Economicbulletin01 en 0131

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

2014 EB 1월호 표지.indd 1

14. 1. 24. 오후 9:47

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.

2014 EB 1월호 표지.indd 2

14. 1. 24. 오후 9:47

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

2014 EB 1월호내지.indd 1

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

2014 EB 1월호내지.indd 2

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 3

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

2014 EB 1월호내지.indd 4

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)

2014 EB 1월호내지.indd 5

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)

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 6

14. 1. 24. 오후 10:27

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)

2014 EB 1월호내지.indd 7

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

14. 1. 24. 오후 10:27

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)

2014 EB 1월호내지.indd 8

Industrial production (q-o-q, right)

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 11

14. 1. 24. 오후 10:27

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

14. 1. 24. 오후 10:27

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

14. 1. 24. 오후 10:27

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

14. 1. 24. 오후 10:27

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

14. 1. 24. 오후 10:27

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

14. 1. 24. 오후 10:27

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

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 47

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 48

Monitor policy implementation and strengthen cooperation

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 49

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 50

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

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 51

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.

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 52

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

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 53

14. 1. 24. 오후 10:27

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.

2014 EB 1월호내지.indd 54

14. 1. 24. 오후 10:27

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.

2014 EB 1월호내지.indd 55

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.

14. 1. 24. 오후 10:27

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.

2014 EB 1월호내지.indd 56

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.

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 57

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 58

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 59

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 60

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 61

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 62

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 63

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 64

14. 1. 24. 오후 10:27

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

14. 1. 24. 오후 10:27

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

2014 EB 1월호내지.indd 71

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

14. 1. 24. 오후 10:27

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.

2014 EB 1월호 표지.indd 2

14. 1. 24. 오후 9:47

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

2014 EB 1월호 표지.indd 1

14. 1. 24. 오후 9:47