar
Apr
May
Gasoline prices
1,491 1,510 1,477 1,456 1,522 1,558 1,552 1,565 1,558 1,551 1,580
Diesel prices
1,283 1,301 1,267 1,248 1,314 1,353 1,345 1,360 1,355 1,349 1,380
Source: Korea National Oil Corporation
37
June 2018
International wheat prices rose in May due to the droughts in major wheat-producing regions, and corn prices rose due to the rain in the US during the seeding season. International grain prices in May (monthly average prices, m-o-m, %) 3.3 (corn), 7.9 (wheat), -1.9 (soybeans)
International aluminum prices rose in May due to US sanctions against Russia, and nickel prices rose amid growing electric car battery markets. Nonferrous metal prices in May (monthly average prices, m-o-m, %) -0.2 (copper), 2.1 (aluminum), 3.0 (nickel)
(Period average)
2018
2017 1
Reuters Index
(Sep 18, 1931=100)
Annual
Q1
Q2
Q3
Q4
Q1
Jan
Feb
Mar
Apr
May
2,472
2,644
2,426
2,404
2,409
2,342
2,366
2,339
2,320
2,284
2,308
1. A weighted average index of 17 major commodities Source: KOREA PDS
International commodity prices (points)
(points)
500
4,000
450 400
3,000
350 300
2,000
250 200
1,000
150
CRB (left)
100
0 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Reuters index (right)
Source: KOREA PDS * ‌ 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.
38
Economic Bulletin
The Green Book
12. Real estate market 12.1 Housing market Housing prices nationwide fell 0.03 percent month-on-month in May. Housing prices rose 0.10 percent in the Seoul metropolitan area which includes Seoul (up 0.21%), Gyeonggi Province (up 0.04%) and Incheon (down 0.03%). Housing prices declined 0.04 percent in the five metropolitan cities and 0.20 percent in the eight provinces. Housing prices in five metropolitan cities (m-o-m, %)
Busan (-0.12), Daegu (0.26), Gwangju (0.20), Daejeon (-0.01), Ulsan (-0.69)
Housing sales prices
(Percentage change from previous period)
2013 2014 2015 2016
2017
2018
Annual Annual Annual Annual Annual May Annual
Nationwide
Feb
Mar
Apr
May
0.3
1.7
3.5
0.7
1.5
0.14
0.50
0.20
0.12
0.06 -0.03
Seoul metropolitan area -1.1
1.5
4.4
1.3
2.4
0.21
1.40
0.46
0.30
0.19
0.10
- Seoul
-1.4
1.1
4.6
2.1
3.6
0.35
2.90
0.94
0.55
0.31
0.21
¡ Gangnam
-1.1
1.2
5.2
2.5
4.4
0.42
3.50
1.20
0.55
0.32
0.15
2
¡ Gangbuk
-1.7
1.1
3.9
1.8
2.9
0.28
2.28
0.67
0.55
0.31
0.29
Areas excluding the Seoul metropolitan area
1.7
1.9
2.7
0.2
0.7
0.09 -0.32 -0.04 -0.04 -0.06 -0.13
1
1. Upscale area of Southern Seoul 2. Northern Seoul Source: Korea Appraisal Board
Housing sales prices (m-o-m, %)
3
2
1
0
-1
Nationwide Seoul metropolitan area
-2 2009.1
2010.1
2011.1
Areas excluding Seoul metropolitan area
Source: Korea Appraisal Board
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
39
June 2018
Housing rental prices nationwide declined 0.28 percent month-on-month in May. Housing rental prices fell 0.30 percent in the Seoul metropolitan area and 0.25 percent in areas excluding the Seoul metropolitan area. Housing rental prices in major districts in Seoul metropolitan area (m-o-m, %) Gangnam (-1.06), Seocho (-0.84), Songpa (-0.87), Yangcheon (-0.32), Bundang (-0.94)
Housing rental prices (m-o-m, %)
3
2
1
0
Nationwide Seoul metropolitan area Areas excluding Seoul metropolitan area
-1
-2 2009.1
2010.1
2001.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Source: Korea Appraisal Board
Housing rental prices
(Percentage change from previous period)
2013 2014 2015 2016
2017
2018
Annual Annual Annual Annual Annual May Annual
Feb
Mar
Apr
May
Nationwide
4.7
3.4
4.8
1.3
0.6
0.07 -0.74 -0.09 -0.13 -0.19 -0.28
Seoul metropolitan area
6.2
4.7
7.1
2.0
1.4
0.17 -0.79 -0.09 -0.15 -0.22 -0.30
- Seoul
6.6
3.6
7.2
2.0
2.0
0.24
0.16
0.17 -0.08 -0.20 -0.24
¡ Gangnam
6.7
3.3
7.9
1.8
2.6
0.29 -0.68
0.17 -0.26 -0.40 -0.45
2
¡ Gangbuk
6.4
3.8
6.5
2.1
1.5
0.18
0.17
Areas excluding the Seoul metropolitan area
3.3
2.2
2.8
0.7
-0.1 -0.02 -0.69 -0.09 -0.12 -0.17 -0.25
1
1.Upscale area of Southern Seoul 2. Northern Seoul Source: Korea Appraisal Board
0.40
0.10
0.00 -0.02
40
Economic Bulletin
The Green Book
There were 71,751 housing transactions in April, down 22.7 percent from a month earlier (92,795) and down 4.8 percent from a year ago (75,381).
Housing transactions 2015
(Thousands)
2016 1
2017
1
2018
1
Annual Annual Annual May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Nationwide
99
88
79
85
98
98
97
84
63
75
72
70
70
93
72
1. Monthly average Source: Ministry of Land, Infrastructure and Transport
Housing transactions (thousands)
150
125
100
75
50
Nationwide Seoul metropolitan area Areas excluding Seoul metropolitan area
25
0 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Source: Ministry of Land, Infrastructure and Transport
12.2 Land market Land prices nationwide rose 0.33 percent month-on-month in April. Land prices rose 0.34 percent in the Seoul metropolitan area, led by Seoul (up 0.30%) and Incheon (up 0.24%). Land prices in Seoul metropolitan area (m-o-m, %)
0.30 (Sep 2017) → 0.27 (Oct) → 0.31 (Nov) → 0.31 (Dec) → 0.33 (Jan 2018) → 0.33 (Feb) → 0.36 (Mar) → 0.34 (Apr)
Land prices rose 0.32 percent in areas excluding the Seoul metropolitan area, led by Busan (up 0.49%), Ulsan (up 0.26%), South Chungcheong Province (up 0.23%) and North Jeolla Province (up 0.21%). Land prices in areas excluding Seoul metropolitan area (m-o-m, %)
0.36 (Sep 2017) → 0.31 (Oct) → 0.34 (Nov) → 0.33 (Dec) → 0.32 (Jan 2018) → 0.28 (Feb) → 0.33 (Mar) → 0.32 (Apr)
41
June 2018
Land prices
(Percentage change from previous period)
2013
2014
2015
2016
2017
2018
Annual Annual Annual Annual Annual Annual
Q1
Feb
Mar
Apr
Nationwide
1.14
1.96
2.40
2.70
3.88
1.32
0.99
0.31
0.35
0.33
Seoul
1.21
2.66
2.69
2.97
4.32
1.59
1.28
0.42
0.44
0.30
Gyeonggi
0.91
1.24
1.73
2.23
3.45
1.22
0.83
0.26
0.30
0.39
Incheon
0.87
1.35
1.95
1.74
3.10
0.89
0.65
0.19
0.25
0.24
Source: Korea Appraisal Board
Land prices (y-o-y, %) 6 5 4 3 2 1
National average 0
Metropolitan city -1
City
-2 2007
County
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Source: Korea Appraisal Board
Land and consumer prices (y-o-y, %)
60 50 40 30 20 10 0 -10
Land price inflation
-20 1976
1981
1986
1991
1996
2001
Consumer price inflation
Source: Korea Appraisal Board (land prices), Statistics Korea (consumer prices)
2006
2011
2016
42
Economic Bulletin
The Green Book
There were 265,000 land transactions in April, down 17.0 percent from the previous month and up 2.8 percent from a year ago (258,000). Land transactions (m-o-m, %)
Seoul (-40.6), Busan (-28.4), Ulsan (-28.0), Sejong (-25.0)
Vacant land transactions decreased 4.8 percent from the previous month to 99,000, accounting for 37.2 percent of the total land transactions. The index rose 2.2 percent compared with a year ago (97,000).
Land transactions
(Land lots, thousands)
2015 2016 1
2017
1
2018
1
Annual Annual Annual May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Nationwide
257
250
276
280 301 312 327 293 238 294 296 298 252 320 265
Seoul
30
31
32
35
41
40
45
31
23
29
35
35
31
43
26
Gyeonggi
58
63
75
70
79
91
93
86
74
85
84
81
75
91
76
Incheon
12
13
16
16
17
18
21
20
16
17
16
16
15
15
16
1. Monthly average Source: Korea Land & Housing Corporation
Land transactions (thousand m²)
300,000
250,000
200,000
150,000
100,000
50,000
Seoul metropolitan area Area excluding Seoul metropolitan are
0 2009.1
2010.1
Source: Korea Appraisal Board
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
43
June 2018
13. Composite indices of business cycle indicators Industrial output rose 1.5 percent month-on-month in April. Mining & manufacturing (up 3.4%), construction (up 4.4%) and public administration (up 3.2%) rose, while services (up 0.0%) stayed flat. Compared to a year ago, industrial output increased 2.0 percent.
Index of all industry production (%)
15
10
5
0
-5
Industrial output (y-o-y) Industrial output (m-o-m)
-10 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2018.1
Source: Statistics Korea (industrial activity trends)
The cyclical indicator of the coincident composite index fell 0.1 points from the previous month to 99.7. Four components of the index rose, while the other three either declined or remained unchanged. Components of the coincident composite index in April (m-o-m)
mining & manufacturing production (0.6%), service output (0.1%), retail sales (0.9%), domestic shipments (0.2%), value of construction completed (-1.5%), imports (-0.4%), nonfarm payroll employment (0.0%)
The cyclical indicator of the leading composite index fell 0.4 points from the previous month to 100.0. Among the eight components of the leading composite index, the inventory circulation indicator and spreads between long & short term interest rates rose, while the other six fell. Components of the leading composite index in April (m-o-m)
inventory circulation indicator (0.6%p), spreads between long & short term interest rates (0.01%p), consumer expectations index (-0.9p), domestic shipments of machinery (-2.2%), value of construction orders received (-18.1%), ratio of export to import prices (-0.9%), ratio of job openings to job seekers (-2.2%p), KOSPI (-0.8%)
44
Economic Bulletin
The Green Book
Cyclical indicator of coincident composite index (points)
110
105
100
95
90 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2016.1
2017.1
2016.1
2017.1
2018.1
Source: Statistics Korea (industrial activity trends)
Cyclical indicator of leading composite index (points)
110
105
100
95
90 2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2015.1
2018.1
Source: Statistics Korea (industrial activity trends)
2017 Sep
Oct
2018
Nov
Dec
Jan
Feb1
Mar1
Apr1
Index of all industry production (m-o-m, %)
0.6
-0.6
0.3
-0.6
1.0
-0.2
-0.9
1.5
(y-o-y, %)
7.4
-3.0
1.4
-0.8
4.2
-1.2
-0.6
2.0
Coincident composite index (2015=100) (m-o-m, %)
107.7 107.7 108.0 107.9 108.2 108.5 108.8 108.9 0.3
-0.1
0.3
0.3
0.3
0.1
Cyclical indicator of coincident composite index 100.4 100.2 100.2
99.8
99.8
99.8
99.8
99.7
(m-o-m, p)
-0.4
0.0
0.0
0.0
-0.1
Leading composite index (2015=100) (m-o-m, %)
0.3
0.0
0.0
-0.2
0.0
110.5 110.8 111.1 111.4 112.0 112.2 112.3 112.3 0.1
0.3
0.3
0.3
0.5
0.2
0.1
0.0
Cyclical indicator of leading composite index 100.9 100.8 100.7 100.7 100.8 100.6 100.4 100.0 (m-o-m, p) 1. Preliminary
-0.2
-0.1
-0.1
0.0
0.1
-0.2
-0.2
-0.4
Economic News Briefing
Exports up 10.1% in Q1 2018 Major credit rating agencies maintain their ratings for Korea Korea issues its second 50-year KTBs this year External debt rises to US $433.9 billion in Q1 2018 Korean FDI posts US $9.61 billion in Q1 2018 Korea grows 2.8% in Q1 2018 (preliminary)
46
Economic Bulletin
Economic News Briefing
Exports up 10.1% in Q1 2018 Korea’s exports amounted to US $145.38 billion in the first quarter of 2018, up 10.1 percent from the same period of the previous year, backed by strong growth in semiconductors (up 45.9%), computers (up 43.4%), petroleum products (up 15.1%) and machinery (up 9.3%). Exports posted double-digit growth in major markets such as China (US $38.49 billion, up 14.8%), the ASEAN countries (US $24.53 billion, up 12.9%), Vietnam (US $12.11 billion, up 17.6%), the EU (US $14.25 billion, up 16.1%) and Japan (US $7.66 billion, up 16.5%).
Major credit rating agencies maintain their ratings for Korea Moody’s maintained its long-term sovereign credit rating for Korea at Aa2 on June 18, and Fitch decided to keep its AA- rating on June 22, both affirming stable outlook. Moody’s cited the country’s “large and diversified economy that will continue to demonstrate resilience to global shocks” as reasons for the rating, while Fitch referred to “robust external finances” and “a strong macroeconomic performance.” As for challenges, both agencies pointed to rapidly ageing population and ongoing geopolitical risks arising from North Korea issues.
Korea issues its second 50-year KTBs this year Korea’s Ministry of Strategy and Finance (MOSF) issued this year’s second 50-year KTBs (Korea Treasury Bonds) worth 540 billion won at a 2.510 percent yield through a public offering auction held on June 21. A total of 1,040 billion won of orders (a bid-to-cover ratio of 208.0%) were placed with a range of bids from 2.200 percent to 2.620 percent.
47
June 2018
External debt rises to US $433.9 billion in Q1 2018 Korea’s external debt amounted to US $433.9 billion as of the end of March 2018, an increase of US $15.1 billion from the previous quarter. Short-term debt rose US $4.6 billion quarter-on-quarter to US $120.5 billion, and long-term debt rose US $10.5 billion to US $313.4 billion. External debt increased in the first quarter due to a rise in foreigners’ investment in Korean debt: Government debt increased by US $3.8 billion, central bank debt by US $2.6 billion, and commercial bank debt by US $5.3 billion. Solvency improved as net foreign assets in debt instruments increased by US $4.2 billion to a record high of US $460.8 billion. External debt soundness indicators remain stable, as the ratio of short-term external debt to total external debt stayed low at 27.8 percent and the ratio of short-term external debt to foreign exchange reserves stayed stable at 30.4 percent.
Korean FDI posts US $9.61 billion in Q1 2018 Korean foreign direct investment (FDI) posted US $9.61 billion in the first quarter of 2018, falling 5.2 percent compared with the previous quarter which put up US $10.14 billion. By industry, Korean FDI was concentrated on finance & insurance (33.4%), manufacturing (24.8%), real estate & renting (11.6%), construction (7.9%) and professional, scientific & technical services (4.6%). By region, FDI went into Asia (38.0%), Europe (22.9%), North America (20.6%) and Latin America (13.8%). Korean FDI
(US $ billion)
2016
Amount invested
2017
2018
Q3
Q4
Q1
Q2
Q3
Q4
Q1
8.72
13.05
13.40
10.30
9.86
10.14
9.61
Change (%) y-o-y
q-o-q
-28.3
-5.2
48
Economic Bulletin
Economic News Briefing
Korea grows 2.8% in Q1 2018 (preliminary) Korea’s real gross domestic product (GDP) in the first quarter of 2018 expanded 2.8 percent from a year ago and 1.0 percent from the previous quarter, according to the preliminary data released by the Bank of Korea (BOK) on June 1. The quarter-on-quarter growth rate was revised down 0.1 percentage points from the advanced estimates that were released on April 26. On the production side, agriculture, forestry & fisheries grew 6.0 percent quarteron-quarter. Manufacturing grew 1.6 percent as production of semiconductors, machinery and equipment increased. Construction rose 2.1 percent, led by residential construction and civil engineering works. Services grew 1.1 percent backed by strong financial & insurance services and cultural & other services. On the expenditure side, private consumption increased 0.7 percent, backed by durable goods and semi-durable goods. Government consumption rose 2.2 percent due to increased spending on health care benefits. Facility investment rose 3.4 percent as investment increased in both machinery and transportation equipment, and construction investment rose 1.8 percent due to a rise in residential building construction and civil engineering works. Intellectual property investment was up 0.3 percent. Exports increased 4.4 percent, led by semiconductors and machinery, and imports increased 4.9 percent, led by natural gas and machinery. GDP by production and expenditure*
(Percentage change from previous period)
2016
20171
20181
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
GDP
0.6 (3.0)2
0.8 (3.5)2
0.4 (2.7)2
0.7 (2.6)2
1.0 (2.9)2
0.6 (2.8)2
1.4 (3.8)2
-0.2 (2.8)2
1.0 (2.8)2
Agriculture, forestry & fisheries
1.5
-3.2
-1.4
-1.1
3.9
-0.3
-1.8
0.2
6.0
Manufacturing
0.0
1.3
-0.1
1.8
1.7
0.1
2.7
-1.7
1.6
Construction
3.7
2.0
2.3
2.2
4.8
-1.6
1.0
-1.6
2.1
Services
0.6
0.6
0.4
0.4
0.4
0.7
1.0
0.3
1.1
Private consumption
-0.2
0.8
0.5
0.3
0.5
1.0
0.8
1.0
0.7
Government consumption
1.7
0.6
0.7
0.5
0.6
1.2
1.9
0.5
2.2
Construction investment
5.6
3.2
2.2
1.0
4.2
0.9
1.1
-2.3
1.8
Facility investment
-7.1
2.7
1.6
6.5
4.5
4.3
0.2
-0.7
3.4
Intellectual property investment
0.9
1.5
0.7
0.7
0.3
0.5
1.5
1.1
0.3
Exports
-0.2
0.8
1.4
-0.6
2.1
-2.7
5.6
-5.3
4.4
Imports
-1.3
2.3
2.4
0.1
4.9
-1.0
3.2
-2.9
4.9
3
*Based on 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, education services, healthcare & social welfare services, entertainment, cultural & other services are included.
Statistical Appendices
01. National accounts 02. Production, shipment and inventory 03. Production capacity and operation ratio 04. Consumer goods sales index 05. Machinery orders received and facility investment index 06. Value of construction completed and domestic construction orders received 07. Composite indices of business cycle indicators, CSI and BSI 08. Prices 09. Employment (I) 10. Employment (II) 11. Balance of payments (I) 12. Balance of payments (II) 13. Financial indicators 14. Monetary indicators 15. Exchange rates
50
Economic Bulletin
Statistical Appendices
1. National accounts (year-on-year change, %, chained 2010 year prices)
Real GDP
Period
Agri., fores. & fisheries
Final consumption Manufacturing expenditure
Gross fixed capital formation Private consumption
Construction
Facilities
2010
6.5
-4.3
13.7
4.3
4.4
5.5
-3.7
22.0
2011
3.7
-2.0
6.5
2.7
2.9
0.8
-3.4
4.7
2012
2.3
-0.9
2.4
2.2
1.9
-0.5
-3.9
0.1
2013
2.9
3.1
3.6
2.2
1.9
3.3
5.5
-0.8
2014
3.3
3.6
3.5
2.0
1.7
3.4
1.1
6.0
2015
2.8
-0.4
1.8
2.4
2.2
5.1
6.6
4.7
2016
2.9
-2.8
2.4
3.0
2.5
5.6
10.3
-1.0
2017p
3.1
0.3
4.4
2.8
2.6
8.6
7.6
14.6
2010 Ⅰ Ⅱ
7.3
0.0
16.1
6.2
6.8
12.0
1.6
27.6
7.4
-2.2
17.2
3.6
3.6
6.8
-4.8
28.8
Ⅲ
5.4
-7.8
10.1
3.9
4.0
3.8
-4.8
20.6
Ⅳ
6.0
-5.7
11.9
3.4
3.2
1.3
-5.1
12.9
2011 Ⅰ Ⅱ
4.9
-9.3
11.4
3.3
3.7
-0.7
-8.2
8.3
3.6
-2.5
6.5
3.3
3.7
2.5
-2.5
8.3
Ⅲ
3.3
-5.8
5.6
2.8
2.5
1.7
-2.2
3.4
Ⅳ
3.0
7.1
3.4
1.7
1.7
-0.3
-2.0
-0.9
2012 Ⅰ Ⅱ
2.5
0.1
2.7
2.2
1.6
6.2
-0.2
11.0
2.4
-1.8
2.8
1.3
0.7
-2.3
-5.3
-1.9
Ⅲ
2.1
0.0
2.0
2.7
2.6
-0.9
-2.6
-4.2
Ⅳ
2.2
-1.3
2.0
2.7
2.7
-3.6
-6.4
-3.8
2013 Ⅰ Ⅱ
2.1
-1.2
2.7
1.5
1.5
-3.2
1.2
-12.3
2.7
0.1
3.6
2.2
1.9
4.2
8.9
-3.2
Ⅲ
3.2
4.3
3.8
2.4
1.9
4.9
7.5
2.3
Ⅳ
3.5
7.0
4.2
2.6
2.2
6.5
3.5
11.7
2014 Ⅰ Ⅱ
3.9
5.9
4.7
2.9
2.8
6.2
4.5
7.5
3.5
4.5
4.7
1.8
1.7
3.7
0.3
8.1
Ⅲ
3.3
2.7
3.1
2.0
1.4
3.6
2.3
4.3
Ⅳ
2.7
2.4
1.8
1.6
1.1
0.7
-1.7
4.1
2015 Ⅰ Ⅱ
2.6
8.5
1.1
1.8
1.4
3.8
4.0
5.1
2.4
-3.0
0.9
2.0
1.7
3.8
4.6
4.1
Ⅲ
3.0
0.3
2.2
2.3
2.2
6.0
7.6
6.1
Ⅳ
3.2
-4.0
2.7
3.5
3.5
6.5
9.6
3.5
2016 Ⅰ Ⅱ
3.0
-2.4
2.1
3.0
2.4
3.2
8.4
-3.6
3.5
1.1
2.7
3.8
3.6
5.2
9.4
-1.6
Ⅲ
2.7
-4.5
1.7
3.3
2.8
5.8
11.0
-2.5
Ⅳ
2.6
-4.6
2.9
1.9
1.4
7.8
11.9
3.3
2017p Ⅰ Ⅱ
2.9
-1.9
4.8
2.2
2.1
11.0
11.3
16.1
2.8
0.5
3.6
2.5
2.4
10.0
8.5
17.9
Ⅲ
3.8
0.4
6.4
3.0
2.6
9.2
8.0
16.3
IV
2.8
1.5
2.7
3.5
3.4
5.0
3.8
8.6
2018p Ⅰ
2.8
4.1
2.7
4.0
3.5
3.7
1.8
7.3
p: Preliminary Source: Bank of Korea
51
June 2018
2. Production, shipment and inventory (constant prices, 2015=100)
Period 2015 2016 2017p 2015 Ⅰ Ⅱ Ⅲ Ⅳ 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 I Ⅱ Ⅲ Ⅳ 2018 Ip 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3p 4p
Production index*
Shipment index*
y-o-y change (%)
100.0 102.3 104.2 97.2 99.9 98.3 104.5 98.6 102.1 100.2 108.4 103.2 104.3 104.8 104.3 100.9 98.8 91.6 105.3 99.6 102.5 104.2 103.1 98.5 99.0 104.9 109.0 111.3 100.3 98.6 110.6 103.3 104.3 105.4 104.8 100.8 108.9 99.0 107.8 106.0 104.5 91.9 106.2 104.2
-0.3 2.3 1.9 -1.7 -1.6 0.6 1.5 1.4 2.2 1.9 3.7 4.7 2.2 4.6 -3.8 -2.2 -0.9 3.3 2.0 -1.7 5.5 3.0 2.8 4.0 -1.0 -0.7 6.2 5.6 1.5 7.6 5.0 3.7 1.8 1.2 1.6 2.3 10.0 -5.6 -1.1 -4.8 4.2 -6.8 -4.0 0.9
Inventory index*
y-o-y change (%)
100.0 101.2 102.1 98.0 100.3 97.9 103.9 98.4 101.6 98.0 106.7 101.1 102.7 102.6 102.2 97.8 97.2 91.2 106.8 100.0 101.7 103.1 100.3 96.2 97.6 102.5 106.7 110.8 97.2 97.0 109.2 101.8 101.9 104.3 101.6 98.6 107.5 96.3 106.9 103.3 100.5 89.2 103.8 100.5
0.1 1.2 0.9 -0.6 -0.7 1.0 1.0 0.4 1.3 0.1 2.7 2.7 1.1 4.7 -4.2 -3.3 -2.7 1.6 2.4 -1.5 3.8 1.8 0.7 1.6 -1.7 -2.5 5.1 5.4 0.0 6.4 2.2 1.8 0.2 1.2 1.3 2.5 10.1 -6.0 0.2 -6.8 3.4 -8.0 -4.9 -1.3
* Including mining, manufacturing, electricity & gas and water industry p: Preliminary Source: Statistics Korea
Service production index
y-o-y change (%)
99.4 97.8 106.4 96.9 100.1 102.2 99.4 107.1 103.5 101.0 97.8 101.2 103.6 103.5 106.4 111.8 105.4 106.2 107.1 105.7 105.6 103.5 105.2 102.6 101.0 100.8 101.3 97.8 101.6 101.7 101.2 103.7 107.1 103.6 106.9 107.0 103.5 107.3 106.3 106.4 110.9 110.7 111.8 113.5
5.2 -1.6 8.8 0.8 5.3 6.8 5.2 10.5 3.4 -1.2 -1.6 -5.5 0.1 2.5 8.8 10.5 9.4 9.1 10.5 6.7 6.9 3.4 1.8 -1.0 -1.2 -0.9 -0.2 -1.6 -3.6 -4.2 -5.5 -1.9 1.4 0.1 1.6 4.3 2.5 6.4 4.9 8.8 9.2 8.7 10.5 9.4
y-o-y change (%)
100.0 102.6 104.5 96.4 99.5 99.4 104.7 98.7 102.8 102.4 106.6 100.9 104.5 105.0 107.6 103.4 97.4 95.3 103.4 101.4 102.7 104.4 102.1 102.4 102.6 103.5 103.3 112.9 99.6 97.5 105.6 103.1 104.5 106.0 103.5 103.9 107.5 102.1 106.5 114.1 103.0 99.3 108.0 105.8
2.9 2.6 1.9 2.3 2.7 2.6 3.7 2.4 3.3 3.0 1.8 2.2 1.7 2.5 0.9 2.5 2.3 2.4 2.5 2.1 3.3 4.5 2.8 3.9 2.3 1.5 2.3 1.7 2.3 2.3 2.1 1.7 1.8 1.5 1.4 1.5 4.8 -1.4 3.1 1.1 3.4 1.8 2.3 2.6
52
Economic Bulletin
Statistical Appendices
3. Production capacity and operation ratio (constant prices, 2015=100)
Period 2015 2016 2017 2015 Ⅰ Ⅱ Ⅲ Ⅳ 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰp 2016 1 2 3 4 5 6 7 8 9 10p 11p 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3p 4p
Production capacity index* (2010=100)
Operation ratio index* (2010=100)
y-o-y change (%)
100.0 102.8 103.9 99.3 99.6 100.1 101.0 101.2 102.0 103.4 104.4 103.4 103.7 104.1 104.3 103.1 101.0 101.0 101.7 101.7 101.9 102.3 103.0 103.3 103.9 104.3 104.4 104.6 103.4 103.2 103.5 103.6 103.8 103.7 103.9 104.0 104.5 104.5 104.4 104.1 103.2 103.3 102.7 102.6
* Manufacturing industry p: Preliminary Source: Statistics Korea
0.9 2.8 1.1 0.8 1.0 0.7 1.2 1.9 2.4 3.3 3.4 2.2 1.7 0.7 -0.1 -0.3 1.9 1.7 2.2 2.2 2.3 2.5 3.0 3.3 3.6 3.6 3.3 3.5 2.4 2.2 1.8 1.9 1.9 1.4 0.9 0.7 0.6 0.2 0.0 -0.5 -0.2 0.1 -0.8 -1.0
100.0 98.2 97.1 96.8 101.3 98.4 103.5 95.8 100.3 95.5 101.4 95.9 98.3 98.1 96.0 92.7 95.8 88.9 102.6 97.7 101.1 102.0 99.6 93.2 93.6 99.0 103.0 102.3 92.7 91.7 103.3 97.0 98.4 99.6 98.3 94.1 101.9 92.0 100.2 95.8 95.0 84.1 98.9 97.9
y-o-y change (%)
Capacity utilization rate* (%)
-2.0 -1.8 -1.1 -3.7 -3.3 -0.6 -0.2 -1.0 -1.0 -2.9 -2.0 0.1 -2.0 2.7 -5.3 -3.3 -3.3 0.9 -0.5 -4.5 2.5 -0.9 -1.5 -1.2 -6.3 -6.2 1.2 -1.0 -3.2 3.1 0.7 -0.7 -2.7 -2.4 -1.3 1.0 8.9 -7.1 -2.7 -6.4 2.5 -8.3 -4.3 0.9
74.4 72.9 72.6 74.1 73.6 75.5 74.5 73.4 72.8 72.1 73.5 73.5 72.0 73.0 71.8 71.0 72.4 74.9 72.8 72.1 74.6 73.6 73.7 72.5 72.3 70.3 73.7 72.4 74.9 72.3 73.4 71.7 72.6 71.8 72.7 73.5 72.7 73.3 71.7 70.3 70.6 72.1 70.3 72.5
53
June 2018
4. Consumer goods sales index (constant prices, 2015=100)
Total
Period 2015 2016 2017 2015 2016 2017
Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰp 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3p 4p p: Preliminary Source: Statistics Korea
y-o-y change (%)
100.0 103.9 105.9 95.4 98.8 98.6 107.2 99.9 104.3 101.7 109.6 101.5 105.3 105.0 111.9 106.6 99.6 95.6 104.5 102.1 107.3 103.4 102.1 100.8 102.2 108.4 109.1 111.2 103.5 95.4 105.5 104.0 107.7 104.2 104.7 101.0 109.3 107.9 114.9 112.8 105.2 101.6 112.9 109.5
4.1 3.9 1.9 2.7 4.0 3.4 6.2 4.7 5.6 3.1 2.2 1.6 1.0 3.2 2.1 5.0 5.7 2.9 5.3 3.4 4.6 8.8 4.3 5.4 0.0 2.0 2.6 2.0 3.9 -0.2 1.0 1.9 0.4 0.8 2.5 0.2 6.9 -0.5 5.3 1.4 1.6 6.5 7.0 5.3
Consumer goods sales index Durable goods Semi-durable goods y-o-y change (%)
100.0 104.6 110.2 93.2 97.6 98.4 110.9 99.4 108.8 99.2 111.2 102.8 112.9 111.1 113.8 111.9 92.9 92.8 112.5 103.3 108.4 114.7 103.5 100.9 93.2 107.3 110.6 115.6 94.7 100.0 113.7 108.5 114.2 115.9 115.0 107.0 111.4 104.0 122.8 114.6 110.0 101.3 124.5 119.4
10.1 4.6 5.4 7.2 8.8 7.7 16.4 6.7 11.5 0.8 0.3 3.4 3.8 12.0 2.3 8.9 -1.4 7.7 13.3 8.2 12.3 13.9 0.2 5.5 -3.1 0.7 1.6 -1.3 1.9 7.8 1.1 5.0 5.4 1.0 11.1 6.0 19.5 -3.1 11.0 -0.9 16.2 1.3 9.5 10.0
y-o-y change (%)
100.0 102.3 101.2 94.5 99.2 88.6 117.6 96.4 103.4 91.5 117.7 94.7 101.0 90.8 118.4 99.2 97.3 89.3 102.6 104.9 110.5 94.8 94.1 85.1 95.4 118.2 119.9 115.0 96.3 88.4 99.3 105.5 104.9 92.6 91.6 83.4 97.5 113.7 124.6 117.0 94.5 91.8 111.4 107.7
-1.2 2.3 -1.1 -1.7 -1.3 -4.0 1.6 2.0 4.2 3.3 0.1 -1.8 -2.3 -0.8 0.6 4.8 3.2 0.9 1.8 1.4 0.7 12.2 7.5 1.1 1.3 0.5 0.1 -0.3 -1.0 -1.0 -3.2 0.6 -5.1 -2.3 -2.7 -2.0 2.2 -3.8 3.9 1.7 -1.9 3.8 12.2 2.1
Nondurable goods
y-o-y change (%)
100.0 104.2 106.0 96.9 99.2 103.1 100.9 101.7 102.5 107.4 105.2 103.9 103.6 108.4 108.1 107.3 103.7 99.7 101.6 100.3 105.4 101.9 105.0 107.7 109.4 104.6 103.7 107.4 110.9 96.4 104.4 101.2 105.8 103.8 105.7 106.0 113.5 107.2 107.0 110.1 107.7 106.1 108.2 105.6
3.2 4.2 1.7 2.0 3.4 4.2 3.1 5.0 3.3 4.2 4.3 2.2 1.1 0.9 2.8 3.3 10.2 1.7 3.1 2.2 2.9 5.1 5.0 7.1 0.7 3.5 4.5 4.9 6.9 -3.3 2.8 0.9 0.4 1.9 0.7 -1.6 3.7 2.5 3.2 2.5 -2.9 10.1 3.6 4.3
54
Economic Bulletin
Statistical Appendices
5. Machinery orders received and facility investment index Period
2015 2016 2017 2015 Ⅰ Ⅱ Ⅲ Ⅳ 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰp 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3p 4p
p: Preliminary Source: Statistics Korea
Domestic machinery orders received excluding ship (billion won, constant value) Total Public Private y-o-y change (%)
25,453 26,643 31,753 6,459 7,032 5,501 6,461 6,398 6,942 5,765 7,538 7,749 8,584 7,568 7,852 8,071 1,662 2,282 2,454 2,006 2,210 2,727 2,030 1,672 2,063 1,825 2,339 3,374 2,144 2,464 3,142 2,777 2,588 3,219 2,799 2,357 2,412 2,351 2,936 2,564 2,621 2,271 3,179 2,934
-3.9 4.7 19.2 -2.5 15.2 -28.3 6.3 -0.9 -1.3 4.8 16.7 21.1 23.7 31.3 4.2 4.2 -28.8 22.9 8.2 -27.6 5.2 26.3 1.0 2.5 11.0 -8.7 18.8 35.4 29.0 8.0 28.0 38.5 17.1 18.1 37.9 41.0 16.9 28.9 25.5 -24.0 22.3 -7.8 1.2 5.7
y-o-y change (%)
1,921 2,862 2,239 405 493 399 624 637 575 465 1,184 691 542 461 545 603 71 255 312 188 175 213 47 84 334 63 154 967 122 226 342 241 117 184 296 82 84 167 137 242 269 141 193 302
-61.7 49.0 -21.8 -66.9 61.6 -85.3 -19.8 57.4 16.8 16.6 89.9 8.4 -5.8 -0.9 -54.0 -12.7 -39.0 80.7 110.8 48.7 -11.3 25.6 -64.6 -47.3 214.8 -35.2 -32.6 224.7 72.5 -11.1 9.8 28.1 -33.1 -13.5 526.3 -3.2 -74.8 162.8 -11.0 -75.0 120.7 -37.9 -43.6 25.3
y-o-y change (%)
23,533 23,781 29,514 6,054 6,539 5,101 5,838 5,761 6,367 5,300 6,353 7,058 8,042 7,107 7,307 7,468 1,591 2,027 2,142 1,817 2,035 2,514 1,983 1,588 1,729 1,761 2,186 2,406 2,021 2,237 2,800 2,536 2,471 3,035 2,504 2,276 2,327 2,185 2,799 2,323 2,352 2,131 2,986 2,632
9.6 1.1 24.1 12.0 12.7 2.8 10.1 -4.8 -2.6 3.9 8.8 22.5 26.3 34.1 15.0 5.8 -28.3 18.1 1.0 -31.3 6.9 26.3 5.7 7.9 -1.4 -7.4 25.5 9.6 27.0 10.4 30.7 39.5 21.4 20.7 26.3 43.3 34.6 24.0 28.1 -3.5 16.3 -4.8 6.6 3.8
Facility investment index (2010=100) y-o-y
change (%)
112.2 110.7 126.3 108.3 113.5 111.6 115.2 100.1 114.2 106.3 122.0 118.3 134.5 128.2 124.4 129.3 97.0 90.7 112.7 111.0 110.6 121.1 105.0 109.8 104.0 109.3 118.8 138.0 107.0 108.5 139.3 127.0 132.8 143.7 131.1 123.5 130.0 105.0 126.8 141.4 130.0 118.8 139.2 127.7
6.9 -1.3 14.1 9.2 5.2 10.8 2.0 -7.6 0.6 -4.7 5.9 18.2 17.8 20.6 2.0 11.0 -6.6 -8.4 -7.7 -2.5 2.5 2.1 -12.6 3.3 -4.0 -3.3 10.2 10.5 10.3 19.6 23.4 14.4 20.1 18.7 24.9 12.5 25.0 -3.9 6.7 2.5 21.5 10.3 -0.1 0.7
55
June 2018
6. Value of construction completed and domestic construction orders received (current value, billion won)
Period 2015 2016 2017 2015 Ⅰ Ⅱ Ⅲ Ⅳ 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰp 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3p 4p
Total
Value of construction completed Public Private
y-o-y change (%)
y-o-y change (%)
Total
y-o-y change (%)
Domestic construction orders received Public Private
y-o-y change (%)
y-o-y change (%)
y-o-y change (%)
102,614 119,971 138,484 21,925 25,735 25,420 29,534 24,533 29,977 29,573 35,889 30,579 35,562 34,841 37,502 32,289
4.2 16.9 15.4 1.1 -1.7 7.7 9.3 11.9 16.5 16.3 21.5 24.6 18.6 17.8 4.5 5.6
31,034 30,916 30,143 6,681 8,286 7,247 8,820 6,710 8,099 7,061 9,046 6,937 8,075 6,880 8,250 6,491
-3.1 -0.4 -2.5 -6.5 -4.9 0.0 -1.0 0.4 -2.3 -2.6 2.6 3.4 -0.3 -2.6 -8.8 -6.4
67,349 83,680 104,666 14,482 16,451 17,164 19,252 16,512 20,494 21,226 25,778 22,598 26,575 27,103 28,390 24,976
7.9 24.2 25.1 5.9 -0.4 11.7 14.2 14.0 24.6 23.7 32.2 36.9 29.7 27.7 11.6 10.5
134,493 145,386 140,844 25,470 35,382 36,494 37,148 28,922 32,790 36,709 46,966 29,273 38,675 32,958 39,938 29,950
48.4 8.1 -3.1 57.8 49.8 50.6 39.6 13.6 -7.3 0.6 26.4 1.2 17.9 -10.2 -15.0 2.3
28,546 33,832 33,468 4,599 8,962 4,899 10,087 7,753 5,565 7,914 12,600 7,290 7,542 6,986 11,650 4,818
8.0 18.5 -1.1 -22.4 36.5 -5.5 15.2 68.6 -37.9 61.5 24.9 -6.0 35.5 -11.7 -7.5 -33.9
103,185 107,748 102,327 20,586 25,902 30,869 25,829 20,458 26,702 26,985 33,603 17,914 30,375 25,830 28,209 20,794
66.1 4.4 -5.0 110.9 55.0 67.9 49.7 -0.6 3.1 -12.6 30.1 -12.4 13.8 -4.3 -16.1 16.1
7,509 7,424 9,600 9,027 9,347 11,603 9,545 9,832 10,195 10,473 11,458 13,959 8,986 9,593 12,000 11,229 11,253 13,080 11,204 11,104 12,534 10,829 12,137 14,536 10,693 9,827 11,769 11,816
6.4 8.1 20.0 14.0 16.9 18.1 17.8 21.0 10.9 20.2 28.9 17.0 19.7 29.2 25.0 24.4 20.4 12.7 17.4 12.9 22.9 3.4 5.9 4.1 19.0 2.4 -1.9 5.2
2,045 1,976 2,689 2,317 2,326 3,456 2,256 2,344 2,460 2,348 2,779 3,920 1,970 2,129 2,838 2,302 2,429 3,344 2,233 2,075 2,572 2,175 2,456 3,619 1,929 1,910 2,651 2,552
-1.1 -6.8 7.8 -7.1 -1.4 0.6 -2.4 5.4 -9.2 2.4 12.7 -3.5 -3.6 7.7 5.5 -0.7 4.4 -3.2 -1.0 -11.5 4.6 -7.3 -11.6 -7.7 -2.1 -10.3 -6.6 10.9
5,144 5,086 6,282 6,299 6,611 7,585 6,914 7,109 7,203 7,692 8,224 9,532 6,682 7,186 8,730 8,639 8,542 9,394 8,709 8,780 9,614 8,409 9,393 10,587 8,517 7,715 8,743 9,024
7.9 12.3 21.1 23.2 24.3 26.0 25.2 27.0 19.2 27.3 36.5 32.7 29.9 41.3 39.0 37.2 29.2 23.9 26.0 23.5 33.5 9.3 14.2 11.1 27.5 7.4 0.2 4.5
7,335 9,994 11,593 10,848 9,658 12,284 12,006 13,329 11,374 14,793 12,624 19,548 8,527 12,350 8,397 14,647 11,450 12,578 8,470 12,745 11,743 8,258 11,129 20,551 11,885 7,946 10,118 8,499
-2.5 84.0 -7.4 19.2 -23.6 -9.9 38.3 52.0 -40.3 42.4 -4.7 44.6 16.3 23.6 -27.6 35.0 18.6 2.4 -29.4 -4.4 3.2 -44.2 -11.8 5.1 39.4 -35.7 20.5 -42.0
2,687 2,354 2,712 1,185 2,127 2,254 2,626 3,362 1,925 3,209 2,792 6,600 2,246 3,091 1,953 2,122 1,486 3,934 1,811 3,031 2,144 905 2,306 8,438 1,325 2,271 1,223 1,447
102.9 106.4 27.1 -53.9 -10.2 -44.0 46.6 75.1 62.2 78.0 -14.5 31.5 -16.4 31.3 -28.0 79.1 -30.1 74.6 -31.0 -9.8 11.4 -71.8 -17.4 27.9 -41.0 -26.5 -37.4 -31.8
4,371 7,559 8,528 9,295 7,412 9,995 8,513 9,464 9,008 11,509 9,729 12,365 6,277 5,912 5,725 11,915 9,906 8,554 6,638 9,701 9,491 7,330 8,805 12,075 6,339 5,660 8,795 6,782
-28.1 79.5 -17.2 43.6 -27.1 8.0 25.0 44.7 -48.6 34.1 3.3 58.0 43.6 -21.8 -32.9 28.2 33.6 -14.4 -22.0 2.5 5.4 -36.3 -9.5 -2.4 1.0 -4.3 53.6 -43.1
p: Preliminary Source: Statistics Korea
56
Economic Bulletin
Statistical Appendices
7. Composite indices of business cycle indicators, CSI and BSI Period
Leading index (2015=100)
Cyclical indicator of leading index (2015=100)
Coincident index (2015=100)
Cyclical indicator of coincident index (2015=100)
CSI1
2015 1 2 3 4 5 6 7 8 9 10 11 12 2016 1 2 3 4 5 6 7 8 9p 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2p 3p 4p 5 6
97.8 98.2 98.6 99.0 99.6 99.9 100.2 100.5 101.0 101.5 101.8 101.9 102.0 102.0 102.2 102.6 103.0 103.3 103.7 104.3 104.9 105.4 105.7 106.3 106.8 107.3 107.7 108.2 108.8 109.5 110.0 110.4 110.5 110.8 111.1 111.4 112.0 112.2 112.3
100.6 100.6 100.7 100.7 100.9 100.8 100.7 100.6 100.8 100.8 100.7 100.5 100.1 99.7 99.6 99.6 99.6 99.5 99.6 99.8 100.0 100.1 100.1 100.2 100.3 100.4 100.4 100.6 100.8 101.0 101.2 101.1 100.9 100.8 100.7 100.7 100.8 100.6 100.4
98.4 99.0 99.1 99.4 99.2 99.3 99.6 100.1 100.9 101.6 101.6 101.9 101.8 101.9 102.0 102.3 102.7 103.2 103.7 104.0 104.0 104.1 104.5 105.0 105.6 105.8 106.3 106.6 106.9 107.0 107.2 107.4 107.7 107.7 108.0 107.9 108.2 108.5 108.8
99.9 100.2 100.1 100.1 99.7 99.5 99.5 99.8 100.3 100.7 100.5 100.4 100.1 99.9 99.8 99.7 99.9 100.1 100.3 100.3 100.1 99.9 100.0 100.2 100.5 100.5 100.7 100.7 100.7 100.6 100.5 100.4 100.4 100.2 100.2 99.8 99.8 99.8 99.8
112.3 -
100.0 -
108.9 -
99.7 -
BOK BSI2 Results
Prospects
102.1 102.8 101.0 103.6 104.9 98.0 99.9 101.2 102.3 104.7 105.4 102.2 99.7 97.5 99.6 101.2 98.8 98.4 100.6 101.5 101.4 101.7 95.3 93.6 92.8 93.9 96.3 100.8 107.7 110.8 110.9 109.6 107.4 108.9 112.0 110.6 109.9 108.2 108.1
75 75 75 75 69 65 71 70 69 73 69 69 67 64 66 66 68 70 73 73 72 73 73 75 77 77 77 77 78 77 78 81 84 83 84 83 78 77 72
79 75 79 77 77 74 68 72 71 70 72 72 70 68 64 68 69 72 72 73 74 75 74 75 73 79 79 80 80 81 81 80 82 79 87 85 83 80 79
107.1 107.9 -
72 74 -
76 77 76
1. Consumer Sentiment Index 2. Business Survey Index (manufacturing, seasonally adjusted) p: Preliminary Sources: Statistics Korea, Bank of Korea
57
June 2018
8. Prices
Period 2015 2016 2017 2015 1 2 3 4 5 6 7 8 9 10 11 12 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5
All items
y-o-y change (%)
100.0 101.0 102.9 99.8 99.7 99.7 99.8 100.0 100.1 100.2 100.4 100.1 100.1 99.9 100.2 100.4 100.8 100.6 100.8 100.8 100.8 100.6 100.9 101.5 101.6 101.5 101.6 102.4 102.8 102.8 102.7 102.8 102.7 102.9 103.5 103.6 103.4 102.7 103.0 103.5 104.3 104.2 104.3 104.4
Source: Bank of Korea
0.7 1.0 1.9 1.0 0.6 0.5 0.4 0.6 0.7 0.7 0.7 0.5 0.8 0.8 1.1 0.6 1.1 0.8 1.0 0.8 0.7 0.4 0.5 1.3 1.5 1.5 1.3 2.0 1.9 2.2 1.9 2.0 1.9 2.2 2.6 2.1 1.8 1.3 1.5 1.0 1.4 1.3 1.6 1.5
Consumer prices (2015=100) Commodities Services y-o-y change (%)
100.0 99.4 101.3 100.6 100.4 100.1 99.8 100.3 100.4 100.0 100.1 99.8 99.6 99.3 99.7 99.2 99.9 99.1 99.3 99.1 99.1 98.2 98.5 100.0 100.3 100.1 100.1 101.1 101.6 101.5 100.8 101.0 100.9 100.8 102.0 102.5 101.8 100.6 101.1 101.5 102.7 102.3 102.4 102.5
-0.7 -0.6 1.9 0.1 -0.6 -1.0 -1.1 -0.8 -0.4 -0.8 -0.9 -1.3 -0.7 -0.7 -0.2 -1.4 -0.5 -1.0 -0.5 -1.2 -1.3 -1.8 -1.6 0.3 0.8 0.8 0.4 1.9 1.7 2.4 1.6 2.0 1.8 2.7 3.6 2.4 1.5 0.5 1.0 0.5 1.1 0.9 1.6 1.4
Core
y-o-y change (%)
100.0 102.3 104.3 99.1 99.2 99.4 99.7 99.8 99.8 100.4 100.6 100.4 100.6 100.5 100.7 101.3 101.6 101.8 101.9 102.2 102.2 102.6 102.8 102.6 102.7 102.6 102.8 103.5 103.7 103.9 104.1 104.2 104.1 104.5 104.7 104.5 104.7 104.4 104.6 105.0 105.5 105.6 105.8 106.0
1.8 2.3 2.0 1.7 1.7 1.7 1.6 1.6 1.6 2.0 2.0 1.9 2.1 2.0 2.2 2.3 2.5 2.4 2.3 2.4 2.4 2.1 2.2 2.2 2.1 2.1 2.0 2.2 2.1 2.1 2.2 2.0 1.9 1.9 1.8 1.8 2.0 1.8 1.8 1.4 1.7 1.7 1.6 1.7
y-o-y change (%)
100.0 101.6 103.1 99.4 99.5 99.6 99.6 99.9 99.9 100.2 100.3 100.2 100.4 100.4 100.6 101.0 101.2 101.3 101.5 101.7 101.8 101.5 101.6 101.7 102.1 102.0 101.9 102.5 102.7 102.8 102.8 103.1 103.2 103.3 103.4 103.3 103.5 103.2 103.4 103.6 104.0 104.1 104.3 104.5
2.2 1.6 1.5 2.6 2.4 2.2 2.1 2.1 2.0 2.1 2.1 2.0 2.2 2.2 2.3 1.6 1.7 1.7 1.9 1.8 1.8 1.3 1.3 1.5 1.8 1.6 1.2 1.5 1.5 1.4 1.3 1.4 1.4 1.8 1.8 1.6 1.3 1.2 1.5 1.1 1.2 1.3 1.4 1.3
Producer prices (2010=100) All items Commodities y-o-y change (%)
101.0 99.1 102.5 101.9 101.9 101.8 101.8 101.8 101.8 101.4 100.8 100.3 99.7 99.3 99.0 98.5 98.5 98.4 98.7 98.8 99.0 98.9 99.0 99.2 99.5 100.0 100.9 102.3 102.7 102.7 102.4 102.2 101.8 101.9 102.3 103.0 103.1 103.0 103.1 103.6 104.0 104.0 104.2 100.4
-4.0 -1.8 3.5 -3.6 -3.6 -3.7 -3.6 -3.5 -3.6 -4.0 -4.5 -4.6 -4.6 -4.7 -4.0 -3.3 -3.4 -3.3 -3.0 -3.0 -2.7 -2.5 -1.8 -1.1 -0.1 0.7 1.8 3.9 4.3 4.3 3.8 3.4 2.8 3.0 3.3 3.8 3.6 3.1 2.2 1.2 1.3 1.3 1.7 2.2
y-o-y change (%)
98.0 94.6 99.0 99.7 99.7 99.5 99.3 99.3 99.3 98.6 97.7 97.0 96.0 95.3 95.0 94.0 93.9 93.8 94.1 94.3 94.6 94.4 94.4 94.7 95.0 95.7 97.0 99.0 99.5 99.3 99.0 98.5 97.8 97.9 98.5 99.5 99.6 99.4 99.5 99.9 100.5 100.5 100.6 100.9
-6.4 -3.4 4.6 -5.8 -5.8 -5.9 -5.8 -5.7 -5.8 -6.4 -7.1 -7.3 -7.4 -7.6 -6.6 -5.7 -5.9 -5.7 -5.2 -5.1 -4.7 -4.3 -3.4 -2.4 -1.0 0.4 2.2 5.3 6.0 5.9 5.1 4.4 3.4 3.7 4.4 5.1 4.8 3.9 2.5 0.9 1.0 1.1 1.6 2.5
58
Economic Bulletin
Statistical Appendices
9. Employment (I) Period 2015 2016 2017 2015 Ⅰ Ⅱ Ⅲ Ⅳ 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰ 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5
Economically active persons (thousands)
y-o-y change
Economically inactive persons (thousands)
y-o-y change
27,153 27,418 27,748 26,630 27,382 27,395 27,207 26,896 27,578 27,702 27,497 27,262 27,993 27,961 27,775 27,464 26,631 26,925 27,133 27,398 27,617 27,720 27,737 27,690 27,679 27,666 27,613 27,211 26,886 27,321 27,579 27,911 27,987 28,081 28,037 27,903 27,943 27,920 27,889 27,516 27,232 27,348 27,811 28,029 28,184
318 265 329 390 310 283 288 266 197 308 289 366 414 259 278 202 251 254 293 195 164 233 202 396 325 307 315 246 255 396 446 513 370 360 299 214 263 254 276 305 346 27 232 117 198
16,086 16,187 16,183 16,449 15,813 15,902 16,180 16,576 15,991 15,950 16,233 16,556 15,906 16,006 16,263 16,624 16,808 16,546 16,373 16,138 15,955 15,880 15,889 15,962 15,998 16,038 16,117 16,544 16,904 16,497 16,267 15,960 15,916 15,844 15,909 16,064 16,044 16,095 16,151 16,543 16,840 16,744 16,289 16,093 15,956
127 102 -5 76 144 154 132 127 178 48 53 -20 -85 56 30 68 148 136 96 186 213 136 159 -40 25 40 29 91 96 -49 -107 -179 -39 -36 20 102 45 57 34 -1 -64 247 22 134 41
Source: Statistics Korea
Labor force rate participation rate Employment (%) (%) 62.8 62.9 63.2 61.8 63.4 63.3 62.7 61.9 63.3 63.5 62.9 62.2 63.8 63.6 63.1 62.3 61.3 61.9 62.4 62.9 63.4 63.6 63.6 63.4 63.4 63.3 63.1 62.2 61.4 62.4 62.9 63.6 63.7 63.9 63.8 63.5 63.5 63.4 63.3 62.5 61.8 62.0 63.1 63.5 63.9
60.5 60.6 60.8 59.3 61.0 61.1 60.8 59.2 60.9 61.2 60.9 59.6 61.3 61.4 61.0 59.6 59.0 58.9 59.7 60.5 61.1 61.3 61.3 61.2 61.1 61.2 61.2 60.2 59.1 59.3 60.3 61.0 61.5 61.5 61.6 61.2 61.4 61.4 61.4 60.4 59.5 59.2 60.2 60.9 61.3
Unemployment rate (%) 3.6 3.7 3.7 4.1 3.8 3.4 3.1 4.3 3.7 3.5 3.2 4.3 3.8 3.4 3.2 4.3 3.7 4.9 4.2 3.9 3.6 3.6 3.5 3.6 3.5 3.3 3.1 3.2 3.7 4.9 4.1 4.2 3.6 3.8 3.4 3.6 3.3 3.2 3.1 3.3 3.7 4.6 4.5 4.1 4.0
59
June 2018
10. Employment (II) Period
Employed persons (thousands) All industry
y-o-y change
Manufacturing
y-o-y change
SOC & services
y-o-y change
26,178 26,409 26,725 25,543 26,341 26,465 26,362 25,747 26,552 26,719 26,618 26,100 26,919 26,998 26,883 26,283 25,646 25,615 25,980 26,325 26,613 26,718 26,765 26,696 26,697 26,746 26,762 26,347 25,878 25,979 26,443 26,744 26,992 27,020 27,078 26,904 27,011 27,026 27,019 26,604 26,213 26,083 26,555 26,868 27,064
281 231 316 333 250 239 300 204 211 255 256 353 367 279 265 183 254 145 214 172 182 278 227 327 209 227 293 249 232 364 463 420 379 302 314 208 314 281 257 257 334 104 112 123 72
4,604 4,584 4,566 4,538 4,584 4,632 4,664 4,650 4,599 4,540 4,545 4,530 4,579 4,570 4,586 4,575 4,673 4,648 4,630 4,601 4,608 4,588 4,564 4,519 4,538 4,547 4,549 4,541 4,503 4,549 4,539 4,542 4,586 4,608 4,611 4,544 4,555 4,560 4,581 4,618 4,609 4,562 4,554 4,473 4,507
146 -21 -18 130 128 162 164 113 15 -92 -119 -120 -21 30 41 45 127 99 111 23 28 -6 -85 -97 -94 -125 -112 -120 -170 -99 -91 -60 -22 20 47 25 17 14 32 77 106 14 15 -68 -79
20,222 20,534 20,857 19,907 20,247 20,334 20,402 20,051 20,530 20,763 20,792 20,546 20,913 20,986 20,986 20,630 20,056 19,984 20,113 20,350 20,566 20,674 20,797 20,759 20,733 20,759 20,841 20,775 20,462 20,453 20,721 20,842 20,963 20,933 21,037 20,922 20,999 21,008 21,061 20,888 20,596 20,503 20,792 20,979 21,054
243 312 323 293 250 188 240 144 283 429 390 494 383 223 194 85 199 104 129 210 255 385 425 493 370 399 377 393 406 469 608 492 396 260 240 162 266 249 220 113 134 49 71 137 92
2015 2016 2017 2015 Ⅰ Ⅱ Ⅲ Ⅳ 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰ 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 Source: Statistics Korea
60
Economic Bulletin
Statistical Appendices
11. Balance of payments (I) (US $ million)
Period 2015 2016 2017p 2015 Ⅰ Ⅱ Ⅲ Ⅳ 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017p Ⅰ Ⅱ Ⅲ Ⅳ 2018p Ⅰ 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017p 1 2 3 4 5 6 7 8 9 10 11 12 2018p 1 2 3 4 p: Preliminary Source: Bank of Korea
Current account
Goods
105,939.6 99,243.0 78,460.2 23,222.0 26,951.4 28,246.3 27,519.9 26,961.1 27,040.2 22,563.8 22,677.9 19,203.3 16,451.5 25,570.0 17,235.4 11,825.3 7,619.3 7,983.6 11,358.2 4,262.0 10,516.0 12,262.2 8,829.3 5,666.0 8,068.5 7,694.9 8,028.0 6,955.0 5,299.8 8,181.8 5,721.7 3,670.0 5,841.7 6,939.8 7,249.7 6,032.8 12,287.5 5,715.5 7,427.6 4,092.3 2,680.4 3,964.5 5,180.4 1,768.2
122,269.2 118,895.4 119,888.7 24,516.1 33,667.7 31,319.2 32,766.2 30,209.1 33,174.8 28,184.0 27,327.5 27,307.0 29,561.1 34,750.3 28,270.3 23,912.4 8,432.7 8,256.2 13,520.2 10,108.6 10,466.1 12,600.1 10,650.0 7,058.6 10,475.4 9,164.6 9,690.2 8,472.7 7,731.1 10,220.2 9,355.7 11,542.1 8,595.9 9,423.1 10,587.4 9,184.3 14,978.6 8,597.4 11,461.0 8,211.9 8,108.8 5,927.9 9,875.7 10,357.5
Exports
Imports
542,811.2 511,947.3 577,381.4 131,427.3 142,086.3 133,550.1 135,817.5 118,983.8 127,574.7 128,614.1 136,774.7 139,316.9 143,112.7 148,862.8 146,089.0 149,738.8 37,290.7 36,511.5 45,181.6 40,463.3 42,129.5 44,981.9 42,583.8 41,815.7 44,214.6 43,086.8 46,258.7 47,429.2 44,531.6 44,626.2 50,159.1 48,134.6 46,956.0 48,022.1 47,101.1 47,687.2 54,074.5 44,429.8 51,480.4 50,178.8 52,069.7 44,893.5 52,775.6 51,507.9
420,612.0 393,051.9 457,492.7 106,911.2 108,418.6 102,230.9 103,051.3 88,774.7 94,399.9 100,430.1 109,447.2 112,009.9 113,551.6 114,112.5 117,818.7 125,826.4 28,858.0 28,255.3 31,661.4 30,354.7 31,663.4 32,381.8 31,933.8 34,757.1 33,739.2 33,922.2 36,568.5 38,956.5 36,800.5 34,406.0 40,803.4 36,592.5 38,360.1 38,599.0 36,513.7 38,502.9 39,095.9 35,832.4 40,019.4 41,966.9 43,960.9 38,956.6 42,899.9 41,150.4
Services
Primary income
Secondary income
-14,916.8 -17,737.4 -34,472.2 -4,111.1 -3,037.3 -3,736.1 -4,032.3 -3,658.5 -4,204.5 -5,549.4 -4,325.0 -8,662.7 -6,748.6 -8,497.5 -10,563.4 -9,409.9 -1,619.8 -1,164.6 -874.1 -1,730.5 -1,161.3 -1,312.7 -1,461.2 -1,475.8 -2,612.4 -1,785.6 -1,813.9 -725.5 -3,340.7 -2,210.3 -3,111.7 -2,417.2 -1,638.7 -2,692.7 -3,285.3 -2,334.6 -2,877.6 -3,531.3 -3,266.1 -3,766.0 -4,494.1 -2,663.9 -2,251.9 -1,982.6
3,572.4 3,851.7 122.0 4,067.5 -2,479.2 1,515.2 468.9 1,381.7 -717.5 2,324.6 862.9 1,374.8 -4,876.8 1,946.9 1,677.1 385.4 1,264.2 871.4 -753.9 -3,593.3 1,358.1 1,517.7 266.1 1,034.0 1,024.5 707.1 366.3 -210.5 1,176.5 718.9 -520.6 -4,924.3 -595.7 643.2 676.0 22.6 1,248.3 1,168.1 -72.2 581.2 678.5 1,281.9 -1,575.0 -5,857.9
-4,985.2 -5,766.7 -7,078.3 -1,250.5 -1,199.8 -852.0 -1,682.9 -971.2 -1,212.6 -2,395.4 -1,187.5 -815.8 -1,484.2 -2,629.7 -2,148.6 -3,062.6 -457.8 20.6 -534.0 -522.8 -146.9 -542.9 -625.6 -950.8 -819.0 -391.2 -214.6 -581.7 -267.1 -547.0 -1.7 -530.6 -519.8 -433.8 -728.4 -839.5 -1,061.8 -518.7 -695.1 -934.8 -1,612.8 -581.4 -868.4 -748.8
61
June 2018
12. Balance of payments (II) (US $ million)
Period 2015 2016 2017p 2015 Ⅰ Ⅱ Ⅲ Ⅳ 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017p Ⅰ Ⅱ Ⅲ Ⅳ 2018p Ⅰ 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017p 1 2 3 4 5 6 7 8 9 10 11 12 2018p 1 2 3 4
Financial account*
Direct investment
Portfolio investment
Financial derivatives
Other investment
Reserve assets
106,299.2 102,566.8 87,100.4 22,974.3 25,857.1 29,806.1 27,661.7 29,486.0 23,327.5 24,822.1 24,931.2 19,741.1 13,043.4 30,844.5 23,471.4 12,545.0 7,326.7 9,715.9 12,443.4 1,814.8 9,908.3 11,604.4 8,811.4 6,960.3 9,050.4 8,359.1 8,505.8 8,066.3 5,067.0 8,880.5 5,793.6 1,471.6 2,642.6 8,929.2 9,442.0 8,990.9 12,411.6 8,436.4 10,438.0 6,347.0 4,112.7 4,213.1 4,219.2 14.1
19,656.3 17,856.7 14,623.0 4,328.8 6,256.2 3,695.1 5,376.2 5,704.8 4,507.8 1,847.5 5,796.6 6,881.2 3,476.4 4,428.9 -163.5 1,984.8 208.1 2,187.2 3,309.5 814.0 1,450.2 2,243.6 719.7 -291.7 1,419.5 1,144.8 62.6 4,589.2 3,270.3 4,344.1 -733.2 1,500.3 685.3 1,290.8 460.0 1,622.4 2,346.5 72.6 -70.6 -165.5 138.6 325.3 1,520.9 1,883.5
49,529.8 66,970.2 57,847.4 7,743.0 7,111.1 15,559.7 19,116.0 16,794.1 13,981.8 15,865.5 20,328.8 8,011.4 11,516.2 23,972.0 14,347.8 12,858.3 5,412.9 5,749.6 5,631.6 3,277.6 4,546.1 6,158.1 145.0 7,111.8 8,608.7 9,921.6 7,011.4 3,395.8 4,917.9 809.9 2,283.6 2,810.3 5,660.3 3,045.6 2,693.6 11,330.5 9,947.9 -173.2 2,101.7 12,419.3 3,490.7 9,168.4 199.2 3,938.2
1,791.3 -3,440.1 -8,253.3 -726.3 -759.5 4,731.1 -1,454.0 2,724.0 -1,185.3 -3,799.5 -1,179.3 -2,951.0 -2,066.8 -350.9 -2,884.6 -3,607.1 1,227.8 756.6 739.6 -1,043.5 -463.7 321.9 -471.9 -1,292.4 -2,035.2 -739.5 83.0 -522.8 -146.9 -1,593.2 -1,210.9 -912.4 -413.3 -741.1 -79.2 -161.3 -110.4 -555.6 -877.1 -1,451.9 -1,285.9 -857.4 -1,463.8 -748.1
23,269.2 13,564.8 18,523.3 4,518.7 5,947.4 10,106.9 2,696.2 5,596.8 5,103.8 3,949.4 -1,085.2 7,063.2 -96.6 2,945.8 8,610.9 -1,478.8 117.7 2,613.5 2,865.6 -2,549.9 3,974.0 3,679.7 6,451.8 -1,656.4 -846.0 -2,188.1 1,865.9 -763.0 -3,232.5 5,471.3 4,824.4 -1,755.7 -3,368.2 5,027.3 6,238.7 -4,147.6 854.7 7,665.6 7,914.5 -5,219.2 329.0 -4,582.9 2,775.1 -8,178.5
12,052.6 7,615.2 4,360.0 7,110.1 7,301.9 -4,286.7 1,927.3 -1,333.7 919.4 6,959.2 1,070.3 736.3 214.2 -151.3 3,560.8 2,787.8 360.2 -1,591.0 -102.9 1,316.6 401.7 -798.9 1,966.8 3,089.0 1,903.4 220.3 -517.1 1,367.1 258.2 -151.6 629.7 -170.9 78.5 306.6 128.9 346.9 -627.1 1,427.0 1,369.5 764.3 1,440.3 159.7 1,187.8 3,119.0
* Positive figures represent net outflows, and negative figures represent net inflows. p: Preliminary Source: Bank of Korea
Capital account -60.2 -46.2 -31.3 -22.0 -25.6 -26.2 13.6 -8.1 -7.0 13.9 -45.0 36.4 -60.3 -7.7 0.3 -21.3 -2.6 -2.3 -3.2 -5.0 1.0 -3.0 5.8 17.2 -9.1 -6.3 -35.0 -3.7 40.1 -2.0 -1.7 -26.2 -2.0 -32.1 15.3 -21.8 -1.2 -7.4 38.8 -31.1 -6.5 -13.4 -1.4 -64.9
62
Economic Bulletin
Statistical Appendices
13. Financial indicators (period average)
Yields (%) Period 2014 7 8 9 10 11 12 2015 1 2 3 4 5 6 7 8 9 10 11 12 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 Source: Bank of Korea
Call rate (1 day)
CDs (91 days)
Treasury bonds (3 years)
2.5 2.3 2.2 2.1 2.0 2.0 2.0 2.0 1.8 1.7 1.7 1.6 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.3 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.2 1.3 1.5 1.5 1.5 1.5 1.5 1.5
2.7 2.5 2.4 2.2 2.1 2.1 2.1 2.1 2.0 1.8 1.8 1.7 1.7 1.6 1.6 1.6 1.6 1.7 1.7 1.6 1.6 1.6 1.6 1.4 1.4 1.4 1.3 1.4 1.4 1.5 1.5 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.5 1.7 1.7 1.7 1.7 1.7 1.7
2.6 2.5 2.4 2.2 2.1 2.1 2.0 2.0 1.9 1.7 1.9 1.8 1.8 1.7 1.7 1.6 1.8 1.7 1.6 1.5 1.5 1.5 1.5 1.3 1.2 1.2 1.3 1.4 1.6 1.7 1.6 1.7 1.7 1.7 1.7 1.7 1.7 1.8 1.8 2.0 2.2 2.1 2.2 2.3 2.3 2.2 2.3
Stock Treasury bonds (5 years)
Corporate bonds (3 years, AA-)
KOSPI (end-period)
2.8 2.8 2.7 2.4 2.3 2.3 2.2 2.1 2.0 1.9 2.1 2.0 2.1 2.0 1.8 1.8 1.9 1.9 1.8 1.6 1.6 1.6 1.6 1.4 1.3 1.3 1.4 1.4 1.7 1.9 1.8 1.9 1.9 1.9 1.9 1.9 1.9 2.0 2.0 2.2 2.4 2.3 2.4 2.5 2.5 2.4 2.5
3.0 3.0 2.8 2.6 2.5 2.5 2.4 2.3 2.1 2.0 2.1 2.0 2.0 2.0 2.0 2.0 2.1 2.1 2.1 2.0 2.0 1.9 1.9 1.8 1.7 1.7 1.7 1.8 2.0 2.2 2.1 2.1 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.6 2.7 2.6 2.7 2.8 2.8 2.8 2.9
2,076.12 2,068.54 2,020.09 1,964.43 1,980.78 1,915.59 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 1,991.97 1,961.31 1,912.06 1,916.66 1,995.85 1,994.15 1,983.40 1,970.35 2,016.19 2,034.65 2,043.63 2,008.19 1,983.48 2,026.46 2,067.57 2,091.64 2,160.23 2,205.44 2,347.38 2,391.79 2,402.71 2,363.19 2,394.47 2,523.43 2,476.37 2,467.49 2,566.46 2,427.36 2,445.85 2,515.38 2,423.01
63
June 2018
14. Monetary indicators (period average, billion won)
Reserve money Period 2014 2015 2016 2017 2015 1 2 3 4 5 6 7 8 9 10 11 12 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4
M1
y-o-y change (%)
103,331.5 120,691.4 137,441.5 151,858.1 113,304.2 116,502.4 115,974.9 115,132.7 117,726.3 118,688.2 122,041.0 121,854.4 126,572.2 125,616.2 126,767.1 128,117.5 131,279.3 134,913.0 132,957.9 135,038.9 135,971.3 135,758.4 135,906.7 139,073.9 142,079.6 141,103.5 141,757.2 143,458.7 147,380.8 150,092.9 145,049.0 149,630.1 149,446.2 150,519.7 149,955.1 152,170.5 154,578.6 159,248.2 155,623.3 158,603.1 157,220.1 163,852.7 160,760.7 161,527.1
Source: Bank of Korea
13.1 16.8 13.9 10.5 15.0 15.9 15.3 16.4 15.7 17.0 20.6 13.2 20.1 17.3 18.8 16.3 15.9 15.8 14.6 17.3 15.5 14.4 11.4 14.1 12.3 12.3 11.8 12.0 12.3 11.3 9.1 10.8 9.9 10.9 10.3 9.4 8.8 12.9 9.8 10.6 6.7 9.2 10.8 8.0
M2 y-o-y change (%)
536,733.4 636,639.0 734,411.8 802,016.5 579,964.2 592,737.4 600,719.9 610,803.3 621,985.5 630,546.3 645,975.4 653,105.9 665,691.1 669,737.7 677,629.2 690,772.4 699,767.3 708,014.0 713,861.2 720,818.5 722,544.4 730,637.8 735,172.2 738,120.9 751,408.5 753,367.3 762,639.7 776,589.6 780,995.5 776,362.5 789,187.8 791,859.3 791,074.8 798,890.2 804,853.4 805,103.3 810,905.0 826,892.1 817,624.5 830,003.7 830,732.8 839,555.2 840,991.0 841,002.2
10.9 18.6 15.4 9.2 12.5 14.3 15.5 17.7 18.9 18.5 21.0 21.3 21.4 21.5 20.6 19.6 20.7 19.4 18.8 18.0 16.2 15.9 13.8 13.0 12.9 12.5 12.5 12.4 11.6 9.7 10.6 9.9 9.5 9.3 9.5 9.1 7.9 9.8 7.2 6.9 6.3 8.1 6.6 6.2
Lf y-o-y change (%)
2,009,576.3 2,182,911.9 2,342,621.3 2,471,225.6 2,092,223.5 2,109,892.3 2,127,887.8 2,148,114.7 2,166,741.1 2,179,561.1 2,200,510.9 2,218,660.3 2,230,000.7 2,232,432.0 2,242,848.2 2,246,070.1 2,261,356.4 2,285,313.5 2,294,544.7 2,299,081.3 2,312,801.2 2,334,256.2 2,352,245.1 2,377,323.1 2,383,040.5 2,391,059.2 2,406,393.5 2,414,040.9 2,417,635.8 2,420,285.6 2,436,994.7 2,450,220.9 2,454,386.7 2,470,861.1 2,472,110.4 2,485,629.9 2,492,388.4 2,504,594.2 2,521,786.3 2,527,641.3 2,551,196.0 2,570,764.6 2,578,361.8 2,590,840.7
6.6 8.6 7.3 5.5 8.0 8.0 8.3 9.0 9.3 9.0 9.3 9.2 9.4 8.8 7.7 7.5 8.1 8.3 7.8 7.0 6.7 7.1 6.9 7.2 6.9 7.1 7.3 7.5 6.9 5.9 6.2 6.6 6.1 5.9 5.1 4.6 4.6 4.7 4.8 4.7 5.5 6.2 5.8 5.7
y-o-y change (%)
2,721,502.2 2,986,699.4 3,229,766.4 3,445,645.8 2,857,610.1 2,876,467.8 2,907,976.4 2,936,746.7 2,960,998.1 2,986,316.5 3,013,503.9 3,028,981.1 3,049,823.2 3,059,051.9 3,076,029.2 3,086,887.8 3,110,535.8 3,133,492.2 3,158,687.8 3,170,277.9 3,189,899.3 3,223,154.5 3,242,338.3 3,270,365.6 3,288,026.0 3,305,950.4 3,328,489.7 3,337,069.4 3,359,110.8 3,365,200.1 3,387,986.2 3,404,957.2 3,416,320.2 3,440,571.4 3,454,563.6 3,472,041.5 3,483,119.8 3,501,084.6 3,521,139.1 3,541,553.2 3,573,130.0 3,596,261.3 3,614,934.9 3,628,930.4
7.0 9.7 8.1 6.7 8.4 8.6 9.3 10.0 10.3 10.5 10.6 10.4 10.5 10.2 9.2 8.9 8.9 8.9 8.6 8.0 7.7 7.9 7.6 8.0 7.8 8.1 8.2 8.1 8.0 7.4 7.3 7.4 7.1 6.7 6.5 6.2 5.9 5.9 5.8 6.1 6.4 6.8 6.7 6.6
64
Economic Bulletin
Statistical Appendices
15. Exchange rates (end-period)
US $/\ Period 2014 2015 2016 2017 2015 1 2 3 4 5 6 7 8 9 10 11 12 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 Source: Bank of Korea
100/\
Won
y-o-y change (%)
1,099.2 1,172.0 1,208.5 1,071.4 1,190.8 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 1,150.4 1,172.0 1,208.4 1,235.4 1,153.5 1,143.9 1,190.6 1,164.7 1,125.7 1,118.5 1,096.3 1,145.2 1,168.5 1,208.5 1,157.8 1,132.1 1,116.1 1,130.1 1,123.9 1,139.6 1,119.1 1,122.8 1,146.7 1,125.0 1,082.4 1,071.4 1,071.5 1,071.0 1,066.5 1,076.2 1,081.3
4.2 6.6 3.1 -11.3 1.1 3.0 3.4 3.5 8.5 10.8 13.9 16.1 13.7 8.4 4.5 6.6 10.8 12.4 4.4 7.1 7.5 3.6 -3.5 -4.9 -8.2 0.3 1.6 3.1 -4.2 -8.4 -3.2 -1.2 -5.6 -2.2 -0.6 0.4 4.6 -1.8 -7.4 -11.3 -7.5 -5.4 -4.4 -4.8 -3.8
Euro/\
Won
y-o-y change (%)
Won
y-o-y change (%)
920.1 972.0 1,036.8 949.1 921.4 920.7 920.3 897.2 894.6 917.2 939.3 970.1 996.8 994.1 936.7 972.0 1,017.1 1,083.8 1,026.0 1,058.2 1,072.8 1,132.2 1,073.7 1,086.3 1,083.7 1,094.4 1,038.8 1,036.8 1,017.9 1,004.0 998.5 1,016.0 1,014.3 1,017.6 1,012.3 1,017.4 1,020.4 994.2 966.5 949.1 985.0 997.3 1,001.5 985.9 994.0
-8.4 5.6 6.7 -8.5 -11.7 -11.9 -11.4 -10.8 -10.9 -8.3 -5.7 -0.8 3.8 -2.1 0.3 5.6 10.4 17.9 11.5 17.9 19.9 23.4 14.3 12.0 8.7 15.9 10.9 6.7 0.1 -7.5 -2.7 -4.0 -5.4 -10.1 -5.7 -6.3 -5.8 -9.2 -7.0 -8.5 -3.2 -0.7 0.3 -3.0 -2.0
1,336.5 1,280.5 1,267.6 1,279.3 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 1,218.3 1,280.5 1,322.2 1,348.3 1,307.4 1,298.4 1,326.8 1,295.5 1,246.7 1,246.9 1,230.3 1,257.1 1,244.3 1,267.6 1,239.5 1,198.6 1,192.6 1,228.1 1,255.6 1,304.0 1,315.7 1,335.6 1,350.9 1,310.1 1,282.7 1,279.3 1,329.1 1,310.4 1,312.0 1,304.5 1,261.3
-8.2 -4.2 -1.0 0.9 -16.1 -15.9 -18.6 -16.7 -12.6 -8.9 -7.0 -1.4 0.8 -5.6 -11.2 -4.2 7.0 9.6 9.2 9.4 9.2 2.8 -2.3 -5.3 -8.5 0.2 2.1 -1.0 -6.3 -11.1 -8.8 -5.4 -5.4 0.7 5.5 7.1 9.8 4.2 3.1 0.9 7.2 9.3 10.0 6.2 0.5
Useful websites
Ministry of Strategy and Finance
http://english.mosf.go.kr Korea Development Institute
http://www.kdi.re.kr/kdi_eng Ministry of Trade, Industry and Energy
http://english.motie.go.kr Financial Services Commission
http://www.fsc.go.kr/eng Financial Supervisory Service
http://english.fss.or.kr Fair Trade Commission
http://www.ftc.go.kr/eng Ministry of Employment and Labor
http://www.moel.go.kr/english Bank of Korea
http://www.bok.or.kr/eng Statistics Korea
http://kostat.go.kr/portal/eng
June 2018
ECONOMIC BULLETIN (Republic of Korea)
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