Economicbulletin02 en 0228 by KOCIS

ISSN 2287-7266

ECONOMIC BULLETIN (Republic of Korea)

Republic of Korea

Vol.36 No.2 February 2014

conomic u l l e t i n

Vol. 36 No.2 February 2014

ECONOMIC BULLETIN (Republic of Korea)

/ February 2014

For free subscriptions and enquiries, please contact: Foreign Press Spokesperson’s Office Ministry of Strategy and Finance

The Green Book: Current Economic Trends

Government Complex, 477 Galmae-ro Sejong, 339-012 Republic of Korea

Policy Issues

Tel. +82 2 731 1530 Fax. +82 2 731 1540

Employment Support for Women

E-mail. fppr@mosf.go.kr

Economic News Briefing

Website. http://english.mosf.go.kr

Korea Grows 0.9% in Q4 Government Posts Deficit of 755.4 Billion Won in 2013 Startups Increase Most Since 2000 Stock Option Tax Burdens on Venture Startups to be Eased

Economic Information and Education Center Korea Development Institute 15 Giljae-gil (Bangok-dong) Sejong, 339-007

Statistical Appendices

Republic of Korea Fax. +82 44 550 4941 E-mail. jiyounlee@kdi.re.kr

MOSF / KDI

Tel. +82 44 550 4645

Website. http://eiec.kdi.re.kr

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Useful economy-related websites Ministry of Strategy and Finance http://english.mosf.go.kr Ministry of Trade, Industry and Energy http://www.motie.go.kr/language/eng Financial Services Commission http://www.fsc.go.kr/eng Financial Supervisory Service http://english.fss.or.kr Fair Trade Commission http://eng.ftc.go.kr Ministry of Employment and Labor http://www.moel.go.kr/english The Bank of Korea http://www.bok.or.kr/eng Statistics Korea http://kostat.go.kr/portal/english

Gyeongbokgung Gyeongbokgung was the first royal palace built by the Joseon Dynasty, three years after the Joseon Dynasty was founded. Built in 1395, Gyeongbokgung was located at the heart of the newly appointed capital of Seoul (then known as Hanyang) and represented the sovereignty of the Joseon Dynasty. The largest of the Five Grand Palaces (the others being Gyeonghuigung, Deoksugung, Changgyeonggung, Changdeokgung), Gyeongbokgung served as the main palace of the Joseon Dynasty.

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contents

02 The Green Book : Current Economic Trends 03 04 10 12 15 17 20 22 24 28

32 34

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

Employment Support for Women

49 Economic News Briefing 53 Statistical Appendices

Editor-in-Chief Editorial Board Coordinators Editors

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Cho Byung-Koo (KDI), Kim Yong-Jin (MOSF) Lauren Kang (MOSF), Lee Seong-Pyo (KDI), Lee Jae-Yeal (KDI) Kim Dae-Hyun (MOSF), Lee Ji-Youn (KDI) David Friedman (MOSF), Joung Hye-Sun (MOSF)

14. 2. 24. 오후 7:48

Th Gr e ee nB oo k Cu rre nt

E c o n o m i c B u l le t i n

Ec on om ic T ren ds

Overview

1. External economic situation 2. Private consumption 3. Facility investment 4. Construction investment 5. Exports and imports

6. Mining and manufacturing production 7. Service sector activity 8. Employment 9. Financial markets 10. Balance of payments 11. Prices and international commodity prices 12. Real estate market 13. Composite indices of business cycle indicators

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Current Economic Trends

OVERVIEW Employment and inflation remain stable in the economy, with mining and manufacturing production surging in December 2013 as output rose in most sectors in the manufacturing industry. In the fourth quarter of 2013, improvements in mining and manufacturing production, service output and facility investment were more pronounced than in the third quarter. The economy added 560,000 jobs year-on-year in December, down from 588,000 in the previous month. Consumer price inflation in January 2014 was unchanged from the previous month at 1.1 percent.

coincident composite index went up by 0.1 point in December. Exports declined 0.2 percent in January 2014 due to a decrease in days worked (down 2 days), but average daily exports rose 8.9 percent and the trade balance remained in the black at US$0.74 billion. Stock prices fell sharply in January, as major stock markets plunged due to emerging market instability and the US Fed’s winding down of its quantitative easing program. Meanwhile, the value of the won declined due to outflows of foreign capital.

Mining and manufacturing production in December 2013 grew at the fastest pace since June 2009, with growth expanding in 22 out of 26 sectors. Service output, however, declined 0.7 percent.

Housing prices continued to increase month-onmonth in January (0.16% > 0.24%), while rental prices of Jeonse homes (lump-sum deposits with no monthly payments) also rose at a faster pace (0.42% > 0.59%) as more landlords opt for monthly arrangements, which leads to declining supply of Jeonse homes.

Retail sales fell 1.3 percent in December due to temporary factors. Demand for seasonal goods had already peaked in the previous month due to the cold weather, while car sales slumped in anticipation of the special consumption tax cut on automobiles scheduled for January.

The Korean economy has showed clear signs of recovery. However, a recovery in the private sector including investment has yet to firmly take hold, and external uncertainties concerning the US fiscal situation, quantitative easing tapering and the weak yen remain.

Facility investment increased 5.2 percent month-onmonth in December in line with a rise in machinery imports and the introduction of new aircraft. The value of construction completed was down by 7.4 percent due to a fall in new apartment sales.

The Korean government will closely monitor global and domestic economic situations and continue to focus on preemptively responding to external shocks, while also continuing efforts to boost domestic demand and support the working class.

The cyclical indicator of the leading composite index rose 0.5 points, and the cyclical indicator of the

The government will also focus on reforming the economy and improving service sector regulations.

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3 The Green Book

The Green Book :

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The Green Book :

Current Economic Trends

1. External economic situation

The global economy, led by the US and other advanced economies, continues to recover. However, downside risk factors remain as the US Fed continues to wind down its monetary stimulus, which is leading to worries of a slowdown in emerging economies. On January 29, the US FOMC decided to further reduce its bond-buying program from US$75 billion per month to US$65 billion. Legislation to extend the government’s borrowing authority until March 2015 passed the House on January 11 and the Senate on January 12, and President Obama is expected to sign the bill.

4 E c o n o m i c B u l le t i n

Other potential risk factors remain as Abenomics continues to run its course, China faces the possibility that its new growth strategy will lead to a slowdown, and the eurozone continues to wrestle with unacceptably high levels of unemployment.

World GDP growth 6

(%)

5 4 3 2 1 0 -1 2001

EB 2월호 내지.indd 4

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

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US The US economy continues to recover, led by private consumption, growing 3.2 percent in the fourth quarter of 2013 and maintaining the high level of growth that was seen in the third quarter (4.1%) , despite struggling employment and a wavering manufacturing industry.

Retail sales in December increased by 0.2 percent month-on-month, and the consumption momentum continues to recover as the Conference Board Consumer Confidence Index improved to 80.7, the highest in five months. Conference Board Consumer Confidence Index 58.4 (Jan 2013) > 61.9 (Mar) > 74.3 (May) > 81.0 (Jul) >

Contribution to growth rate (Q3 > Q4, %p) 1.36 > 2.26 (private consumption), 0.58 > 0.46 (corporate

80.2 (Sep) > 72.4 (Oct) > 72.0 (Nov) > 77.5 (Dec) > 80.7

investment), 0.31 > -0.32 (housing investment), 1.67 > 0.42

(Jan 2014)

(inventory investment), 0.14 > 1.33 (net exports), 0.08 > -0.93 (government spending)

Case-Shiller Home Price Index (q-o-q, %) 1.7 (Q3 2012) > 1.9 (Q4) > 3.4 (Q1 2013) > 3.6 (Q2) > 2.5 (Q3)

The Green Book

Industrial production in December 2013 increased by 0.3 percent, a slight downturn compared to last month when production increased by 1.0 percent. The ISM Manufacturing Index, which forecasts business sentiment, fell from 56.5 in December 2013 to 51.3 in January 2014 due to the cold winter weather.

The housing market continues to recover as housing prices increased for the 22nd straight month, despite mixed housing sale indicators. Existing home sales increased 1.0 percent month-on-month, while new home sales decreased 7.0 percent.

1.0 (Sep 2013) > 1.0 (Oct) > 0.9 (Nov) New home sales (m-o-m, %)

ISM Manufacturing Index (base=50) 53.1 (Jan 2013) > 51.3 (Mar) > 49.0 (May) > 55.4 (Jul) > 56.2 (Sep) > 56.4 (Oct) > 57.3 (Nov) > 56.5 (Dec) > 51.3 (Jan 2014)

-0.4 (Mar 2013) > 0.7 (Apr) > -3.8 (May) > 4.9 (Jun) > -17.1 (Jul) > 4.0 (Aug) > 3.9 (Sep) > 14.9 (Oct) > -3.9 (Nov) > -7.0 (Dec)

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 2001.1Q

2002.1Q

2003.1Q

2004.1Q

GDP (q-o-q, annualized rate)

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2005.1Q

2006.1Q

2007.1Q

2008.1Q

2009.1Q

2010.1Q

2011.1Q

2012.1Q

2013.1Q

Industrial production (q-o-q)

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The Green Book :

Current Economic Trends

The labor market continues to gradually recover, albeit at a slower pace than expected, as the economy added 113,000 thousand jobs in January compared to 75,000 in the previous month and unemployment dropped to 6.6 percent. Nonfarm payroll increase (m-o-m, thousand) 148 (Jan 2013) > 142 (Mar) > 176 (May) > 89 (Jul) > 175 (Sep) > 200 (Oct) > 274 (Nov) > 75 (Dec) > 113 (Jan 2014) Nonfarm payroll increase in January by industry (Out of 113,000 jobs added, thousand) 142 (private sector): 7 (mining), 21 (manufacturing), 48 (construction), 66 (service)

-29 (public sector)

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 600 (thousand)

(%) 10

400 200

-200 -400

-600

-800 -1000

2001.1

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 Q4

Annual

2013¹ Q3 Q4

Oct

Nov

Dec

Real GDP²

1.8

2.8

0.1

1.9

1.1

2.5

4.1

3.2

- Personal consumption expenditure

2.5

2.2

1.7

2.0

2.3

1.8

2.0

3.3

- Corporate fixed investment

7.6

7.3

9.8

2.6

-4.6

4.7

4.8

3.8

- Housing construction investment

0.5

12.9

19.8

12.0

12.5

14.2

10.3

-9.8

Industrial production

4.1

3.8

0.6

0.3

1.0

0.3

0.6

1.7

0.3

1.0

0.3

Retail sales

8.0

5.0

1.5

0.3

1.0

0.9

1.1

1.0

0.5

0.4

0.2

Existing home sales

2.4

9.9

3.3

8.9

1.0

2.3

5.9

-7.8

-3.2

-5.9

1.0

Unemployment rate³

9.0

8.1

7.8

7.4

7.7

7.6

7.3

7.0

7.3

7.0

6.7

Consumer prices (y-o-y)

3.2

2.1

1.9

1.5

1.7

1.4

1.6

1.2

1.0

1.2

1.5

1. Preliminary 2. Annualized rate (%) 3. Seasonally adjusted Sources: US Department of Commerce, Bloomberg

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China The Chinese economy grew 7.7 percent in the fourth quarter of 2013, a slight slowdown compared to the 7.8 percent growth seen in the third quarter, and manufacturing was somewhat poor in January 2014. The January manufacturing PMI slightly fell compared to the previous month. Manufacturing PMI (base=50)

51.1 (Sep 2013) > 51.4 (Oct) > 51.4 (Nov) > 51.0 (Dec) > 50.5 (Jan 2014) The Chinese government, at the December Central Economic Work Conference, proposed a number of major economic policies for 2014. They include food security, industrial restructuring to curb overproduction, local government debt management, regional development, social welfare (including employment), and open market policies.

Real GDP

Annual

2013¹ Q3 Q4

Oct

Nov

Dec

7.7

7.5

7.8

7.7

9.3

7.7

7.9

Industrial production

13.9

10.0

9.7

9.5

9.1

10.1

10.0

10.3

10.0

9.7

Fixed asset investment (accumulated)

23.8

20.6

19.6

20.9

20.1

20.2

19.6

20.1

19.9

19.6

Retail sales

17.1

14.3

14.9

13.1

12.4

13.0

13.3

13.5

13.3

13.7

13.6

Exports

20.7

8.3

9.5

8.6

18.9

4.2

4.0

7.5

5.6

12.7

4.3

Consumer prices²

5.4

2.6

2.1

2.6

2.4

2.8

2.9

3.2

3.0

2.5

Producer prices²

6.0

-1.7

-2.3

-1.9

-1.7

-2.7

-1.7

-1.4

-1.5

-1.4

The Green Book

(Percentage change from same period in previous year)

2011 2012¹ Annual Annual Q4

1. Preliminary 2. Quarterly change: average of monthly change Source: China National Bureau of Statistics

China’s GDP growth and fixed asset investment Source: National Bureau of Statistics of China 16

(%)

0 2001.Q1

2002.Q1

GDP (y-o-y, left)

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2003.Q1

2004.Q1

2005.Q1

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

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

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The Green Book :

Current Economic Trends

Japan Japan’s economic growth wavered in the third quarter of 2013, growing just 0.3 percent quarter-on-quarter, a slowdown compared to the 0.9 percent growth in the second quarter. However, the recovery is forecast to accelerate as exports should improve in the fourth quarter. The consumer price index (CPI) continunued to rise in December 2013, increasing by 1.6 percent while the core CPI increased by 1.3 percent.

(Percentage change from previous period)

E c o n o m i c B u l le t i n

2011 2012¹ Annual Annual Q4

2013¹ Annual

Oct

Nov

Dec

Real GDP

-0.5

1.4

0.1

1.1

0.9

0.3

Industrial production

-2.4

-0.3

-1.9

1.5

2.2

1.5

1.7

0.7

1.0

0.1

1.1

Retail sales

-1.2

1.6

-0.2

0.4

0.6

1.1

-0.2

0.0

-0.9

2.0

-1.1

Exports (y-o-y)

-2.7

-2.8

-5.5

9.6

1.2

7.1

12.8

17.4

18.6

18.4

15.3

Consumer prices (y-o-y)

-0.3

-0.0

-0.2

0.4

-0.6

-0.3

0.9

1.4

1.1

1.5

1.6

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 6

(%)

2 5 0 -5 -2 -15

-4

-25

-6 2001.Q1

2002.Q1

GDP (q-o-q, left)

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2003.Q1

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, right)

14. 2. 24. 오후 7:49

Eurozone The eurozone continues to gradually rise out of recession, led by the recovery in Germany, but the recovery momentum remains insecure as anxiety factors, such as continuing high unemployment, remain. Manufacturing PMI (base=50) 47.9 (Jan 2013) > 46.8 (Mar) > 48.3 (May) > 50.3 (Jul) > 51.1 (Sep) > 51.3 (Oct) > 51.6 (Nov) > 52.7 (Dec) > 54.0 (Jan 2014) Unemployment rate (%) 12.0 (Jan 2013) > 12.1 (Feb) > 12.1 (Mar) > 12.1 (Apr) > 12.1 (May) > 12.1 (Jul) > 12.1 (Aug) > 12.2 (Sep) > 12.0 (Oct) > 12.0 (Nov) > 12.0 (Dec)

9 (Percentage change from previous period)

Real GDP Industrial production

1.4

-0.5

2013¹ Annual

Oct

Nov

Dec

-0.2

0.3

0.1

3.5

-2.4

0.4

0.9

-0.2

-0.9

1.9

Retail sales

-0.5

-1.7

-1.5

-0.9

0.2

0.4

-0.3

0.9

-0.4

-1.6

Exports (y-o-y)

12.7

7.4

5.5

-5.1

-3.2

-2.0

-1.0

-2.2

2.7

2.1

2.3

1.3

1.9

1.4

1.3

0.8

0.7

0.9

0.8

Consumer prices (y-o-y)

The Green Book

2011 2012 Annual Annual Q4

1. Preliminary Sources: Eurostat, Bloomberg

Eurozone’s GDP growth and industrial production Source: Eurostat 10

3 2

(%)

8 6 4

2 0

-2 -1

-4 -6

-2

-8

-3 2001.Q1

-10 2002.Q1

GDP (q-o-q, left)

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2003.Q1

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, right)

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The Green Book :

Current Economic Trends

2. Private consumption

Private consumption in the fourth quarter of 2013 (advanced estimates GDP) increased 0.9 percent compared to the previous quarter and 2.2 percent compared to a year ago.

(Percentage change from previous period)

2011

2012¹

2013¹

Annual

Private consumption²

2.4

0.1

-0.2

1.7

0.8

0.4

0.7

0.8

1.9

-0.4

0.7

1.0

0.9

(y-o-y)

2.1

1.2

1.3

1.0

1.7

2.7

1.5

1.8

2.1

2.2

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

Private consumption (q-o-q)

2004.Q1

2005.Q1

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

Private consumption (y-o-y)

Retail sales in December 2013 decreased 1.3 percent compared to the previous month as durable goods (down 0.5%, m-o-m), semidurable goods (down 3.4%, m-o-m) and nondurable goods (down 0.7%, m-o-m) sales all fell. Compared to a year ago, retail sales increased 0.2 perent.

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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

(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)

Retail sales (y-o-y) - Durable goods² · Automobiles - Semi-durable goods³ - Nondurable goods4

2011 2012 Annual Annual Q3 4.5 2.3 1.2 2.6 10.6 5.3 2.8 7.0 2.4 -1.6 3.7 -1.1 -1.1 2.1 2.3 1.5

Q4 0.4 2.5 2.3 9.0 1.7 -1.1

Annual 0.7 0.1 2.1 1.3 0.9

Q1 -1.2 0.2 -4.4 -9.0 1.0 -0.5

Q2 0.4 1.1 0.8 2.1 -0.7 0.7

Q3 1.3 0.7 0.8 6.1 0.7 1.7

2013¹ Q4¹ Oct 0.4 1.4 1.0 1.7 -0.1 3.8 -4.4 5.4 -0.7 -3.4 1.1 2.2

Nov¹ 0.9 1.3 -1.8 -3.5 7.2 -0.3

Dec¹ -1.3 0.2 -0.5 -3.3 -3.4 -0.7

1. Preliminary 2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc. 3. Semi-durable goods: Clothing, footwear, etc. 4. Nondurable goods: Food, medicine, cosmetics, fuel, tobacco, etc. Source: Statistics Korea

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The Green Book :

Current Economic Trends

Department store sales increased year-on-year led by strong clothing sales as the weather grew colder in the middle of January, and also led by department store sales which coincided with the Lunar New Year holiday.

Retail sales in January 2014 are likely to improve compared to December 2013 as automobile sales, clothing and grocery sales all increased. Domestic sales of cars increased in January as the special consumption tax cut (7% > 6%) for sedans with engines larger than 2,000cc took effect.

Large discount store sales markedly increased yearon-year as grocery and nongrocery sales all increased.

(y-o-y, %)

E c o n o m i c B u l le t i n

Jun

Jul

Aug

2013 Sep

Oct

Nov

Dec

2014 Jan

Credit card use

4.1

7.2

7.6

1.0

5.1

4.2

3.6

9.1

Department store sales

4.1

-2.1

7.0

2.8

-1.7

5.9

0.3

7.2

Large discount store sales

4.2

-4.9

-2.4

-5.2

-6.4

0.8

-6.0

18.4

2.9

-3.4

12.3

1.3

-2.0

0.4

2.6

-1.8

-8.5

5.2

23.9

-14.5

-3.0

-8.5

-11.8

4.1

Domestic sales of gasoline Domestic sales of cars

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 January data)

3. Facility investment

Facility investment (advanced estimates of GDP) rose 6.4 percent quarter-on-quarter and 9.9 percent year-on-year in the fourth quarter of 2013.

(Percentage change from previous period)

2011 2012¹ Annual Annual Q3 Facility investment² (y-o-y)

Annual

2013¹ Q2

2.6

-0.2

1.0

6.4

-11.9

-4.6

1.5

9.9

3.6

-1.9

-5.2

-1.8

-1.5

-6.9

-5.2

- Machinery

4.2

-1.1

-6.0

-3.2

1.1

0.6

3.7

- Transportation equipment

1.4

-5.0

-1.7

3.7

7.8

-2.9

-8.3

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

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14. 2. 24. 오후 7:49

Facility investment Source: The Bank of Korea (national accounts) 40

(%)

30 20 10 0 -10

-20 -30 2001.Q1

2002.Q1

2003.Q1

2004.Q1

2005.Q1

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2013.Q1

Facility investment (y-o-y)

Facility investment by type Source: The Bank of Korea (national accounts) 50 40

(y-o-y, %)

The Green Book

Facility investment (q-o-q)

2012.Q1

30 20 10 0 -10 -20 -30 -40 2001.Q1

2002.Q1

2003.Q1

2004.Q1

2005.Q1

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

Transportation equipment

2013.Q1

Machinery

(Percentage change from previous period)

2011 2012 Annual Annual Q3

Annual

2013¹ Q3 Q4¹

Oct¹

Nov¹

Facility investment index

4.0

-2.0

-6.8

0.8

-5.0

-4.5

-1.0

0.5

16.6

19.4

-5.5

Dec¹ 5.2

(y-o-y)

-8.2

-6.9

-15.4

-10.0

-4.7

11.9

14.4

6.2

10.4

- Machinery

2.7

-2.2

-6.9

-3.8

-9.2

-5.7

1.8

0.0

11.9

9.4

-2.4

1.6

- Transportation equipment

9.8

-1.1

-6.7

22.0

12.4

0.3

-10.7

2.4

34.4

62.7

-15.8

19.2

1. Preliminary Source: Statistics Korea

EB 2월호 내지.indd 13

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

The facility investment index in December 2013 rose 5.2 percent month-on-month as both transportation equipment investment and machinery investment increased. The index rose 10.4 percent year-on-year. Although the average manufacturing operation ratio, facility investment pressure and leading facility investment indicators such as corporate confidence all improved in January, whether or not facility investment increased remains to be seen due to a high base effect. Business survey index for manufacturing sector (Bank of Korea) 81 (May 2013) > 82 (Jun) > 78 (Jul) > 73 (Aug) > 77 (Sep) > 82 (Oct) > 83 (Nov) > 78 (Dec) > 79 (Jan 2014) > 81 (Feb)

14 (Percentage change from same period in previous year)

E c o n o m i c B u l le t i n

2011 2012 Annual Annual Q3

Q4 Annual Q1

2013¹ Q3 Q4¹

Oct¹ Nov¹ Dec¹

Domestic machinery orders

7.6 -13.4 -10.4 -21.5

7.9 -10.9

8.7

(q-o-q, m-o-m)

1.7 -3.8 30.0 66.4 -15.5 -12.7

-Public

-2.6 -11.0

-2.0

3.9

5.0

4.9 33.7 71.5 24.9

9.3

86.7 -54.6 20.6 -47.0 94.2 -9.7 130.4 815.4 28.2 -50.1

-Private

8.8 -13.6 -16.0 -15.1 20.6

Machinery imports

7.1

-3.0 -12.2 -8.2

-5.6

4.0

6.8 23.8 27.5 24.6 19.3

6.5 -11.8 -2.1

6.7 13.2 26.1

9.2

4.9

Average manufacturing operation ratio

80.2

78.1

76.2 77.8 75.9

77.1 75.4 74.6 76.4 75.8 75.8 77.7

Facility investment adjustment pressure²

1.1

-1.4

-3.0 -1.5 -1.6

-2.9 -2.0 -1.6

0.0

1.9 -2.5

0.9

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) 10 9

(trillion won)

(y-o-y, %)

8 7 6 5 4 3 2 2001.Q1 2002.Q1 2003.Q1 2004.Q1 2005.Q1 2006.Q1 2007.Q1 2008.Q1 2009.Q1 2010.Q1

Machinery orders (left)

EB 2월호 내지.indd 14

70 60 50 40 30 20 10 0 -10 -20 -30 -40 -50

2011.Q1 2012.Q1 2013.Q1

Machinery imports (right)

14. 2. 24. 오후 7:49

4. Construction investment

Construction investment (advanced estimates of GDP) in the fourth quarter of 2013 fell 3.8 percent quarter-on-quarter, but rose 8.1 percent year-on-year. The value of construction completed (constant) in December 2013 fell 7.4 percent month-on-month due to poor building construction and civil engineering works. The index increased 2.1 percent year-on-year.

Construction investment

Source: The Bank of Korea (national accounts) 20

(%)

The Green Book

15 10 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 (y-o-y, %)

40 30 20 10 0 -10 -20 -30

2001.Q1

2002.Q1

2003.Q1

Building construction

EB 2월호 내지.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. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

(Percentage change from previous quarter)

2011¹ 2012¹ Annual Annual Q3 Construction investment² (y-o-y)

-4.7 -

-2.2 -

0.7 -0.3

- Building construction

-2.7

-1.7

0.1

- Civil engineering works

-7.3

-2.9

1.5

Annual

-1.2

2013¹ Q2

3.2

-3.8

7.2

8.6

3.7

3.9

8.1 -

2.3

4.1

-4.2

6.9 -

3.4

2.4

-0.3

4.6

-2.4

3.5

3.1

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

(Percentage change from previous quarter)

2011 2012 Annual Annual Q3

Annual

2013¹ Q3 Q4¹

Oct¹

Nov¹

Dec¹

-6.4

-5.8

1.0

1.4

10.5

4.4

7.7

-1.5

-0.9

3.6

0.2

-7.4

-2.3

-5.6

5.2

15.6

11.1

9.7

19.1

12.4

2.1

- Building construction

-6.9

-7.6

1.0

1.8

15.5

7.6

8.6

-1.9

3.7

4.4

6.6

-7.3

- Civil engineering works

-5.6

-3.5

0.9

1.0

4.4

0.6

6.5

-1.0

-6.8

2.5

-9.0

-7.6

Construction completed (constant)

E c o n o m i c B u l le t i n

(y-o-y)

1. Preliminary Source: Statistics Korea

Whether or not construction investment increased in January remains to be seen as there have been mixed signs, such as improving domestic demand for cement, increased SOC expenditures and sluggish construction investment.

Unsold houses (thousand, Ministry of Land, Infrastructure and Transport) 71 (Mar 2013) > 70 (Apr) > 67 (May) > 65 (Jun) > 68 (Jul) > 68 (Aug) > 66 (Sep) > 64 (Oct) > 64 (Nov) > 61 (Dec)

Leading indicators of construction investment Sources: Statistics Korea (construction orders), Ministry of Land, Infrastructure and Transport (building permit area) 340

(y-o-y, %)

290 240 190 140 90 40 -10 -60 -110 2001.1

2002.1

Construction orders

EB 2월호 내지.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. 2. 24. 오후 7:49

(Percentage change from same period in previous year)

2011 2012 Annual Annual Q3 Construction orders (current value) (q-o-q, m-o-m)

6.1 -

Annual

2013¹ Q3 Q4¹

Oct¹

Nov¹ Dec¹

48.9

-13.9 -41.2 -28.8 -5.9 1.0

-9.0

25.7

21.9

6.3

-10.4 -33.6 -28.3

-7.9

-20.6 -51.3 -29.7 -11.5

14.0

-8.7

- Civil engineering works

-6.0

-9.3 -26.3 -43.7

9.9

-8.9 -13.6 -33.1 -6.1 -20.4

- Building construction Building permit area

-0.5

-7.1 -27.4 -7.3

-2.3

-7.3 -12.4 -14.6

-3.4

-5.3

27.8

15.9 -23.1

2.9

24.2

41.5

4.2

8.3

29.4

70.2

8.3

23.9

-0.2

5.9

25.6 -18.5

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

Export growth by item (y-o-y, %) 15.1 (mobile phones), 15.1 (semiconductors), 9.6 (steel), -1.9 (vessels), -1.1 (automotives), -5.6 (petroleum products) Export growth by region (y-o-y, %)

Exports in January 2014 fell 0.2 percent (preliminary) year-on-year to US$45.58 billion.

The Green Book

5. Exports and Imports

24.7 (EU), 9.9 (ASEAN countries), 0.8 (China), -2.0 (US), -19.8 (Japan), -23.5 (Central and South America)

Export growth slowed down as there were fewer working days (2 days) compared to the same period of the previous year due to the Lunar New Year holiday.

Average daily exports, an indicator adjusted to days worked, continued to grow for six consecutive months, up 8.9 percent year-on-year, posting US$2.07 billion in January.

Shipments of semiconductors and mobile phones continued to grow along with increasing exports to the EU. However, exports to US and Japan declined.

Average daily export growth (y-o-y, %) 10.0 (Aug 2013) > 8.4 (Sep) > 7.3 (Oct) > 2.4 (Nov) > 0.1 (Dec) >8.9 (Jan 2014)

(US$ billion)

Exports

2012 Annual

Annual

2013 Q3

Jan

2014 Jan¹ 45.58

547.87

559.65

135.42

141.17

136.78

146.38

45.67

(y-o-y, %)

-1.3

2.1

0.4

0.7

2.8

4.7

10.9

-0.2

Average daily exports

2.00

2.05

2.02

2.07

2.01

2.11

1.9

2.07

1. Preliminary Source: Korea Customs Service

EB 2월호 내지.indd 17

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

Exports by item Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends) 160 140

(y-o-y, %)

120 100 80 60 40 20 0

-20 -40 -60 -80

E c o n o m i c B u l le t i n

2001.1

2002.1

2003.1

2004.1

2005.1

Export growth rate

2006.1

2007.1

2008.1

2009.1

Semiconductors

2010.1

2011.1

2012.1

2013.1

Automobiles

2014.1

Steel

Imports in January fell 0.9 percent (preliminary) year-on-year to US$44.85 billion.

goods using commodities imports as input increased.

Import growth slowed down as capital goods and consumer goods imports declined due to fewer working days. Despite a decline in crude oil imports, however, commodities imports rose since exports of

Import growth by category (y-o-y, %) 1.7 (commodities), 0.2 (consumer goods), -7.7 (capital goods)

Imports by item Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends) 100 80

(y-o-y, %)

60 40 20 0 -20 -40 -60 -80 2001.1

2002.1

2003.1

Import growth rate

EB 2월호 내지.indd 18

2004.1

2005.1

2006.1

2007.1

2008.1

Commodities

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

Capital goods

14. 2. 24. 오후 7:49

(US$ billion)

2012 Annual

Annual

Jan

2014 Jan¹

519.58

515.56

129.75

126.85

125.93

133.08

45.28

44.85

(y-o-y, %)

-0.9

-0.8

-2.9

-2.7

0.1

2.5

4.0

-0.9

Average daily imports

1.90

1.89

1.94

1.85

1.92

1.89

2.04

Imports

2013

1. Preliminary Source: Korea Customs Service

19 The Green Book

Exports and imports Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends) 60 (US$ billion) 50 40 30 20 10 0 -10 2001.1

2002.1

2003.1

2004.1

2005.1

2006.1

2007.1

Trade balance

2008.1

2009.1

2010.1

2011.1

2012.1

Exports

2013.1

2014.1

Imports

The trade balance (preliminary) in January remained in the black for the 24th consecutive month, posting a surplus of US$740 million. (US$ billion)

Trade balance

2012 Annual

2013 Annual

28.29

44.09

5.67

14.32

10.86

13.30

Jan 0.40

2014 Jan¹ 0.74

1. Preliminary Source: Korea Customs Service

EB 2월호 내지.indd 19

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

6. Mining and manufacturing production Mining and manufacturing production rose 3.4 percent month-on-month in December 2013 as a decline in audio-visual communications equipment and refined petroleum were offset by strong semiconductors & parts and automobiles.

Compared to the same period in the previous year, the index was up 2.6 percent.

E c o n o m i c B u l le t i n

Compared to the previous month, production of semiconductors & parts (up 7.3%) , automobiles (up 5.7%) and processed metals (up 6.4%) rose, while audio-visual communications equipment (down 7.6%), refined petroleum (down 1.3%) and leather & shoes (down 11.7%) fell. Compared to a year ago, production of automobiles (up 6.8%) , mechanical equipment (up 9.5%) and semiconductors & parts (up 4.0%) increased, while other transportation equipment (down 12.4%) ,

audio-visual communications equipment (down 24.9%) and refined petroleum (down 5.3%) decreased. The manufacturing inventory-shipment ratio fell by 1.2 percentage points month-on-month as inventories rose 2.1 percent while shipments increased 3.1 percent. Inventories of semiconductors & parts (up 15.6%) , automobiles (up 10.0%) and refined petroleum (up 4.3%) rose month-on-month, while audio-visual communications equipment (down 28.7%), chemical products (down 4.2%) and electrical equipment (down 3.1%) declined. Shipments of semiconductors & parts (up 7.3%) , automobiles (up 6.3%) and mechanical equipment (up 5.5%) climbed, while audio-visual communications equipment (down 11.9%) , refined petroleum (down 3.2%) and leather & shoes (down 4.3%) fell.

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)

EB 2월호 내지.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. 2. 24. 오후 7:49

Shipment and inventory Source: Statistics Korea (industrial activity trends) 10 (m-o-m, %) 5 0 -5 -10

-15 2001.1

2002.1

2003.1

2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2013.1

Inventory growth

The average operation ratio of the manufacturing sector rose 1.9 percentage points month-on-month to 77.7 percent.

The Green Book

Shipment growth

2012.1

In January 2014, mining and manufacturing production is expected to be affected by temporary factors, such as declining exports and corrections attributed to production growth in the previous month.

(Percentage change from previous period)

2012 Annual Q3 Q4 Dec Annual¹ Q1 Mining production (q-o-q, m-o-m) (y-o-y)

-2.2 2.9 1.6

0.8 -1.0 -0.1 -0.4 -

-2.3 3.0 1.5

2013¹ Q3 Q4¹ Oct¹ Nov¹ Dec¹

-0.9 -1.4 0.5 2.6 2.1 0.0 3.4

-0.1 -1.7 -0.7 0.0 1.8 3.3 -1.3 2.6

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

0.7 -2.4 2.0 -1.5

-0.4 -0.5 -1.0 0.3 1.9 1.9 -0.1 3.2

- Domestic demand

-1.1 -1.4 1.0 -3.1

-0.5 -0.8 -1.3 1.7 2.7 2.5 -0.1 2.9

0.8 -1.1 -0.2 -0.4

-0.9 -1.4 0.4 2.6 2.3 -0.1 3.5

-0.2 -1.8 -0.8 0.0 1.7 3.3 -1.3 2.7

- Exports

3.0 -3.6 3.2 0.7

-0.4 -0.2 -0.7 -1.4 0.9 0.6 0.9 3.6

Inventory³

2.3 -3.0 2.3 3.2

7.4 -0.8 -1.5 2.3 7.4 0.2 2.2 7.4

Manufacturing Average operation ratio (%) activity 4 Production capacity

78.1 76.2 77.8 78.4

75.9 77.1 75.4 74.6 76.4 75.6 75.8 77.7

2.2

1.9 1.3 1.3

1. Preliminary

2. Including mining, manufacturing, electricity and gas industry

3. End-period

4. Percentage change from same period in previous year

1.4

1.1 1.2 1.6 1.7 1.7 1.5 1.8

Source: Statistics Korea

EB 2월호 내지.indd 21

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

Average manufacturing operation ratio Source: Statistics Korea (industrial activity trends) 100

(%)

90 80 70 60

50 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

E c o n o m i c B u l le t i n

7. Service sector activity

Wholesale & retail fell 2.1 percent from the previous month due to a decline in sales at department stores and large discount stores.

Service output in December 2013 declined 0.7 percent month-on-month, led by wholesale & retail (down 2.1%) and hotels & restaurants (down 4.6%) . Compared to the same period of the previous year, service output increased 1.1 percent.

Transportation services (up 3.7%, m-o-m) and financial & insurance services (up 0.9%, m-o-m) continued to grow in December, while the decline in hotels & restaurants (down 4.6%, m-o-m) and real estate & renting (down 3.9%, m-o-m) accelerated.

Service sector activity Source: Statistics Korea (industrial activity trends) 20

(%)

15 10 5 0 -5 -10 2001.1

2002.1

2003.1

2004.1

Service sector activity (m-o-m)

EB 2월호 내지.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. 2. 24. 오후 7:49

In January 2014, real estate & renting may decline somewhat, but wholesale & retail is likely to grow due to improving sales in the retail sector. (Percentage change from previous period)

Weight

2011 2012 Annual Annual Q4 Annual Q1 1.3

2013¹ Q3 Q4¹

Oct Nov¹ Dec¹

0.4

0.2

0.8

0.4

0.3 -0.7

0.2 -0.2

0.8

1.2

0.0 -2.1

0.7 -0.2 -2.1

1.3

0.5

1.0

Service activity index

100.0

3.2

1.6

0.0

- Wholesale & retail

21.6

3.8

0.7

0.7 -0.2 -1.0

1.2

0.6

- Transportation services

8.5

4.5

- Hotels & restaurants

7.2

-1.3

-1.2 -1.9

- Publishing & communications services

8.4

5.1

3.0 -0.6

1.6

1.1 -1.7

1.6

1.1 -2.5

0.0 -0.4 -2.8

- Financial & insurance services

0.7

0.3

0.5 -0.6

0.8

3.7

2.9 -1.3 -2.6 -0.6 -4.6 2.5

2.0

1.6 -3.5

6.8

2.8

0.5

5.3

-7.6

-4.3

1.6

2.0 -2.7

8.7 -5.9

2.6

3.8 -0.4 -3.9

- Professional, scientific & technical services

5.6

0.5

4.0 -0.7

1.8 -1.6

6.9 -3.2

1.6

6.2

- Business services

3.3

5.2

3.5 -0.2

1.9

2.4

0.3

0.2 -0.2 -3.4

1.6

0.5

- Education services

10.9

2.2

0.9

0.9 -1.2

1.1

0.9

1.3

0.6

- Healthcare & social welfare services

7.5

6.4

5.8

0.2

6.5

1.4

3.4

2.4

0.1

0.4 -0.4

- Entertainment, cultural & sports services

2.9

2.7

- Membership organizations

3.6

1.6

-1.4 -0.6

- Sewerage & waste management

0.6

3.3

-0.3 -4.8 -0.4 -1.0

2.8 -3.0 -0.2 -0.1 4.8

1.8

0.1

0.8 -1.5

3.9 -0.6 -1.3 -0.9 -2.4

2.4 -0.6 2.5

0.9

0.8

4.7 -0.1

1.7 -1.8

0.8

0.6

6.3 -3.4

3.7

2.3

The Green Book

14.7

- Real estate & renting

1. Preliminary Source: Statistics Korea

December 2013 service output by business Source: Statistics Korea (industrial activity trends) 12 10

(y-o-y, %)

8 6 4 2 0 -2 -4 -6

Total index

Wholesale & retail

Hotels & reataurants

Transportation services

Financial & insurance services

Publishing & communications services

Real estate & renting

Professional, scientific & technical services

Entertainment, cultural & sports services Education services

Business facility management & business support services

Health & social welfare services

Sewerage & Membership waste organizations, management repair & other personal services

-8

EB 2월호 내지.indd 23

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

8. Employment

The number of workers on payroll in December 2013 increased by 560,000 from a year earlier to 24,960,000 and the employment rate rose 0.8 percentage points to 59.1 percent.

Number of persons employed and employment growth Source: Statistics Korea (employment trends)

1200

(million)

(thousand)

1000

26 26 25

800

E c o n o m i c B u l le t i n

600

400

200

23 23

-200

-400

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

Number of employed (seasonally adjusted, right)

Employment rate Source: Statistics Korea (employment trends) 64 63

(%)

62 61 60 59 58 57 56 55 2001.1

2002.1

Original data

EB 2월호 내지.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. 2. 24. 오후 7:49

By industry, employment growth in services slowed, while employment in the manufacturing sector increased by a wider margin than the previous month. Employment growth in the construction sector turned positive. By status of workers, the increase in regular workers decelerated. Self-employed workers decreased by a wider margin, while temporary and daily workers decreased at a slower rate than the previous month.

Employment by industry Source: Statistics Korea (employment trends) 100

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 70.8

7.2

7.1

7.2

7.1

7.3

7.2

6.9

6.7

6.9

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 17.1 17.0 17.1 16.6 16.3 16.2 16.3 16.4 16.5 16.6 4.4 2012

4.7

5.6

6.5

7.0

6.8

6.9

6.5

4.9

12 2013

Services

4.3

Construction

4.6

5.6

6.3

6.7

6.9

6.7

6.8

6.9

6.2

4.7

Manufacturing

The Green Book

Agriculture, forestry & fisheries

Employment by status of workers Source: Statistics Korea (employment trends) 100

4.5

4.8

5.1

5.4

5.3

5.4

5.3

5.2

4.5

4.2

4.7

5.0

5.2

5.1

5.2

5.3

5.1

4.3

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 21.9 6.5

4.5

6.5

6.3

6.6

6.8

6.7

6.4

6.7

6.8

6.6

6.2

6.0

6.5

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 19.5

45.4 45.4 44.9 44.4 44.0 44.4 44.4 45.1 45.2 45.1 45.2 46.2 46.9 47.3 47.0 46.3 46.2 46.1 46.4 46.8 46.7 46.5 46.9 47.8

0 2012.1

Unpaid family workers

EB 2월호 내지.indd 25

Self-employed workers

12 2013.1 2

Daily workers

Temporary workers

Regular workers

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

E c o n o m i c B u l le t i n

2010 2011 2012 2013 Annual Annual Annual Q3 Q4 Dec Annual Q1 Q2 Q3 Number of employed (million) 23.83 24.24 24.68 24.99 24.80 24.40 25.07 24.18 25.33 25.41 Employment rate (%) 58.7 59.1 59.4 60.0 59.4 58.3 59.5 57.7 60.2 60.3 (Seasonally adjusted) 58.7 59.1 59.4 59.5 59.3 59.1 59.5 59.2 59.4 59.7 Employment growth (y-o-y, thousand) 323 415 437 506 342 277 386 257 324 421 (Excluding agriculture, forestry & fisheries) 405 440 451 504 344 289 394 266 351 402 - Manufacturing 191 63 14 85 140 112 79 119 122 26 - Construction 33 -2 22 17 -40 -82 -19 -64 -6 4 - Services 200 386 416 397 236 252 318 199 212 354 - Agriculture, forestry & fisheries -82 -25 -14 2 -2 -12 -8 -9 -27 19 - Wage workers 517 427 315 317 303 267 483 329 472 526 · Regular workers 697 575 436 485 469 458 615 554 638 632 · Temporary workers -34 -78 -2 -79 -109 -111 -96 -152 -169 -65 · Daily workers -146 -70 -120 -89 -57 -80 -37 -73 3 -42 - Non-wage workers -194 -11 121 189 39 10 -97 -71 -148 -105 · Self-employed workers -118 1 124 143 33 12 -67 -28 -104 -83 - Male 181 238 234 284 172 91 186 123 179 179 - Female 142 177 203 223 170 186 200 135 145 242 - 15 to 29 -43 -35 -36 -57 -80 -77 -50 -117 -88 -41 - 30 to 39 -4 -47 -31 33 -10 -40 -21 -15 8 -34 - 40 to 49 29 57 11 12 -3 -8 22 12 -6 30 - 50 to 59 294 291 270 273 220 197 254 196 254 279 - 60 or more 47 149 222 245 215 205 181 181 156 187

Q4 25.35 60.0 59.9 541 556 49 -9 507 -15 604 637 2 -35 -63 -54 262 279 46 -42 53 285 200

Nov 25.53 60.4 60.0 588 619 35 -18 595 -31 631 681 14 -64 -43 -36 290 298 54 -36 58 277 235

Dec 24.96 59.1 59.9 560 587 82 5 495 -27 651 656 -4 -1 -91 -58 309 251 53 -13 58 289 173

Source: Statistics Korea

The number of unemployed persons in December increased by 37,000 year-on-year to 774,000, and the unemployment rate rose 0.1 percentage point year-on-year to 3.0 percent. The unemployment rate declined in the over-50 age group, while the unemployment rate among the youth and the 40s rose.

Unemployment rate Source: Statistics Korea (employment trends) 6

(%)

2 2001.1

2002.1

Original data

EB 2월호 내지.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. 2. 24. 오후 7:49

2010 2011 2012 Annual Annual Annual Q3 Q4 Dec Annual Q1 Number of unemployed (thousand)

920

855

2013 Q3

Q4 Nov Dec

820 770 722 737

807 907 812 777 733 700 774 -13 -40 -29

Unemployment growth (y-o-y, thousand)

-65

-35 -16 -18 -18

- Male

-7

-48

-26 -16 -13

- Female

-17

Unemployment rate (%)

3.7

3.4

3.2 3.0 2.8 2.9

3.1 3.6 3.1 3.0 2.8 2.7 3.0

(Seasonally adjusted)

3.7

3.4

3.2 3.1 3.0 3.0

3.1 3.3 3.1 3.1 3.0 2.9 3.0

- 15 to 29

8.0

7.6

7.5 6.8 7.0 7.5

8.0 8.4 7.9 7.9 7.9 7.5 8.5

- 30 to 39

3.5

3.4

3.0 2.8 2.7 2.7

3.0 3.3 3.0 2.9 2.6 2.6 2.7

- 40 to 49

2.5

2.1

2.0 2.0 1.8 1.7

2.0 2.1 2.1 1.9 1.7 1.6 1.8

- 50 to 59

2.5

2.1

2.1 2.2 1.8 1.8

1.9 2.3 1.8 1.8 1.5 1.5 1.5

- 60 or more

2.8

2.6

2.4 1.9 1.6 1.9

1.8 3.4 1.6 1.2 1.4 1.2 1.7

-9

-6 -28

-6

-7 -20

-7 -33

-9

11 -10

-7 -21 -15

-4

The economically inactive population in December was down 172,000 from a year earlier to 16,540,000, while the labor force participation rate rose 0.8 percentage points to 60.9 percent.

The Green Book

Source: Statistics Korea

The number of those economically inactive due to old age (up 43,000, y-o-y) increased, while those due to housework (down 126,000, y-o-y), education (down 51,000, y-o-y) , childcare (down 40,000, y-o-y) and rest (down 32,000, y-o-y) all 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

EB 2월호 내지.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. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

2010 2011 2012 Annual Annual Annual Q3 Q4

Dec Annual Q1

2013 Q3

Nov Dec

Economically inactive population (million) 15.84 15.95 16.08 15.90 16.26 16.71 16.22 16.83 15.91 15.98 16.17 16.02 16.54

28 E c o n o m i c B u l le t i n

Labor force participation rate (%)

61.0

61.1

61.3 61.8 61.1 60.1

61.5 59.9 62.2 62.1 61.7 62.1 60.9

(seasonally adjusted) Growth in economically inactive population (y-o-y, thousand)

61.0

61.1

61.3 61.4 61.1 60.9

61.5 61.2 61.3 61.6 61.7 61.8 61.7

143

112

128

244

315

141

336

242

- Childcare

-125

-5

-2

-7

-3

- Housework

201

101

123

101

126

178

-3

143

- Education

-51

-12

118

147

-44

-58

-51

- Old age

-45

148

156

186

195

154

-1

-56

182

-53 -142 -125 -156

-7 -106

-32

- Rest

-91 -108 -172 -14

-12

-40

-80 -112 -101 -126

Source: Statistics Korea

9. Financial markets 9.1 Stock market The Korean stock price index in January 2014 fell 3.5 percent to 1,941 points from the previous month’s 2,011 points. The KOSPI declined as major domestic companies performed poorly in the fourth quarter of 2013, and also as key global stock markets plunged due to financial instabilities in the emerging markets.

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

EB 2월호 내지.indd 28

2003.1

2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

KOSDAQ

14. 2. 24. 오후 7:49

(End-period)

Dec 2013

KOSPI Jan 2014

Change¹

Dec 2013

KOSDAQ Jan 2014

Change¹

Stock price index (points)

2,011.3

1,941.2

-70.1 (-3.5%)

500.0

515.2

15.2 (3.0%)

Market capitalization (trillion won)

1,186.0

1,145.5

-40.5 (-3.4%)

119.3

123.4

4.1 (3.4%)

3.4

3.9

0.5 (14.7%)

1.1

1.7

0.6 (54.5%)

35.3

34.9

-0.4 (-1.1%)

9.9

10.5

0.6 (6.1%)

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

9.2 Exchange rate

The won/yen exchange rate rose to 1,035.9 won, as the won weakened and the flight to quality boosted the yen.

The Green Book

The won/dollar exchange rate in January 2014 rose 15.0 won to 1,070.4 won from 1,055.4 won at the end of December 2013. The won/dollar exchange rate climbed to the 1,070 won range due to volatility in the emerging markets, and also as a result of the Fed’s decision to scale back its bond-buying program.

Foreign exchange rates 1,800

(month-end)

1,600 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

2013.1

Won/dollar

2014.1

Won/100 yen

(End-period)

2008 Dec

2009 Dec

2010 Dec

2011 Dec

2012 Dec

2013 Dec

2014 Jan Change¹

Won/Dollar

1,259.5

1,164.5

1,134.8

1,151.8

1,070.6

1,055.4

1,070.4

-1.4

Won/100Yen

1,396.8

1,264.5

1,393.6

1,481.2

1,238.3

1,002.3

1,035.9

-3.2

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.

EB 2월호 내지.indd 29

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

9.3 Bond market 3-year Treasury bond yields rose 2 basis points to 2.88 percent in January 2014 from 2.86 percent in December 2013. Treasury bond yields surged in early January in line with US bond yields rising at the end of 2013, but the gains were later pared due to a flight to quality resulting from financial instability in the emerging markets. Corporate bond yields also rose, affected by rising Treasury bond yields.

30 (End-period, %)

E c o n o m i c B u l le t i n

2009 Dec

2010 Dec

2011 Dec

2012 Dec

2013 Mar

Jun

Sep

Dec

Jan

2014 Change¹

Call rate (1 day)

2.01

2.51

3.29

2.77

2.75

2.50

2.52

2.51

-1

CD (91 days)

2.88

2.80

3.55

2.89

2.81

2.69

2.66

2.65

-1

Treasury bonds (3 yrs)

4.44

3.38

3.34

2.82

2.52

2.88

2.82

2.86

2.88

Corporate bonds (3 yrs)

5.56

4.27

4.21

3.29

2.88

3.31

3.24

3.29

3.30

Treasury bonds (5 yrs)

4.98

4.08

3.46

2.97

2.58

3.14

3.05

3.23

3.22

-1

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)

EB 2월호 내지.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

2014.1

3-yr corporate bond yield

14. 2. 24. 오후 7:49

9.4 Money supply & money market M2 (monthly average) in November 2013 expanded 5.1 percent from a year earlier. Despite weak securities issuance and the outflow of foreigners’ stock investment funds, M2 continued to expand, led by increasing bank loans.

(Percentage change from same period in previous year, average)

2008 2009 2010 2011 2012 Annual Annual Annual Annual Annual

Jul

2013 Aug Sep

Oct

Nov

Nov¹

-1.8

16.3

11.8

6.6

3.8

7.1

9.1

10.6

10.7

9.5

11.5

10.7

12.1

499.2

14.3

10.3

8.7

4.2

5.2

5.1

4.9

4.4

4.6

3.9

4.6

4.7

5.1

1,923.3

Lf ³

11.9

7.9

8.2

5.3

7.8

7.5

6.8

6.5

6.3

6.7

6.8

2,605.9

1. Balance at end November 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

Total money supply Source: The Bank of Korea 40 (y-o-y, monthly average balance, %) 30 20 10 0 -10 -20 2001.1

2002.1

Reserve money

EB 2월호 내지.indd 31

2003.1

2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

Bank deposit growth turned negative in December. Time deposits plunged (-5.6 trillion won > -7.9 trillion won) as local governments withdrew funds for year-end budget execution. Net issuance of bank bonds contracted (3.5 trillion won > 1.2 trillion won) due to net repayments of subordinate bonds and slowing demand for funds from special banks.

Asset management company (AMC) deposits declined by a wider margin than the previous month. Money market funds (MMF) fell (-1.2 trillion won > -7.0 trillion won) , led by corporate funds, due to demand from companies for year-end debt ratio management. (Monthly change, end-period, trillion won)

2009 2010 2011 Annual Annual Annual Dec

2012 Annual Dec

Sep

Oct

2013 Nov

Dec

Dec¹

E c o n o m i c B u l le t i n

Bank deposits

54.8

36.9

58.9

-1.9

37.0

6.5

8.3

7.8

-2.2

1,176.8

AMC deposits

-27.6

-16.7

-16.6

-19.5

18.8

-6.7

1.8

1.0

-1.4

-3.8

334.9

2006.1

2007.1

2008.1

1. Balance at end December 2013, trillion won

Deposits in financial institutions Source: The Bank of Korea 30

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

-10

-20 2001.1

2002.1

2003.1

2004.1

2005.1

10. Balance of payments Korea’s current account (preliminary) in December 2013 posted a surplus of US$6.43 billion, staying in the black for 23 consecutive months.

EB 2월호 내지.indd 32

2009.1

2010.1

2011.1

2012.1

2013.1

The goods account surplus contracted from US$6.18 billion in November to US$5.71 billion in December. Both exports and imports increased compared to the previous month, but imports grew by a wider margin than exports, resulting in a smaller goods account surplus.

14. 2. 24. 오후 7:49

The services account swung from a deficit of US$0.70 billion to a surplus of US$0.44 billion, led by improvements in the intellectual property rights and construction accounts.

Goods exports (US$ billion) 48.81 (Nov 2013) > 49.28 (Dec) Goods imports (US$ billion) 42.63 (Nov 2013) > 43.57 (Dec)

Services account (US$ billion, November > December) -0.45 > -0.67 (travel), -1.55 > -0.16 (intellectual property

Compared to the same period of the previous year, the goods account surplus expanded by US$3.92 billion as customs-cleared exports rose 7.0 percent.

rights), 0.55

0.59 (transportation), 0.99

1.72

(construction), -0.49 > -1.15 (business services)

Export growth by item (y-o-y, %) 45.8 (vessels), 20.0 (semiconductors), 12.9 (automobiles), -1.8 (steel), -3.2 (mobile phones) Export growth by region (y-o-y, %) 13.2 (US), 8.3 (China), 1.9 (EU), -12.0 (ASEAN countries), -12.6 (Japan)

Current account balance Source: The Bank of Korea (balance of payments trends) 10

33 The Green Book

The primary income account surplus contracted from US$0.59 billion to US$0.42 billion due to a decline in interest income, while the secondary income account deficit expanded from US$0.03 billion to US$0.14 billion.

(US$ billion)

8 6 4 2 0 -2 -4 2001.1

2002.1

2003.1

2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

Services account

Goods account

2013.1

Current account

(US$ billion)

2012 Annual Dec

Annual

2013 Q3

Oct

Nov

Current account

48.08

2.34

70.73

10.02

19.80

19.01

9.51

6.03

6.43

- Goods balance

39.82

1.79

60.71

9.39

15.84

16.66

7.03

6.18

5.71

- Service balance

5.73

0.28

6.00

-0.48

3.76

1.33

1.65

-0.70

0.44

- Primary income balance - Secondary income balance

Dec¹

5.72

0.72

4.80

1.38

0.06

1.57

0.79

0.59

0.42

-3.19

-0.45

-0.79

-0.26

0.14

-0.54

0.05

-0.03

-0.14

1. Preliminary Source: The Bank of Korea

EB 2월호 내지.indd 33

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

The capital and financial account (preliminary) in December posted a net outflow of US$6.57 billion. Capital & financial account balance (US$ billion) -7.44 (Jul 2013) > -7.62 (Aug) > -4.61 (Sep) > -10.13 (Oct) > -6.46 (Nov) > -6.57 (Dec)

Net outflows in direct investments contracted from US$1.86 billion to US$1.51 billion due to a decrease in overseas direct investment. Net outflows in portfolio investments expanded from US$1.41 billion to US$5.16 billion as a result of an increase in

overseas securities investment. Net inflows of financial derivatives investments expanded from US$0.01 billion to US$0.60 billion, while other investments switched to a net inflow of US$0.20 billion from a net outflow of US$0.23 billion due to debt collection by financial firms. The current account in January 2014 is expected to maintain a surplus, helped by the surplus in the goods account which resulted from a trade surplus (US$0.74 billion).

E c o n o m i c B u l le t i n

Capital & financial account balance Source: The Bank of Korea (balance of payments trends) 10

(US$ billion)

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

EB 2월호 내지.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 January 2014 rose 0.5 percent from the previous month and 1.1 percent compared to a year ago. The month-on-month growth rate was somewhat higher as prices tend to rise in the beginning of the year, but year-on-year growth continued in the early-1.0 percent range.

14. 2. 24. 오후 7:49

Consumer price inflation

(%)

2013 Jun Jul

Jan

Feb

Mar

Apr

May

Month-on-Month

0.6

0.3

-0.1

0.0

-0.1

Year-on-Year

1.6

1.5

1.3

1.1

1.2

Aug

Sep

0.2

0.4

0.2

1.6

1.5

1.0

Nov

Dec

2014 Jan

-0.3

0.0

0.1

0.5

0.9

1.2

1.1

Oct

Source: Statistics Korea

Consumer price inflation

Source: Statistics Korea (consumer price trends) 7

(%)

The Green Book

5 4 3 2 1 0 -1 2001.1

2002.1

2003.1

2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

Consumer price inflation (m-o-m)

Consumer prices rose month-on-month, led by agricultural, livestock & fishery products (up 2.0%) , public utilities(up 2.3%) and personal services(up 0.4%). Agricultural, livestock & fishery product prices rose 2.0 percent. The prices of Lunar New Year-related products were mostly stable, but prices rose for certain greenhouse crops. Price increases for major Lunar New Year-related

2010.1

2011.1

2012.1

2013.1

2014.1

Consumer price inflation (y-o-y)

Price increases by item (m-o-m, %) zucchini (42.2), chili pepper (39.5), fresh flowers (15.2), tomatoes (13.2)

Public utility fees rose 2.3 percent, following price hikes for gas (up 5.8%). The prices of personal services were up 0.4 percent, led by overseas group trips (up 4.5%) and grooming (up 1.3%).

products (m-o-m, %) apples (2.9), pears (2.7), beef (domestic: 1.8, imported: 3.0), pork (-3.9)

EB 2월호 내지.indd 35

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

Contribution to consumer price inflation Source: Statistics Korea (consumer price trends) 5

(%p)

4 3 2 1

0 2003

2004

2005

2006

2007

2008

2009

2010

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 0.6 percent year-on-year and 0.9 percent month-onmonth.

Core consumer prices, which exclude oil and agricultural products, stayed stable in the 1.0 percent range year-on-year, rising 1.7 percent. The index rose 0.2 percent from the previous month.

Price increases for basic necessities (y-o-y, %) 0.5 (Jun 2013) > 1.1 (Jul) > 1.1 (Aug) > 0.2 (Sep) > 0.0 (Oct) > 0.5 (Nov) > 0.5 (Dec) > 0.6 (Jan 2014)

Fresh food prices declined 12.9 percent year-onyear, led by fresh vegetables (down 25.7%) . Compared to the previous month, fresh food prices rose 4.5 percent.

The average expected annual inflation was unchanged from the previous month’s 2.9 percent, and import prices fell 3.5 percent year-on-year. Expected inflation (%, over the next 12 months) 2.9 (May 2013) > 2.8 (Jun) > 2.9 (Jul) > 3.0 (Aug) > 2.9 (Sep) > 2.9 (Oct) > 2.9 (Nov) > 2.9 (Dec) > 2.9 (Jan 2014)

Fresh food price increases (y-o-y, %)

Import price increases (y-o-y, %, won base)

0.9 (Jul 2014) > 3.9 (Aug) > -7.9 (Sep) > -11.7 (Oct) > -9.1

-9.7 (May 2013) > -4.3 (Jun) > -4.3 (Jul) > -5.3 (Aug) > -8.1

(Nov) > -11.1 (Dec) > -12.9 (Jan 2014)

(Sep) > -7.3 (Oct) > -4.9 (Nov) > -3.5 (Dec)

Core inflation and prices for basic necessities

(Percentage change from same period in previous year)

2013 2014 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Consumer prices excluding oil and agricultural products 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 1.5 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 1.1 1.2 1.0 0.9 0.5 0.5 1.1 1.1 0.2 0.0 0.5 0.5

EB 2월호 내지.indd 36

1.7 1.5 0.6

14. 2. 24. 오후 7:49

11.2 International oil and commodity prices International oil prices declined in January 2014, as supply conditions improved and financial instability in emerging markets heightened due to the US government’s decision to taper its quantitative easing program.

Iran, leading to expectations that crude oil exports from Iran will increase. The partial resumption of crude oil production in Libya also helped lower Dubai crude prices. Dubai crude ($/barrel)

Dubai crude prices dropped to the US$103 per barrel range as the West eased sanctions against

107.4 (1st week Jan)> 107.0 (2nd week) > 103.0 (3rd week) > 103.9 (4th week) > 103.9 (5th week)

(US$/barrel, period average)

2012 Annual

Annual

Jul

105.9 111.0 95.1

109.0 111.7 93.8

105.3 108.7 98.0

103.5 107.7 104.7

Aug

2013 Sep

Oct

Nov

Dec

2014 Jan

107.1 110.8 106.7

107.9 111.6 106.2

105.6 109.3 100.5

105.5 108.0 94.0

107.5 110.7 97.9

104.0 107.7 94.9

Source: Korea PDS

International oil prices

The Green Book

Dubai crude Brent crude WTI crude

2011 Annual

Source: Korea National Oil Corporation 140

($/B)

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

2013.1

Dubai crude

2014.1

WTI

Domestic oil product prices rose in January, reflecting recent gains in international oil prices. (Won/liter, period average)

2011 Annual

2012 Annual

Aug

2013 Sep

Annual

Jul

Oct

Nov

Dec

2014 Jan

Gasoline prices

1,929.3

1,985.8

1,925.5

Diesel prices

1,745.7

1,806.3

1,729.6

1,933.1

1,947.7

1,934.6

1,907.3

1,880.0

1,881.1

1,886.4

1,729.7

1,743.6

1,734.3

1,711.8

1,692.9

1,699.1

1,705.1

Source: Korea National Oil Corporation

EB 2월호 내지.indd 37

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

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

(thousand won/B)

($/B)

160

140

120

100

2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

E c o n o m i c B u l le t i n

Dubai crude (import prices, won, left)

2012.1

2013.1

Dubai international prices (dollar, right)

International grain prices fell in January, as the US Department of Agriculture forecast an increase in world grain production and raised its stocks-to-useratio estimates.

Nonferrous metal prices mostly rose in January due to expectations that supply conditions may worsen in 2014. Prices were also affected by Indonesia’s ban on mineral ore exports, which took effect on January 12. Indonesia is the world’s top tin exporter, as well as the third largest exporter of nickel and sixth of copper.

World grain production outlook for 2013-14 (US Department of Agriculture, y-o-y) production (8.2%), demand (5.4%), stocks-to-use ratio (0.7%p)

Nonferrous metal prices in January (m-o-m, %) International grain prices in January (m-o-m, %)

tin (-3.3), lead (0.7), nickel (1.2), copper (1.3), zinc (3.3),

corn (-0.1), soybean (-2.8), wheat (-8.1)

aluminum (-0.7)

Reuters index*

(Period average)

2010 2011 2012 Annual Annual Annual Annual 2,553

3,062

3,006

2,774

May

Jun

Jul

2013 Aug

Sep

Oct

Nov

Dec

2014 Jan

2,828

2,756

2,701

2,662

2,630

2,655

2,623

2,642

2,574

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

EB 2월호 내지.indd 38

14. 2. 24. 오후 7:49

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

270 230

1000

190 0 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 2014.1

CRB (left)

Reuters index (right)

The Green Book

150

12. Real estate market 12.1 Housing market Nationwide apartment sales prices rose 0.4 percent month-on-month in January 2014, as the prices continued to rise. Apartment sales price growth accelerated in the Seoul metropolitan area (up 0.3%) , including Seoul (up 0.3%) and Gyeonggi Province (up 0.3%).

EB 2월호 내지.indd 39

Apartment sales prices in areas excluding the Seoul metropolitan area (up 0.4%) grew at the same pace as the previous month. Apartment prices in the five metropolitan cities rose 0.5 percent while prices in the eight provinces were up 0.4 percent. Apartment sales price increases in five metropolitan cities (m-o-m, %) Busan (0.1), Daejeon (0.4), Daegu (1.5), Ulsan (0.0), Gwangju (0.0)

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

Nationwide apartment sales prices

(Percentage change from previous period)

2010 2011 2012 2013 2014 Annual Annual Annual Q3 Q4 Annual Q2 Q3 Q4 Nov Dec Jan Jan13¹ Jan20¹ Jan27¹ Feb3¹ Nationwide

1.9

8.2

-2.1 -1.2 -0.8

0.8 0.5 -0.1 1.0 0.3 0.2 0.4

0.09

0.10

0.08

Seoul metropolitan area

-2.9

0.3

-5.8 -2.1 -1.7

-0.8 0.2 -0.6 0.9 0.2 0.1 0.3

0.11

0.10

Seoul

-2.1

-0.4

-6.7 -2.2 -1.8

-1.3 0.2 -0.9 0.6 0.1 0.0 0.3

0.08

0.13

0.11

Gangnam²

-1.7

-0.5

-8.0 -3.0 -1.9

-0.7 0.5 -0.8 0.6 0.1 -0.1 0.2

0.09

0.14

0.16

Gangbuk³

-2.6

-0.2

-5.0 -1.3 -1.6

-1.9 -0.3 -1.0 0.6 0.1 0.1 0.3

0.06

0.12

0.10

0.05

7.9

18.3

1.7 -0.2 0.2

2.4 0.8 0.4 1.1 0.4 0.4 0.4

0.08

0.07

0.10

0.07

Areas excluding the Seoul metropolitan area

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 5.0

(m-o-m, %)

4.0 3.0 2.0 1.0 0.0 -1.0 -2.0 2009.1

Nationwide

2010.1

2011.1

2012.1

Seoul metropolitan area

2013.1

2014.1

Areas excluding Seoul metropolitan area

Nationwide apartment rental prices in January grew at a faster pace than the previous month, rising 0.9 percent month-on-month. Rental price growth accelerated in the Seoul metropolitan area (up 1.2%), including Seoul (up 1.2%), and also in regions excluding the Seoul metropolitan area (up 0.6%). Apartment rental price increase in major districts in Seoul (m-o-m, %) Gangnam (0.9), Seocho (0.9), Songpa (1.6), Gangseo (2.1), Seongdong (1.9)

EB 2월호 내지.indd 40

14. 2. 24. 오후 7:49

Nationwide apartment rental prices

(Percentage change from previous period)

2010 2011 2012 2013 2014 Annual Annual Annual Q3 Q4 Annual Q2 Q3 Q4 Nov Dec Jan Jan13¹ Jan20¹ Jan27¹ Feb3¹ Nationwide

8.5

15.4

1.9 0.0 1.1

6.7 1.4 1.7 2.4 0.7 0.6 0.9

0.24

0.20

0.21 0.19

Seoul metropolitan area

7.1

13.3

0.3 -0.2 1.1

8.4 1.3 2.5 3.3 1.0 0.8 1.2

0.34

0.29

0.31 0.26

Seoul

7.3

13.0

0.0 -0.2 1.7

9.0 0.7 3.1 3.3 1.0 0.7 1.2

0.30

0.27

0.27 0.22

Gangnam²

8.8

11.7

0.2 -0.2 2.2

9.1 1.1 3.4 3.3 0.8 0.7 1.3

0.28

0.29

0.34 0.23

Gangbuk³

5.5

14.6

-0.2 -0.2 1.2

9.0 0.3 2.6 3.3 1.2 0.8 1.1

0.33

0.25

0.18 0.20

10.2

17.9

3.6 0.2 1.1

5.1 1.5 1.0 1.5 0.5 0.4 0.6

0.15

0.12

0.12 0.12

Areas excluding the Seoul metropolitan area

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

2010.1

2001.1

Nationwide

2012.1

Seoul metropolitan area

2013.1

2014.1

Areas excluding Seoul metropolitan area

Apartment sales transactions in December 2013 increased 9.8 percent from the previous month’s 61,844 to 67,883, but were down 16.4 percent from a year earlier (81,229).

Apartment sales transactions

(Monthly average, thousand)

2009 2010 2011 2012 2013 Annual Annual Annual Annual Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Nationwide

Source: Ministry of Land, Transport and Maritime Affairs

EB 2월호 내지.indd 41

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

Monthly apartment transaction volume Source: Ministry of Land, Infrastructure and Transport 140

(thousand)

120 100 80 60 40

20 0 2006.1

2007.1

2008.1

2009.1

E c o n o m i c B u l le t i n

Nationwide

2010.1

2011.1

2012.1

Seoul metropolitan area

12.2 Land market Nationwide land prices in December 2013 rose 0.15 percent month-on-month. Land prices continued to rise in the Seoul metropolitan area (up 0.15%), led by Seoul(up 0.19%) and Gyeonggi Province (up 0.12%).

2013.1

Areas excluding Seoul metropolitan area

Land price growth accelerated in areas excluding the Seoul metropolitan area (up 0.16%) , led by Daegu (up 0.20%) , Sejong (up 0.48%) and Jeju (up 0.33%) . Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)

Land price increases in Seoul metropolitan area (m-o-m, %)

0.13 (Apr 2013) > 0.11 (May) > 0.13 (Jun) > 0.05 (Jul)

0.13 (Apr 2013) > 0.14 (May) > 0.09 (Jun) > 0.00 (Jul) >

-0.02 (Aug) > 0.09 (Sep) > 0.15 (Oct) > 0.16 (Nov) > 0.15 (Dec)

0.16 (Dec)

0.04 (Aug) > 0.06 (Sep) > 0.15 (Oct) > 0.15 (Nov) >

Land prices by region

(Percentage change from previous period)

2008 2009 2010 2011 Annual Annual Annual Annual Q3

2012 Q4 Annual Q3

Q4 Annual Q1

2013 Q3 Q4

Oct

Nov Dec

Nationwide

-0.31

0.96

1.05

1.17 0.29 0.29

0.87 0.12 0.21 1.14

0.21 0.37 0.10 0.46 0.15 0.16 0.15

Seoul

-1.00

1.40

0.53

0.97 0.17 0.12

0.33 -0.14 0.09 1.21

0.10 0.41 0.08 0.61 0.21 0.21 0.19

Gyeonggi

-0.26

1.22

1.49

1.47 0.43 0.39

0.97 0.17 1.32 0.91

0.17 0.33 0.07 0.34 0.10 0.12 0.12

Incheon

1.37

1.99

1.43

0.66 0.15 0.15

0.36 -0.03 0.13 0.87

0.21 0.37 0.07 0.23 0.09 0.10 0.03

Source: Korea Appraisal Board

EB 2월호 내지.indd 42

14. 2. 24. 오후 7:49

Land prices by region Source: Korea Appraisal Board 15 12 9 6 3 0 -3 -6 -9

-12 -15 -18

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Metropolitan city

City

County

Nationwide land transactions in December were 236,000 land lots, up 17.6 percent from the previous month and 5.4 percent from 224,000 a year earlier.

The Green Book

National average

Land transactions increased in Seoul (up 12.0%, m-o-m) , Gyeonggi Province (up 20.2%, m-o-m), Ulsan (up 26.6%, m-o-m) and South Chungcheong Province (up 38.6%, m-o-m). Vacant land transactions increased 21.2 percent month-on-month to 88,000 lots, making up 37.3 percent of the total transactions, and were up 18.1 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

EB 2월호 내지.indd 43

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

Areas excluding Seoul metropolitan area

14. 2. 24. 오후 7:49

The Green Book :

Current Economic Trends

Land sales transactions

(Land lot, thousand)

2008 2009 2010 2011 2012 Annual¹ Annual¹ Annual¹ Annual¹ Annual¹ Annual¹ Jan 208 203 187 208 170 187 141 26 22 16 18 13 17 10 45 46 41 43 33 37 29 13 10 8 10 8 8 5

Nationwide Seoul Gyeonggi Incheon

Feb 142 10 28 5

Mar 181 15 33 8

2013 Apr May Jun 206 216 246 18 20 26 39 43 49 9 9 11

Jul Aug Sep Oct Nov Dec 169 153 144 208 201 236 13 13 14 20 19 22 33 29 30 44 41 50 6 6 7 10 9 9

1. Monthly average Source: Korea Land & Housing Corporation

44 E c o n o m i c B u l le t i n

13. Industrial output and composite indices of business cycle indicators Industrial output in December 2013 rose 0.1 percent month-on-month and 1.2 percent year-on-year. Output rose in mining & manufacturing (up 3.4%,

m-o-m) , but declined in services (down 0.7%, m-o-m) , construction (down 7.4%, m-o-m) and public administration (down 3.4%, 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

Industrial output (m-o-m)

EB 2월호 내지.indd 44

2010.1

2011.1

2012.1

2013.1

Industrial output (y-o-y)

The cyclical indicator of the coincident composite index rose 0.1 point from the previous month.

Components of the coincident composite index in

All components of the coincident composite index, with the exception of the value of construction completed, service activity and imports, rose.

(2.0%), domestic shipments (1.6%), nonfarm payroll

December (m-o-m) retail sales (0.4%), mining & manufacturing production employment (0.2%), service activity (0.0%), value of construction completed (-1.3%), imports (0.0%)

14. 2. 24. 오후 7:49

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 December (m-o-m) indicator of inventory cycle (2.0%p), consumer expectations

Three components of the leading composite index, such as the value of construction order received, the ratio of export to import prices and the ratio of job openings to job seekers, declined compared to the previous month, but five other components, including the KOSPI and the indicator of inventory cycle, rose.

index (0.8p), domestic shipments of machinery (2.5%), KOSPI (0.1%), international commodity prices (2.0%), ratio of export to import prices (-0.1%), ratio of job openings to job seekers (-0.6%p), value of construction orders received (-2.6%), spreads between long & short term interest rates (0.0%p)

The Green Book

The cyclical indicator of the leading composite index rose 0.5 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

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2013 Feb Mar Apr May Jun Jul Aug Sep Oct¹ Nov¹ Dec¹ 1.1 -2.0 1.7 -0.6 -0.1 0.0 1.0 -1.0 1.5 -0.1 0.1 -1.9 -0.8 3.6 1.1 0.4 1.4 2.9 -1.1 4.2 1.6 1.2 0.4 0.0 0.5 0.3 0.6 0.3 0.6 0.2 0.5 0.4 0.5 99.3 98.9 99.0 98.8 99.0 98.9 99.1 99.0 99.1 99.2 99.3 0.1 -0.4 0.1 -0.2 0.2 -0.1 0.2 -0.1 0.1 0.1 0.1 0.3 0.3 0.5 0.6 0.9 0.8 0.7 0.3 0.8 0.8 0.8 99.6 99.5 99.6 99.9 100.5 100.9 101.2 101.0 101.5 101.8 102.3 -0.2 -0.1 0.1 0.3 0.6 0.4 0.3 -0.2 0.5 0.3 0.5

1. Preliminary

EB 2월호 내지.indd 45

14. 2. 24. 오후 7:49

PO LIC Y ISS UE S

46 E c o n o m i c B u l le t i n

Employment Support for Women

EB 2월호 내지.indd 46

14. 2. 24. 오후 7:49

Policy Issues

Employment Support for Women Current state of women and their career The employment rate for women in their 20s is similar to that of their male counterparts, but sharply decline as they reach their 30s. Among women over 40, the employment rate rises again but remains considerably lower than that of their male counterparts, and women tend to reenter the workforce as irregular workers. Despite increased government support for maternity and childcare leave, and daycare centers, the currently offered support is not enough for women to pursue both successful careers and motherhood at the same time. As female careers are often disrupted by motherhood, the government will offer support in order to overcome these disruptions.

Demands

Government support

Maternity care

- 100 percent paid maternity leave for second time moms - Financial support for temporary working mothers’ childcare leave - Strengthen substitute employment programs - Improve the flexible work hour system

Daycare for infants

- Daycare programs for mothers working flexible hours - More public daycare centers - Accreditation mandatory for daycare centers - Increase support for home childcare services - Increase pay for at-home nannies - Give working mothers priority for public childcare services

Daycare for primary schoolers

- Afterschool care made available to all primary schoolers - Form afterschool care councils to satisfy different demands

Returning to work

- Introduce reemployment programs for highly educated mothers - Job training programs - Employment retention support for women - Promote flexible work hours

Job markets for women

- Promote remote workplaces - Certify family-friendly workplaces - Form a public-private council to promote female employment

EB 2월호 내지.indd 47

Policy Issues

Support designed to satisfy changing circumstances

14. 2. 24. 오후 7:49

Policy Issues

Tasks 1. Maternity care - Fathers made eligible for paternal leave and 100 percent paid parental leave for the second child - Employment retention support* offered to companies that extend employment contracts for women after their childcare leave - Build a substitute employee pool database - Offer choice of working reduced hours for up to two years instead of childcare leave, and increased pay** for those working reduced hours

48 E c o n o m i c B u l le t i n

* In the case a contract is extended by more than a year, the government will provide 400,000 won per month to the participating firm. In the case of a permanent extension, the government will provide 300,000 won per month for the first six months and 600,000 won for the following six months. **

40% of average annual pay × previous work hours – shortened work hours previous work hours

2. Daycare (from infants to primary graders) - Flexible daycare programs for mothers working jobs with flexible hours - Continue to increase the number of public daycare centers by 150 every year - Childcare accreditation to become mandatory for all daycare centers - Increase pay support for visiting daycare providers, and raise the pay rate from 5,000 won per hour to 5,500 won - Promote nanny services - Working mothers given top priority when they want to use public childcare services - Afterschool care for all grade schoolers, and extended care until 10:00 pm when necessary - Form councils for afterschool care in order to satisfy different demands 3. Reemployment support and flexible work hours - Develop different support programs according to different demands

EB 2월호 내지.indd 48

Programs

Support

Highly educated or professional mothers who have to quit working for a short period of time

Provide employment opportunities by creating networks connecting those mothers with enterprises

Mothers who need training, but have some work experience

Provide training and employment opportunities through training centers

Mothers who need training, or want to start new vocations

Provide training based on industrial demand

- Promote flexible work hours in large enterprises - Establish a system in which transferring from regular hours to flexible hours and vice versa is easy 4. Family-friendly job markets - Spend 2 billion won in 2014 to promote remote workplaces in the private sector - Offer incentives to companies certified as being family-friendly - Publicize which companies hire 30 percent less women than their counterparts for three consecutive years as bad examples - Form a public-private joint council of related government ministries and industrial representative associations to increase employment of women

Implementation - Regularly hold meetings on the Roadmap to 70 Percent Employment in order to check on measure implementation - Establish a task force to evaluate family-friendly work environments - Report evaluation results and propose suggestions at the Ministerial Meetings on the Economy

14. 2. 24. 오후 7:49

Ec o Ne no ws mi c Br iefi ng

49 E co n o m i c New s B r i e f i n g

Korea grows 0.9% in Q4 (Advanced)

Government posts deficit of 755.4 billion won in 2013 Startups increase most since 2000 Stock option tax burdens on venture startups to be eased Tourist complex planned on Yeongjong-do Korea Treasury Bond 2013 yearbook released

EB 2월호 내지.indd 49

14. 2. 24. 오후 7:49

Economic News Briefing

Korea grows 0.9% in Q4 (Advanced)

Korea’s real gross domestic product (GDP) expanded by 0.9 percent quarter-on-quarter and 3.9 percent year-on-year in the fourth quarter of 2013, according to advanced estimates released by the Bank of Korea (BOK) on January 23. For the whole year of 2013, the Korean economy grew by 2.8 percent.

50 E c o n o m i c B u l le t i n

Agriculture, forestry and fisheries grew by 9.7 percent, led by wheat and vegetable farming, while manufacturing grew by 1.6 percent as production of automobiles, electronic equipment and metal products increased. Services expanded by 0.6 percent, led by wholesale & retail, hotels &

restaurants, financial & insurance services and communication services. However, construction declined by 2.6 percent, due to weaknesses in nonresidential building construction and civil engineering works. On the expenditure side, private consumption and facility investment increased by 0.9 percent and 6.4 percent, respectively, while construction investment declined by 3.8 percent. Exports rose 2.0 percent, led by automobiles & parts, general machinery and petrochemicals, and imports rose 2.1 percent, led by general machinery and metal products.

GDP by production and expenditure*

(Percentage change from previous period)

Annual

2012¹ Q2

GDP

2.0

0.8

0.3

0.0

0.3

2.8

0.8

1.1

0.9

Agriculture, forestry & fisheries

-0.6

-6.5

0.2

-2.6

7.9

5.6

-4.4

2.1

2.0

9.7

Manufacturing Construction

Annual

2013¹ Q2

2.2

1.6

-0.2

-0.3

0.2

3.0

1.3

0.9

1.5

1.6

-1.6

-1.4

-1.8

0.9

-2.0

3.7

4.0

1.4

1.2

-2.6

Services²

2.5

1.1

0.5

0.3

0.4

2.4

0.7

0.9

0.7

0.6

Private consumption

1.7

0.8

0.4

0.7

0.8

1.9

-0.4

0.7

1.0

0.9

3.9

3.5

-0.1

0.8

-0.6

3.0

1.2

2.4

0.1

0.0

Facility investment

Government consumption

-1.9

10.4

-7.8

-5.2

-1.8

-1.5

2.6

-0.2

1.0

6.4

Construction investment

-2.2

-1.5

-1.3

0.7

-1.2

6.9

4.1

3.4

3.2

-3.8

Exports of goods and services

4.2

3.9

-0.3

1.9

-1.1

4.3

3.0

1.8

-1.3

2.0

Imports of goods and services

2.5

4.3

-1.8

1.8

-0.8

3.5

2.5

1.1

-0.6

2.1

*At 2005 chained prices in seasonally adjusted terms 1. Preliminary 2. Wholesale & retail, hotels & restaurants, transportation & storage, communication services, financial & insurance services, real estate & renting, business services, public administration, defense & social security, education services, healthcare & social welfare services, entertainment, cultural & sports services and other services are included.

EB 2월호 내지.indd 50

14. 2. 24. 오후 7:49

Government posts deficit of 755.4 billion won in 2013

Budget balance

(Brillion won)

Revenue estimate

Revenue (A)

Expenditures (B)

Total

303,847.5

292,872.7

286,405.1

6,467.6

7,223.0

-755.4

-General account

240,670.2

232,392.9

229,544.3

2,848.6

2,767.3

81.3

- Special accounts

63,177.3

60,479.8

56,860.7

3,619.1

4,455.6

-836.5

The government cut spending by 18.1 trillion won due to the shortage, an increase of 12.4 trillion won compared with the 2012 balance. Net spending cuts, which exclude transfers between accounts,

Surplus from Balance excluding 2012 surplus transfer (D) (C-D)

amounted to 14.2 trillion won. The government compensated for the revenue shortage, raising about 6 trillion won by cutting government personnel expenditures and operation costs, and utilizing reserve funds. The surplus in the general account, which amounts to 81.3 billion won, will be utilized to repay the national debt and provide funds to local governments.

51 E co n o m i c New s B r i e f i n g

The government posted a deficit of 755.4 billion won for the 2013 fiscal year, as total revenues ran short at 292.9 trillion won compared with what was estimated in the budget plan.

Balance (C, A-B)

Deputy Prime Minister Hyun Oh-Seok is attending a briefing on the government's gross revenue and expenditures for the 2013 fiscal year on February 10.

EB 2월호 내지.indd 51

14. 2. 24. 오후 7:49

Economic News Briefing

52 E c o n o m i c B u l le t i n EB 2월호 내지.indd 52

Startups increase most since 2000

Tourist complex planned on Yeongjong-do

The number of startups reached a record high in 2013 as a result of various measures to encourage entrepreneurship, according to the Small & Medium Business Administration. 75,574 new companies were created in 2013, which is up 1.9 percent from the previous year and the largest number since the agency started taking record in 2000. Startups increased in all industries and all age groups, and the largest gains were seen in the under-30 group and the over-60 group. The current administration has unveiled a number of plans to boost entrepreneurship, including the ‘Measures to Develop a Venture-Startup Funding Ecosystem’, which was announced on May 2013.

The government is planning to build a huge tourist and leisure complex on the reclaimed land of Yeongjong-do by attracting private investment. Yeongjong-do is close to the Seoul Metropolitan Area and Incheon International Airport, making it easily accessible to domestic and foreign tourists, and therefore an ideal site for a major tourist complex. The government will develop the infrastructure to facilitate private investment in the area, and hopes this project will become a success story of creating jobs and reinvigorating the local economy.

Stock option tax burdens on venture startups to be eased

Korea Treasury Bond 2013 yearbook released

Tax regulations for stock options will be improved, as part of the government’s efforts to attract talent to venture businesses. Shareholders will be allowed to either pay the earned income tax when they exercise the stock options or pay the transfer income tax when they sell their stock. For venture startups offering new stock options to their employees as compensation, the government will allow them to account stock options as expenses when the stock options are exercised.

The Ministry of Strategy and Finance (MOSF) recently released Korea Treasury Bond 2013, an annual white paper on Treasury market developments, market trends and policy changes regarding primary and secondary markets. The latest white paper contains detailed information on last year’s major policies, monthly trends and foreign investment. An English version will also be available, reflecting foreign investors’ increasing interest in the Korea Treasury Bond market.

14. 2. 24. 오후 7:49

1. National accounts

2. Production, shipment and inventory

53 Statistical Appendices

Sta tist App ic a en l dic es 3. Production capacity and operation ratio 4. Consumer goods sales index

5. Consumer goods shipment index and consumer sentiment index

6 Machinery orders received 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

EB 2월호 내지.indd 53

14. 2. 24. 오후 7:49

Statistical A ppendic es 1 National accounts (year-on-year change, %, chained 2005 year prices) Real GDP Agri., fores. & fisheries

Manufacturing

Final consumption expenditure

4.0 5.2 5.1 2.3 0.3 6.3 3.7 2.0 2.8

1.3 1.5 4.0 5.6 3.2 -4.4 -2.1 -0.6 5.6

6.2 8.1 7.2 2.8 -1.5 14.7 7.3 2.2 3.0

4.6 5.1 5.1 2.0 1.2 4.1 2.3 2.2 2.1

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

2006 Ⅰ Ⅱ Ⅲ Ⅳ

6.1 5.1 5.0 4.6

3.9 -0.3 -1.4 4.2

2007 Ⅰ Ⅱ Ⅲ Ⅳ

4.5 5.3 4.9 5.7

2008 Ⅰ Ⅱ Ⅲ Ⅳ

Period

Construction

Facilities

1.9 3.4 4.2 -1.9 -1.0 5.8 -1.0 -1.7 3.8

-0.4 0.5 1.4 -2.8 3.4 -3.7 -4.7 -2.2 6.9

5.3 8.2 9.3 -1.0 -9.8 25.7 3.6 -1.9 -1.5

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

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

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

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 Ⅳ

1.5 2.3 3.3 3.9

0.3 2.7 7.3 9.7

1.0 2.1 3.9 5.0

1.4 2.3 2.3 2.5

-3.8 2.9 5.9 8.8

2.4 7.2 8.6 8.1

-11.9 -4.6 1.5 9.9

2005 2006 2007 2008 2009 2010 2011 2012P 2013P

Gross fixed capital formation

E c o n o m i c B u l le t i n

P: Preliminary Source: The Bank of Korea

EB 2월호 내지.indd 54

14. 2. 24. 오후 7:49

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(%)

105.9 106.8 106.7

5.9 0.8 -0.1

105.6 106.4 106.1

5.6 0.8 -0.3

120.2 124.1 133.3

14.9 3.2 7.4

103.2 104.8 106.2

3.2 1.6 1.3

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 Ⅲ

106.3 108.6 102.9 109.6

3.6 1.1 -1.0 -0.1

106.3 108.1 102.6 108.4

2.9 1.4 -0.5 -0.7

117.8 115.2 114.6 124.1

12.5 4.7 1.7 3.2

102.1 104.9 104.7 107.6

2.6 1.5 1.5 0.8

2013 Ⅰ Ⅱ Ⅲ ⅣP

104.5 107.8 102.9 111.6

-1.7 -0.7 0.0 1.8

104.1 107.3 102.6 110.3

-2.1 -0.7 0.0 1.8

122.4 118.9 124.9 133.3

3.9 3.2 9.0 7.4

102.9 106.7 105.4 109.7

0.8 1.7 0.7 2.0

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 10 11P 12P

109.7 95.8 108.0 108.0 109.0 106.3 106.6 102.5 99.7 111.5 110.7 112.5

7.7 -9.5 -2.9 1.5 -1.3 -2.4 0.9 3.1 -3.8 3.6 -0.8 2.6

107.9 96.4 108.1 107.3 108.1 106.5 105.2 102.9 99.6 110.3 109.3 111.4

5.2 -8.9 -2.3 1.3 -1.4 -2.2 0.4 4.5 -4.8 3.5 -0.2 2.2

127.8 124.1 122.4 120.2 121.6 118.9 123.9 123.6 124.9 126.7 129.8 133.3

7.0 5.6 3.9 3.1 2.7 3.2 7.0 3.4 9.0 9.7 7.8 7.4

101.8 100.3 106.6 105.4 107.6 107.0 105.4 105.4 105.4 107.5 107.3 114.4

1.3 0.3 0.7 2.6 1.6 0.9 0.7 1.5 -0.2 2.8 2.0 1.1

55 Statistical Appendices

2011 2012 2013P

P: Preliminary Source: Statistics Korea

EB 2월호 내지.indd 55

14. 2. 24. 오후 7:49

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 (%)

Average operation ratio (%)

2011 2012 2013P

104.9 107.2 108.7

4.9 2.2 1.4

99.8 97.0 94.3

-0.2 -2.8 -2.8

80.2 78.1 75.9

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

2013 Ⅰ Ⅱ Ⅲ ⅣP

108.0 108.4 108.9 109.3

1.1 1.2 1.6 1.7

92.7 96.8 90.1 97.5

-4.3 -3.5 -2.9 -0.4

77.1 75.4 74.6 76.4

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 10 11P 12P

107.9 108.0 108.1 108.1 108.4 108.6 108.7 109.0 109.0 109.2 109.2 109.5

1.1 1.1 1.1 1.0 1.2 1.3 1.7 1.5 1.6 1.7 1.5 1.8

97.9 84.1 96.2 96.8 98.3 95.3 93.8 90.1 86.3 98.6 97.4 96.5

6.6 -12.8 -6.0 -1.4 -3.6 -5.5 -3.1 2.5 -8.0 0.9 -2.9 0.7

78.6 77.2 75.4 75.4 75.4 75.4 74.1 76.3 73.5 75.8 75.8 77.7

P: Preliminary Source: Statistics Korea

EB 2월호 내지.indd 56

14. 2. 24. 오후 7:49

4 Consumer goods sales index (constant prices, 2010=100) Consumer goods sales index Period

y-o-y change (%)

Durable goods y-o-y change (%)

Semi-durable goods y-o-y change (%)

Non-durable goods y-o-y change (%)

104.5 106.9 107.7

4.5 2.3 0.7

110.6 116.5 116.6

10.6 5.3 0.1

103.7 102.6 103.9

3.7 -1.1 1.3

102.1 104.4 105.3

2.1 2.3 0.9

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 ⅣP

103.7 107.5 107.1 112.7

0.2 1.1 0.7 1.0

111.3 118.1 117.0 120.0

1.2 2.3 -1.4 -1.5

99.8 105.3 92.9 117.7

1.8 0.9 2.2 0.5

101.9 103.5 108.8 107.1

-1.0 0.7 1.2 2.7

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 10 11P 12P

104.6 99.5 106.9 105.0 110.7 106.7 109.1 104.5 107.8 110.8 112.9 114.4

-2.7 1.6 1.8 2.0 0.6 0.8 1.0 2.5 -1.2 1.7 1.3 0.2

112.0 106.6 115.2 114.0 119.9 120.5 127.7 116.0 107.6 120.8 120.0 120.1

4.0 -1.2 0.7 5.8 1.5 0.0 1.2 1.5 -7.2 3.2 -2.4 -4.2

101.4 91.1 106.9 104.7 111.9 99.4 95.9 85.1 97.7 111.5 121.8 119.9

-2.1 0.1 7.7 1.0 1.4 0.2 -0.1 5.5 1.8 -1.8 3.4 0.0

102.6 99.9 103.1 101.0 105.9 103.6 106.3 107.8 112.4 106.3 105.7 109.3

-6.0 3.7 0.0 0.8 -0.1 1.5 1.2 1.9 0.6 3.0 2.3 2.6

57 Statistical Appendices

2011 2012 2013P

P: Preliminary Source: Statistics Korea

EB 2월호 내지.indd 57

14. 2. 24. 오후 7:49

Statistical A ppendic es 5 Consumer goods shipment index and consumer sentiment index Domestic consumer goods shipment index (2010=100) Durable goods

Period

y-o-y change (%)

Non-durable goods

y-o-y change (%)

Consumer sentiment index

E c o n o m i c B u l le t i n

2011 2012 2013P

109.2 101.1 98.3

0.9 0.2 -2.8

100.2 98.5 93.5

0.2 -1.7 -5.1

101.2 102.3 100.4

1.2 1.1 -1.9

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 ⅣP

98.4 95.2 98.2 101.5

-1.6 -4.5 -2.7 -2.3

95.3 91.7 93.2 93.9

-2.2 -7.3 -2.9 -7.7

99.7 96.6 100.4 104.7

-1.5 -3.5 -2.5 -0.1

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 10 11P 12P

104.0 92.3 98.8 96.6 96.2 92.8 99.4 99.7 95.6 105.0 99.7 99.7

3.8 -5.7 -3.0 -2.1 -5.6 -5.9 -2.2 1.2 -6.9 1.3 -4.3 -3.9

96.8 92.7 96.4 90.3 92.2 92.6 99.1 94.1 86.3 96.0 95.4 90.3

5.0 -5.4 -5.6 -3.5 -8.0 -10.0 -5.7 7.5 -9.5 -2.4 -5.5 -14.6

107.0 92.2 99.8 99.2 97.9 92.8 99.5 102.1 99.6 108.9 101.5 103.7

3.2 -5.8 -2.1 -1.7 -4.7 -4.0 -0.6 -1.0 -5.9 2.8 -3.9 0.9

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

2014 1

109

P: Preliminary Source: Statistics Korea

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14. 2. 24. 오후 7:49

6 Machinery orders received and estimated facility investment index Domestic machinery orders received excluding ship (billion won, constant value) Total

Period

2011 2012 2013P

Public

y-o-y change (%)

Private

y-o-y change (%)

Estimated facility investment index y-o-y (2005=100)

change (%)

7.6 -13.4 7.9

2,407 2,142 2,584

-2.6 -11.0 20.6

22,741 19,647 20,919

8.8 -13.6 6.5

139.2 136.4 129.6

4.0 -2.0 -5.0

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 ⅣP

5,621 5,862 5,327 6,693

-10.9 8.7 4.9 33.7

429 554 522 1,078

-47.0 94.2 -9.7 130.4

5,192 5,308 4,804 5,615

-5.6 4.0 6.8 23.8

122.3 131.2 122.1 142.6

-15.4 -10.0 -4.7 11.9

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 10 11P 12P

1,864 1,675 2,083 1,839 2,128 1,895 1,936 1,715 1,675 2,648 2,109 1,936

-3.6 -34.1 13.4 -0.3 16.3 10.4 5.5 13.1 -3.1 71.5 24.9 9.3

139 168 121 92 250 212 359 92 71 788 163 127

169.8 -75.8 92.2 63.8 542.9 11.5 15.8 -45.4 -28.5 815.4 28.2 -50.1

1,724 1,506 1,961 1,747 1,878 1,683 1,578 1,623 1,604 1,860 1,946 1,809

-8.3 -18.4 10.6 -2.4 4.8 10.3 3.5 20.5 -1.5 27.5 24.6 19.3

117.5 113.8 135.7 125.8 128.3 139.4 128.8 123.2 114.3 139.1 136.2 152.5

-15.7 -22.5 -7.9 -12.1 -12.1 -5.9 -8.3 4.1 -9.1 16.2 9.5 10.4

59 Statistical Appendices

25,148 21,789 23,503

P: Preliminary Source: Statistics Korea

EB 2월호 내지.indd 59

14. 2. 24. 오후 7:49

Statistical A ppendic es 7 Value of construction completed and domestic construction orders received (current value, billion won) Period

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

Type of order Public

Private y-o-y change (%)

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

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 2013P

91,717 88,031 97,562

-0.6 -4.0 10.8

35,120 33,578 34,320

-0.1 -4.4 2.2

51,663 50,260 59,341

-2.2 -2.7 18.1

95,332 86,821 74,743

6.1 -8.9 -13.9

28,624 26,103 24,613

-2.0 -8.8 -5.7

61,839 57,202 48,151

12.3 -7.5 -15.8

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 ⅣP

20,113 25,615 23,556 28,279

5.3 15.4 11.5 10.5

6,984 9,287 8,020 10,029

-5.4 5.4 6.9 1.5

12,364 15,348 14,611 17,017

14.5 24.4 16.1 17.0

12,805 17,888 16,082 27,967

-41.2 -28.8 -9.0 25.7

4,279 5,306 4,889 10,140

-22.6 -5.3 -10.8 6.8

8,255 11,899 10,875 17,123

-46.9 -35.7 -6.5 48.8

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 7.7 2,028 -12.1 2,855 -1.8 2,743 4.5 2,790 -1.8 3,757 2.6 2,378 -11.7 2,461 0.1 2,845 7.2 2,902 1.7 3,171 -2.5 4,752 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 -33.3 2,508 9.1 5,694 120.6 4,631 3.5 4,741 -29.7 8,281 46.5 3,094 -8.6 5,783 111.9 3,994 -25.5 4,991 63.8 5,870 10.9 9,347 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 -13.6 2,358 16.3 2,921 2.3 2,625 -4.3 2,839 1.8 3,349 -10.9 2,337 -1.7 2,292 -6.8 2,870 0.9 2,574 -11.3 2,974 -6.2 4,333 -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 75.6 5,812 131.7 4,636 -18.6 4,097 -11.5 6,034 27.3 8,385 1.3 3,886 25.6 3,738 -35.4 4,008 0.4 3,507 -29.7 4,743 -19.2 3,255 -65.2

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

6,258 6,217 7,638 8,062 8,105 9,448 7,812 7,635 8,108 2,648 9,083 10,584

9.0 4.0 3.4 18.7 12.2 15.4 12.1 17.3 5.9 71.5 13.1 3.2

2,065 -2.0 2,341 -0.7 2,579 -11.7 2,820 7.4 2,782 -2.0 3,686 10.1 2,628 12.5 2,550 11.3 2,841 -1.0 788 815.4 3,124 5.0 3,942 -9.0

3,948 3,650 4,766 4,948 5,050 5,350 4,875 4,801 4,936 1,860 5,625 6,083

18.3 8.3 16.6 27.7 24.2 21.8 14.6 22.9 11.6 27.5 18.6 13.2

3,424 4,304 5,077 4,910 5,889 7,090 5,420 4,690 5,971 139.1 7,615 12,162

-52.7 -47.0 -20.7 -18.6 -18.4 -40.4 -14.6 -8.4 -3.6 16.2 5.3 27.8

1,306 1,280 1,694 1,551 1,552 2,203 1,422 1,522 1,945 1,513 2,386 6,240

-33.9 -40.9 21.8 7.1 44.8 -28.5 -37.8 13.5 5.0 -22.9 11.1 16.0

1,970 2,955 3,329 2,944 4,219 4,736 3,903 3,156 3,816 6,587 4,994 5,541

-61.4 -49.2 -28.2 -28.1 -30.1 -43.5 0.4 -15.6 -4.8 87.8 5.3 70.2

P: Preliminary Source: Statistics Korea

EB 2월호 내지.indd 60

14. 2. 24. 오후 7:49

8 Composite indices of business cycle indicators and BSI Cyclical component of leading index (2010=100)

Coincident index (2010=100)

Cyclical component of coincident index (2010=100)

BSI (results)

BSI (prospects)

2010 1 2 3 4 5 6 7 8 9 10 11 12

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

110.1 110.4 110.7 111.3 112.0 113.0 113.9 114.7 115.0 115.9 116.7 117.7

99.8 99.6 99.5 99.6 99.9 100.5 100.9 101.2 101.0 101.5 101.8 102.3

111.8 112.3 112.3 112.9 113.2 113.9 114.2 114.9 115.1 115.7 116.2 116.8

99.2 99.3 98.9 99.0 98.8 99.0 98.9 99.1 99.0 99.1 99.2 99.3

85.0 83.0 101.3 94.1 97.6 95.0 91.1 89.8 93.0 94.7 91.9 90.5

85.7 86.7 104.4 101.5 99.8 97.2 90.7 92.7 94.4 101.1 94.7 92.6

2014 1 2

89.4 -

93.4 88.7

61 Statistical Appendices

Leading index (2010=100)

Period

Sources: Statistics Korea, The Bank of Korea

EB 2월호 내지.indd 61

14. 2. 24. 오후 7:49

Statistical A ppendic es 9 Balance of payments (I) (US$ million) Services

Primary income

Secondary income

520,105.4 514,227.6 510,206.5

-5,849.5 2,676.2 5,996.2

2,890.9 4,885.5 4,803.2

-2,633.2 -2,760.9 -785.2

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

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

9,971.8 19,803.0 18,981.4 21,970.0

9,339.8 15,838.1 16,623.4 18,910.7

137,293.0 142,434.4 140,879.1 150,312.0

127,953.2 126,596.3 124,255.7 131,401.3

-483.0 3,761.9 1,330.1 1,387.2

1,375.0 62.2 1,571.6 1,794.4

-260.0 140.8 -543.7 -122.3

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 12

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 6,429.1

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 5,707.5

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 49,276.9

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 43,569.4

-927.1 -461.0 905.1 1,447.6 1,130.5 1,183.8 357.0 100.6 872.5 1,646.8 -697.2 437.6

968.4 628.9 -222.3 -1,088.6 193.6 957.2 776.5 475.2 319.9 786.0 588.8 419.6

-327.3 -17.9 85.2 24.6 44.7 71.5 -40.8 -179.2 -323.7 46.6 -33.3 -135.6

Period

Current account

Goods

2011 2012 2013P

26,068.2 43,138.5 70,726.2

31,660.0 38,337.7 60,712.0

551,765.4 552,565.3 570,918.5

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

2012 Ⅰ Ⅱ Ⅲ Ⅳ

2,559.9 11,188.8 14,561.7 14,828.1

2013PⅠ Ⅱ Ⅲ Ⅳ

Exports

Imports

E c o n o m i c B u l le t i n

P: Preliminary Source: The Bank of Korea

EB 2월호 내지.indd 62

14. 2. 24. 오후 7:49

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 -72,820.7

-16,410.0 -18,628.1 -13,062.3

13,109.3 10,114.8 -6,940.4

-1,031.3 3,075.2 3,839.7

-8,468.6 -26,897.7 -41,768.6

-24.7 602.1 -410.6

-13,952.8 -11,885.4 -14,478.5

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

-1,377.1 -7,968.0 -13,342.8 -20,931.2

-7,203.3 -3,015.2 -5,428.9 -2,980.7

15,156.1 -5,481.3 5,778.8 -5,338.8

1,355.0 -65.3 699.1 1,086.4

-4,232.7 -581.2 -10,350.6 -11,733.2

134.3 284.3 76.7 106.8

-6,586.4 890.7 -4,118.0 -2,071.7

2013P Ⅰ Ⅱ Ⅲ Ⅳ

-10,901.4 -19,112.7 -19,643.3 -23,163.3

-4,065.9 -2,554.7 -3,124.4 -3,317.3

-5,769.9 -8,374.8 9,272.8 -2,068.5

1,418.9 -604.6 1,694.0 1,331.4

1,294.3 -11,584.9 -20,788.4 -10,689.6

152.0 -59.6 -119.1 -383.9

-3,930.8 4,065.9 -6,578.2 -8,035.4

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 12

-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 -6,567.5

-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 -1,509.3

-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 -5,164.1

586.9 686.9 145.1 -313.2 649.2 -940.6 443.3 218.1 1032.6 713.1 14.0 604.3

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 -229.7 199.7

48.5 37.8 65.7 -36.8 -16.8 -6.0 -119.5 66.8 -66.4 -40.5 -134.8 -208.6

-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 -489.5

63 Statistical Appendices

2011 2012 2013P

P: Preliminary Source: The Bank of Korea

EB 2월호 내지.indd 63

14. 2. 24. 오후 7:49

Statistical A ppendic es 11 Prices (2010=100) Consumer Prices Period

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 (%)

2011

104.0

4.0

105.7

5.7

102.7

2.7

103.2

3.2

106.7

6.7

108.7

2012

106.3

2.2

108.9

3.0

104.2

1.4

104.9

1.6

107.5

0.7

108.9

0.2

2013

107.7

1.3

110.1

1.0

105.8

1.5

106.6

1.6

105.7

-1.6

106.2

-2.5

8.7

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

102.9

3.9

104.4

5.9

101.7

2.3

102.1

2.6

105.1

7.4

106.7

9.8

103.3

4.1

104.9

6.1

102.1

2.6

102.4

3.0

106.3

8.2

108.3

10.7

103.4

3.8

104.6

5.0

102.4

2.7

102.6

3.0

107.0

8.1

109.1

10.6

103.6

3.9

104.7

5.2

102.6

2.7

103.0

3.2

107.3

7.5

109.5

9.7

103.8

4.2

105.0

5.8

102.8

2.9

103.4

3.5

107.1

7.2

109.1

9.3

104.3

4.5

105.9

6.4

103.1

2.9

103.7

3.6

107.2

7.0

109.3

9.1

105.0

4.7

107.1

6.8

103.3

3.0

103.8

3.5

107.4

6.9

109.5

8.9

E c o n o m i c B u l le t i n

104.9

3.8

107.1

5.0

103.1

2.7

103.7

3.3

107.4

6.3

109.6

8.0

104.7

3.6

106.6

4.5

103.2

2.8

103.6

3.2

107.3

5.8

109.4

7.4

104.8

4.2

106.8

6.0

103.3

2.7

103.9

3.5

107.0

5.1

108.9

6.5

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

106.1

3.1

108.5

3.9

104.2

2.5

104.7

2.5

108.4

3.1

110.5

3.6

106.0

2.6

109.2

4.1

103.5

1.4

104.3

1.9

108.9

2.4

111.2

2.7

106.0

2.5

108.9

4.1

103.7

1.3

104.4

1.8

109.0

1.9

111.1

1.9

106.2

2.5

109.2

4.3

103.9

1.3

104.6

1.6

108.4

1.0

110.3

0.7

106.1

2.2

108.8

3.6

104.0

1.2

104.9

1.5

107.1

0.0

108.4

-0.7

105.9

1.5

107.9

1.9

104.2

1.1

104.9

1.2

106.6

-0.6

107.6

-1.5

106.3

1.2

108.8

1.6

104.4

1.1

105.1

1.3

107.2

-0.1

108.6

-0.9 -0.4

107.0

2.0

110.4

3.1

104.4

1.3

105.2

1.4

107.6

0.2

109.2

106.9

2.1

109.8

3.0

104.6

1.4

105.2

1.5

106.8

-0.5

107.8

-1.4

106.5

1.6

108.9

2.0

104.6

1.3

105.3

1.3

106.1

-0.9

106.8

-1.9

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

1.6

109.9

1.7

105.3

1.5

105.9

1.3

106.0

-1.6

106.8

-2.5

107.7

1.6

110.4

1.6

105.6

1.5

106.2

1.4

106.7

-1.6

107.8

-2.5

107.6

1.5

110.4

1.1

105.4

1.7

106.0

1.6

106.3

-2.4

107.1

-3.7

107.5

1.3

109.9

0.9

105.6

1.7

106.0

1.6

105.9

-2.8

106.6

-4.1

107.5

1.1

109.6

0.4

105.7

1.8

106.4

1.7

105.6

-2.6

106.1

-3.8

107.3

1.2

109.4

0.7

105.7

1.6

106.6

1.6

105.5

-1.4

106.0

-2.2

107.6

1.6

109.7

1.7

105.9

1.5

106.7

1.7

105.5

-1.0

106.0

-1.6

107.9

1.5

110.3

1.5

106.1

1.5

106.7

1.5

105.8

-1.3

106.2

-2.1

108.1

1.0

110.9

0.4

106.0

1.5

107.0

1.7

105.7

-1.8

106.1

-2.8

107.8

0.9

110.1

0.3

106.0

1.4

107.1

1.8

105.3

-1.4

105.5

-2.2

107.8

1.2

110.1

1.0

106.0

1.3

107.4

2.0

105.1

-0.9

105.2

-1.5

107.9

1.1

110.2

0.9

106.2

1.3

107.5

1.9

105.4

-0.4

105.5

-0.9

Source: The Bank of Korea

EB 2월호 내지.indd 64

14. 2. 24. 오후 7:49

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 (%)

Unemployment (%)

25,099 25,501 25,873

1.4 1.6 1.5

24,244 24,681 25,066

1.7 1.8 1.6

4,091 4,105 4,184

1.6 0.3 1.9

18,595 19,033 19,347

2.1 2.4 1.6

3.4 3.2 3.1

2011 1 2 3 4 5 6 7 8 9 10 11 12

24,114 24,431 24,918 25,240 25,480 25,592 25,473 25,257 25,076 25,409 25,318 24,880

0.1 1.6 2.2 1.5 1.5 1.7 1.0 1.7 0.7 1.6 1.9 1.4

23,196 23,336 23,846 24,303 24,661 24,752 24,636 24,495 24,318 24,673 24,589 24,125

1.4 2.1 2.0 1.6 1.5 1.9 1.4 2.0 1.1 2.1 2.0 1.9

4,148 4,149 4,122 4,108 4,137 4,135 4,079 4,031 4,014 4,044 4,054 4,071

5.7 6.7 5.1 2.9 2.5 2.9 1.0 -0.7 -1.2 -1.3 -2.1 -2.1

18,007 18,019 18,244 18,536 18,731 18,812 18,844 18,739 18,595 18,856 18,921 18,833

1.2 1.4 1.1 1.4 1.3 2.1 1.9 3.1 2.1 3.2 3.2 3.1

3.8 4.5 4.3 3.7 3.2 3.3 3.3 3.0 3.0 2.9 2.9 3.0

2012 1 2 3 4 5 6 7 8 9 10 11 12

24,585 24,825 25,210 25,653 25,939 25,939 25,901 25,623 25,755 25,787 25,652 25,139

2.0 1.6 1.2 1.6 1.8 1.4 1.7 1.4 2.7 1.5 1.3 1.0

23,732 23,783 24,265 24,758 25,133 25,117 25,106 24,859 25,003 25,069 24,941 24,402

2.3 1.9 1.8 1.9 1.9 1.5 1.9 1.5 2.8 1.6 1.4 1.1

4,034 4,060 4,018 4,027 4,071 4,084 4,114 4,111 4,153 4,188 4,218 4,183

-2.8 -2.1 -2.5 -2.0 -1.6 -1.2 0.8 2.0 3.5 3.6 4.0 2.8

18,631 18,599 18,870 19,103 19,292 19,248 19,265 19,040 19,125 19,128 19,088 19,010

3.5 3.2 3.4 3.1 3.0 2.3 2.2 1.6 2.8 1.4 0.9 0.9

3.5 4.2 3.7 3.5 3.1 3.2 3.1 3.0 2.9 2.8 2.8 2.9

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

24,901 24,973 25,397 25,928 26,195 26,291 26,301 26,074 26,186 26,268 26,230 25,736

1.3 0.6 0.7 1.1 1.0 1.4 1.5 1.7 1.7 1.9 2.3 2.4

24,054 23,984 24,514 25,103 25,398 25,478 25,473 25,291 25,466 25,545 25,530 24,962

1.4 0.8 1.0 1.4 1.1 1.4 1.5 1.7 1.9 1.9 2.4 2.3

4,189 4,139 4,141 4,192 4,175 4,180 4,167 4,116 4,174 4,218 4,253 4,264

3.9 1.9 3.1 4.1 2.6 2.3 1.3 0.1 0.5 0.7 0.8 2.0

18,810 18,736 18,989 19,303 19,492 19,531 19,577 19,438 19,540 19,558 19,670 19,514

1.0 0.7 0.6 1.0 1.0 1.5 1.6 2.1 2.2 2.2 3.0 2.7

3.4 4.0 3.5 3.2 3.0 3.1 3.1 3.0 2.7 2.8 2.7 3.0

2014 1

25,650

3.0

24,759

2.9

4,280

2.2

19,376

3.0

3.5

65 Statistical Appendices

2011 2012 2013

Source: Statistics Korea

EB 2월호 내지.indd 65

14. 2. 24. 오후 7:49

Statistical A ppendic es 13 Financial indicators (period average) Period

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)

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 3.2

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 2,044.87

2014 1

2.5

2.7

3.3

2.9

3.3

1,941.15

Source: The Bank of Korea

EB 2월호 내지.indd 66

14. 2. 24. 오후 7:49

14 Monetary indicators (billion won) Period

Reserve money

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

2013

91,379.4

11.3

484,062.9

9.5

1,885,781.3

4.8

2,543,299.4

6.9

2011 1

73,540.8

13.0

429,368.1

12.6

1,676,448.8

6.5

2,152,814.0

6.6

75,432.1

13.3

432,482.8

11.5

1,674,390.5

5.0

2,148,254.1

5.2

73,012.7

11.2

430,936.6

11.6

1,677,475.9

4.3

2,152,736.5

4.7

73,206.1

13.9

425,420.5

9.6

1,684,792.3

3.9

2,163,485.7

4.5

73,828.5

8.8

423,994.7

7.4

1,690,543.0

3.7

2,175,557.3

4.4

74,705.5

12.8

421,885.3

5.4

1,697,204.2

3.0

2,189,729.2

4.0

74,069.7

10.6

418,973.1

3.8

1,705,451.5

3.2

2,208,624.3

4.6

75,642.3

12.4

422,649.3

5.4

1,719,437.8

4.0

2,230,191.9

5.5

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

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

81,655.3

8.3

437,193.9

1.1

1,762,988.4

5.3

2,302,065.8

7.2

79,068.0

8.3

440,075.4

2.1

1,773,172.9

5.7

2,341,626.9

8.8

80,641.8

10.2

437,445.3

2.8

1,777,114.7

5.5

2,349,723.2

8.6

80,547.7

9.1

438,795.3

3.5

1,784,220.5

5.5

2,357,701.0

8.4

81,804.0

9.5

441,611.0

4.7

1,796,981.5

5.9

2,377,071.3

8.5

81,555.7

10.1

441,760.6

5.4

1,807,289.2

6.0

2,393,737.7

8.4

82,369.1

8.9

439,573.2

4.0

1,817,134.9

5.7

2,405,239.9

7.8

82,958.7

6.4

440,034.3

3.5

1,819,290.1

5.2

2,415,263.5

7.6

85,078.6

10.6

444,477.8

5.5

1,822,420.9

4.6

2,424,000.4

7.1

82,956.5

8.3

445,463.9

5.3

1,830,280.3

4.4

2,440,062.8

7.1

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

88,855.7

8.8

472,239.6

8.0

1,857,135.0

5.3

2,488,539.0

8.1

89,523.5

13.2

472,430.1

7.4

1,862,405.5

5.0

2,499,718.1

6.8

87,729.0

8.8

475,330.0

8.7

1,867,726.3

5.1

2,512,459.7

6.9

89,654.8

11.3

475,526.7

8.4

1,870,289.7

4.8

2,518,239.1

6.8

91,207.6

11.5

486,587.5

10.2

1,884,193.2

4.9

2,533,750.8

6.6

90,643.7

11.1

488,982.7

10.7

1,890,728.6

4.6

2,549,443.5

6.5

93,729.6

13.8

481,416.9

9.5

1,888,658.4

3.9

2,557,336.3

6.3

95,130.6

14.7

490,518.7

11.5

1,903,187.1

4.6

2,577,546.7

6.7

93,640.4

10.1

491,947.9

10.7

1,908,557.6

4.7

2,587,071.4

6.7

93,609.9

12.8

499,242.7

12.1

1,923,339.2

5.1

2,605,873.9

6.8

96,988.5

13.7

509,617.9

11.3

1,932,026.4

5.3

2,619,832.1

6.7

Statistical Appendices

9 10

Source: The Bank of Korea

EB 2월호 내지.indd 67

14. 2. 24. 오후 7:49

Statistical A ppendic es 15 Exchange rates (end-period) \/US$ Period

\/100￥

E c o n o m i c B u l le t i n

Won

y-o-y change (%)

Won

2011 2012 2013

1,153.3 1,071.1 1,055.3

1.3 -7.1 -1.5

1,485.2 1,247.5 1,004.7

2011 1 2 3 4 5 6 7 8 9 10 11 12

1,114.3 1,127.9 1,107.2 1,072.3 1,080.6 1,078.1 1,052.6 1,071.7 1,179.5 1,104.5 1,150.3 1,153.3

-3.6 -2.6 -2.1 -3.9 -10.0 -10.9 -11.3 -9.9 3.3 -2.0 -0.6 1.3

2012 1 2 3 4 5 6 7 8 9 10 11 12

1,125.0 1,126.5 1,137.8 1,134.2 1,177.8 1,153.8 1,136.2 1,134.6 1,118.6 1,094.1 1,084.7 1,071.1

2013 1 2 3 4 5 6 7 8 9 10 11 12 2014 1

\/Euro

y-o-y change (%)

Won

y-o-y change (%)

6.3 -16.0 -19.5

1,494.1 1,416.3 1,456.3

-1.3 -5.2 2.8

1,356.6 1,380.7 1,331.9 1,313.8 1,335.6 1,335.7 1,353.2 1,396.8 1,536.6 1,458.0 1,475.7 1,485.2

5.4 6.3 9.4 10.7 1.3 -2.1 -1.2 -0.7 12.7 4.8 7.4 6.3

1,514.0 1,549.5 1,563.5 1,591.2 1,549.7 1,560.5 1,507.9 1,547.3 1,601.4 1,562.7 1,532.9 1,494.1

-6.2 -1.3 3.0 7.6 5.1 5.8 -2.9 2.7 2.9 -0.4 1.0 -1.3

1.0 -0.1 2.8 5.8 9.0 7.0 7.9 5.9 -5.2 -0.9 -5.7 -7.1

1,473.1 1,399.2 1,380.7 1,412.0 1,489.1 1,453.8 1,453.6 1,444.0 1,441.1 1,374.5 1,320.6 1,247.5

8.6 1.3 3.7 7.5 11.5 8.8 7.4 3.4 -6.2 -5.7 -10.5 -16.0

1,478.2 1,516.3 1,513.4 1,501.7 1,456.6 1,435.0 1,393.1 1,419.6 1,444.3 1,418.3 1,407.3 1,416.3

-2.4 -2.1 -3.2 -5.6 -6.0 -8.0 -7.6 -8.3 -9.8 -9.2 -8.2 -5.2

1,082.7 1,085.4 1,112.1 1,108.1 1,128.3 1,149.7 1,113.6 1,110.9 1,075.6 1,061.4 1,062.1 1,061.4

-3.8 -3.6 -2.3 -2.3 -4.2 -0.4 -2.0 -2.1 -3.8 -3.0 -2.1 -3.0

1,188.5 1,176.2 1,180.1 1,132.0 1,116.6 1,167.2 1,135.4 1,129.2 1,098.7 1,077.5 1,038.2 1,077.5

-19.3 -15.9 -14.5 -19.8 -25.0 -19.7 -21.9 -21.8 -23.8 -21.6 -21.4 -21.6

1,469.3 1,425.8 1,425.2 1,451.3 1,471.4 1,498.2 1,476.7 1,470.6 1,451.3 1,456.6 1,444.8 1,456.6

-0.6 -6.0 -5.8 -3.4 1.0 4.4 6.0 3.6 0.5 2.7 2.7 2.7

1,079.2

-0.3

1,043.7

-12.2

1,473.6

0.3

Source: The Bank of Korea

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ISSN 2287-7266

ECONOMIC BULLETIN (Republic of Korea)

Republic of Korea

Vol.36 No.2 February 2014

conomic u l l e t i n

Vol. 36 No.2 February 2014

ECONOMIC BULLETIN (Republic of Korea)

/ February 2014

For free subscriptions and enquiries, please contact: Foreign Press Spokesperson’s Office Ministry of Strategy and Finance

The Green Book: Current Economic Trends

Government Complex, 477 Galmae-ro Sejong, 339-012 Republic of Korea

Policy Issues

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Employment Support for Women

E-mail. fppr@mosf.go.kr

Economic News Briefing

Website. http://english.mosf.go.kr

Korea Grows 0.9% in Q4 Government Posts Deficit of 755.4 Billion Won in 2013 Startups Increase Most Since 2000 Stock Option Tax Burdens on Venture Startups to be Eased

Economic Information and Education Center Korea Development Institute 15 Giljae-gil (Bangok-dong) Sejong, 339-007

Statistical Appendices

Republic of Korea Fax. +82 44 550 4941 E-mail. jiyounlee@kdi.re.kr

MOSF / KDI

Tel. +82 44 550 4645

Website. http://eiec.kdi.re.kr

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