ECONOMIC BULLETIN (Republic of Korea) Vol. 36 No.1 January 2014
e b
ISSN 2287-7266
Republic of Korea
Vol.36 No.1 January 2014
conomic u l l e t i n The Green Book: Current Economic Trends Policy Issues 2014 Economic Policies
Economic News Briefing National Assembly Passes 2014 Budget Bill Another Record Year for Korea’s Trade Consumer Prices Up 1.3% in 2013 Three-year Plan for Economic Innovation
Statistical Appendices ECONOMIC BULLETIN (Republic of Korea)
/ January 2014
For free subscriptions and enquiries, please contact: Foreign Press Spokesperson’s Office Ministry of Strategy and Finance Government Complex, 477 Galmae-ro Sejong, 339-012 Republic of Korea Tel. +82 2 731 1530 Fax. +82 2 731 1540 E-mail. fppr@mosf.go.kr Website. http://english.mosf.go.kr Economic Information and Education Center Korea Development Institute 15 Giljae-gil (Bangok-dong) Sejong, 339-007 Republic of Korea Fax. +82 44 550 4941 E-mail. jiyounlee@kdi.re.kr
MOSF / KDI
Tel. +82 44 550 4645
Website. http://eiec.kdi.re.kr
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Useful economy-related websites Ministry of Strategy and Finance http://english.mosf.go.kr Ministry of Trade, Industry and Energy http://www.motie.go.kr/language/eng Financial Services Commission http://www.fsc.go.kr/eng Financial Supervisory Service http://english.fss.or.kr Fair Trade Commission http://eng.ftc.go.kr Ministry of Employment and Labor http://www.moel.go.kr/english The Bank of Korea http://www.bok.or.kr/eng Statistics Korea http://kostat.go.kr/portal/english
Kite Flying in Korea Kite flying in Korea is a traditional game for wishing good luck in the New Year. The most common type of kite is the
bangpae yeon , which has a rectangular shape and a hole in the middle.
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contents
02 The Green Book : Current Economic Trends 03 04 10 12 15 17 20 22 24 28
32 34
39
44
Overview 1. External economic situation 2. Private consumption 3. Facility investment 4. Construction investment 5. Exports and imports 6. Mining and manufacturing production 7. Service sector activity 8. Employment 9. Financial markets 9.1 Stock market 9.2 Exchange rate 9.3 Bond market 9.4 Money supply & money market 10. Balance of payments 11. Prices and international commodity prices 11.1 Prices 11.2 International oil and commodity prices 12. Real estate market 12.1 Housing market 12.2 Land market 13. Composite indices of business cycle indicators
46 Policy Issues 47
2014 Economic Policies
53 Economic News Briefing 57 Statistical Appendices
Editor-in-Chief Editorial Board Coordinators Editors
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Cho Byung-Koo (KDI), Kim Yong-Jin (MOSF) Lauren Kang (MOSF), Lee Seong-Pyo (KDI), Lee Jae-Yeal (KDI) Kim Dae-Hyun (MOSF), Lee Ji-Youn (KDI) David Friedman (MOSF), Joung Hye-Sun (MOSF)
14. 1. 24. 오후 10:27
Th Gr e ee nB oo k The Green Book :
Current Economic Trends
Cu rre nt
2
E c o n o m i c B u l le t i n
Ec on om ic T ren ds
Overview
1. External economic situation 2. Private consumption 3. Facility investment 4. Construction investment 5. Exports and imports
6. Mining and manufacturing production 7. Service sector activity 8. Employment 9. Financial markets 10. Balance of payments 11. Prices and international commodity prices 12. Real estate market 13. Composite indices of business cycle indicators
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Current Economic Trends
OVERVIEW Employment and inflation remain stable, but the Korean economy appears to slow down somewhat due to a high base effect from October 2013. Production and consumption indices improved during the October-November period compared with the third quarter.
index stayed unchanged month-on-month in November, and the cyclical indicator of the leading composite index went up by 0.2 points.
The economy added 588,000 jobs year-on-year in November, up from 476,000 in the previous month.
Exports grew by 7.1 percent year-on-year in December due to recovering advanced economies and an increase in days worked (up 1.5 days) . The trade balance remained in the black at US$3.68 billion.
Consumer price inflation went down year–on-year in December from 1.2 percent to 1.1 percent (reweighted index), posting an increase of around 1.0 percent for 14 consecutive months.
In December stock prices rebounded somewhwat from their fall at the beginning of the month as the Fed’s announcement of quantitative easing tapering removed uncertainties. The won slightly weakened.
Mining and manufacturing production stayed unchanged from the previous month in November as strong semiconductors and chemical products offset a decrease in automobiles and mobile phones. Service output increased by 0.1 percent backed by rising financial & insurance services and education services.
Housing prices continued to increase month-onmonth in December (0.19% > 0.16%), while rental prices of Jeonse homes (lump-sum deposits with no monthly payments) rose at a slower pace from 0.52 percent to 0.42 percent.
Retail sales rose 0.9 percent in November compared with the previous month thanks to a rise in semidurable goods sales despite poor durable and nondurable goods sales. The rise was led by strong seasonal clothing sales due to cold weather. Facility investment declined by 5.5 percent monthon-month in November in line with a fall in machinery imports and the imports of large aircrafts. The value of construction completed slipped by 0.2 percent due to poor civil engineering works. The cyclical indicator of the conincident composite
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3 The Green Book
k
The Green Book :
The Korean economy has showed clear signs of recovery. However, private sector recovery including investment has yet to firmly take hold, and external uncertainties concerning the US fiscal situation, quantitative easing tapering and the weak yen remain. The Korean government will closely monitor the global and domestic economic situations and continue to pursue policies that boost domestic demand and employment in order to support the working class. The government will also focus on reforming the economy and improving service sector regulations.
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
1. External economic situation
The global economy, led by the US and other advanced economies, should maintain its recovery trend in 2014. However, risk factors remain, including concerns that growth in emerging economies will slow down owing to US quantitative easing tapering* and worries regarding the US debt ceiling negotiations**. *On December 18, 2013, the US FOMC decided to begin tapering its unconventional monetary stimulus program, reducing its bond-buying from US$85 billion per month to US$75 billion per month.
4 E c o n o m i c B u l le t i n
**With the passing of a federal budget in the US, concerns regarding a government shutdown have largely been resolved. However, uncertainties remain as the US will exceed its borrowing authority on February 7 unless legislation is passed to raise the debt ceiling.
Other risks remain as Abenomics runs its course and the eurozone continues to wrestle with high unemployment.
World GDP growth 6
(%)
5 4 3 2 1 0 -1
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2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
14. 1. 24. 오후 10:27
US The US economy grew 4.1 percent in the third quarter of 2013, and is expected to continue gradually recovering led by private sector consumption and investment owing to the strengthening job market and housing market.
Retail sales in November improved 0.7 percent month-on-month, and consumption momentum continues to recover as the University of Michigan Consumer Sentiment Index improved to 82.5, up from 75.1 in the previous month.
Contribution to growth rate (Q2 > Q3, %p)
University of Michigan Consumer Sentiment Index
1.24 > 1.36 (private consumption), 0.56 > 0.58 (corporate
73.8 (Jan 2013) > 78.6 (Mar) > 84.5 (May) > 85.1 (Jul) > 82.1
investment), 0.40 > 0.31 (housing investment), 0.41 > 1.67
(Aug) > 77.5 (Sep) > 73.2 (Oct) > 75.1 (Nov) > 82.5 (Dec)
(inventory investment), -0.07 > 0.14 (net exports), -0.07 > 0.08 (government spending)
Case-Shiller Home Price Index (q-o-q, %) ISM Manufacturing Index (base=50)
1.7 (Q3 2012) > 1.9 (Q4) > 3.4 (Q1 2013) > 3.6 (Q2) > 2.5 (Q3)
53.1 (Jan 2013) > 51.3 (Mar) > 49.0 (May) > 55.4 (Jul) > 55.7
0.9 (Aug 2013) > 1.0 (Sep) > 1.0 (Oct)
5 The Green Book
Industrial production in November increased by 1.1 percent after improving just 0.1 percent in October, while the ISM Manufacturing Index, which forecasts business sentiment, was 57.0 in December, maintaining its highest level in three years.
The housing market continues to recover as housing prices have increased for 21 consecutive months, despite a decline in home sale indicators. In November, existing home sales decreased by 4.3 percent, and new home sales decreased by 2.1 percent.
(Aug) > 56.2 (Sep) > 56.4 (Oct) > 57.3 (Nov) > 57.0 (Dec) New home sales (m-o-m, %) -0.4 (Mar 2013) > 0.7 (Apr) > -3.8 (May) > 4.9 (Jun) > -17.1 (Jul) > 4.0 (Aug) > 3.9 (Sep) > 17.6 (Oct) > -2.1 (Nov)
US GDP growth and industrial production Sources: US Department of Commerce, Federal Reserve Board 10 8
(%)
6 4 2 0 -2 -4 -6 -8 -10 2001. Q1
2002. Q1
2003. Q1
GDP (q-o-q, annualized rate)
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2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
2013. Q1
Industrial production (q-o-q)
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The Green Book :
Current Economic Trends
The labor market recovery appeared to pick up momentum in November as nonfarm payrolls increased by 203,000, greatly exceeding expectations(185,000), and the unemployment rate fell to 7.0 percent.
Nonfarm payroll increases (m-o-m, thousand) 148 (Jan 2013) > 142 (Mar) > 176 (May) > 172 (Jun) > 89 (Jul) > 238 (Aug) > 175 (Sep) > 200 (Oct) > 203 (Nov) Nonfarm payroll increase in November by industry (Out of 203,000 jobs added, thousand) 196 (private sector): 0 (mining), 27 (manufacturing), 17 (construction), 152 (service) 7 (public sector)
6 US nonfarm payroll growth and unemployment rate E c o n o m i c B u l le t i n
Source: : US Department of Labor 800
(thousand)
(%)
600
12 10
400
8
200 0
6
-200
4
-400 -600
2
-800 -1,000 2001. 1
0 2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
US nonfarm payroll growth (m-o-m, left)
2011. 1
2012. 1
2013. 1
Unemployment rate (right)
(Percentage change from previous period) 2011
2012
Annual Annual
2013¹
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Sep
Oct
Nov
Real GDP²
1.8
2.8
3.7
1.2
2.8
0.1
1.1
2.5
4.1
-
-
-
- Personal consumption expenditure
2.5
2.2
2.9
1.9
1.7
1.7
2.3
1.8
2.0
-
-
-
- Corporate fixed investment
7.6
7.3
5.8
4.5
0.3
9.8
-4.6
4.7
4.8
-
-
-
- Housing construction investment
0.5
12.9
23.0
5.7
14.1
19.8
12.5
14.2
10.3
-
-
-
Industrial production
4.1
3.8
1.4
0.6
0.0
0.6
1.0
0.3
0.6
0.5
0.1
1.1
Retail sales
8.0
5.0
1.7
-0.3
1.3
1.5
1.0
0.9
1.1
0.1
0.6
0.7
Existing home sales
2.4
9.9
5.5
-2.0
5.1
3.3
1.0
2.3
5.9
-1.9
-3.2
-4.3
Unemployment rate³
9.0
8.1
8.3
8.2
8.1
7.8
7.7
7.6
7.3
7.2
7.3
7.0
Consumer prices (y-o-y)
3.2
2.1
2.8
1.9
1.7
1.9
1.7
1.4
1.6
1.2
1.0
1.2
1. Preliminary 2. Annualized rate (%) 3. Seasonally adjusted Sources: US Department of Commerce, Bloomberg
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China The Chinese economy improved in the third quarter of 2013, growing 7.8 percent year-on-year compared to 7.5 percent in the second quarter, and retail sales and exports continued to improve in October and November. The December manufacturing PMI slightly fell compared to the previous month.
The Chinese government, at the December Central Economic Work Conference, proposed a number of major economic policies for 2014: Food security, industrial restructuring to curb overproduction, local government debt management, regional development, social welfare including employment, and open market policies.
Manufacturing PMI (base=50)
7
51.0 (Aug 2013) > 51.1 (Sep) > 51.4 (Oct) > 51.4 (Nov) > 51.0 (Dec)
2011
2012¹
Annual Annual
2013¹ Q3
Oct
9.3
7.7
8.1
7.6
7.4
7.9
7.7
7.5
7.8
-
-
Industrial production
13.9
10.0
11.6
9.5
9.1
10.0
9.5
9.1
10.1
10.3
10.0
Fixed asset investment (accumulated)
23.8
20.6
20.9
20.4
20.5
20.6
20.9
20.1
20.2
20.1
19.9
Retail sales
17.1
14.3
14.9
13.9
13.5
14.9
12.4
13.0
13.3
13.3
13.7
Exports
12.7
Real GDP
Q1
Q2
Q3
Q4
Q1
Q2
Nov
20.7
8.3
8.8
10.5
4.5
9.5
18.9
4.2
4.0
5.6
Consumer prices²
5.4
2.6
3.8
2.8
1.9
2.1
2.4
2.4
2.8
3.2
3.0
Producer prices²
6.0
-1.7
0.1
-1.4
-3.3
-2.3
-1.7
-2.7
-1.7
-1.5
-1.4
The Green Book
(Percentage change from same period in previous year)
1. Preliminary 2. Quarterly change: average of monthly change Source: China National Bureau of Statistics
China’s GDP growth and fixed asset management Source: National Bureau of Statistics of China 18
(%)
(%)
70
16
60
14
50
12
40
10
30
8
20
6
10
4 0 2001. Q1 2002. Q1 2003. Q1 2004. Q1 2005. Q1 2006. Q1 2007. Q1 2008. Q1 2009. Q1 2010. Q1 2011. Q1 2012. Q1 2013. Q1
GDP (y-o-y, left)
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Fixed asset investment (accumulated, y-o-y, right)
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The Green Book :
Current Economic Trends
Japan Japanese economic growth wavered in the third quarter of 2013, growing just 0.3 percent quarteron-quarter, compared with 0.9 percent in the second quarter. However, retail sales and exports showed signs of improvement in October and November. The consumer price index (CPI) continued to rise in November, increasing by 1.5 percent. The core CPI increased by 1.2 percent.
8
(Percentage change from previous period) 2011
2012¹
E c o n o m i c B u l le t i n
Annual Annual
2013¹
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Oct
Nov
Real GDP
-0.5
1.4
0.9
-0.5
-0.8
0.1
1.1
0.9
0.3
-
-
Industrial production
-2.4
-0.3
1.2
-2.0
-4.2
-1.9
2.2
1.5
1.7
1.0
0.1
Retail sales
-1.2
1.6
1.2
0.3
-0.9
-0.2
0.6
1.1
-0.2
-0.9
1.9
Exports (y-o-y)
-2.7
-2.8
-1.6
4.8
-8.2
-5.5
1.2
7.1
12.8
18.6
18.4
Consumer prices (y-o-y)
-0.3
-0.0
0.3
0.1
-0.4
-0.2
-0.6
-0.3
0.9
1.1
1.5
1. Preliminary Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
Japan’s GDP growth and industrial production Source: Japan's Cabinet Office, Ministry of Economy Trade and Industry, Ministry of Finance, Statistics Bureau of Japan 6
(%)
25
(%)
20
4
15 10
2
5 0
0
-5 -2
-10 -15
-4
-20 -25 -6 2001. Q1 2002. Q1 2003. Q1 2004. Q1 2005. Q1 2006. Q1 2007. Q1 2008. Q1 2009. Q1 2010. Q1 2011. Q1 2012. Q1 2013. Q1
GDP (q-o-q, left)
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Industrial production (q-o-q, right)
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Eurozone The eurozone appears to have risen out of recession led by the recovery in Germany, but uncertainties remain as the recovery has not yet completely taken root and the unemployment rate holds at record high levels.
Manufacturing PMI (base=50) 47.9 (Jan 2013) > 46.8 (Mar) > 48.3 (May) > 48.8 (Jun) > 50.3 (Jul) > 51.4 (Aug) > 51.1 (Sep) > 51.3 (Oct) > 51.6 (Nov) > 52.7 (Dec)
Unemployment rate (%) 12.0 (Jan 2013) > 12.1 (Feb) > 12.1 (Mar) > 12.1 (Apr) > 12.1 (May) > 12.1 (Jun) > 12.1 (Jul) > 12.1 (Aug) > 12.2 (Sep) > 12.1 (Oct)
9 (Percentage change from previous period) 2012
Annual Annual
2013¹
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Sep
Oct
Nov
Real GDP
1.4
-0.5
0.0
-0.3
-0.1
-0.5
-0.2
0.3
0.1
-
-
-
Industrial production
3.5
-2.4
-0.5
-0.5
0.4
-2.4
0.4
0.9
-0.2
-0.2
-1.1
-
Retail sales
-0.5
-1.7
-0.3
-0.8
0.0
-1.5
0.2
0.2
0.4
-0.6
-0.3
-
Exports (y-o-y)
12.7
7.4
8.6
8.1
7.4
5.5
-5.1
-3.2
-2.0
-1.5
-3.5
-
2.7
2.1
2.7
2.7
2.5
2.3
1.9
1.4
1.3
1.1
0.7
0.9
Consumer prices (y-o-y)
The Green Book
2011
1. Preliminary Sources: Eurostat, Bloomberg
Eurozone’s GDP growth and industrial production Source: Eurostat 3
(%)
(%)
10 8
2
6 4
1
2 0
0
-2 -1
-4 -6
-2
-8 -10 -3 2001. Q1 2002. Q1 2003. Q1 2004. Q1 2005. Q1 2006. Q1 2007. Q1 2008. Q1 2009. Q1 2010. Q1 2011. Q1 2012. Q1 2013. Q1
GDP (q-o-q, left)
2014 EB 1월호내지.indd 9
Industrial production (q-o-q, right)
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
2. Private consumption
Private consumption in the third quarter of 2013 (preliminary GDP) increased 1.0 percent compared to the previous quarter and 2.1 percent compared to a year ago.
(Percentage change from previous period) 2011
10
2012¹
2013¹
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2.4
0.7
0.6
0.1
-0.2
1.7
0.8
0.4
0.7
0.8
-0.4
0.7
1.0
-
3.2
3.1
2.1
1.2
-
1.3
1.0
1.7
2.7
1.5
1.8
2.1
Private consumption² (y-o-y)
E c o n o m i c B u l le t i n
1. Preliminary 2. National accounts Source: The Bank of Korea
Private consumption Source: The Bank of Korea (national accounts) 14
(%)
12 10 8 6 4 2 0 -2 -4 -6 2001.Q1
2002.Q1
2003.Q1
2004.Q1
2005.Q1
2006.Q1
2007.Q1
Private consumption (q-o-q)
Retail sales in November increased 0.9 percent compared to the previous month and 1.3 percent compared to the same period in the previous year as semi-durable goods sales greatly increased (up
2014 EB 1월호내지.indd 10
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
Private consumption (y-o-y)
7.4%, m-o-m) , despite decreases in durable goods (down 1.0%, m-o-m) and nondurable goods sales (down 0.6%, m-o-m).
14. 1. 24. 오후 10:27
Retail sales Source: Statistics Korea (industrial activity trends) 20
(%)
15 10 5 0 -5 -10 2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Retail sales (m-o-m)
2013.1
Retail sales (y-o-y)
The Green Book
Retail sales by type Source: Statistics Korea (industrial activity trends) 50
11
(y-o-y, %)
40 30 20 10 0 -10 -20 2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
Durable goods
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Nondurable goods
Semi-durable goods
(Percentage change from previous period) 2011
2012
2013¹
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Oct¹
Nov¹
4.5
0.5
0.0
2.3
1.0
0.3
1.2
0.4
-1.2
0.4
1.3
1.5
0.9
-
4.0
2.6
-
2.8
1.4
2.6
2.5
0.2
1.1
0.7
1.7
1.3
- Durable goods²
10.6
0.7
-0.9
5.3
2.5
1.9
2.8
2.3
-4.4
0.8
0.8
4.6
-1.0
· Automobiles
7.0
4.6
-11.3
2.4
2.4
9.4
-1.6
9.0
-9.0
2.1
6.1
5.4
-2.0
- Semi-durable goods³
3.7
1.7
-2.7
-1.1
-0.4
0.3
-1.1
1.7
1.0
-0.7
0.7
-4.1
7.4
- Nondurable goods4
2.1
-0.1
1.6
2.3
0.9
-0.6
1.5
-1.1
-0.5
0.7
1.7
2.2
-0.6
Retail sales (y-o-y)
1. Preliminary 2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc. 3. Semi-durable goods: Clothing, footwear, etc. 4. Nondurable goods: Food, medicine, cosmetics, fuel, tobacco, etc. Source: Statistics Korea
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The Green Book :
Current Economic Trends
Department store sales maintained their positive year-on-year trend, but slowed down slightly as December sales were relatively weak owing to the high base effect of strong November winter clothing sales.
Retail sales in December, despite an increase in gasoline sales, are likely to fall compared to November owing to poor winter clothing and grocery sales. Domestic sales of cars were somewhat poor in December as consumers waited for the special consumption tax cut(7% > 6%) for sedans with engines larger than 2,000cc to take effect in January 2014.
Large discount store sales fell year-on-year as grocery and nongrocery sales all decreased.
12
(y-o-y, %) 2012
E c o n o m i c B u l le t i n
May Credit card use Department store sales Large discount store sales Domestic sales of gasoline Domestic sales of cars
Jun
3.6
Jul
4.1
Aug
7.2
7.6
Sep
Oct
1.0
Nov
5.1
Dec
4.2
3.6
1.0
4.1
-2.1
7.0
2.8
-1.7
5.9
0.3
-4.3
4.2
-4.9
-2.4
-5.2
-6.4
0.8
-6.0
2.6
2.9
-3.4
12.3
1.3
-2.0
0.6
8.0
-1.9
-8.5
5.2
23.9
-14.5
-3.0
-8.5
-11.8
Sources: Credit Finance Association of Korea, Ministry of Trade, Industry and Energy, Korea National Oil Corporation, Korea Automobile Manufacturers Association, Ministry of Strategy and Finance (for December data)
3. Facility investment
Facility investment (preliminary GDP) rose 1.0 percent quarter-on-quarter and 1.5 percent yearon-year in the third quarter of 2013.
(Percentage change from previous period) 2011
2012¹
Annual Annual Facility investment²
2013¹
Q1
Q2
Q3
Q4
Q1
Q2
Q3
3.6
-1.9
10.4
-7.8
-5.2
-1.8
2.6
-0.2
1.0
-
-
8.8
-3.5
-6.9
-5.2
-11.9
-4.6
1.5
- Machinery
4.2
-1.1
11.3
-8.5
-6.0
-3.2
1.1
0.6
3.7
- Transportation equipment
1.4
-5.0
6.7
-5.2
-1.7
3.7
7.8
-2.9
-8.3
(y-o-y)
1. Preliminary 2. National accounts Source: The Bank of Korea
2014 EB 1월호내지.indd 12
14. 1. 24. 오후 10:27
Facility investment Source: The Bank of Korea (national accounts) 40 40 30 30
(%) (%)
20 20 10 10 0 0
13
-10 -10
2002.Q1 2002.Q1
2003.Q1 2003.Q1
2004.Q1 2004.Q1
2005.Q1 2005.Q1
2006.Q1 2006.Q1
2007.Q1 2007.Q1
2008.Q1 2008.Q1
2009.Q1 2009.Q1
2010.Q1 2010.Q1
2011.Q1 2011.Q1
Facility investment (q-o-q)
2012.Q1 2012.Q1
2013.Q1 2013.Q1
Facility investment (y-o-y)
Facility investment by type Source: The Bank of Korea (national accounts)
40 40 (y-o-y, %) (y-o-y, %) 30 30 20 20 10 10 0 0 -10 -10 -20 -20 -30 -30 2001.Q1 2002.Q1 2001.Q1 2002.Q1
2003.Q1 2003.Q1
2004.Q1 2004.Q1
2005.Q1 2005.Q1
2006.Q1 2006.Q1
2007.Q1 2007.Q1
2008.Q1 2008.Q1
2009.Q1 2009.Q1
2010.Q1 2010.Q1
2011.Q1 2011.Q1
2012.Q1 2012.Q1
Transportation equipment
The Green Book
-20 -20 -30 -30 2001.Q1 2001.Q1
2013.Q1 2013.Q1
Machinery
(Percentage change from previous period) 2011
2012
Annual Annual Facility investment index
2013¹
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Sep¹
Oct¹
Nov¹ -5.5
4.0
-2.0
6.4
-5.0
-6.8
0.8
-4.5
-1.0
0.5
-4.0
19.4
-
-
10.7
-2.7
-8.2
-6.9
-15.4
-10.0
-4.7
-9.1
14.4
6.2
- Machinery
2.7
-2.2
8.1
-5.5
-6.9
-3.8
-5.7
1.8
0.0
1.3
9.4
-2.4
- Transportation equipment
9.8
-1.1
-1.0
-1.8
-6.7
22.0
0.3
-10.7
2.4
-22.8
62.7
-15.8
(y-o-y)
1. Preliminary Source: Statistics Korea
2014 EB 1월호내지.indd 13
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
machinery orders, poor average manufacturing operation ratio and facility investment adjustment pressure, and faltering corporate confidence.
The facility investment index in November fell 5.5 percent month-on-month as both transportation equipment investment and machinery investment declined. The index rose 6.2 percent year-on-year.
Businesssurveyindexformanufacturingsector(BankofKorea) 80 (Apr 2013) > 81 (May) > 82 (Jun) > 78 (Jul) > 73 (Aug) >
Facility investment remains to be seen as leading indicators have been mixed, such as improving
77 (Sep) > 82 (Oct) > 83 (Nov) > 78 (Dec) > 79 (Jan 2014)
14
(Percentage change from same period in previous year) 2011
2012
E c o n o m i c B u l le t i n
Annual Annual
Q1
Q2
2013¹ Q3
Q4
Q1
Q2
Domestic machinery orders
7.6 -13.4
-1.1 -19.8 -10.4 -21.5 -10.9
8.7
(q-o-q, m-o-m)
-
-5.3 -18.7
5.0
1.7
86.7 -54.6 -47.0
94.2
-Public
-
-2.6 -11.0 126.1 -59.7
-2.0
3.9
-Private
8.8 -13.6
-8.7 -15.1 -16.0 -15.1
Machinery imports
7.1
-3.0
15.3
Average manufacturing operation ratio
80.2
78.1
Facility investment adjustment pressure²
1.1
-1.4
Q3¹
Sep¹
Oct¹
Nov¹
4.9
-3.1
71.7
27.6
-3.8 -10.4
66.6 -13.7
-9.7 -28.5 815.4
30.2
-5.6
4.0
6.8
-1.5
27.8
27.4
-4.3 -12.2
-8.2 -11.8
-2.1
6.7
-1.7
26.1
9.2
79.6
79.0
76.2
77.8
77.1
75.4
74.6
73.5
75.6
75.7
0.7
-1.3
-3.0
-1.5
-2.9
-2.0
-1.6
-5.5
1.4
-2.8
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 Sources: Statistics Korea (machinery orders), Korea International Trade Association (machinery imports) 2 3
70 (y-o-y, %) 60 50 40 30
(trillion won)
4 5 6 7 8 9 10 2001.Q1
2002.Q1
2003.Q1
Machinery orders (left)
2014 EB 1월호내지.indd 14
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
20 10 0 -10 -20 -30 -40 -50 2013.Q1
Machinery imports (right)
14. 1. 24. 오후 10:27
4. Construction investment
Construction investment (preliminary GDP) in the third quarter of 2013 increased 3.2 percent quarteron-quarter and 8.6 percent year-on-year. The value of construction completed (constant) in November fell 0.2 percent month-on-month due to poor civil engineering works. The index increased 12.0 percent year-on-year.
Construction investment Source: The Bank of Korea (national accounts) 15
15
(%)
10
The Green Book
5 0 -5 -10 -15 2001.Q1
2002.Q1
2003.Q1
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
Construction investment (q-o-q)
2011.Q1
2012.Q1
2013.Q1
Construction investment (y-o-y)
Construction investment by type Source: The Bank of Korea (national accounts) 50 40
(y-o-y, %)
30 20 10 0 -10 -20 -30 2001.Q1
2002.Q1
2003.Q1
Building construction
2014 EB 1월호내지.indd 15
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
Residential buildings
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
Civil engineering works
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
(Percentage change from previous quarter) 2011¹
2012¹
Annual Annual Construction investment²
Q1
Q2
2013¹ Q3
Q4
Q1
Q2
Q3
-4.7
-2.2
-1.5
-1.3
0.7
-1.2
4.1
3.4
3.2
-
-
-0.4
-3.1
-0.3
-4.2
2.4
7.2
8.6
- Building construction
-2.7
-1.7
0.3
-2.6
0.1
-0.3
4.6
3.7
3.9
- Civil engineering works
-7.3
-2.9
-3.9
0.4
1.5
-2.4
3.5
3.1
2.3
(y-o-y)
1. Preliminary 2. National accounts Source: The Bank of Korea
(Percentage change from previous quarter)
16
2011
2012
Annual Annual Construction completed (constant)
Q1
Q2
2013¹ Q3
Q4
Q1
Q2
Q3
Sep¹
Oct¹
Nov¹
E c o n o m i c B u l le t i n
-6.4
-5.8
-5.6
-0.9
1.0
1.4
4.4
7.7
-1.5
-3.0
3.5
-0.2
-
-
-4.9
-9.7
-2.3
-5.6
5.2
15.6
11.1
5.5
17.2
12.0
- Building construction
-6.9
-7.6
-4.5
-4.8
1.0
1.8
7.6
8.6
-1.9
-7.7
4.3
6.6
- Civil engineering works
-5.6
-3.5
-6.9
4.1
0.9
1.0
0.6
6.5
-1.0
3.7
2.4
-9.0
(y-o-y)
1. Preliminary Source: Statistics Korea
Construction investment is likely to slow down as leading indicators, such as construction orders and the building permit area, have been poor since the second half of 2012.
Unsold houses (thousand, Ministry of Land, Infrastructure and Transport) 75 (Jan 2013) > 73 (Feb) > 71 (Mar) > 70 (Apr) > 67 (May) > 65 (Jun) > 68 (Jul) > 68 (Aug) > 66 (Sep) > 64 (Oct) > 64 (Nov)
Leading indicators of construction investment Sources: Statistics Korea (construction orders), Ministry of Land, Infrastructure and Transport (building permit area) 290
(y-o-y, %)
240 190 140 90 40 -10 -60 -110 2001.1
2002.1
Construction orders
2014 EB 1월호내지.indd 16
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Building permit area
14. 1. 24. 오후 10:27
(Percentage change from same period in previous year) 2011
2012
Annual Annual Construction orders (current value)
6.1
-8.9
-
-
- Building construction
14.0
- Civil engineering works
(q-o-q, m-o-m)
Building permit area
2013¹
Q1
Q2
Q3
Q4
Q1
33.3
-0.7 -13.6 -33.1 -41.2 -28.8
Sep¹
Oct¹
Nov¹
-9.0
-3.6
48.9
-5.4
21.9
9.6
-6.1 -20.4
-8.7
27.4
-7.0
-7.1 -27.4 -33.6 -28.3
-6.0
-9.3
42.0
12.5 -26.3 -43.7 -51.3 -29.7 -11.5
9.9
-0.5
8.7
-7.3
1.0
Q3
15.1 -14.8
1.2
-5.9
Q2
-2.3 -12.4 -14.6
15.9 -30.9
-7.9 -14.3
41.5
-9.0
28.8
70.2
4.6
-3.4 -11.2
5.9
25.6
1. Preliminary Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport
17
Export growth by item (y-o-y, %) 50.3 (vessels), 20.0 (semiconductors), 13.2 (automobiles), -0.1 (steel), -3.1 (mobile phones), -21.0 (petroleum products) Export growth by region (y-o-y, %)
Exports in December rose 7.1 percent (preliminary) year-on-year to US$48.05 billion.
The Green Book
5. Exports and Imports
18.8 (Central and South America), 13.2 (US), 8.4 (China), 1.9 (EU), -11.6 (Japan), -11.9 (ASEAN countries)
Exports continued to grow backed by a modest recovery in the global economy and an increase in days worked (1.5 days).
Average daily exports, an indicator adjusted to days worked, continued to grow for five consequtive months, up 0.1 percent year-on-year, posting US$2.09 billion in December.
Shipments of vessels, semiconductors and automobiles continued to grow along with increasing exports to developed countries, such as the US and EU. However, exports to the ASEAN countries kept declining.
Average daily export growth (y-o-y, %) -1.5 (Jul 2013) > 10.0 (Aug) > 8.4 (Sep) > 7.3 (Oct) > 2.4 (Nov) > 0.1 (Dec) (US$ billion)
2012 Exports
2013
Annual
Q3
Q4
Dec
Q1
Q2
Q3
Nov
Dec 48.05
547.87
133.13
139.77
44.88
135.34
141.17
136.84
47.90
(y-o-y, %)
-1.3
-5.8
-0.4
-6.0
0.4
0.7
2.8
0.2
7.1
Average daily exports
2.00
1.90
2.04
2.09
2.00
2.07
2.01
2.04
2.09
Source: Korea Customs Service
2014 EB 1월호내지.indd 17
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
Exports by item Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends) 140 120
(y-o-y, %)
100 80 60 40 20 0 -20
18
-40 -60 -80 2001.1
2002.1
2003.1
2004.1
E c o n o m i c B u l le t i n
Export growth rate
2005.1
2006.1
2007.1
2008.1
Semiconductors
2009.1
2010.1
2011.1
2012.1
Automobiles
2013.1
Steel
Imports in December grew 3.0 percent (preliminary) year-on-year to US$44.38 billion.
product exports, which dropped by 10.1 percent compare to the same period of the previous year.
Import growth accelerated as commodities imports turned positive while consumer and capital goods imports continued to rise. However, crude oil imports continued to decline due to poor petroleum
Import growth by category (y-o-y, %) 0.5 (commodities), 8.4 (consumer goods), 6.9 (capital goods)
Imports by item Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends) 80 60
(y-o-y, %)
40 20 0 -20 -40 -60 2001.1
2002.1
Import growth rate
2014 EB 1월호내지.indd 18
2003.1
2004.1
2005.1
2006.1
2007.1
Commodities
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Capital goods
14. 1. 24. 오후 10:27
(US$ billion) 2012
2013
Annual
Q3
Q4
519.58
125.65
129.83
(y-o-y, %)
-0.9
-6.9
Average daily imports
1.90
1.79
Imports
Dec
Q1
Q2
Q3
Nov
Dec
43.07
129.67
126.85
125.83
43.10
44.38
-1.1
-5.3
-3.0
-2.7
0.1
-0.6
3.0
1.89
2.0
1.94
1.85
1.85
1.83
1.93
Source: Korea Customs Service
19 Exports and imports Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)
The Green Book
60 (US$ billion) 50 40 30 20 10 0 -10 2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
Trade balance
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Exports
2013.1
Imports
The trade balance (preliminary) in December remained in the black for 23 months in a row, posting a surplus of US$3.68 billion. (US$ billion) 2012 Annual Trade balance
28.29
2013
Q3
Q4
7.47
9.94
Dec 1.81
Q1
Q2
Q3
5.67
14.32
11.01
Nov 4.80
Dec 3.68
Source: Korea Customs Service
2014 EB 1월호내지.indd 19
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
6. Mining and manufacturing production
20 E c o n o m i c B u l le t i n
Mining and manufacturing production remained unchanged month-on-month in November as strong semiconductors & parts and chemical products were offset by poor automobiles and other transportation equipment. Compared to the same period in the previous year, the index fell by 1.3 percent.
equipment (down 12.2%) and clothing & fur (down 22.6%) went down.
Compared to the previous month, production of semiconductors & parts (up 4.4%) , chemical products (up 2.9%) and refined petroleum (up 4.3%) rose, while automobiles (down 2.7%) , other transportation equipment (down 3.6%) and eletrcial equipment (down 3.2%) fell.
Inventories of semiconductors & parts (up 11.5%) , primary metals (up 3.1%) and chemical products (up 3.2%) rose month-on-month, while groceries (down 5.0%) , refined petroleum (down 4.0%) and electrical equipment (down 2.8%) declined.
Compared to a year ago, production of chemical products (up 4.8%) , primary metals (up 3.7%) and medical, precision and optical instruments (up 6.3%) increased, while other transportation equipment (down 18.0%) , audio-visual communications
The manufacturing inventory-shipment ratio rose by 3.3 percentage points month-on-month as inventories increased 2.5 percent and shipments fell 0.3 percent.
Shipments of refined petroleum (up 10.9%) , mechanical equipment (up 2.8%) and audio-visual communications equipment (up 3.9%) climbed, while automobiles (down 2.7%) , semiconductors & parts (down 1.2%) and rubber & plastics (down 3.7%) slipped.
Industrial production Source: Statistics Korea (industrial activity trends) 40
(%)
30 20 10 0 -10 -20 -30 2001.1
2002.1
2003.1
2004.1
Industrial production (m-o-m)
2014 EB 1월호내지.indd 20
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Industrial production (y-o-y)
14. 1. 24. 오후 10:27
Shipment and inventory Source: Statistics Korea (industrial activity trends) 10 8
(m-o-m, %)
6 4 2 0 -2 -4 -6
21
-8 -10 -12 2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Inventory growth
The average operation ratio of the manufacturing sector fell by 0.1 percentage point month-on-month to 75.7 percent. In December, mining and manufacturing production is expected to be affected by both positive factors,
such as improving employment and consumer sentiment, and negative factors, such as the individual consumption tax cut, which takes effect beginning in January 2014, and strikes in the railroad industry.
The Green Book
Shipment growth
2013.1
(Percentage change from previous period) 2012 Annual Q1 Mining production (q-o-q, m-o-m) (y-o-y) Manufacturing production (q-o-q, m-o-m) Mining and (y-o-y) manufacturing activity² Shipment - Domestic demand - Exports Inventory3 Manufacturing Average operation ratio (%) activity Production capacity4
0.8 -
2013¹
Q3
Q4
Nov
1.7 -0.5 -2.2
2.9
2.1 -0.9 -1.4
3.6
Q2
1.1 -1.0 -0.1
Q1
Q2
Q3
Sep Oct¹ Nov¹
0.5 -2.3
1.8
0.0
2.1 -1.7 -0.7
0.0 -3.9
3.0 -1.3
3.0
2.2 -0.9 -1.4
0.4 -2.5
2.0 -0.1
1.0 -1.1 -0.2
1.9 -1.8 -0.8
1.7 -0.5 -2.3
0.8
3.8
0.0 -4.0
3.0 -1.3
0.7
1.8 -0.3 -2.4
2.0
0.7 -0.5 -1.0
0.3 -2.9
1.6 -0.7
-1.1
0.7 -0.3 -1.4
1.0 -0.6 -0.8 -1.3
1.7 -3.8
2.5 -0.1
3.0
3.2 -0.3 -3.6
3.2
2.3 -0.2 -0.7 -1.4 -1.8
0.6 -1.4
2.3
1.6 -1.8 -3.0
2.3
2.1 -0.8 -1.5
0.2
2.3
2.3
7.8
78.1 79.6 79.0 76.2 77.8 78.0 77.1 75.4 74.6 73.4 75.8 75.7 2.2
3.1
2.3
1. Preliminary
2. Including mining, manufacturing, electricity and gas industry
3. End-period
4. Percentage change from same period in previous year
1.9
1.3
1.4
1.1
1.2
1.6
1.6
1.6
1.5
Source: Statistics Korea
2014 EB 1월호내지.indd 21
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
Average manufacturing operation ratio Source: Statistics Korea (industrial activity trends) 100 (%) 90 80 70 60
22
50 2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
2007.1
E c o n o m i c B u l le t i n
7. Service sector activity
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
m-o-m) . Real estate & renting showed negative growth due to a fall in housing transactions.
Service output in November grew 0.1 percent month-on-month and 1.8 percent year-on-year, as growth in financial & insurance services (up 0.7%, m-o-m) and education services (up 1.0%, m-o-m) offset a decline in real estate & renting (down 1.3%,
Transportation services and healthcare & social welfare services grew 0.8 percent and 1.2 percent, respectively, while growth in publishing & communications services and professional, scientific & technical services turned negative, falling 0.2 percent and 1.6 percent, respectively.
Average manufacturing operation ratio Source: Statistics Korea (industrial activity trends) 15
(%)
10 5 0 -5 2001.1
2002.1
2003.1
2004.1
Service sector activity (m-o-m)
2014 EB 1월호내지.indd 22
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Service sector activity (y-o-y)
14. 1. 24. 오후 10:27
In December, real estate & renting may improve somewhat, but transportation services are likely to decline, as well as wholesale & retail and financial & insurance services.
Average daily stock transactions (trillion won) 5.7 (Aug) > 6.1 (Sep) > 5.9 (Oct) > 5.1 (Nov) > 4.6 (Dec)
(Percentage change from previous period) Weight
2011
2012
Annual Annual
2013¹
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Oct¹
Nov¹
Service activity index
100.0
3.2
1.6
0.5
0.1
0.9
0.0
0.3
0.4
0.2
0.4
0.1
- Wholesale & retail
21.6
3.8
0.7
-0.1
0.6
0.1
0.7
-1.0
0.2
-0.2
1.2
-0.2
- Transportation services
8.5
4.5
1.2
1.2
0.2
0.9
0.6
0.7
-0.2
-2.1
0.4
0.8
- Hotels & restaurants
7.2
-1.3
-1.2
-0.1
0.9
1.3
-1.9
-0.6
0.8
2.9
-2.8
-0.4
8.4
5.1
3.0
-0.4
0.6
1.6
-0.6
1.1
-1.7
1.6
2.1
-0.2
14.7
6.8
2.8
2.3
-2.6
3.1
0.5
1.1
-2.5
0.0
-2.9
0.7
- Real estate & renting
5.3
-7.6
-4.3
-4.0
2.3
-1.3
1.6
-2.7
8.7
-5.9
3.5
-1.3
- Professional, scientific & technical services
5.6
0.5
4.0
-0.6
0.8
0.4
-0.7
-1.6
6.9
-3.2
5.6
-1.6
- Business services
3.3
5.2
3.5
2.9
1.2
-1.7
-0.2
2.4
0.3
0.2
-3.1
1.9
- Education services
10.9
2.2
0.9
0.6
-1.4
0.0
0.9
0.9
-1.2
1.1
1.0
1.0
- Healthcare & social welfare services
7.5
6.4
5.8
1.4
2.5
1.0
0.2
1.4
1.8
3.4
0.6
1.2
- Entertainment, cultural & sports services
2.9
2.7
2.8
0.9
2.7
-1.5
-3.0
-0.1
3.9
-0.6
-0.8
-1.9
- Membership organizations
3.6
1.6
-1.4
-0.8
-0.4
1.9
-0.6
2.4
-0.6
4.7
1.8
-2.1
- Sewerage & waste management
0.6
3.3
-0.3
-7.3
5.8
0.3
-4.8
-1.0
2.5
0.6
6.2
-3.2
- Financial & insurance services
The Green Book
- Publishing & communications services
23
1. Preliminary Source: Statistics Korea
November 2013 service output by business Source: Statistics Korea (industrial activity trends) 12 10
(y-o-y, %) Business facility management & business support services
8 6 4 2 0
Hotels & Publishing & reataurants communications services
Total index Wholesale & retail
-2 -4
Entertainment, cultural & sports services
Real estate & renting
Transportation services
Financial & insurance services
Professional, scientific & technical services
Education services
Health & social welfare services
Sewerage & waste management
Membership organizations, repair & other personal services
-6
2014 EB 1월호내지.indd 23
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
8. Employment
The number of workers on payroll in November increased by 588,000 from a year earlier to 25,530,000 and the employment rate rose 0.7 percentage points to 60.4 percent.
Number of persons employed and employment growth Source: Statistics Korea (employment trends) 1200
24
(thousand)
(million)
1000
26 26 25
800
25
E c o n o m i c B u l le t i n
600
24
400
24 23
200
23
0
22
-200 -400
22 2000.1
2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
Employment growth (y-o-y, left)
2009.1
2010.1
2011.1
2012.1
2013.1
21
Number of employed (seasonally adjusted, right)
Employment rate Source: Statistics Korea (Employment trends) 65 (%) 64 63 62 61 60 59 58 57 2001.1
2002.1
Original rate
2014 EB 1월호내지.indd 24
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Seasonally adjusted rate
14. 1. 24. 오후 10:27
By industry, employment growth in agriculture, forestry & fisheries turned negative and construction workers decreased by a wider margin than the previous month. Meanwhile, employment growth in manufacturing accelerated slightly, while the service sector saw a surge in the number of workers.
By status of workers, the decrease in temporary and daily workers accelerated, while regular workers increased by a wider margin. Non-wage workers including self-employed workers decreased at a slower rate than the previous month.
Employment by industry Source: Statistics Korea (employment trends) 100
25
80 71.0 70.8 70.3 69.7 69.2 69.1 69.3 69.2 69.0 68.7 69.0 70.4 70.9 71.1 70.2 69.4 69.2 69.1 69.4 69.6 69.4 69.1 69.7
40 7.2 20
0
7.1
7.2
7.2
7.2
7.2
7.1
7.1
7.1
7.3
7.2
7.2
6.9
6.7
6.9
7.1
7.1
7.1
7.0
6.9
7.0
7.1
7.0
16.7 16.9 17.1 17.4 17.3 16.9 16.7 16.4 16.4 16.4 16.3 16.4 16.5 16.7 17.0 17.1 16.6 16.3 16.2 16.3 16.4 16.5 16.6 4.4
4.7
5.6
6.5
7.0
7.0
6.8
6.8
6.8
6.9
6.5
4.9
2012.1
2
3
4
5
6
7
8
9
10
11
12 2013.1 2
Services
Construction
4.3
4.6
5.6
6.3
6.7
6.9
6.7
6.8
6.8
6.9
6.2
3
4
5
6
7
8
9
10
11
Manufacturing
The Green Book
60
Agriculture, forestry & fisheries
Employment by status of workers Source: Statistics Korea (employment trends) 100 4.5
80
4.8
5.1
5.4
5.4
5.3
5.3
5.4
5.3
5.2
4.5
4.2
4.2
4.7
5.0
5.0
5.2
5.1
5.2
5.2
5.3
5.1
23.1 23.1 23.4 23.4 23.3 23.2 23.4 23.3 23.2 23.1 22.9 22.7 22.7 22.8 23.0 22.8 22.6 22.5 22.6 22.7 22.5 22.4 22.2 6.5
60
4.5
6.5
6.3
6.6
6.8
6.7
6.7
6.4
6.4
6.7
6.8
6.6
6.2
6.0
6.0
6.5
6.7
6.7
6.3
6.1
6.3
6.5
6.4
20.5 20.5 20.6 20.6 20.5 20.3 20.2 19.9 19.8 19.8 19.9 20.0 19.9 19.7 19.5 19.5 19.5 19.5 19.6 19.2 19.4 19.4 19.5
40
20
0 2012.1
2
3
4
Unpaid family workers
2014 EB 1월호내지.indd 25
5
6
7
8
9
10
Self-employed workers
11
12 2013.1
2
Daily workers
3
4
5
6
7
Temporary workers
8
9
10
11
Regular workers
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
2011
2011
2012
Annual Annual Annual Q1 Number of employed (million)
2013
Q3
Q4
Nov
Q1
Q2
Q3
Oct
Nov
23.83 24.24 24.68 23.93 25.00 24.99 24.80 24.94 24.18 25.33 25.41 25.55 25.53
Employment rate (%)
58.7
59.1
59.4
57.8
60.2
60.0
59.4
59.7
57.7
60.2
60.3
60.5
60.4
(Seasonally adjusted)
58.7
59.1
59.4
59.3
59.4
59.5
59.3
59.2
59.2
59.4
59.7
59.8
60.0
415
437
467
430
506
342
353
257
324
421
476
588
328 266 351 402 164 119 122 26 -35 -64 -6 4 187 199 212 354 25 -9 -27 19 292 329 472 526 443 554 638 632 -87 -152 -169 -65 -64 -73 3 -42 61 -71 -148 -105 38 -28 -104 -83 169 123 179 179 184 135 145 242 -70 -117 -88 -41 -18 -15 8 -34 -7 12 -6 30 233 196 254 279 214 181 156 187
461 31 -14 432 15 531 573 -3 -39 -55 -66 187 289 32 -78 42 288 191
619 35 -18 595 -31 631 681 14 -64 -43 -36 290 298 54 -36 58 277 235
Employment growth (y-o-y, thousand)
323
(Excluding agriculture, forestry & fisheries) - Manufacturing - Construction - Services - Agriculture, forestry & fisheries - Wage workers · Regular workers · Temporary workers · Daily workers - Non-wage workers · Self-employed workers - Male - Female - 15 to 29
26
Q2
E c o n o m i c B u l le t i n
- 30 to 39 - 40 to 49 - 50 to 59 - 60 or more
405 191 33 200 -82 517 697 -34 -146 -194 -118 181 142 -43 -4 29 294 47
440 451 498 454 63 14 -102 -66 -2 22 79 33 386 416 541 491 -25 -14 -31 -24 427 315 360 281 575 436 413 379 -78 -2 110 73 -70 -120 -163 -171 -11 121 108 150 1 124 149 173 238 234 238 242 177 203 230 188 -35 -36 1 -8 -47 -31 -65 -80 57 11 28 8 291 270 326 260 149 222 178 251
504 344 85 140 17 -40 397 236 2 -2 317 303 485 469 -79 -109 -89 -57 189 39 143 33 284 172 223 170 -57 -80 33 -10 12 -3 273 220 245 215
Source: Statistics Korea
The number of unemployed persons in November decreased by 10,000 year-on-year to 700,000, and the unemployment rate fell 0.1 percentage point to 2.7 percent. The unemployment rate declined in all age groups except young adults.
Unemployment rate Source: Statistics Korea (employment trends) 6
(%)
5
4
3
2 2001.1
2002.1
Original data
2014 EB 1월호내지.indd 26
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Seasonally adjusted rate
14. 1. 24. 오후 10:27
2011
2011
2012
Annual Annual Annual Q1 Number of unemployed (thousand)
2013
Q2
Q3
Q4
Nov
Q1
Q2
Q3
Oct
Nov
777
724
700
855
820
947
841
770
722
710
907
812
Unemployment growth (y-o-y, thousand)
31
-65
-35
-82
-23
-16
-18
-19
-40
-29
7
6
-10
- Male
-7
-48
-26
-54
-19
-16
-13
-14
-7
-20
11
14
-21
- Female
38
-17
-9
-28
-4
0
-6
-5
-33
-9
-4
-8
11
Unemployment rate (%)
3.7
3.4
3.2
3.8
3.3
3.0
2.8
2.8
3.6
3.1
3.0
2.8
2.7
(Seasonally adjusted)
3.7
3.4
3.2
3.5
3.3
3.1
3.0
3.0
3.3
3.1
3.1
3.0
2.9
- 15 to 29
8.0
7.6
7.5
8.2
8.1
6.8
7.0
6.7
8.4
7.9
7.9
7.8
7.5
- 30 to 39
3.5
3.4
3.0
3.2
3.2
2.8
2.7
2.8
3.3
3.0
2.9
2.6
2.6
- 40 to 49
2.5
2.1
2.0
2.4
2.0
2.0
1.8
1.9
2.1
2.1
1.9
1.7
1.6
- 50 to 59
2.5
2.1
2.1
2.3
2.0
2.2
1.8
1.8
2.3
1.8
1.8
1.5
1.5
- 60 or more
2.8
2.6
2.4
4.4
2.0
1.9
1.6
1.5
3.4
1.6
1.2
1.3
1.2
Source: Statistics Korea
The economically inactive population in November was down 108,000 from a year earlier to 16,020,000, while the labor force participation rate rose 0.7 percentage points to 62.1 percent.
27 The Green Book
920
The number of those economically inactive due to rest (up 33,000, y-o-y) increased, while those due to housework (down 101,000, y-o-y) , education (down 58,000, y-o-y), childcare (down 12,000, y-o-y) and old age (down 1,000, y-o-y) decreased.
Labor force participation rate Source: Statistics Korea (employment trends) 65
(%)
64 63 62 61 60 59 58 57 2001.1 2002.1
Original data
2014 EB 1월호내지.indd 27
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Seasonally adjusted rate
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
2011
2011
2012
Annual Annual Annual Q1
Q2
2013
Q3
Q4
Nov
Q1
Q2
Q3
Oct
Nov
Economically inactive population (million) 15.84 15.95 16.08 16.50 15.67 15.90 16.26 16.12 16.83 15.91 15.98 15.95 16.02 Labor force participation rate (%)
61.0
61.1
61.3
62.1
62.3
61.8
61.1
61.4
59.9
62.2
62.1
62.2
62.1
(seasonally adjusted)
61.0
61.1
61.3
61.4
61.4
61.4
61.1
61.1
61.2
61.3
61.6
61.7
61.8
Growth in economically inactive population (y-o-y, thousand)
143
112
128
103
110
57
244
234
336
242
78
- Childcare
28
-125
-5
-2
0
4
-7
-3
-5
0
10
- Housework
201
101
123
85
181
101
126
93
143
36
- Education
12
-51
-12
-28
-64
5
39
42
118
147
88
-22
-58
- Old age
80
-45
148
76
174
156
186
181
154
7
32
21
-1
-56
182
-53
126
-71 -142 -125 -106 -106
44
12
61
33
- Rest
9
6 -108 9
-12
-80 -110 -101
Source: Statistics Korea
E c o n o m i c B u l le t i n
9. Financial markets 9.1 Stock market The Korean stock price index in December fell 1.6 percent to 2,011 points from the previous month’s 2,045 points. The KOSPI fell early in the month due to concerns over the US Fed’s tapering of its quantitative easing
program, and later pared losses as uncertainties were lifted after the FOMC’s announcement* on December 18, 2013, but eventually ended lower than the previous month. * As the US economy has been showing signs of improvement, the Fed decided to trim its monthly asset purchases from US$85 billion to US$75 billion while keeping rates at ultra-low levels.
Stock prices 2,200 2,000
(monthly average)
1,800 1,600 1,400 1,200 1,000 800 600 400 200 2001.1
2002.1
KOSPI
2014 EB 1월호내지.indd 28
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
KOSDAQ
14. 1. 24. 오후 10:27
(End-period, point, trillion won) KOSPI Nov 2013
KOSDAQ
Dec 2013
Change¹
Nov 2013
Dec
Change¹
Stock price index
2,044.9
2,011.3
-33.6 (-1.6%)
517.1
500.0
Market capitalization
-17.1 (-3.3%)
1,204.2
1,186.0
-18.2 (-1.5%)
122.1
119.3
-2.8 (-2.3%)
Average daily trade value
3.7
3.4
-0.3 (-8.1%)
1.4
1.1
-0.3 (-21.4%)
Foreign stock ownership
35.7
35.3
-0.4 (-1.1%)
9.9
9.9
-
1. Change from the end of the previous month Source: Korea Exchange
29
9.2 Exchange rate
Although the US dollar gained in global markets following the Fed’s decision to scale back its bond-
The won/yen exchange rate declined to 1,002.3 won, as the won value rose and the yen weakened due to expectations of Japan maintaining its loose monetary policy.
The Green Book
The won/dollar exchange rate in December fell 2.8 won to 1,055.4 won from 1,058.2 won at the end of November.
buying program, the won/dollar exchange rate fell to the 1,055 won range as export companies sold dollars and Korea’s current account surplus continued.
Foreign exchange rates 1,600
(month-end, \)
1,400 1,200 1,000 800 600 2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Won/dollar
2013.1
Won/100 yen
(End-period) 2008
2009
2010
2011
2012
2013
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Won/Dollar
1,259.5
1,164.5
1,134.8
1,151.8
1,070.6
1,058.2
1,055.4
Change¹ 1.4
Won/100Yen
1,396.8
1,264.5
1,393.6
1,481.2
1,238.3
1,035.0
1,002.3
23.5
1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.
2014 EB 1월호내지.indd 29
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
9.3 Bond market
November to 3.03 percent at the end of December, following the US Fed’s announcement of reducing asset purchases. However, Treasury bond yields in Korea fell as market uncertainties subsided.
3-year Treasury bond yields fell 15 basis points to 2.86 percent in December from 3.01 percent in November. Global bond rates rose, with yields on the US 10-year note up from 2.74 percent at the end of
Corporate bond yields also declined, affected by falling Treasury bond yields.
30
(End-period, %)
E c o n o m i c B u l le t i n
2009
2010
2011
2012
Dec
Dec
Dec
Dec
Aug
Sep
Oct
2013 Nov
Dec
Call rate (1 day)
2.01
2.51
3.29
2.77
2.51
2.50
2.52
2.50
2.52
2
CD (91 days)
2.88
2.80
3.55
2.89
2.66
2.66
2.65
2.65
2.66
1
Treasury bonds (3 yrs)
4.44
3.38
3.34
2.82
2.88
2.82
2.82
3.01
2.86
-15
Corporate bonds (3 yrs)
5.56
4.27
4.21
3.29
3.25
3.24
3.24
3.43
3.29
-14
Treasury bonds (5 yrs)
4.98
4.08
3.46
2.97
3.17
3.05
3.05
3.35
3.23
-12
Change¹
1. Basis point, changes from the previous month
Interest rates Source: The Bank of Korea 10
(monthly average, yearly, %)
9 8 7 6 5 4 3 2 1 2001.1
2002.1
2003.1
Overnight call rate (daily)
2014 EB 1월호내지.indd 30
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
3-yr Treasury bond yield
2010.1
2011.1
2012.1
2013.1
3-yr corporate bond yield
14. 1. 24. 오후 10:27
9.4 Money supply & money market
in the government sector contracted as the government repaid debt, M2 growth accelerated from the previous month, as money supply in the private sector expanded due to Korea’s continuing current account surplus, as well as increases in foreign investment in Korean shares and bank loans.
M2 (monthly average) in October expanded 4.7 percent from a year earlier. Although money supply
(Percentage change from same period in previous year, average) 2008
2009
2010
2011
2012
Annual Annual Annual Annual Annual
Q1
31
2013
Q2
Q3
Q4
Jul
Aug
Sep
Oct
Oct1
-1.8
16.3
11.8
6.6
3.8
1.8
3.6
4.3
5.5
10.7
9.5
11.5
10.7
491.9
M2
14.3
10.3
8.7
4.2
5.2
5.3
5.6
5.6
4.5
4.6
3.9
4.6
4.7
1,908.6
Lf3
11.9
7.9
8.2
5.3
7.8
7.5
8.5
7.9
7.1
6.5
6.3
6.7
6.7
2,587.1
1. Balance at end October 2013, trillion won 2. M1 excluding corporate MMFs and individual MMFs while including CMAs 3. Liquidity aggregates of financial institutions (mostly identical with M3)
The Green Book
M1²
Interest rates Source: The Bank of Korea 40
(y-o-y, monthly average balance, %)
30 20 10 0 -10 -20 2001.1
2002.1
Reserve money
2014 EB 1월호내지.indd 31
2003.1
2004.1
2005.1
2006.1
2007.1
M1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Lf
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
Bank deposits continued to expand in November while asset management company (AMC) deposit growth turned negative. Bank deposits surged in November as bank funding costs lowered and money in instant access accounts increased (0.2 trillion won > 8.5 trillion won) . The increase is due to a delay in the outflow of
settlement funds at the end of the month, which happened to be a weekend. Money market funds (MMF) inched down (1.5 trillion won > -1.2 trillion won) due to withdrawals of government deposits and tightened liquidity-related regulations. Equity funds (-2.6 trillion won > -1.4 trillion won) continued to decline due to uncertainties regarding the stock market outlook. (Monthly change, end-period, trillion won)
32
2009
2010
2011
E c o n o m i c B u l le t i n
Annual Annual Annual 54.8 36.9 58.9 -27.6 -16.7 -16.6
Bank deposits AMC deposits
2012 Nov Annual 5.8 37.0 -0.4 18.8
2013 Nov 7.7 -3.0
Aug 15.5 -1.7
Sep 6.5 1.8
Oct 8.3 1.0
Nov 7.8 -1.4
Nov¹ 1,179.0 338.7
1. Balance at end October 2013, trillion won
Deposits in financial institutions Source: The Bank of Korea (y-o-y, end of month balance, trillion won)
30
20
10
0
-10 -20 2001.1
2002.1
2003.1
2004.1
2005.1
10. Balance of payments
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Korea’s current account (preliminary) in November posted a surplus of US$6.01 billion, staying in the black for 22 consecutive months. The goods account surplus contracted from US$7.03 billion in October to US$6.18 billion in November, as goods exports declined due to fewer days worked and poor exports of steel and exports to the ASEAN countries.
2014 EB 1월호내지.indd 32
14. 1. 24. 오후 10:27
Goods exports (US$ billion)
The services account swung from a surplus of US$1.65 billion to a deficit of US$0.70 billion.
52.23 (Oct 2013) > 48.81 (Nov) Goods imports (US$ billion)
Services account (US$ billion, October > November)
45.20 (Oct 2013) > 42.63 (Nov)
-0.33 > -0.45 (travel), -0.23 > -1.55 (intellectual property
Export growth by item (y-o-y, %)
(construction), 0.00 > -0.49 (business services)
rights), 0.58
>
0.55 (transportation), 1.43
0.99
>
29.1 (vessels), 10.4 (mobile phones), 8.1 (semiconductors), 3.3 (automobiles), -21.5 (steel) Export growth by region (y-o-y, %) 2.8 (US), 6.6 (EU), 8.7 (China), -11.2 (ASEAN countries), -6.6 (Japan)
Current account balance Source: The Bank of Korea (balance of payments trends) 10
(US$ billion)
8
33 The Green Book
The primary income account surplus contracted from US$0.79 billion to US$0.59 billion due to a decline in dividend income, while the secondary income account switched from a surplus of US$0.05 billion to a deficit of US$0.03 billion.
6 4 2 0 -2 -4 -6 2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
Current account
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Services account
Goods account
(US$ billion) 2012
2013
Annual
Q1
Q2
Q3
Q4
Nov
Q1
Q2
Q3
Oct
Nov¹
Current account
48.08
2.92
13.44
15.49
16.23
7.54
10.02
19.80
19.01
9.51
6.03
- Goods balance
39.82
3.36
9.84
12.30
14.31
7.06
9.39
15.84
16.66
7.03
6.18
- Service balance
5.73
-0.96
3.00
2.56
1.13
0.25
-0.48
3.76
1.33
1.65
-0.70
- Primary income balance - Secondary income balance
5.72
1.86
1.11
1.15
1.69
0.42
1.38
0.06
1.57
0.79
0.59
-3.19
-1.23
-0.52
-0.52
-0.91
-0.19
-0.26
0.14
-0.54
0.05
-0.03
1. Preliminary Source: The Bank of Korea
2014 EB 1월호내지.indd 33
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
The capital and financial account (preliminary) in November posted a net outflow of US$6.46 billion.
a result of the net outflow of foreign investors’ securities investment.
Capital & financial account balance (US$ billion)
Net inflows of financial derivatives investments contracted from US$0.71 billion to US$0.01 billion, while net outflows of other investments fell from US$10.66 billion to US$0.23 billion due to decreasing loans from financial firms.
-4.91 (Jun 2013) > -7.44 (Jul) > -7.62 (Aug) > -4.61 (Sep) > -10.13 (Oct) > -6.46 (Nov)
34
Direct investments switched to a net outflow of US$1.86 billion from a net inflow of US$0.05 billion due to an increase in overseas direct investment.
E c o n o m i c B u l le t i n
Portfolio investments switched to a net outflow of US$1.41 billion from a net inflow of US$4.50 billion as
The current account in December is expected to maintain a surplus, helped by a goods account surplus which resulted from an expanding trade surplus (US$3.68 billion).
Capital & financial account balance Source: The Bank of Korea (balance of payments trends) (US$ billion) 10 5 0 -5 -10
2001.1
2002.1
Direct investment
2003.1
2004.1
2005.1
2006.1
Portfolio investment
11. Prices and international commodity prices
2014 EB 1월호내지.indd 34
2007.1
2008.1
2009.1
2010.1
Financial derivatives
2011.1
2012.1
2013.1
Capital & financial account
11.1 Prices Consumer prices in December rose 0.1 percent from the previous month and 1.1 percent compared to a year ago. The index registered year-on-year growth of around 1.0 percent for the 14th straight month since November 2012.
14. 1. 24. 오후 10:27
Consumer price inflation
(%)
2012
2013
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Month-on-Month
0.7
-0.2
-0.4
0.2
0.6
0.3
-0.1
-0.1
0.0
-0.1
0.2
0.4
0.2
-0.3
0.0
0.1
Year-on-Year
2.1
2.1
1.6
1.4
1.6
1.6
1.5
1.3
1.1
1.2
1.6
1.5
1.0
0.9
1.2
1.1
Source: Statistics Korea
Consumer price inflation
35
Source: Statistics Korea (consumer price trends) 8
(%)
7
The Green Book
6 5 4 3 2 1 0 -1 2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
Consumer price inflation (m-o-m)
Consumer prices rose month-on-month, led by agricultural, livestock & fishery products (up 0.6%) and services (public services up 0.2%, personal services up 0.1%). The increase of agricultural, livestock & fishery product prices was mainly due to rising seasonal demand for livestock products at the end of the year.
2009.1
2010.1
2011.1
2012.1
2013.1
Consumer price inflation (y-o-y)
Price increases by item (m-o-m, %) pork (7.1), cucumbers (27.2), apples (-5.6), mandarins (-7.6) Public service prices rose 0.2 percent month-on-month, led by taxi fares in Incheon and city bus fares in Busan. The prices of personal services were up 0.1 percent, led by tourism.
Agricultural, livestock & fishery product price increases (m-o-m, %) -0.6 (agricultural products): 1.1 (vegetables), -2.0 (fruits) 2.7 (livestock products), 0.5 (fishery products)
2014 EB 1월호내지.indd 35
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
Contribution to consumer price inflation Source: Statistics Korea (consumer price trends) 5
(%p)
4 3 2 1
36
0 2003
2004
2005
2006
2007
2008
2009
2010
2012
2012
2013
E c o n o m i c B u l le t i n
Agricultural, livestock & fishery products
Manufactured products
Housing rents
Public services
Personal services
Public utilities
Consumer prices for basic necessities rose 0.5 percent year-on-year and 0.2 percent month-onmonth.
trends, stayed stable in the 1.0 percent range yearon-year, rising 1.9 percent. The index rose 0.1 percent from the previous month.
Fresh food prices declined 11.1 percent year-onyear and 0.2 percent month-on-month, as the prices of fresh fruit fell 2.0 percent compared to the previous month.
The expected annual inflation was unchanged from 2.9 percent in the previous month, and import prices fell 4.9 percent year-on-year. Expected inflation (%, over the next 12 months)
Fresh food price increases (y-o-y, %)
3.1 (Apr 2013) > 2.9 (May) > 2.8 (Jun) > 2.9 (Jul) > 3.0 (Aug)
-1.6 (Jun 2013) > 0.9 (Jul) > 3.9 (Aug) > -7.9 (Sep) > -11.7
> 2.9 (Sep) > 2.9 (Oct) > 2.9 (Nov) > 2.9 (Dec)
(Oct) > -9.1 (Nov) > -11.1 (Dec) Import price increases (y-o-y, %, won base)
Core consumer prices, which exclude oil and agricultural products and show long-term price
Core inflation and prices for basic necessities 2012
-9.7 (Apr 2013) > -9.7 (May) > -4.3 (Jun) > -4.3 (Jul) > -5.3 (Aug) > -8.1 (Sep) > -7.3 (Oct) > -4.9 (Nov)
(Percentage change from same period in previous year) 2013
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014 EB 1월호내지.indd 36
Consumer prices excluding oil and agricultural products
1.3 1.1 1.3 1.4 1.6 1.6 1.7 1.6 1.7 1.5 1.7 1.8 2.0 1.9
Consumer prices excluding food and energy
1.4 1.3 1.5 1.4 1.5 1.5 1.6 1.5 1.5 1.3 1.5 1.6 1.7 1.6
Consumer prices for basic necessities
1.0 0.7 1.1 1.2 1.0 0.9 0.5 0.5 1.1 1.1 0.2 0.0 0.5 0.5
14. 1. 24. 오후 10:27
11.2 International oil and commodity prices International oil prices increased in December, as political instability in Libya and South Sudan led to crude oil supply disruptions. Domestic oil product prices also rose.
WTI crude prices rose despite the US Fed’s decision to reduce bond purchases, as crude oil inventories continued to decline and expectations for global economic recovery rose. (US$/barrel, period average)
2012 Annual
Annual
Dubai crude
105.9
109.0
Brent crude
111.0 95.1
WTI crude
2013 Jun
Jul
Aug
Sep
Oct
Nov
Dec
105.3
100.2
103.5
107.1
107.9
105.6
105.5
107.5
111.7
108.7
103.1
107.7
110.8
111.6
109.3
108.0
110.7
93.8
98.0
95.8
104.7
106.7
106.2
100.5
94.0
97.9
Source: Korea PDS
International oil prices Source: Korea National Oil Corporation 160
($/B)
37 The Green Book
2011 Annual
140 120 100 80 60 40 20 0 2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Dubai crude
2013.1
WTI
Domestic oil product prices rose in December, reflecting recent gains in international oil prices.
Gasoline prices (won/liter) 1,876.3 (1st week Dec) > 1,879.6 (2nd week) > 1,881.8 (3rd week) > 1,883.5 (4th week) (Won/liter, period average)
2011
2012
Annual
Annual
2013 Annual
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Gasoline prices
1,929.3
1,985.8
1,925.5
1,902.0
1,933.1
1,947.7
1,934.6
1,907.3
1,880.0
1,881.1
Diesel prices
1,745.7
1,806.3
1,729.6
1,701.0
1,729.7
1,743.6
1,734.3
1,711.8
1,692.9
1,699.1
Source: Korea National Oil Corporation
2014 EB 1월호내지.indd 37
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The Green Book :
Current Economic Trends
Dubai crude prices and import prices Source: Korea National Oil Corporation 160
(thousand won/B)
($/B)
160
140
140
120
120
100
100
38
80
80
60
60
40
40 20
20 2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
E c o n o m i c B u l le t i n
Dubai crude (import prices, won, left)
2011.1
2012.1
2013.1
Dubai international prices (dollar, right)
International grain prices in December (m-o-m, %)
International grain prices were mixed in December, while nonferrous metal prices mostly rose.
corn (1.1), soybean (2.6), wheat (-4.0)
Corn and soybean prices increased due to unfavorable weather conditions in South America, although corn prices pared gains after China rejected shipments of unapproved GMO corn form the US. Wheat prices declined as shipments from the US fell.
Nonferrous metal prices rose in December, due to demand-side factors such as improving economic indicators in China, as well as supply-side factors such as Indonesia’s ban on metal exports. Nonferrous metal prices in December (m-o-m, %)
World grain production outlook for 2013-14 (US
tin (-0.1), lead (2.0), nickel (1.4), copper (1.9), zinc (5.6),
Department of Agriculture, m-o-m)
aluminum (-0.6)
production (0.3%), demand (0.2%), stocks-to-use ratio (0.1%p)
Reuters index* 2010
2011
(Period average) 2012
Annual Annual Annual 2,553
3,062
3,006
2013 Dec
Annual
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
3,037
2,774
2,947
2,880
2,828
2,756
2,701
2,662
2,630
2,655
2,623
2,642
* A weighted average index of 17 major commodities Source: KOREA PDS
2014 EB 1월호내지.indd 38
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International commodity prices Sources: Bloomberg (CRB), The Bank of Korea (Reuters Index) *CRB demonstrates a futures price index of 21 commodities listed on the US Commodity Transaction Market, including beans and other crops, crude oil and jewelry. 470
4000
430 390
3000
350 310
2000
39
270 230
1000
190 0 1997.1 1998.1 1999.1 2000.1 2001.1 2002.1 2003.1 2004.1 2005.1 2006.1 2007.1 2008.1 2009.1 2010.1 2011.1 2012.1 2013.1
CRB (left)
Reuters index (right)
The Green Book
150
12. Real estate market 12.1 Housing market Nationwide apartment sales prices rose 0.2 percent month-on-month in December.
as the previous month. Apartment prices in the five metropolitan cities rose 0.4 percent while prices in the eight provinces were up 0.3 percent. Apartment sales price increase in five metropolitan cities
Apartment sales price growth slowed down in the Seoul metropolitan area (up 0.1%) , including Seoul (up 0.0%).
(m-o-m, %) Busan (0.1), Daejeon (0.2), Daegu (1.4), Ulsan (0.0), Gwangju (0.0)
Apartment sales prices in areas excluding the Seoul metropolitan area (up 0.4%) grew at the same pace
2014 EB 1월호내지.indd 39
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The Green Book :
Current Economic Trends
Nationwide apartment sales prices 2010
2011
2012
Annual Annual Annual Q3 Nationwide
40
1.9
(Percentage change from previous period) KOSDAQ Q4 Annual Q2
Q3
Q4
Oct Nov Dec Dec9¹ Dec16¹ Dec23¹ Dec30¹
8.2
-2.1 -1.2 -0.8
0.8
0.5 -0.1
1.0
0.4
0.3
0.2
0.09
0.08
0.09
0.08
Seoul metropolitan area
-2.9
0.3
-5.8 -2.1 -1.7
-0.8
0.2 -0.6
0.9
0.5
0.2
0.1
0.05
0.05
0.06
0.06
Seoul
-2.1
-0.4
-6.7 -2.2 -1.8
-1.3
0.2 -0.9
0.6
0.5
0.1
0.0
0.02
0.06
0.04
0.06
Gangnam²
-1.7
-0.5
-8.0 -3.0 -1.9
-0.7
0.5 -0.8
0.6
0.6
0.1 -0.1 -0.03
0.03
0.04
0.03
Gangbuk3
-2.6
-0.2
-5.0 -1.3 -1.6
-1.9 -0.3 -1.0
0.6
0.4
0.1
0.1
0.08
0.10
0.05
0.09
7.9
18.3
1.1
0.4
0.4
0.4
0.12
0.11
0.13
0.11
Areas excluding the Seoul metropolitan area
1.7 -0.2
0.2
2.4
0.8
0.4
1. Weekly trends 2. Upscale area of Southern Seoul 3. Northern Seoul Source: Korea Appraisal Board
E c o n o m i c B u l le t i n
Apartment sales prices by region Source: Korea Appraisal Board 3.0
(m-o-m, %)
2.0 1.0 0.0 -1.0 -2.0 2009.1
Nationwide
7
2010.1
7
2011.1
7
2012.1
Seoul metropolitan area
Nationwide apartment rental prices in December grew at a slower pace than the previous month, rising 0.6 percent month-on-month.
7
2013.1
7
Areas excluding Seoul metropolitan area
Apartment rental price increase in major districts in Seoul (m-o-m, %) Gangnam (0.2), Seocho (0.4), Songpa (0.6), Dobong (1.4), Yeongdeungpo (1.2), Seongdong (1.0)
Rental price growth decelerated in the Seoul metropolitan area (up 0.8%) , including Seoul (up 0.7%) , and also in regions excluding the Seoul metropolitan area (up 0.4%).
2014 EB 1월호내지.indd 40
14. 1. 24. 오후 10:27
Nationwide apartment rental prices 2010
2011
(Percentage change from previous period)
2012
Annual Annual Annual Q3
KOSDAQ Q4 Annual Q2
Q3
Q4
Oct Nov Dec Dec9¹ Dec16¹ Dec23¹ Dec30¹
Nationwide
8.5
15.4
1.9
0.0
1.1
6.7
1.4
1.7
2.4
1.0
0.7
0.6
0.16
0.19
0.24
0.15
Seoul metropolitan area
7.1
13.3
0.3 -0.2
1.1
8.4
1.3
2.5
3.3
1.4
1.0
0.8
0.20
0.26
0.32
0.20
Seoul
7.3
13.0
0.0 -0.2
1.7
9.0
0.7
3.1
3.3
1.6
1.0
0.7
0.24
0.33
0.29
0.27
Gangnam²
8.8
11.7
0.2 -0.2
2.2
9.1
1.1
3.4
3.3
1.8
0.8
0.7
0.25
0.35
0.31
0.35
5.5
14.6
-0.2 -0.2
1.2
9.0
0.3
2.6
3.3
1.3
1.2
0.8
0.22
0.32
0.28
0.18
10.2
17.9
1.1
5.1
1.5
1.0
1.5
0.5
0.5
0.4
0.12
0.13
0.17
0.10
Gangbuk3 Areas excluding the Seoul metropolitan area
3.6
0.2
41
1. Weekly trends 2. Upscale area of Southern Seoul 3. Northern Seoul Source: Korea Appraisal Board
The Green Book
Apartment sales prices by region Source: Korea Appraisal Board (m-o-m, %)
4.0
2.0
0.0
-2.0 2009.1
7
2010.1
7
2001.1
Nationwide
7
2012.1
7
Seoul metropolitan area
2013.1
7
Areas excluding Seoul metropolitan area
Apartment sales transactions in November decreased 6.1 percent from 65,871 of the previous month to 61,844, but were up 22.8 percent from a year earlier (50,353).
Apartment sales transactions 2009
2010
(Monthly average, thousand)
2011
2012
2013
Annual Annual Annual Annual Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Nationwide
53
48
59
42
26
45
50
81
17
34
47
55
65
95
25
31
40
Oct
Nov
66
62
Source: Ministry of Land, Transport and Maritime Affairs
2014 EB 1월호내지.indd 41
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The Green Book :
Current Economic Trends
Monthly apartment transaction volume Source: Ministry of Land, Infrastructure and Transport 140
(thousand)
120 100 80 60 40
42
20 0 2006.1
2007.1
2008.1
E c o n o m i c B u l le t i n
Nationwide
2009.1
2010.1
2011.1
Seoul metropolitan area
2012.1
2013.1
Areas excluding Seoul metropolitan area
12.2 Land market Nationwide land prices in November rose 0.16 percent month-on-month. Land price growth in the Seoul metropolitan area (up 0.16%) accelerated, led by Seoul (up 0.21%) and Gyeonggi Province (up 0.12%).
Land prices also continued to rise in areas excluding the Seoul metropolitan area (up 0.15%) , led by Daegu (up 0.19%) and Sejong (up 0.31%). Land price increases in areas excluding Seoul metropolitan area (m-o-m, %) 0.12 (Mar 2013) > 0.13 (Apr) > 0.11 (May) > 0.13 (Jun) >
Land price increases in Seoul metropolitan area (m-o-m, %)
0.05 (Jul) > 0.04 (Aug) > 0.06 (Sep) > 0.15 (Oct) > 0.15 (Nov)
0.10 (Mar 2013) > 0.13 (Apr) > 0.14 (May) > 0.09 (Jun) > 0.00 (Jul) > -0.02 (Aug) > 0.09 (Sep) > 0.15 (Oct) > 0.16 (Nov)
Land prices by region 2008
2009
2010
(Percentage change from previous period) 2011
Annual Annual Annual Annual Q2
2012 Q3
Q4 Annual Q2
2013 Q3
Q4 Jan-Nov Q1
Q2
Q3
Sep
Oct
Nov
Nationwide -0.31
0.96
1.05
1.17 0.30 0.29 0.29
0.87 0.33 0.12 0.21
0.98
0.21 0.37 0.10 0.08 0.15 0.16
Seoul
-1.00
1.40
0.53
0.97 0.28 0.17 0.12
0.33 0.26 -0.14 0.09
1.02
0.10 0.41 0.08 0.15 0.21 0.21
Gyeonggi
-0.26
1.22
1.49
1.47 0.38 0.43 0.39
0.97 0.34 0.17 1.32
0.79
0.17 0.33 0.07 0.04 0.10 0.12
Incheon
1.37
1.99
1.43
0.66 0.18 0.15 0.15
0.36 0.16 -0.03 0.13
0.84
0.21 0.37 0.07 0.06 0.09 0.10
Source: Korea Appraisal Board
2014 EB 1월호내지.indd 42
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Land prices by region Source: Korea Appraisal Board 15 12
(%)
9 6 3 0 -3 -6 -9 -12
43
-15 -18 1994
1995
1996
1997
1998
2000
2001
2002
2003
2004
2005
Metropolitan area
2006
2007
2008
2009
2010
City
Nationwide land transactions in November were 201,000 land lots, down 3.4 percent from the previous month but up 8.2 percent from 185,000 a year earlier. Land transactions decreased in Seoul (down 4.8%, m-o-m) , Gyeonggi Province (down 6.7%, m-o-m) ,
2011
2012
County
Sejong (down 17.4%, m-o-m) and North Chungcheong Province (down 14.0%, m-o-m).
The Green Book
National average
1999
Transactions of vacant land decreased 2.5 percent month-on-month to 73,000 lots, making up 36.2 percent of the total land transactions, and were down 2.6 percent from a year earlier (75,000).
Land transaction volume Source: Korea Appraisal Board 500,000
(thousand m²)
400,000
300,000 200,000
100,000 0 2003.1
2004.1
2005.1
Seoul metropolitan area
2014 EB 1월호내지.indd 43
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Area excluding Seoul metropolitan area
14. 1. 24. 오후 10:27
The Green Book :
Current Economic Trends
Land prices by region 2008
2009
(Land lot, thousand)
2010
2011
2012
2013
Annual¹ Annual¹ Annual¹ Annual¹ Annual¹ Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Nationwide 208 203 187 208 170 172 185 224 141 142 181 206 216 246 169 153 144 208 201 Seoul 26 22 16 18 13 15 16 20 10 10 15 18 20 26 13 13 14 20 19 Gyeonggi 45 46 41 43 33 35 36 45 29 28 33 39 43 49 33 29 30 44 41 Incheon 13 10 8 10 8 10 9 10 5 5 8 9 9 11 6 6 7 10 9 1. Monthly average Source: Korea Land & Housing Corporation
44
13. Industrial output and composite indices of business cycle indicators
E c o n o m i c B u l le t i n
Industrial output in November decreased 0.3 percent month-on-month but increased 1.2 percent yearon-year. Output rose in mining & manufacturing (up
0.0%, m-o-m) and services (up 0.1%, m-o-m) , but declined in construction (down 0.2%, m-o-m) and public administration (down 5.1%, m-o-m).
Industrial output Source: Statistics Korea (industrial activity trends) 15
(%)
10 5 0 -5 -10 2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
Industrial output (m-o-m)
The cyclical indicator of the coincident composite index was unchanged from the previous month. All components of the coincident composite index were up, with the exception of mining & manufacturing production and domestic shipments.
2014 EB 1월호내지.indd 44
2012.1
2013.1
Industrial output (y-o-y)
Components of the coincident composite index in November (m-o-m) service activity (0.2%), value of construction completed (0.1%), retail sales (0.2%), imports (0.5%), nonfarm payroll employment (0.3%), mining & manufacturing production (-0.1%), domestic shipments (-0.7%)
14. 1. 24. 오후 10:27
Cyclical indicator of coincident composite index Source: Statistics Korea (industrial activity trends) 110
(points)
100
90 2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
2007.1
2009.1
2010.1
2011.1
2012.1
2013.1
Components of the leading composite index in November (m-o-m) consumer expectations index (0.9p), domestic shipments
Three components of the leading composite index, such as the international commodity prices and the indicator of inventory cycle, declined compared to the previous month, but five other components, including the KOSPI and the ratio of job openings to job seekers, rose.
45
of machinery (1.0%), ratio of export to import prices (0.0%), ratio of job openings to job seekers (1.4%p), KOSPI (1.9%), spreads between long & short term interest rates (0.0%p), indicator of inventory cycle (-3.2%p), value of construction orders received (-3.4%), international commodity prices (-3.4%)
The Green Book
The cyclical indicator of the leading composite index rose 0.2 points from the previous month.
2008.1
Cyclical indicator of leading composite index Source: Statistics Korea (industrial activity trends) 110
(points)
100
90 2001.1
2002.1
2003.1
2004.1
2005.1
Industrial output (m-o-m, %) (y-o-y, %) Coincident composite index (m-o-m, %) Cyclical indicator of coincident composite index (m-o-m, p) Leading composite index (m-o-m, %) Cyclical indicator of leading composite index (m-o-m, p)
2006.1
Feb 1.1 -1.9 0.4 99.3 0.1 0.3 99.6 -0.2
2007.1
Mar -2.0 -0.8 0.0 98.9 -0.4 0.3 99.5 -0.1
2008.1
Apr 1.7 3.6 0.5 99.0 0.1 0.5 99.6 0.1
2009.1
May -0.6 1.1 0.3 98.8 -0.2 0.6 99.9 0.3
2010.1
2013 Jun Jul -0.1 0.0 0.4 1.4 0.6 0.3 99.0 98.9 0.2 -0.1 0.9 0.8 100.5 100.9 0.6 0.4
2011.1
2012.1
2013.1
Aug¹ Sep¹ Oct¹ 1.0 -1.0 1.4 2.9 -1.1 4.1 0.6 0.2 0.5 99.1 99.0 99.1 0.2 -0.1 0.1 0.7 0.3 0.8 101.2 101.0 101.4 0.3 -0.2 0.4
Dec¹ -0.3 1.2 0.3 99.1 0.0 0.7 101.7 0.2
1. Preliminary
2014 EB 1월호내지.indd 45
14. 1. 24. 오후 10:27
PO LIC Y ISS UE S
46 E c o n o m i c B u l le t i n
2014 Economic Policies
2014 EB 1월호내지.indd 46
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Policy Issues
2014 Economic Policies Background
2014 economic outlook
The Korean economic recovery appears to be getting stronger owing to policies to stimulate economic recovery (i.e. the supplementary budget), as well as the global economic recovery. Growth is finally recovering as the economy broke free of its seven quarter-long low-growth slump by posting 3 percent year-on-year growth in the third quarter of this year, while adding more than 400,000 jobs, led by an increase in employment among middle-aged workers.
The Korean economy is expected to grow 3.9 percent, exceeding the IMF’s world economic growth rate (3.6%) for the first time in four years, owing to the global economic recovery and domestic policies. The economy is expected to grow at an even pace throughout the year due to economic stimulus in the first half and private sector growth owing to the global economic recovery in the second half.
The economy needs to be revamped, and quickly, if Korea is going to take the next big leap forward and develop into an advanced economy.
Policy Issues
However, the economy still has a long way to go before it gets back on track. Domestic demand has been weak; therefore working class families and small- and medium-sized enterprises (SMEs) continue to struggle. Despite recovering consumption and investment, the effects of years of weak consumption have accumulated and the housing market continues to struggle. The economy continues to add jobs, but youth and female employment has been relatively poor. Service sector productivity is stagnant, and the inefficiency of the public sector is limiting Korea’s economic competiveness.
The Korean economy is expected to add 450,000 jobs owing to both the economic recovery and job creation policies. The employment rate (ages 15-64) is forecast to improve by 0.8 percentage points to 65.2 percent compared to 64.4 percent in 2013. The consumer price index (CPI) is expected to stabilize at 2.3 percent due to stable international commodities prices, even though increased demand owing to the economic recovery may exert an upward pressure on prices.
47
The current account is expected to post a US$49 billion surplus, a decrease compared to 2013 (US$70 billion), due to import increases owing to recovering domestic consumption and income. Exports are expected to increase by 6.4 percent due to the global economic recovery and an increase in trade, while imports are expected to increase by 9.0 percent due to a recovery in exports and domestic consumption.
2014 economic outlook Jobs created (hundred thousand) Employment rate (%, ages 15-64) Economic growth rate (%) Consumer price index (%) Current account surplus (US$ billion)
2013
2014
3.8 64.4 2.8 1.3 70
4.5* 65.2 3.9 2.3 49
* The government will work to ensure that the economy adds 450,000 jobs in 2014 in line with its Roadmap to 70 Percent Employment
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Policy Issues
Overview
48
The 2014 policies will strive to maintain recovery momentum and see that it proliferates to the private sector. Jobs will be created, centered on increased employment for youth and women. The Korean public will not only hear about the economic recovery in news outlets, but feel it in their everyday lives. The economy will continue to improve, with the recovery acting as a foundation for growth, and preparations will be made for the future.
E c o n o m i c B u l le t i n
2013
2014
Government-led recovery momentum
Recovery proliferates throughout private sector
Improving macroeconomic indicators
Improvements felt in the real economy
Economic recovery
Economic recovery and making preparations for the future
2014 economic policies Goal Policies
Stimulate the economy and support the working classes Boost domestic consumption
Create jobs and support working classes
Improve the structure of the economy
Maintain expansionary macroeconomic policies
Create jobs for youth and women
Reform the public sector
Improve investment and consumption conditions
Ease cost of living burdens
Democratize the economy
Reform the housing market
Provide customized welfare
Increase exports and help firms enter overseas markets
Strengthen risk response systems
Promote growth from the middle-out
Prepare for the future
Key tasks
Monitoring progress
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Monitor policy implementation and strengthen cooperation
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Major tasks 1. Boosting economic recovery The 2014 policies prioritize stimulating domestic demand. The government will ease regulations and remove barriers to corporate investment, while promoting the service sector and local economic development. The government will also encourage consumption by lowering the burden of education costs and retirement preparation.
The 2014 policies include measures to help normalize housing markets by improving regulations to reflect changes in the market, increasing supply of rental homes and broadening financial support for rental homes. The government will continue its expansionary macroeconomic policies and strengthen risk management with middle- to long-term perspectives.
Stimulating investment and consumption
Develop service industries - Ease regulations concerning healthcare and education industries, and enhance service sector competitiveness - Promote domestic tourism and increase financial sector competitiveness
Policy Issues
Boost corporate investment and investment confidence through deregulation - Measures to boost investment in SMEs, new growth engines and local industries, and to stimulate foreign investment - Financial support for facilities imports, which is extended in foreign currencies - Tax incentives for software investment by SMEs
49
Revitalize local economies by further developing regional industries Facilitate consumption by lowering education costs and increasing special reverse mortage programs for the elderly
Normalizing housing markets
Properly respond to changes in rental housing markets - Increase the supply of rental homes by the private sector as well as the public sector - Modify support for Jeonse homes (lump sum deposits with no monthly payments) to be more working class friendly, while increasing income tax deduction for monthly rents Promote the Shared Ownership Mortgages with the Public Sector to encourage housing purchases by end users Optimize regulations concerning reconstruction, redevelopment and housing funding to reflect changes in the housing markets Flexibly manage fiscal resources in the first half so that the economy can continue to gather recovery
Continuing momentum expansionary fiscal policies Monetary policies to be focused on stable inflation and solid recovery, and on utilizing a large amount of foreign liquidity to supply foreign currency funds and repay external debt
Strengthening risk management
Fully prepare for external risks - Carefully monitor capital inflows and outflows as well as economic situations and financial markets - Utilize international cooperation channels such as G20 along with policy responses at home - Prepare for middle- to long-term risks Pursue soft landing for household debt and rapid restructuring of underperforming industries
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Policy Issues
2. Working class support and flexible job markets The government will continue to work on creating jobs for young adults and women according to the 70 Percent Employment Roadmap: young adults will be encouraged to find jobs overseas, high school graduates will be well-accepted in the job market, and women will be able to work and keep house at the same time.
50
Financial burdens of working class families will be relieved as prices of necessities remain stable, and
education and medical service costs will be lowered. The government will continue to pursue the restructuring of distribution systems and minimize public utility price increases. Current universal social security systems will be transformed to entitlement systems designed to meet different demands, and the welfare delivery system will also be optimized. To help working class families join the middle class, the government will ease their financial burdens and increase opportunities to climb up the social ladder.
E c o n o m i c B u l le t i n
Encourage young adults to find jobs overseas and start businesses, while creating an environment where high school graduates are well-accepted in the job market - Academic profiles to be excluded in hiring processes, and work and study systems to be established - Funds for young entrepreneurs to be established, and a center for those trying again after failure to be set up - Integrated information systems for overseas employment and internship opportunities to be built, and the K-Move center, which provides comprehensive services for overseas employment, to be increased from three to seven
Creating jobs for young adults Increase woman employment by creating job markets where working and keeping house at the same time is possible and women - Increase part time jobs and provide different daycare services to meet different demands - Expand childcare leave and certify family-friendly SMEs
Consistently pursue 70 Percent Employment Roadmap - Flexible work hours led by the public sector Corporate salary structures to be improved and win-win management-labor relations to be fostered Necessities prices to remain stable
Easing burdens - Optimize distribution systems of working class - Local government fees to be lowered - Minimize public utility rate increases by intensifying efforts to reduce production cost families Increase support for education, medical services and micro financing
Providing welfare programs designed to different demands Increasing the size of the middle class
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Transform current universal social security systems into entitlement programs designed to different demands Expand the coverage of welfare programs that are aimed at encouraging working - Expand the eligibility of Earned Income Tax Credit (EITC) and the Raising Hope Savings Account which is supported with as much as seven folds of the amount of the deposit by the government and private funds Optimize the welfare delivery system by combining welfare and employment services, and by sharing information between related public agencies Lower the financial burdens of working class families and provide more opportunities to climb up the social ladder Help increase competitiveness of self-employed businesses
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3. Strengthening the economy The government will focus on reforming the economy and developing new growth engines so that the Korean economy can build up growth momentum and establish a firm basis for an advanced economy. The year 2014 will mark the first year of public institution reform, and the government will intensively work on the reforming of public institutions.
Economic democratization
Promoting exports and new overseas market entry
Intensively work on public institution reform - Carelessly managed public institutions to submit their debt reduction and management reform plans by the end of January 2014, and evaluation of those institutions to be made at the end of the third quarter - Inefficient businesses to be adjusted Public institutions required to improve fiscal sustainability through strict financial rules, closely controlled expenditures and budgets
51 Policy Issues
Reforming public institutions
Deputy Prime Minister Hyun Oh-Seok is speaking at the Public Institution Workshop on December 24, 2013, where plans for public institution reform were discussed.
Consistently implement economic democratization measures that have already been introduced by the government Review systems concerning the designation of exclusive SME businesses
Prepare for changes in international trade - Promote services exports including medical services and entertainment - Utilize various trade methods, such as e-commerce, for exports Increase support for SME exporters Make the most use of FTAs and diplomatic outcomes
Preparing for the future
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Explore and develop new growth engines by promoting a creative economy - Develop projects concerning a creative economy - Designate a specialized zone for a creative economy and promote finance for technology and intellectual property Decide on 10 tasks to increase growth potential and grow sustainably, and work on them - The 10 tasks to include increasing job market flexibility, preparing for low birth rate and aging population, responding to changes in global trade and the Chinese economy, etc.
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News
Policy Issues
4. Promoting Government 3.0 and performancebased policy evaluation The government will monitor policy implementation with a focus on benefiting the Korean public in their everyday lives.
52 E c o n o m i c B u l le t i n
The Government 3.0 will be expanded to all areas of economic policies, and information sharing between the central government and local governments, as well as between ministries, will be promoted. Budgets for cooperative projects between ministries or between the central government and local governments will receive incentives, while publicprivate cooperation models will be developed.
1
2
The government will issue a monthly fiscal report and establish an integrated fiscal information system so that the public can access more fiscal information and public sector information easily and conveniently.
1. Participants are trying out the Korea Biodiversity Information System, which was on display at the inauguration ceremony for the Open Data Korea Forum on July 11, 2013. 2. The heads of public institutions are attending a workshop on Government 3.0 on January 15, 2014.
The government will also carry out in-depth reviews of policy implementation, and will set up an economic policy portal in order to listen to the voices of the public.
Cooperation and information sharing
In-depth reviews of policy implementation
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Promote Cooperation - Information sharing between ministries and between the central government and local governments - Budget incentives given to cooperative projects - Develop public-private cooperation models Increase access to fiscal information and public sector information - Issue a monthly fiscal report and establish an integrated fiscal information system - Public institutions’ management information to be available on mobile phones - Indices to supplement current employment indices to be released Regularly review policy implementation - Weekly ministerial meeting on the economy and public-private meetings to check policy implementation Establish an economic policy portal - Provide information on how policies are being implemented and reflect the voices of the Korean public in policy evaluation
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Eco Newsnomic Br iefi ng
53 E co n o m i c New s B r i e f i n g
National Assembly passes 2014 budget bill Another record year for Korea’s trade Consumer prices up 1.3% in 2013 Overseas construction orders amount to US$65.2 billion in 2013 Three-year plan for economic innovation KTB market management policies Cooperatives to receive increased support Revised Foreign Investment Promotion Act announced Deputy Prime Minister meets with Indian, Laotian finance ministers
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Economic News Briefing
54
National Assembly passes 2014 budget bill
Another record year for Korea’s trade
The National Assembly approved the national budget for 2014 at 355.8 trillion won, which is 1.9 trillion won less than the amount proposed by the government. The total revenue was finalized at 369.3 trillion won, a decrease of 1.4 trillion won from the original budget plan.
Korea’s trade volume in 2013 exceeded US$1 trillion for the third consecutive year, as exports increased 2.2 percent to US$559.7 billion, although imports decreased 0.8 percent to US$515.5 billion. The current account posted a surplus of US$44.2 billion. Korea’s exports and current account surplus reached record high levels last year, as small- and medium-sized enterprises (SMEs) performed better in export markets than their larger counterparts, and export items became more diversified.
E c o n o m i c B u l le t i n
The National Assembly increased spending on welfare, economic revitalization, job creation and public safety. The elderly, farmers, the disabled and low-income groups will receive more benefits, and childcare, education, housing and healthcare supports will also be increased. The National Assembly also passed increased support for local economies, raising the local social overhead capital (SOC) project budget by 427.4 billion won. Expenditures related to supporting startups and improving working conditions for public workers were also increased.
Korea’s trade will continue to expand in 2014 as the global economy recovers. According to the Ministry of Trade, Industry and Energy (MOTIE), the nation’s exports and imports are expected to grow 6.4 percent and 9.0 percent, respectively, as the global economy continues its gradual recovery and free trade agreements help boost cooperation in international trade.
The 2014 budget places emphasis on accident and natural disaster prevention, as well as food safety. Expenditures related to national security, such as improving military welfare and preparing for asymmetric threats, were also raised compared to the original budget plan.
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Three-year plan for economic innovation
Consumer prices in 2013 rose 1.3 percent compared to the previous year, the smallest increase since 1999, when prices rose 0.8 percent. The prices of agricultural, livestock & fishery products and oil products are usually destabilizing factors for inflation, but in 2013 the prices stabilized due to favorable weather conditions and stable international commodity prices. Agricultural product prices fell 1.0 percent in the absence of negative climate phenomena such as typhoons, while livestock product prices fell 0.9 percent thanks to ample supply. The prices of oil products declined 3.3 percent as a result of stabilizing international oil prices and exchange rates.
The government announced on January 15 the directions for the three-year economic innovation plan that had been proposed earlier in the month by President Park Geun-hye. The plan is based on three pillars: building strong economic fundamentals, creating a dynamic and innovative economy, and balancing exports and domestic consumption.
Overseas construction orders amount to US$65.2 billion in 2013
KTB market management policies
Overseas construction orders received by Korea’s construction companies amounted to US$65.2 billion in 2013, up 0.5 percent from the previous year. This is the second largest next to 2010, when overseas construction orders totaled US$71.6 billion. 449 companies received a total of 679 orders in 104 nations. According to the Ministry of Land, Infrastructure and Transport (MOLIT), Korea’s overseas construction will continue to show stable growth in 2014, exceeding US$70 billion in line with increasing orders from the Middle East and Asia.
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The first pillar includes measures to reform public institutions and the fiscal and tax system. The second pillar is centered on creative economy, overseas market exploration and investing in the future. The third includes plans to stimulate investment, consumption and employment. The government will work on the details of the plan, and will announce them in late February.
55 E co n o m i c New s B r i e f i n g
Consumer prices up 1.3% in 2013
Policies for improving the Korea Treasury Bond (KTB) market have been announced, as part of moves to stabilize the flow of government funds and the KTB market. Around 8 trillion won worth of KTBs will be issued every month. KTB-related information will be combined into a single database, a move which will contribute to efficient KTB issuance and management. Regulations regarding primary dealers will be revamped, to help them be better prepared to respond to uncertainties in the KTB market.
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Economic News Briefing
Cooperatives to receive increased support
56 E c o n o m i c B u l le t i n
The government has unveiled its first Basic Plan for Cooperatives, which aims to help cooperatives become engines for job growth. In order to improve market access for cooperatives, they will be allowed to enter markets previously difficult to reach. Cooperatives can maintain their status as cooperatives after being acquired by for-profit companies. Other measures include giving cooperatives access to policy financing, providing professional services and promoting networks between cooperatives and with relevant institutions. The plan is expected to help cooperatives create 50,000 jobs by 2016.
Deputy Prime Minister meets with Indian, Laotian finance ministers Deputy Prime Minister Hyun Oh-Seok visited India and Laos on January 7-11, and met with Indian Minister of Finance Palaniappan Chidambaram on January 8 and Laotian Minister of Finance Phouphet Khamphounvong on January 10. Issues discussed at the fourth Korea-India Finance Ministers’ Meeting in New Delhi include increasing investment in India’s infrastructure and finance sector, and easing tax and customs-related problems. The first Korea-Laos Finance Ministers’ Meeting was held in Vientiane, and the two ministers signed a memorandum of understanding (MOU) regarding the Economic Development Cooperation Fund (EDCF), which will be utilized to support priority projects in Laos. Laos, whose demand for Korea’s Knowledge Sharing Program (KSP) is high, will become a KSP priority support country starting this year.
Revised Foreign Investment Promotion Act announced The revised Foreign Investment Promotion Act was announced on January 10 and will be implemented on March 11. Under the current law, the second-tier subsidiary of a holding company can only establish its own subsidiary if it owns 100 percent of the shares, but according to the revised laws, the second-tier subsidiary will be allowed to create a subsidiary with as little as 50 percent ownership, if it is in the form of a joint venture with a foreign firm. In this case, the foreign firm must own at least 30 percent of the shares in the new company, with the second-tier company owning the rest.
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Deputy Prime Minister Hyun Oh-Seok and Indian Minister of Finance Palaniappan Chidambaram are signing the agreed minutes of the fourth Korea-India Finance Ministers’ Meeting that was held in New Delhi on January 8.
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1. National accounts 2. Production, shipment and inventory 3. Production capacity and operation ratio
57 Statistical Appendices
Statistical Appe ndices 4. Consumer goods sales index 5. Consumer goods shipment index and consumer sentiment index 6. Machinery orders received, domestic machinery shipment and estimated facility investment index 7. Value of construction and domestic construction orders received 8. Composite indices of business cycle indicators and BSI 9. Balance of payments (I) 10. Balance of payments (II) 11. Prices 12. Employment 13. Financial indicators 14. Monetary indicators 15. Exchange rates
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Statistical A ppendic es 1 National accounts (year-on-year change, %, chained 2005 year prices) Real GDP
Period
2005 2006 2007 2008 2009 2010 2011 2012P
58
Agri., fores & fisheries
Manufacturing
Final consumption expenditure
Gross fixed capital formation Construction
Facilities
E c o n o m i c B u l le t i n
4.0 5.2 5.1 2.3 0.3 6.3 3.7 2.0
1.3 1.5 4.0 5.6 3.2 -4.4 -2.1 -0.6
6.2 8.1 7.2 2.8 -1.5 14.7 7.3 2.2
4.6 5.1 5.1 2.0 1.2 4.1 2.3 2.2
1.9 3.4 4.2 -1.9 -1.0 5.8 -1.0 -1.7
-0.4 0.5 1.4 -2.8 3.4 -3.7 -4.7 -2.2
5.3 8.2 9.3 -1.0 -9.8 25.7 3.6 -1.9
2005 Ⅰ Ⅱ Ⅲ Ⅳ
2.7 3.4 4.5 5.1
0.4 4.8 3.8 -3.1
4.8 3.9 6.7 9.3
2.7 4.7 5.9 4.9
-0.3 1.8 1.5 3.9
-3.1 0.9 -0.3 0.3
3.4 2.8 4.1 10.8
2006 Ⅰ Ⅱ Ⅲ Ⅳ
6.1 5.1 5.0 4.6
3.9 -0.3 -1.4 4.2
9.4 9.1 8.7 5.4
5.8 4.9 4.6 5.1
3.8 0.1 4.0 5.7
1.9 -4.2 -0.5 5.1
7.2 8.0 12.0 5.7
2007 Ⅰ Ⅱ Ⅲ Ⅳ
4.5 5.3 4.9 5.7
1.6 7.0 8.2 -0.7
4.5 7.2 6.3 10.2
5.1 5.4 5.3 4.7
7.3 5.7 1.5 3.1
4.4 2.0 -0.2 0.4
12.6 13.0 4.0 8.0
2008 Ⅰ Ⅱ Ⅲ Ⅳ
5.5 4.4 3.3 -3.3
7.8 4.6 4.3 6.5
8.9 8.3 5.3 -9.4
4.3 3.0 2.4 -1.7
-0.6 0.6 2.1 -8.7
-2.5 -0.5 0.4 -7.7
2.8 2.0 5.3 -13.3
2009 Ⅰ Ⅱ Ⅲ Ⅳ
-4.2 -2.1 1.0 6.3
2.5 0.0 5.0 5.0
-13.6 -7.1 1.8 13.1
-2.2 0.7 1.5 4.8
-7.5 -3.0 -1.0 6.2
1.6 4.3 3.2 4.0
-21.9 -18.1 -9.4 12.2
2010 Ⅰ Ⅱ Ⅲ Ⅳ
8.7 7.6 4.5 4.9
-0.1 -2.2 -7.8 -5.9
22.4 17.6 9.5 11.0
6.1 3.6 3.5 3.0
11.2 5.8 5.6 2.3
1.8 -4.7 -4.9 -5.2
29.6 32.0 26.3 16.9
2011 Ⅰ Ⅱ Ⅲ Ⅳ
4.3 3.5 3.6 3.4
-9.7 -2.6 -5.8 7.1
10.3 7.4 6.4 5.5
2.8 2.8 2.4 1.3
-1.4 0.4 -1.4 -1.8
-10.0 -4.7 -3.6 -1.7
10.5 7.7 1.1 -3.6
2012P Ⅰ Ⅱ Ⅲ Ⅳ
2.8 2.4 1.6 1.5
-0.4 -1.8 0.3 -0.5
4.1 2.7 0.9 1.3
2.1 1.6 2.1 2.8
3.7 -2.6 -2.5 -4.2
-0.4 -3.1 -0.3 -4.2
8.8 -3.5 -6.9 -5.2
2013P Ⅰ Ⅱ Ⅲ
1.5 2.3 3.3
0.3 2.7 7.3
1.0 2.1 3.9
1.4 2.3 2.3
-3.8 2.9 5.9
2.4 7.2 8.6
-11.9 -4.6 1.5
P: Preliminary Source: The Bank of Korea
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2 Production, shipment and inventory (constant prices, 2010=100) Period
Production index
Shipment index
y-o-y change(%)
Inventory index
y-o-y change(%)
Service production index
y-o-y change(%)
y-o-y change(%)
105.9 106.8
5.9 0.8
105.6 106.4
5.6 0.8
120.2 124.1
14.9 3.2
103.2 104.8
3.2 1.6
2011 Ⅰ Ⅱ Ⅲ Ⅳ
102.6 107.4 103.9 109.7
9.3 6.1 5.3 3.3
103.3 106.6 103.1 109.2
10.0 5.4 4.6 2.6
104.7 110.0 112.7 120.2
7.7 12.0 11.9 14.9
99.5 103.4 103.2 106.7
2.8 2.9 4.5 2.8
2012 Ⅰ Ⅱ Ⅲ
4.5 5.3 5.7
1.6 7.0 -0.7
4.5 7.2 10.2
5.1 5.4 4.7
7.3 5.7 3.1
4.4 2.0 0.4
12.6 13.0 8.0
12.6 13.0 8.0
2011 1 2 3 4 5 6 7 8 9 10 11 12
105.3 91.8 110.6 106.8 107.1 108.3 105.9 101.5 104.4 109.7 109.3 110.1
11.9 6.7 8.9 5.5 6.9 5.9 3.6 5.1 7.2 4.2 3.5 2.3
105.8 93.3 110.8 106.8 106.0 107.0 104.0 101.2 104.2 109.1 108.2 110.3
12.8 8.6 8.6 5.2 6.6 4.5 2.9 4.1 6.9 3.5 1.9 2.5
104.6 102.8 104.7 105.8 108.6 110.0 111.8 112.2 112.7 115.6 117.9 120.2
7.6 4.2 7.7 7.6 9.5 12.0 10.7 10.9 11.9 13.6 15.6 14.9
100.1 94.2 104.1 102.1 103.5 104.7 103.1 103.1 103.3 104.2 103.7 112.3
5.1 0.4 2.6 3.3 2.3 3.1 3.6 5.1 4.4 3.7 3.1 1.9
2012 1 2 3 4 5 6 7 8 9 10 11 12
101.9 105.8 111.2 106.4 110.4 108.9 105.6 99.4 103.6 107.6 111.6 109.7
-3.2 15.3 0.5 -0.4 3.1 0.6 -0.3 -2.1 -0.8 -1.9 2.1 -0.4
102.6 105.8 110.6 105.9 109.6 108.9 104.8 98.5 104.6 106.6 109.5 109.0
-3.0 13.4 -0.2 -0.8 3.4 1.8 0.8 -2.7 0.4 -2.3 1.2 -1.2
119.4 117.5 117.8 116.6 118.4 115.2 115.8 119.5 114.6 115.5 120.4 124.1
14.1 14.3 12.5 10.2 9.0 4.7 3.6 6.5 1.7 -0.1 2.1 3.2
100.5 100.0 105.9 102.7 105.9 106.0 104.7 103.8 105.9 104.6 105.2 113.1
0.4 6.2 1.7 0.6 2.3 1.2 1.6 0.7 2.2 0.4 1.4 0.7
2013 1 2 3 4 5 6 7 8 9 10P 11P
109.7 95.8 108.0 108.0 109.0 106.3 106.6 102.5 99.7 111.2 110.2
7.7 -9.5 -2.9 1.5 -1.3 -2.4 0.9 3.1 -3.8 3.3 -1.3
107.9 96.4 108.1 107.3 108.1 106.5 105.2 102.9 99.6 110.0 108.8
5.2 -8.9 -2.3 1.3 -1.4 -2.2 0.4 4.5 -4.8 3.2 -0.6
127.8 124.1 122.4 120.2 121.6 118.9 123.9 123.6 124.9 126.4 129.9
7.0 5.6 3.9 3.1 2.7 3.2 7.0 3.4 9.0 9.4 7.9
101.8 100.3 106.6 105.4 107.6 107.0 105.4 105.4 105.4 107.5 107.1
1.3 0.3 0.7 2.6 1.6 0.9 0.7 1.5 -0.2 2.8 1.8
59 Statistical Appendices
2011 2012
P: Preliminary Source: Statistics Korea
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Statistical A ppendic es 3 Production capacity and operation ratio Period
Production capacity index (2010=100)
Operation ratio index (2010=100)
y-o-y change (%)
y-o-y change (%)
Average operation ratio (%)
2011 2012
104.9 107.2
4.9 2.2
99.8 97.0
-0.2 -2.8
80.2 78.1
2011 Ⅰ Ⅱ Ⅲ Ⅳ
103.6 104.7 105.2 106.1
5.9 5.2 4.5 4.0
97.6 103.1 97.3 101.3
2.0 0.4 -0.3 -2.6
81.4 80.4 80.4 78.8
2012 Ⅰ Ⅱ Ⅲ Ⅳ
106.8 107.1 107.2 107.5
3.1 2.3 1.9 1.3
96.9 100.3 92.8 97.9
-0.7 -2.7 -4.6 -3.4
79.6 79.0 76.2 77.8
60
2013 Ⅰ Ⅱ Ⅲ
108.0 108.4 108.9
1.1 1.2 1.6
92.7 96.8 90.1
-4.3 -3.5 -2.9
77.1 75.4 74.6
E c o n o m i c B u l le t i n
2011 1 2 3 4 5 6 7 8 9 10 11 12
103.2 103.4 104.2 104.6 104.6 104.9 105.1 105.2 105.4 106.0 106.1 106.2
6.1 5.9 5.8 5.7 5.2 4.9 4.7 4.6 4.3 4.2 4.1 3.7
100.3 87.0 105.4 102.3 102.8 104.3 100.4 94.4 97.2 102.4 101.6 99.9
4.6 -0.1 1.3 -1.0 1.5 0.7 -2.6 0.0 2.1 -1.8 -1.8 -4.1
82.5 80.3 81.3 79.6 80.2 81.3 80.9 80.0 80.4 79.7 78.9 77.7
2012 1 2 3 4 5 6 7 8 9 10 11 12
106.7 106.8 106.9 107.0 107.1 107.2 106.9 107.4 107.3 107.4 107.6 107.6
3.4 3.3 2.6 2.3 2.4 2.2 1.7 2.1 1.8 1.3 1.4 1.3
91.8 96.5 102.3 98.2 102.0 100.8 96.8 87.9 93.8 97.7 100.3 95.8
-8.5 10.9 -2.9 -4.0 -0.8 -3.4 -3.6 -6.9 -3.5 -4.6 -1.3 -4.1
79.7 80.4 78.7 79.0 79.5 78.4 77.8 74.0 76.7 77.0 78.0 78.4
2013 1 2 3 4 5 6 7 8 9 10P 11P
107.9 108.0 108.1 108.1 108.4 108.6 108.7 109.0 109.0 109.2 109.2
1.1 1.1 1.1 1.0 1.2 1.3 1.7 1.5 1.6 1.7 1.5
97.9 84.1 96.2 96.8 98.3 95.3 93.8 90.1 86.3 98.6 97.2
6.6 -12.8 -6.0 -1.4 -3.6 -5.5 -3.1 2.5 -8.0 0.9 -3.1
78.6 77.2 75.4 75.4 75.4 75.4 74.1 76.3 73.5 75.8 75.7
P: Preliminary Source: Statistics Korea
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4 Consumer goods sales index (constant prices, 2010=100) Consumer goods sales index Durable goods
Period
y-o-y change (%)
Semi-durable goods
y-o-y change (%)
Non-durable goods
y-o-y change (%)
y-o-y change (%)
104.5 106.9
4.5 2.3
110.6 116.5
10.6 5.3
103.7 102.6
3.7 -1.1
102.1 104.4
2.1 2.3
2011 Ⅰ Ⅱ Ⅲ Ⅳ
100.7 104.8 103.7 108.9
5.3 6.2 4.0 2.6
105.4 112.2 111.4 113.3
11.5 16.9 10.3 4.4
98.3 105.5 94.2 116.7
5.1 5.2 3.6 1.2
99.6 101.2 104.4 103.3
2.7 2.0 1.5 2.4
2012 Ⅰ Ⅱ Ⅲ Ⅳ
103.5 106.3 106.4 111.6
2.8 1.4 2.6 2.5
110.0 115.5 118.8 121.8
4.4 2.9 6.6 7.5
98.0 104.4 90.9 117.1
-0.3 -1.0 -3.5 0.3
102.9 102.8 107.5 104.3
3.3 1.6 3.0 1.0
2013 Ⅰ Ⅱ Ⅲ
103.7 107.5 107.1
0.2 1.1 0.7
111.3 118.1 117.0
1.2 2.3 -1.5
99.8 105.3 92.9
1.8 0.9 2.2
101.9 103.5 108.8
-1.0 0.7 1.2
2011 1 2 3 4 5 6 7 8 9 10 11 12
105.4 92.8 103.9 102.5 107.3 104.7 104.2 100.9 106.0 107.4 107.2 112.0
10.9 -0.5 5.6 6.1 6.6 6.1 4.1 4.9 3.2 3.3 1.8 2.7
104.0 97.8 114.5 106.4 112.6 117.5 117.0 109.7 107.6 109.0 116.3 114.5
12.1 8.2 14.2 14.8 19.0 16.7 12.5 11.7 6.9 3.4 7.4 2.3
104.9 90.0 99.8 105.6 109.9 100.9 96.2 86.2 100.1 116.1 111.9 122.1
10.4 1.7 3.1 5.9 4.7 4.9 3.8 3.4 3.7 2.2 -2.6 4.0
106.3 91.7 100.8 99.4 103.6 100.5 101.8 103.4 107.9 102.7 100.9 106.4
10.7 -5.3 2.6 2.4 2.0 1.7 0.2 2.5 1.5 3.6 1.3 2.3
2012 1 2 3 4 5 6 7 8 9 10 11 12
107.5 97.9 105.0 102.9 110.0 105.9 108.0 102.0 109.1 109.0 111.5 114.2
2.0 5.5 1.1 0.4 2.5 1.1 3.6 1.1 2.9 1.5 4.0 2.0
107.7 107.9 114.4 107.8 118.1 120.5 126.2 114.3 115.9 117.1 123.0 125.3
3.6 10.3 -0.1 1.3 4.9 2.6 7.9 4.2 7.7 7.4 5.8 9.4
103.6 91.0 99.3 103.7 110.4 99.2 96.0 80.7 96.0 113.5 117.8 119.9
-1.2 1.1 -0.6 -1.8 0.5 -1.7 -0.2 -6.4 -4.1 -2.2 5.3 -1.8
109.2 96.3 103.1 100.2 106.0 102.1 105.0 105.8 111.7 103.2 103.3 106.5
2.7 5.0 2.3 0.8 2.3 1.6 3.1 2.3 3.5 0.5 2.4 0.1
2013 1 2 3 4 5 6 7 8 9 10P 11P
104.6 99.5 106.9 105.0 110.7 106.7 109.1 104.5 107.8 110.8 113.0
-2.7 1.6 1.8 2.0 0.6 0.8 1.0 2.5 -1.2 1.7 1.3
112.0 106.6 115.2 114.0 119.9 120.5 127.7 116.0 107.6 120.8 121.9
4.0 -1.2 0.7 5.8 1.5 0.0 1.2 1.5 -7.2 3.2 -0.9
101.4 91.1 106.9 104.7 111.9 99.4 95.9 85.1 97.7 110.7 121.1
-2.1 0.1 7.7 1.0 1.4 0.2 -0.1 5.5 1.8 -2.5 2.8
102.6 99.9 103.1 101.0 105.9 103.6 106.3 107.8 112.4 106.3 105.3
-6.0 3.7 0.0 0.8 -0.1 1.5 1.2 1.9 0.6 3.0 1.9
61 Statistical Appendices
2011 2012
P: Preliminary Source: Statistics Korea
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Statistical A ppendic es 5 Consumer goods shipment index and consumer sentiment index Domestic consumer goods shipment index (2010=100) Durable goods
Period
62
y-o-y change (%)
Non-durable goods
y-o-y change (%)
y-o-y change (%)
Consumer sentiment index
E c o n o m i c B u l le t i n
2011 2012
109.2 101.1
0.9 0.2
100.2 98.5
0.2 -1.7
101.2 102.3
1.2 1.1
-
2011 Ⅰ Ⅱ Ⅲ Ⅳ
100.8 97.9 101.2 103.8
4.3 1.0 0.6 -2.1
99.5 100.7 100.8 99.9
4.1 3.1 -0.4 -5.3
101.4 96.7 101.4 105.4
4.6 0.2 1.0 -0.8
-
2012 Ⅰ Ⅱ Ⅲ Ⅳ
100.0 99.7 100.9 103.9
-0.8 1.8 -0.3 0.1
97.4 98.9 96.0 101.7
-2.1 -1.8 -4.8 1.8
101.2 100.1 103.0 104.8
-0.2 3.5 1.6 -0.6
-
2013 Ⅰ Ⅱ Ⅲ
98.4 95.2 98.2
-1.6 -4.5 -2.7
95.3 91.7 93.2
-2.2 -7.3 -2.9
99.7 96.6 100.4
-1.5 -3.5 -2.5
-
2011 1 2 3 4 5 6 7 8 9 10 11 12
108.6 88.7 105.2 98.2 96.1 99.3 99.7 102.1 101.8 105.0 102.1 104.2
7.0 -1.6 7.2 0.9 0.9 1.2 -0.8 2.3 0.4 -1.6 -3.8 -1.0
100.9 92.6 105.1 97.3 99.3 105.4 104.2 98.1 100.0 100.3 98.6 100.9
5.1 1.5 5.4 2.2 4.1 2.9 -1.2 0.4 -0.3 -5.4 -7.4 -3.1
111.9 87.1 105.2 98.6 94.7 96.7 97.8 103.8 102.6 107.0 103.6 105.7
7.8 -2.8 8.0 0.4 -0.4 0.5 -0.6 3.0 0.7 0.1 -2.2 -0.1
111 109 110 102 105 103 103 99 99 101 105 100
2012 1 2 3 4 5 6 7 8 9 10 11 12
100.2 97.9 101.9 98.7 101.9 98.6 101.6 98.5 102.7 103.7 104.2 103.7
-7.7 10.4 -3.1 0.5 6.0 -0.7 1.9 -3.5 0.9 -1.2 2.1 -0.5
92.2 98.0 102.1 93.6 100.2 102.9 105.1 87.5 95.4 98.4 101.0 105.7
-8.6 5.8 -2.9 -3.8 0.9 -2.4 0.9 -10.8 -4.6 -1.9 2.4 4.8
103.7 97.9 101.9 100.9 102.7 96.7 100.1 103.1 105.8 105.9 105.6 102.8
-7.3 12.4 -3.1 2.3 8.4 0.0 2.4 -0.7 3.1 -1.0 1.9 -2.7
98 102 102 106 106 101 100 101 99 100 100 99
2013 1 2 3 4 5 6 7 8 9 10P 11P 12
104.0 92.3 98.8 96.6 96.2 92.8 99.4 99.7 95.6 104.9 99.4 -
3.8 -5.7 -3.0 -2.1 -5.6 -5.9 -2.2 1.2 -6.9 1.2 -4.6 -
96.8 92.7 96.4 90.3 92.2 92.6 99.1 94.1 86.3 96.0 94.7 -
5.0 -5.4 -5.6 -3.5 -8.0 -10.0 -5.7 7.5 -9.5 -2.4 -6.2 -
107.0 92.2 99.8 99.2 97.9 92.8 99.5 102.1 99.6 108.8 101.4 -
3.2 -5.8 -2.1 -1.7 -4.7 -4.0 -0.6 -1.0 -5.9 2.7 -4.0 -
102 102 104 102 104 105 105 105 102 106 107 107
P: Preliminary Source: Statistics Korea
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6 Machinery orders received, domestic machinery shipment and estimated facility investment index Domestic machinery orders received excluding ship (billion won, constant value) Total
Period
2011 2012
Public
y-o-y change (%)
Private
y-o-y change (%)
y-o-y change (%)
Estimated facility investment y-o-y index change (%) (2005=100)
7.6 -13.4
2,407 2,142
-2.6 -11.0
22,741 19,647
8.8 -13.6
139.2 136.4
4.0 -2.0
2011 Ⅰ Ⅱ Ⅲ Ⅳ
6,383 6,723 5,666 6,376
15.3 9.6 -0.7 6.4
358 708 310 1,031
-36.7 83.1 -18.6 -9.5
6,025 6,015 5,356 5,345
21.2 4.6 0.6 10.1
130.5 149.8 139.5 136.9
7.8 8.9 0.1 -0.1
2012 Ⅰ Ⅱ Ⅲ Ⅳ
6,310 5,391 5,079 5,004
-1.1 -19.8 -10.4 -21.5
810 285 579 468
126.1 -59.7 86.7 -54.6
5,500 5,106 4,500 4,536
-8.7 -15.1 -16.0 -15.1
144.5 145.7 128.1 127.4
10.7 -2.7 -8.2 -6.9
2013 Ⅰ Ⅱ Ⅲ
5,621 5,862 5,327
-10.9 8.7 4.9
429 554 522
-47.0 94.2 -9.7
5,192 5,308 4,804
-5.6 4.0 6.8
122.3 131.2 122.1
-15.4 -10.0 -4.7
2011 1 2 3 4 5 6 7 8 9 10 11 12
1,949 2,032 2,403 1,931 2,138 2,655 2,026 1,759 1,881 1,950 2,293 2,133
6.9 27.7 13.3 7.2 -0.9 21.9 -2.6 2.4 -1.4 12.7 30.5 -15.0
66 75 217 63 143 503 132 82 96 311 526 194
-68.0 -17.6 -18.8 -48.0 38.2 208.7 51.0 -17.3 -50.4 236.6 376.6 -79.2
1,882 1,957 2,186 1,868 1,995 2,152 1,894 1,676 1,785 1,639 1,767 1,939
16.5 30.4 17.9 11.2 -2.8 6.8 -4.9 3.6 4.2 0.1 7.3 23.3
126.4 115.3 149.9 139.2 150.9 159.2 141.0 140.0 137.5 124.0 139.4 147.4
21.2 1.5 3.0 4.6 14.3 7.9 0.1 -0.1 0.2 -5.0 3.0 1.3
2012 1 2 3 4 5 6 7 8 9 10 11 12
1,933 2,541 1,836 1,845 1,830 1,716 1,835 1,516 1,729 1,545 1,689 1,771
-0.8 25.1 -23.6 -4.4 -14.4 -35.4 -9.4 -13.8 -8.1 -20.8 -26.4 -17.0
52 695 63 56 39 190 310 169 100 86 127 255
-22.2 829.0 -70.9 -10.3 -72.8 -62.2 135.5 105.9 3.5 -72.3 -75.8 31.2
1,881 1,846 1,773 1,789 1,791 1,526 1,525 1,347 1,629 1,458 1,562 1,516
0.0 -5.7 -18.9 -4.3 -10.2 -29.1 -19.5 -19.7 -8.7 -11.0 -11.6 -21.8
139.4 146.8 147.4 143.1 145.9 148.1 140.4 118.2 125.7 119.7 124.4 138.1
10.3 27.3 -1.7 2.8 -3.3 -7.0 -0.4 -15.6 -8.6 -3.5 -10.8 -6.3
2013 1 2 3 4 5 6 7 8 9 10P 11P
1,864 1,675 2,083 1,839 2,128 1,895 1,936 1,715 1,675 2,652 2,155
-3.6 -34.1 13.4 -0.3 16.3 10.4 5.5 13.1 -3.1 71.7 27.6
139 168 121 92 250 212 359 92 71 788 165
169.8 -75.8 92.2 63.8 542.9 11.5 15.8 -45.4 -28.5 815.4 30.2
1,724 1,506 1,961 1,747 1,878 1,683 1,578 1,623 1,604 1,863 1,989
-8.3 -18.4 10.6 -2.4 4.8 10.3 3.5 20.5 -1.5 27.8 27.4
117.5 113.8 135.7 125.8 128.3 139.4 128.8 123.2 114.3 136.9 132.1
-15.7 -22.5 -7.9 -12.1 -12.1 -5.9 -8.3 4.1 -9.1 14.4 12.7
63 Statistical Appendices
25,148 21,789
P: Preliminary Source: Statistics Korea
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Statistical A ppendic es 7 Value of construction completed and domestic construction orders received (current prices, billion won)
Period
64
Value of construction y-o-y completed change (Total) (%)
Type of order Public
Private y-o-y change (%)
Domestic construction y-o-y orders y-o-y change received change (%) (Total)
Type of order Public
Private y-o-y change (%)
(%)
y-o-y change (%)
E c o n o m i c B u l le t i n
2011 2012
91,717 88,031
-0.6 -4.0
35,120 33,578
-0.1 -4.4
51,663 50,260
-2.2 -2.7
95,332 86,821
6.1 -8.9
28,624 26,103
-2.0 -8.8
61,839 57,202
12.3 -7.5
2011 Ⅰ Ⅱ Ⅲ Ⅳ
19,277 24,057 21,423 26,960
-5.2 -0.1 -2.7 4.4
7,322 9,290 7,684 10,825
-2.1 1.8 -1.5 0.7
11,031 13,339 12,597 14,696
-7.9 -4.3 -4.3 6.9
16,335 25,319 20,444 33,233
-11.5 -0.9 5.6 25.5
4,119 6,311 6,711 11,483
-49.0 -8.4 -1.4 54.5
11,107 17,653 12,871 20,209
20.3 4.7 12.1 15.4
2012 Ⅰ Ⅱ Ⅲ Ⅳ
19,106 22,203 21,135 25,587
-0.9 -7.7 -1.3 -5.1
7,385 8,813 7,499 9,881
0.9 -5.1 -2.4 -8.7
10,795 12,333 12,584 14,548
-2.1 -7.5 -0.1 -1.0
21,772 25,136 17,665 22,248
33.3 -0.7 -13.6 -33.1
5,531 5,602 5,478 9,492
34.3 -11.2 -18.4 -17.3
15,549 18,515 11,632 11,506
40.0 4.9 -9.6 -43.1
2013 Ⅰ Ⅱ Ⅲ
20,113 25,615 23,556
5.3 15.4 11.5
6,984 9,287 8,020
-5.4 5.4 6.9
12,364 15,348 14,611
14.5 24.4 16.1
12,805 17,888 16,082
-41.2 -28.8 -9.0
4,279 5,306 4,889
-22.6 -5.3 -10.8
8,255 11,899 10,875
-46.9 -35.7 -6.5
2011 1 2 3 4 5 6 7 8 9 10 11 12
6,187 5,331 7,760 7,167 7,442 9,447 6,754 6,896 7,772 7,961 7,859 11,140
-4.8 -13.3 0.8 -2.4 -3.8 5.0 -9.3 -3.5 4.7 7.9 -1.9 6.7
2,439 2,028 2,855 2,743 2,790 3,757 2,378 2,461 2,845 2,902 3,171 4,752
7.7 -12.1 -1.8 4.5 -1.8 2.6 -11.7 0.1 7.2 1.7 -2.5 2.3
3,490 3,060 4,481 4,067 4,250 5,022 4,061 4,099 4,437 4,672 4,292 5,733
-12.1 -15.3 1.9 -8.7 -6.3 1.6 -8.0 -6.1 1.4 12.3 -2.5 10.5
4,912 4,079 7,343 6,710 7,148 11,461 5,157 7,574 7,714 7,491 9,039 16,703
-32.1 -16.1 15.5 0.7 -19.2 14.3 -32.0 79.2 2.3 70.0 17.9 16.0
1,316 1,409 1,395 1,428 1,891 2,992 1,885 1,504 3,352 2,415 2,989 6,179
-47.2 -35.6 -58.9 -21.2 12.4 -11.8 -52.2 12.5 110.6 95.8 46.7 46.7
2,905 2,508 5,694 4,631 4,741 8,281 3,094 5,783 3,994 4,991 5,870 9,347
-33.3 9.1 120.6 3.5 -29.7 46.5 -8.6 111.9 -25.5 63.8 10.9 2.0
2012 1 2 3 4 5 6 7 8 9 10 11 12
5,742 5,979 7,385 6,789 7,225 8,189 6,970 6,508 7,658 7,298 8,030 10,259
-7.2 12.2 -4.8 -5.4 -2.9 -13.3 3.2 -5.6 -1.5 -8.3 2.2 -7.9
2,106 2,358 2,921 2,625 2,839 3,349 2,337 2,292 2,870 2,574 2,974 4,333
-13.6 16.3 2.3 -4.3 1.8 -10.9 -1.7 -6.8 0.9 -11.3 -6.2 -8.8
3,339 3,371 4,086 3,875 4,066 4,393 4,254 3,907 4,423 4,432 4,742 5,375
-4.3 10.1 -8.8 -4.7 -4.3 -12.5 4.8 -4.7 -0.3 -5.1 10.5 -6.2
7,244 8,122 6,406 6,033 7,215 11,887 6,450 5,120 6,195 5,501 7,232 9,516
47.5 99.1 -12.8 -10.1 0.9 3.7 23.1 -32.4 -19.7 -26.6 -20.0 -43.0
1,796 2,165 1,390 1,448 1,072 3,082 2,284 1,341 1,852 1,962 2,148 5,382
50.2 53.7 0.3 1.4 -43.3 3.0 23.1 -10.9 -44.7 -15.3 -28.1 -12.9
5,100 5,812 4,636 4,097 6,034 8,385 3,886 3,738 4,008 3,507 4,743 3,255
75.6 131.7 -18.6 -11.5 27.3 1.3 25.6 -35.4 0.4 -29.7 -19.2 -65.2
2013 1 2 3 4 5 6 7 8 9 10P 11P
6,258 6,217 7,638 8,062 8,105 9,448 7,812 7,635 8,108 8,612 9,053
9.0 4.0 3.4 18.7 12.2 15.4 12.1 17.3 5.9 18 12.7
2,065 2,341 2,579 2,820 2,782 3,686 2,628 2,550 2,841 2,963 3,102
-2.0 -0.7 -11.7 7.4 -2.0 10.1 12.5 11.3 -1.0 15.1 4.3
3,948 3,650 4,766 4,948 5,050 5,350 4,875 4,801 4,936 5,309 5,616
18.3 8.3 16.6 27.7 24.2 21.8 14.6 22.9 11.6 19.8 18.4
3,424 4,304 5,077 4,910 5,889 7,090 5,420 4,690 5,971 8,190 6,842
-52.7 -47.0 -20.7 -18.6 -18.4 -40.4 -14.6 -8.4 -3.6 48.9 -5.4
1,306 1,280 1,694 1,551 1,552 2,203 1,422 1,522 1,945 1,513 2,305
-33.9 -40.9 21.8 7.1 44.8 -28.5 -37.8 13.5 5.0 -22.9 7.3
1,970 2,955 3,329 2,944 4,219 4,736 3,903 3,156 3,816 6,587 4,302
-61.4 -49.2 -28.2 -28.1 -30.1 -43.5 0.4 -15.6 -4.8 87.8 -9.3
P: Preliminary Source: Statistics Korea
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8 Composite indices of business cycle indicators and BSI Period
Leading index (2010=100)
Cyclical component of leading index (2010=100)
Coincident index (2010=100)
Cyclical component of coincident index (2010=100)
BSI (results)
BSI (prospects)
99.2 99.1 99.0 99.0 99.6 100.1 100.7 100.8 101.0 100.5 100.5 100.5
104.1 103.5 103.0 102.5 102.6 102.6 102.8 102.4 102.2 101.1 100.7 100.2
97.0 97.7 98.4 99.1 99.8 100.3 100.9 101.1 101.1 101.0 101.4 102.2
99.9 100.2 100.5 100.8 101.1 101.2 101.4 101.1 100.7 100.2 100.2 100.6
99.2 98.7 113.1 108.9 111.9 109.4 105.0 98.6 104.1 104.3 103.5 102.1
103.1 102.3 116.2 111.2 113.4 108.9 107.3 100.7 111.1 113.1 107.1 104.2
2011 1 2 3 4 5 6 7 8 9 10 11 12
101.3 101.6 101.7 101.3 101.6 102.0 102.6 102.9 103.2 103.3 103.4 103.7
100.7 100.5 100.2 99.5 99.4 99.4 99.6 99.5 99.4 99.2 98.9 98.8
103.5 103.6 104.0 104.0 104.7 105.3 105.9 106.5 106.5 107.0 106.9 107.4
101.4 101.1 101.1 100.7 100.9 101.1 101.2 101.4 101.0 101.0 100.6 100.5
99.1 92.2 107.8 98.4 98.9 99.6 96.2 86.8 96.4 95.0 93.0 90.1
101.8 98.0 113.5 99.3 104.3 104.3 101.3 98.9 96.3 101.4 96.4 94.8
2012 1 2 3 4 5 6 7 8 9 10 11 12
104.4 105.4 105.7 106.2 106.3 107.4 108.0 108.1 108.0 108.3 109.1 109.9
99.0 99.6 99.5 99.6 99.3 100.0 100.1 99.8 99.4 99.3 99.6 100.0
107.4 108.2 108.3 108.6 108.7 109.1 109.7 109.6 110.1 110.0 110.7 111.3
100.2 100.5 100.2 100.0 99.7 99.7 99.8 99.3 99.3 98.9 99.1 99.2
88.6 92.2 101.4 97.5 95.7 90.4 82.1 84.4 89.3 88.9 82.2 87.0
88.3 91.0 106.1 98.4 104.7 98.3 89.7 82.7 99.5 97.0 92.5 82.0
2013 1 2 3 4 5 6 7 8 9 10 11 12 2014 1
110.1 110.4 110.7 111.3 112.0 113.0 113.9 114.7 115.0 115.9 116.7
99.8 99.6 99.5 99.6 99.9 100.5 100.9 101.2 101.0 101.5 101.7
111.8 112.3 112.3 112.9 113.2 113.9 114.2 114.9 115.1 115.7 116.1
99.2 99.3 98.9 99.0 98.8 99.0 98.9 99.1 99.0 99.1 99.1
-
-
-
-
85.0 83.0 101.3 94.1 97.6 95.0 91.1 89.8 93.0 94.7 91.9 90.5 -
85.7 86.7 104.4 101.5 99.8 97.2 90.7 92.7 94.4 101.1 94.7 92.6 93.4
65 Statistical Appendices
2010 1 2 3 4 5 6 7 8 9 10 11 12
Sources: Statistics Korea, The Bank of Korea
2014 EB 1월호내지.indd 65
14. 1. 24. 오후 10:27
Statistical A ppendic es 9 Balance of payments (I) (US$ million) Period
66
Current account
Goods
Exports
Imports
Services
Primary income
Secondary income
E c o n o m i c B u l le t i n
2011 2012
26,068.2 43,138.5
31,660.0 38,337.7
551,765.4 552,565.3
520,105.4 514,227.6
-5,849.5 2,676.2
2,890.9 4,885.5
-2,633.2 -2,760.9
2011 Ⅰ Ⅱ Ⅲ Ⅳ
2,610.3 5,492.2 6,896.0 11,506.8
5,842.7 7,661.0 7,197.7 10,248.9
127,691.2 142,722.8 141,393.5 140,756.8
121,848.5 135,061.8 134,195.8 130,507.9
-2,538.0 -796.0 -1,198.2 154.8
387.9 -824.8 1,314.9 1,577.8
-1,082.3 -548.0 -418.5 -474.7
2012 Ⅰ Ⅱ Ⅲ Ⅳ
2,559.9 11,188.8 14,561.7 14,828.1
2,612.4 8,520.5 13,341.2 13,863.6
134,627.6 138,784.9 137,086.0 142,066.8
132,015.2 130,264.4 123,744.8 128,203.2
-648.4 2,312.7 654.4 357.5
1,487.6 821.4 1,041.3 1,535.2
-891.7 -465.8 -475.2 -928.2
2013 Ⅰ Ⅱ Ⅲ
9,971.8 19,803.0 18,981.4
9,339.8 15,838.1 16,623.4
137,293.0 142,434.4 140,879.1
127,953.2 126,596.3 124,255.7
-483.0 3,761.9 1,330.1
1,375.0 62.2 1,571.6
-260.0 140.8 -543.7
2011 1 2 3 4 5 6 7 8 9 10 11 12
154.7 1,126.1 1,329.5 1,277.6 2,183.9 2,030.7 3,773.6 292.6 2,829.8 4,132.9 4,564.6 2,809.3
1,557.9 1,530.8 2,754.0 3,327.6 1,633.8 2,699.6 4,728.0 371.5 2,098.2 3,547.2 3,997.2 2,704.5
42,662.8 37,228.3 47,800.4 47,879.4 47,149.8 47,693.6 48,555.9 45,634.9 47,202.7 46,451.7 46,656.2 47,648.9
41,104.9 35,697.2 45,046.4 44,551.8 45,516.0 44,994.0 43,827.9 45,263.4 45,104.5 42,904.5 42,659.0 44,944.4
-1,640.9 -569.1 -328.0 -178.8 15.5 -632.7 -690.9 -577.9 70.6 2.8 357.2 -205.2
703.7 542.6 -858.4 -1,581.9 517.3 239.8 72.3 699.6 543.0 643.5 445.6 488.7
-466.0 -378.2 -238.1 -289.3 17.3 -276.0 -335.8 -200.6 118.0 -60.6 -243.5 -178.7
2012 1 2 3 4 5 6 7 8 9 10 11 12
-968.80 557.3 2,971.4 1,734.0 3,574.9 5,879.9 6,144.3 2,504.3 5,913.1 5,781.7 6,906.2 2,140.2
-1,624.00 1,310.1 2,926.3 1,750.8 1,715.9 5,053.8 5,340.6 2,514.0 5,486.6 5,168.9 6,777.4 1,917.3
41,383.80 45,863.0 47,380.8 45,820.3 46,162.8 46,801.8 46,620.5 42,895.6 47,569.9 48,144.1 49,636.8 44,285.9
43,007.80 44,552.9 44,454.5 44,069.5 44,446.9 41,748.0 41,279.9 40,381.6 42,083.3 42,975.2 42,859.4 42,368.6
-128.8 -1,219.3 699.7 549.7 1,593.0 170.1 593.3 -262.2 323.3 378.3 -51.6 30.8
1,191.7 613.4 -317.5 -422.0 341.6 901.8 401.9 435.5 203.9 521.9 374.3 639.0
-407.7 -146.9 -337.1 -144.5 -75.6 -245.7 -191.5 -183.0 -100.7 -287.4 -193.9 -446.9
2013P 1 2 3 4 5 6 7 8 9 10 11
2,331.7 2,712.9 4,927.2 3,926.9 8,638.8 7,237.3 6,766.7 5,676.7 6,538.0 9,507.6 6,033.3
2,617.7 2,562.9 4,159.2 3,543.3 7,270.0 5,024.8 5,674.0 5,280.1 5,669.3 7,028.2 6,175.0
47,163.0 42,218.6 47,911.4 47,482.1 49,593.9 45,358.4 48,387.5 46,218.3 46,273.3 52,225.5 48,809.6
44,545.3 39,655.7 43,752.2 43,938.8 42,323.9 40,333.6 42,713.5 40,938.2 40,604.0 45,197.3 42,634.6
-927.1 -461.0 905.1 1,447.6 1,130.5 1,183.8 357.0 100.6 872.5 1,646.8 -697.2
968.4 628.9 -222.3 -1,088.6 193.6 957.2 776.5 475.2 319.9 786.0 588.8
-327.3 -17.9 85.2 24.6 44.7 71.5 -40.8 -179.2 -323.7 46.6 -33.3
P: Preliminary Source: The Bank of Korea
2014 EB 1월호내지.indd 66
14. 1. 24. 오후 10:27
10 Balance of payments (II) (US$ million) Capital & financial account Period
Direct investment
Portfolio investment
Financial derivatives
Other investment
Capital transfers & acquisition of nonfinancial assets
Reserve assets
-26,778.0 -43,619.1
-16,410.0 -18,628.1
13,109.3 10,114.8
-1,031.3 3,075.2
-8,468.6 -26,897.7
-24.7 602.1
-13,952.8 -11,885.4
2011 Ⅰ Ⅱ Ⅲ Ⅳ
-2,754.1 -6,808.0 -8,320.9 -14,081.6
-4,696.3 -4,138.1 -2,807.6 -4,052.0
-1,379.1 2,035.4 8,108.4 1,547.5
730.3 -542.9 -1,490.7 -432.0
6,251.6 -1,432.5 -18,692.6 2,788.6
-181.4 -111.9 235.5 207.8
-3,479.2 -2,618.0 6,326.1 -14,141.5
2012 Ⅰ Ⅱ Ⅲ Ⅳ 2013 Ⅰ Ⅱ Ⅲ
-1,377.1 -7,968.0 -13,342.8 -20,931.2 -10,901.4 -19,112.7 -19,643.3
-7,203.3 -3,015.2 -5,428.9 -2,980.7 -4,065.9 -2,554.7 -3,124.4
15,156.1 -5,481.3 5,778.8 -5,338.8 -5,769.9 -8,374.8 9,272.8
1,355.0 -65.3 699.1 1,086.4 1,418.9 -604.6 1,694.0
-4,232.7 -581.2 -10,350.6 -11,733.2 1,294.3 -11,584.9 -20,788.4
134.3 284.3 76.7 106.8 152.0 -59.6 -119.1
-6,586.4 890.7 -4,118.0 -2,071.7 -3,930.8 4,065.9 -6,578.2
2011 1 2 3 4 5 6 7 8 9 10 11 12
-1,282.0 -1,996.2 524.1 394.7 -3,956.7 -3,246.0 -2,469.2 -1,690.6 -4,161.1 -4,391.9 -6,191.9 -3,497.8
-1,725.4 -1,635.1 -1,335.8 -738.8 -1,254.7 -2,144.6 327.1 -1,036.4 -2,098.3 -1,132.2 -2,077.1 -842.7
904.6 -3,004.0 720.3 4,575.0 -1,140.1 -1,399.5 9,258.3 -2,923.0 1,773.1 3,919.1 39.8 -2,411.4
569.3 -363.3 524.3 -206.2 165.1 -501.8 526.6 -1,868.6 -148.7 108.5 -379.9 -160.6
1,773.30 5,126.9 -648.6 -145.9 -821.7 -464.9 -6,581.0 4,638.4 -16,750.0 2,784.7 -6.2 10.1
-120.7 -32.7 -28.0 -33.6 -49.9 -28.4 13.8 41.5 180.2 109.7 98.1 0.0
-2,683.1 -2,088.0 1,291.9 -3,055.8 -855.4 1,293.2 -6,014.0 -542.5 12,882.6 -10,181.7 -3,866.6 -93.2
2012 1 2 3 4 5 6 7 8 9 10 11 12
1,305.6 -920.3 -1,762.4 157.7 -2,897.4 -5,228.3 -7,840.1 -605.0 -4,897.7 -7,259.3 -9,838.2 -3,833.7
-2,013.3 -3,572.6 -1,617.4 -940.4 -1,382.0 -692.8 -1,443.6 -1,607.1 -2,378.2 -975.0 -1,336.2 -669.5
7,737.0 6,115.2 1,303.9 -2,213.3 -937.1 -2,330.9 2,529.2 580.9 2,668.7 -4,657.2 -3,875.8 3,194.2
434.2 214.1 706.7 320.5 -390.4 4.6 267.1 68.3 363.7 -135.3 612.6 609.1
-2,190.4 -1,526.1 -516.2 2,667.4 -1,600.9 -1,647.7 -7,625.3 1,464.0 -4,189.3 -15.5 -2,683.7 -9,034.0
-1.7 36.0 100.0 102.3 144.2 37.8 36.3 8.0 32.4 -6.1 5.8 107.1
-2,660.2 -2,186.8 -1,739.4 221.2 1,268.8 -599.3 -1,603.8 -1,119.2 -1,395.0 -1,470.2 -2,560.9 1,959.4
2013P 1 2 3 4 5 6 7 8 9 10 11
-910.3 -3,269.1 -6,722.0 -2,606.4 -11,596.0 -4,910.3 -7,442.6 -7,593.4 -4,607.3 -10,128.3 -6,467.5
-1,417.7 -777.8 -1,870.4 303.3 -1,482.2 -1,375.8 -981.0 -915.2 -1,228.2 54.2 -1,862.2
-4,374.3 1,993.5 -3,389.1 -1,917.5 -1,171.9 -5,285.4 1,847.4 1,438.4 5,987.0 4,504.4 -1,408.8
586.9 686.9 145.1 -313.2 649.2 -940.6 443.3 218.1 1032.6 713.1 14.0
4,643.9 -3,218.3 -131.3 -1,584.7 -8,534.9 -1,465.3 -6,641.3 -6,744.1 -7,429.3 -10,659.6 -229.7
48.5 37.8 65.7 -36.8 -16.8 -6.0 -119.5 66.8 -66.4 -40.5 -134.8
-397.6 -1,991.2 -1,542.0 942.5 -1,039.4 4,162.8 -1,991.5 -1,683.7 -2,903.0 -4,699.9 -2,846.0
67 Statistical Appendices
2011 2012
P: Preliminary Source: The Bank of Korea
2014 EB 1월호내지.indd 67
14. 1. 24. 오후 10:27
Statistical A ppendic es 11 Prices (2010=100) Consumer Prices Period
68
All Items
Commodity
y-o-y change (%)
Producer prices
Services
y-o-y change (%)
Core
y-o-y change (%)
All Items y-o-y change (%)
Commodity
y-o-y change (%)
y-o-y change (%)
E c o n o m i c B u l le t i n
2011
104.0
4.0
105.7
5.7
102.7
2.7
103.2
3.2
106.7
6.7
108.7
8.7
2012
106.3
2.2
108.9
3.0
104.2
1.5
104.9
1.6
107.5
0.7
108.9
0.2
2011 1
102.2
3.4
103.4
5.2
101.2
2.0
101.4
2.1
104.3
6.8
105.7
9.1
2
102.9
3.9
104.4
5.9
101.7
2.3
102.1
2.6
105.1
7.4
106.7
9.8
3
103.3
4.1
104.9
6.1
102.1
2.6
102.4
3.0
106.3
8.2
108.3
10.7
4
103.4
3.8
104.6
5.0
102.4
2.7
102.6
3.0
107.0
8.1
109.1
10.6
5
103.6
3.9
104.7
5.2
102.6
2.7
103.0
3.2
107.3
7.5
109.5
9.7
6
103.8
4.2
105.0
5.8
102.8
2.9
103.4
3.5
107.1
7.2
109.1
9.3
7
104.3
4.5
105.9
6.4
103.1
2.9
103.7
3.6
107.2
7.0
109.3
9.1
8
105.0
4.7
107.1
6.8
103.3
3.0
103.8
3.5
107.4
6.9
109.5
8.9
9
104.9
3.8
107.1
5.0
103.1
2.7
103.7
3.3
107.4
6.3
109.6
8.0
10
104.7
3.6
106.6
4.5
103.2
2.8
103.6
3.2
107.3
5.8
109.4
7.4
11
104.8
4.2
106.8
6.0
103.3
2.7
103.9
3.5
107.0
5.1
108.9
6.5
12
105.2
4.2
107.3
5.7
103.5
2.8
104.3
3.6
107.1
4.3
109.0
5.3
2012 1
105.7
3.4
107.9
4.4
103.9
2.7
104.6
3.2
107.7
3.2
109.5
3.6
2
106.1
3.1
108.5
3.9
104.2
2.5
104.7
2.5
108.4
3.1
110.5
3.6
3
106.0
2.6
109.2
4.1
103.5
1.4
104.3
1.9
108.9
2.4
111.2
2.7
4
106.0
2.5
108.9
4.1
103.7
1.3
104.4
1.8
109.0
1.9
111.1
1.9
5
106.2
2.5
109.2
4.3
103.9
1.3
104.6
1.6
108.4
1.0
110.3
0.7
6
106.1
2.2
108.8
3.6
104.0
1.2
104.9
1.5
107.1
0.0
108.4
-0.7
7
105.9
1.5
107.9
1.9
104.2
1.1
104.9
1.2
106.6
-0.6
107.6
-1.5
8
106.3
1.2
108.8
1.6
104.4
1.1
105.1
1.3
107.2
-0.1
108.6
-0.9
9
107.0
2.0
110.4
3.1
104.4
1.3
105.2
1.4
107.6
0.2
109.2
-0.4
10
106.9
2.1
109.8
3.0
104.6
1.4
105.2
1.5
106.8
-0.5
107.8
-1.4
11
106.5
1.6
108.9
2.0
104.6
1.3
105.3
1.3
106.1
-0.9
106.8
-1.9
12
106.7
1.4
109.0
1.6
104.8
1.3
105.5
1.2
105.8
-1.2
106.4
-2.3
2013 1
107.3
1.5
109.8
1.8
105.2
1.3
105.9
1.2
106.0
-1.6
106.8
-2.5
2
107.6
1.4
110.2
1.6
105.5
1.2
106.1
1.3
106.7
-1.6
107.8
-2.5
3
107.4
1.3
110.3
1.0
105.1
1.5
105.9
1.5
106.3
-2.4
107.1
-3.7
4
107.3
1.2
109.8
0.8
105.3
1.5
105.9
1.4
105.9
-2.8
106.6
-4.1
5
107.3
1.0
109.6
0.4
105.4
1.4
106.3
1.6
105.6
-2.6
106.1
-3.8
6
107.2
1.0
109.3
0.5
105.4
1.3
106.4
1.4
105.5
-1.4
106.0
-2.2
7
107.4
1.4
109.6
1.6
105.6
1.3
106.5
1.5
105.5
-1.0
106.0
-1.6
8
107.7
1.3
110.2
1.3
105.8
1.3
106.5
1.3
105.8
-1.3
106.2
-2.1
9
107.9
0.8
110.7
0.3
105.7
1.2
106.9
1.6
105.7
-1.8
106.1
-2.8
10
107.6
0.7
109.9
0.1
105.8
1.1
106.9
1.6
105.3
-1.4
105.5
-2.2
11
107.5
0.9
109.8
0.8
105.8
1.1
107.2
1.8
105.1
-0.9
105.2
-1.5
Source: The Bank of Korea
2014 EB 1월호내지.indd 68
14. 1. 24. 오후 10:27
12 Employment
Period
Economically active persons (thousand)
Employed persons (thousand) All industry
y-o-y change (%)
Manufacturing
y-o-y change (%)
SOC & services
y-o-y change (%)
y-o-y change (%)
Unemployment (%)
2011
25,099
1.4
24,244
1.7
4,091
1.6
18,595
2.1
3.4
2012
25,501
1.6
24,681
1.8
4,105
0.3
19,033
2.4
3.2
2011 1
24,114
0.1
23,196
1.4
4,148
5.7
18,007
1.2
3.8
2
24,431
1.6
23,336
2.1
4,149
6.7
18,019
1.4
4.5
3
24,918
2.2
23,846
2.0
4,122
5.1
18,244
1.1
4.3
4
25,240
1.5
24,303
1.6
4,108
2.9
18,536
1.4
3.7
5
25,480
1.5
24,661
1.5
4,137
2.5
18,731
1.3
3.2
6
25,592
1.7
24,752
1.9
4,135
2.9
18,812
2.1
3.3
7
25,473
1.0
24,636
1.4
4,079
1.0
18,844
1.9
3.3
8
25,257
1.7
24,495
2.0
4,031
-0.7
18,739
3.1
3.0
9
25,076
0.7
24,318
1.1
4,014
-1.2
18,595
2.1
3.0
25,409
1.6
24,673
2.1
4,044
-1.3
18,856
3.2
2.9
25,318
1.9
24,589
2.0
4,054
-2.1
18,921
3.2
2.9
12
24,880
1.4
24,125
1.9
4,071
-2.1
18,833
3.1
3.0
2012 1
24,585
2.0
23,732
2.3
4,034
-2.8
18,631
3.5
3.5
2
24,825
1.6
23,783
1.9
4,060
-2.1
18,599
3.2
4.2
3
25,210
1.2
24,265
1.8
4,018
-2.5
18,870
3.4
3.7
4
25,653
1.6
24,758
1.9
4,027
-2.0
19,103
3.1
3.5
5
25,939
1.8
25,133
1.9
4,071
-1.6
19,292
3.0
3.1
6
25,939
1.4
25,117
1.5
4,084
-1.2
19,248
2.3
3.2
7
25,901
1.7
25,106
1.9
4,114
0.8
19,265
2.2
3.1
8
25,623
1.4
24,859
1.5
4,111
2.0
19,040
1.6
3.0
9
25,755
2.7
25,003
2.8
4,153
3.5
19,125
2.8
2.9
10
25,787
1.5
25,069
1.6
4,188
3.6
19,128
1.4
2.8
11
25,652
1.3
24,941
1.4
4,218
4.0
19,088
0.9
2.8
12
25,139
1.0
24,402
1.1
4,183
2.8
19,010
0.9
2.9
2013 1
24,901
1.3
24,054
1.4
4,189
3.9
18,810
1.0
3.4
2
24,973
0.6
23,984
0.8
4,139
1.9
18,736
0.7
4.0
3
25,397
0.7
24,514
1.0
4,141
3.1
18,989
0.6
3.5
4
25,928
1.1
25,103
1.4
4,192
4.1
19,303
1.0
3.2
5
26,195
1.0
25,398
1.1
4,175
2.6
19,492
1.0
3.0
6
26,291
1.4
25,478
1.4
4,180
2.3
19,531
1.5
3.1
7
26,301
1.5
25,473
1.5
4,167
1.3
19,577
1.6
3.1
8
26,074
1.7
25,291
1.7
4,116
0.1
19,438
2.1
3.0
9
26,186
1.7
25,466
1.9
4,174
0.5
19,540
2.2
2.7
10
26,268
1.9
25,545
1.9
4,218
0.7
19,558
2.2
2.8
11
26,230
2.3
25,530
2.4
4,253
0.8
19,670
3.0
2.7
12
25,736
2.4
24,962
2.3
4,264
2.0
19,514
2.7
3.0
Statistical Appendices
10 11
69
Source: Statistics Korea
2014 EB 1월호내지.indd 69
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Statistical A ppendic es 13 Financial indicators (period average) Period
70
Yields(%)
Stock
E c o n o m i c B u l le t i n
Call rate (1 day)
CD (91 days)
Corporate bonds (3 years, AA-)
Treasury bonds (3 years)
Treasury bonds (5 years)
KOSPI(end-period)
2009 1 2 3 4 5 6 7 8 9 10 11 12
2.4 2.1 1.8 1.8 1.9 1.9 1.9 2.0 2.0 2.0 2.0 2.0
3.2 2.7 2.5 2.4 2.4 2.4 2.4 2.5 2.6 2.8 2.8 2.8
7.3 7.1 6.1 5.7 5.2 5.2 5.5 5.7 5.6 5.6 5.4 5.4
3.4 3.8 3.7 3.8 3.8 4.1 4.1 4.4 4.4 4.5 4.3 4.2
4.0 4.6 4.5 4.4 4.5 4.7 4.6 4.9 4.9 4.9 4.8 4.8
1,162.11 1,063.03 1,206.26 1,369.40 1,395.89 1,390.07 1,577.29 1,591.85 1,673.14 1,580.69 1,555.60 1,682.77
2010 1 2 3 4 5 6 7 8 9 10 11 12
2.0 2.0 2.0 2.0 2.0 2.0 2.2 2.3 2.3 2.3 2.4 2.5
2.9 2.9 2.8 2.5 2.5 2.5 2.6 2.6 2.7 2.7 2.7 2.8
5.4 5.3 5.0 4.7 4.5 4.7 4.8 4.7 4.4 4.1 4.2 4.2
4.3 4.2 3.9 3.8 3.7 3.8 3.9 3.7 3.5 3.2 3.4 3.3
4.8 4.8 4.5 4.4 4.4 4.4 4.5 4.3 3.9 3.7 4.0 4.0
1,602.43 1,594.58 1,692.85 1,741.56 1,641.25 1,698.29 1,759.33 1,742.75 1,872.81 1,882.95 1,904.63 2,051.00
2011 1 2 3 4 5 6 7 8 9 10 11 12
2.7 2.8 2.9 3.0 3.0 3.2 3.3 3.3 3.3 3.2 3.3 3.3
2.9 3.1 3.4 3.4 3.5 3.5 3.6 3.6 3.6 3.6 3.6 3.6
4.5 4.7 4.5 4.5 4.4 4.4 4.5 4.2 4.2 4.3 4.2 4.2
3.7 3.9 3.7 3.7 3.7 3.7 3.8 3.6 3.5 3.5 3.4 3.4
4.3 4.4 4.1 4.1 4.0 3.9 4.0 3.7 3.6 3.6 3.5 3.5
2,069.73 1,939.30 2,106.70 2,192.36 2,142.47 2,100.69 2,133.21 1,880.11 1,769.65 1,909.03 1,847.51 1,825.74
2012 1 2 3 4 5 6 7 8 9 10 11 12
3.3 3.3 3.3 3.3 3.3 3.3 3.1 3.0 3.0 2.8 2.8 2.8
3.6 3.5 3.5 3.5 3.5 3.5 3.3 3.2 3.1 2.9 2.9 2.9
4.2 4.3 4.4 4.3 4.0 3.9 3.6 3.4 3.3 3.3 3.3 3.3
3.4 3.4 3.6 3.5 3.4 3.3 3.0 2.8 2.8 2.8 2.8 2.9
3.5 3.6 3.7 3.6 3.5 3.4 3.1 2.9 2.9 2.9 2.9 3.0
1,955.79 2,030.25 2,014.04 1,981.99 1,843.47 1,854.01 1,881.99 1,905.12 1,996.21 1,912.06 1,932.90 1,997.05
2013 1 2 3 4 5 6 7 8 9 10 11 12
2.8 2.8 2.7 2.8 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5
2.9 2.8 2.8 2.8 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7
3.2 3.1 3.0 2.9 3.0 3.2 3.4 3.3 3.3 3.3 3.4 3.4
2.8 2.7 2.6 2.6 2.6 2.9 2.9 2.9 2.9 2.8 2.9 2.9
2.9 2.8 2.7 2.6 2.7 3.1 3.2 3.2 3.2 3.1 3.2 3.3
1,961.94 2,026.49 2,004.89 1,963.95 2,001.05 1,863.32 1,914.03 1,926.36 1,996.96 2,030.09 2,044.87 2,011.34
Source: The Bank of Korea
2014 EB 1월호내지.indd 70
14. 1. 24. 오후 10:27
14 Monetary indicators (billion won) Reserve money Period
M1
y-o-y change (%)
M2 y-o-y change (%)
Lf y-o-y change (%)
y-o-y change (%)
2011
75,232.0
11.3
425,675.1
6.6
1,708,984.5
4.2
2,208,170.4
5.3
2012
82,131.1
9.2
441,963.6
3.8
1,798,625.7
5.2
2,379,518.7
7.8
2011 1
73,540.8
13.0
429,368.1
12.6
1,676,448.8
6.5
2,152,814.0
6.6
2
75,432.1
13.3
432,482.8
11.5
1,674,390.5
5.0
2,148,254.1
5.2
3
73,012.7
11.2
430,936.6
11.6
1,677,475.9
4.3
2,152,736.5
4.7
4
73,206.1
13.9
425,420.5
9.6
1,684,792.3
3.9
2,163,485.7
4.5
5
73,828.5
8.8
423,994.7
7.4
1,690,543.0
3.7
2,175,557.3
4.4
6
74,705.5
12.8
421,885.3
5.4
1,697,204.2
3.0
2,189,729.2
4.0
7
74,069.7
10.6
418,973.1
3.8
1,705,451.5
3.2
2,208,624.3
4.6
8
75,642.3
12.4
422,649.3
5.4
1,719,437.8
4.0
2,230,191.9
5.5
9
77,942.2
10.9
425,196.4
5.1
1,729,531.1
4.2
2,243,675.6
5.7
76,944.6
10.1
421,480.1
4.1
1,742,645.4
4.4
2,263,627.7
6.1
76,617.3
10.3
423,111.9
2.0
1,753,296.4
4.4
2,279,234.1
6.2
12
77,842.5
8.9
432,602.2
1.6
1,756,597.4
4.4
2,288,816.9
6.2
2012 1
81,635.4
11.0
439,352.9
2.3
1,757,058.7
4.8
2,292,213.5
6.5
2
81,655.3
8.3
437,193.9
1.1
1,762,988.4
5.3
2,302,065.8
7.2
3
79,068.0
8.3
440,075.4
2.1
1,773,172.9
5.7
2,341,626.9
8.8
4
80,641.8
10.2
437,445.3
2.8
1,777,114.7
5.5
2,349,723.2
8.6
5
80,547.7
9.1
438,795.3
3.5
1,784,220.5
5.5
2,357,701.0
8.4
6
81,804.0
9.5
441,611.0
4.7
1,796,981.5
5.9
2,377,071.3
8.5
7
81,555.7
10.1
441,760.6
5.4
1,807,289.2
6.0
2,393,737.7
8.4
8
82,369.1
8.9
439,573.2
4.0
1,817,134.9
5.7
2,405,239.9
7.8
9
82,958.7
6.4
440,034.3
3.5
1,819,290.1
5.2
2,415,263.5
7.6
10
85,078.6
10.6
444,477.8
5.5
1,822,420.9
4.6
2,424,000.4
7.1
11
82,956.5
8.3
445,463.9
5.3
1,830,280.3
4.4
2,440,062.8
7.1
12
85,302.7
9.6
457,778.9
5.8
1,835,556.7
4.5
2,455,962.9
7.3
2013 1
85,839.3
5.1
464,914.5
5.8
1,841,128.1
4.8
2,469,789.3
7.7
2
88,855.7
8.8
472,239.6
8.0
1,857,135.0
5.3
2,488,539.0
8.1
3
89,523.5
13.2
472,430.1
7.4
1,862,405.5
5.0
2,499,718.1
6.8
4
87,729.0
8.8
475,330.0
8.7
1,867,726.3
5.1
2,512,459.7
6.9
5
89,654.8
11.3
475,526.7
8.4
1,870,289.7
4.8
2,518,239.1
6.8
6
91,207.6
11.5
486,587.5
10.2
1,884,193.2
4.9
2,533,750.8
6.6
7
90,643.7
11.1
488,982.7
10.7
1,890,728.6
4.6
2,549,443.5
6.5
8
93,729.6
13.8
481,416.9
9.5
1,888,658.4
3.9
2,557,336.3
6.3
9
95,130.6
14.7
490,518.7
11.5
1,903,187.1
4.6
2,577,546.7
6.7
10
93,640.4
10.1
491,947.9
10.7
1,908,557.6
4.7
2,587,071.4
6.7
11
93,609.9
12.8
499,242.7
12.1
1,923,339.2
5.1
2,605,873.9
6.8
Statistical Appendices
10 11
71
Source: The Bank of Korea
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14. 1. 24. 오후 10:27
Statistical A ppendic es 15 Exchange rates (end-period) \/US$ Period
72
Won
\/100￥ y-o-y change (%)
Won
\/Euro
y-o-y change (%)
Won
y-o-y change (%)
2011
1,153.3
1.3
1,485.2
6.3
1,494.1
-1.3
2012
1,071.1
-7.1
1,247.5
-16.0
1,416.3
-5.2
2013
1,055.3
-1.5
1,004.7
-19.5
1,456.3
2.8
2011 1
1,114.3
-3.6
1,356.6
5.4
1,514.0
-6.2
2
1,127.9
-2.6
1,380.7
6.3
1,549.5
-1.3
3
1,107.2
-2.1
1,331.9
9.4
1,563.5
3.0
4
1,072.3
-3.9
1,313.8
10.7
1,591.2
7.6 5.1
5
1,080.6
-10.0
1,335.6
1.3
1,549.7
6
1,078.1
-10.9
1,335.7
-2.1
1,560.5
5.8
7
1,052.6
-11.3
1,353.2
-1.2
1,507.9
-2.9 2.7
E c o n o m i c B u l le t i n
8
1,071.7
-9.9
1,396.8
-0.7
1,547.3
9
1,179.5
3.3
1,536.6
12.7
1,601.4
2.9
10
1,104.5
-2.0
1,458.0
4.8
1,562.7
-0.4
11
1,150.3
-0.6
1,475.7
7.4
1,532.9
1.0
12
1,153.3
1.3
1,485.2
6.3
1,494.1
-1.3
2012 1
1,125.0
1.0
1,473.1
8.6
1,478.2
-2.4
2
1,126.5
-0.1
1,399.2
1.3
1,516.3
-2.1 -3.2
3
1,137.8
2.8
1,380.7
3.7
1,513.4
4
1,134.2
5.8
1,412.0
7.5
1,501.7
-5.6
5
1,177.8
9.0
1,489.1
11.5
1,456.6
-6.0
6
1,153.8
7.0
1,453.8
8.8
1,435.0
-8.0
7
1,136.2
7.9
1,453.6
7.4
1,393.1
-7.6
8
1,134.6
5.9
1,444.0
3.4
1,419.6
-8.3
9
1,118.6
-5.2
1,441.1
-6.2
1,444.3
-9.8
10
1,094.1
-0.9
1,374.5
-5.7
1,418.3
-9.2
11
1,084.7
-5.7
1,320.6
-10.5
1,407.3
-8.2
12
1,071.1
-7.1
1,247.5
-16.0
1,416.3
-5.2
2013 1
1,082.7
-3.8
1,188.5
-19.3
1,469.3
-0.6
2
1,085.4
-3.6
1,176.2
-15.9
1,425.8
-6.0
3
1,112.1
-2.3
1,180.1
-14.5
1,425.2
-5.8
4
1,108.1
-2.3
1,132.0
-19.8
1,451.3
-3.4
5
1,128.3
-4.2
1,116.6
-25.0
1,471.4
1.0
6
1,149.7
-0.4
1,167.2
-19.7
1,498.2
4.4
7
1,113.6
-2.0
1,135.4
-21.9
1,476.7
6.0
8
1,110.9
-2.1
1,129.2
-21.8
1,470.6
3.6
9
1,075.6
-3.8
1,098.7
-23.8
1,451.3
0.5
10
1,061.4
-3.0
1,077.5
-21.6
1,456.6
2.7
11
1,062.1
-2.1
1,038.2
-21.4
1,444.8
2.7
12
1,055.3
-1.5
1,004.7
-19.5
1,456.3
2.8
Source: The Bank of Korea
2014 EB 1월호내지.indd 72
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Useful economy-related websites Ministry of Strategy and Finance http://english.mosf.go.kr Ministry of Trade, Industry and Energy http://www.motie.go.kr/language/eng Financial Services Commission http://www.fsc.go.kr/eng Financial Supervisory Service http://english.fss.or.kr Fair Trade Commission http://eng.ftc.go.kr Ministry of Employment and Labor http://www.moel.go.kr/english The Bank of Korea http://www.bok.or.kr/eng Statistics Korea http://kostat.go.kr/portal/english
Kite Flying in Korea Kite flying in Korea is a traditional game for wishing good luck in the New Year. The most common type of kite is the
bangpae yeon , which has a rectangular shape and a hole in the middle.
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ECONOMIC BULLETIN (Republic of Korea) Vol. 36 No.1 January 2014
e b
ISSN 2287-7266
Republic of Korea
Vol.36 No.1 January 2014
conomic u l l e t i n The Green Book: Current Economic Trends Policy Issues 2014 Economic Policies
Economic News Briefing National Assembly Passes 2014 Budget Bill Another Record Year for Korea’s Trade Consumer Prices Up 1.3% in 2013 Three-year Plan for Economic Innovation
Statistical Appendices ECONOMIC BULLETIN (Republic of Korea)
/ January 2014
For free subscriptions and enquiries, please contact: Foreign Press Spokesperson’s Office Ministry of Strategy and Finance Government Complex, 477 Galmae-ro Sejong, 339-012 Republic of Korea Tel. +82 2 731 1530 Fax. +82 2 731 1540 E-mail. fppr@mosf.go.kr Website. http://english.mosf.go.kr Economic Information and Education Center Korea Development Institute 15 Giljae-gil (Bangok-dong) Sejong, 339-007 Republic of Korea Fax. +82 44 550 4941 E-mail. jiyounlee@kdi.re.kr
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Tel. +82 44 550 4645
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