Economic Bulletin 201806_english

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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