Economicbulletin11 en 1128

ISSN 2287-7266

ECONOMIC BULLETIN (Republic of Korea)

Republic of Korea

Vol.36 No.11 November 2014

conomic u l l e t i n

Vol.36 No.11 November 2014

The Green Book: Current Economic Trends Policy Issues

Korea and China Set to Sign FTA Measures to Stimulate Direct Won-Yuan Transactions

Economic News Briefing

ITU Plenipotentiary Conference Held in Busan Three-year Plan for Economic Innovation Praised at G20 Meeting Korea Ranks 5th in World Bank’s ‘Doing Business’ Report Korea Grows 0.9% in Q3

Statistical Appendices ECONOMIC BULLETIN (Republic of Korea)

For free subscriptions and enquiries, please contact: Foreign Press Spokesperson’s Office Ministry of Strategy and Finance Government Complex, 477 Galmae-ro

November 2014

Sejong, 339-012 Republic of Korea Tel. +82 2 731 1530 Fax. +82 2 731 1540 E-mail. fppr@mosf.go.kr Website. http://english.mosf.go.kr Economic Information and Education Center Korea Development Institute 15 Giljae-gil (Bangok-dong) Sejong, 339-007 Republic of Korea Fax. +82 44 550 4941 E-mail. jiyounlee@kdi.re.kr

MOSF / KDI

Tel. +82 44 550 4645

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

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Useful 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

Namsangol Hanok Village Namsangol Hanok Village is a neighborhood in Jung-gu, Seoul, where traditional houses have been restored to preserve the original atmosphere of the area. This hanok is illuminated with cheongsachorongs , which are traditional Korean lanterns with red-and-blue silk shades.

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contents

02 The Green Book: Current Economic Trends 03

Overview

04

1. External economic situation

09

2. Private consumption

11

3. Facility investment

13

4. Construction investment

15

5. Exports and imports

17

6. Mining and manufacturing production

19

7. Service sector activity

21

8. Employment

25

9. Financial markets 9.1 Stock market 9.2 Exchange rate 9.3 Bond market 9.4 Money supply & money market

29

10. Balance of payments

31

11. Prices and international commodity prices 11.1 Prices 11.2 International oil and commodity prices

37

12. Real estate market 12.1 Housing market 12.2 Land market

42

13. Composite indices of business cycle indicators

44 Policy Issues 45

Korea and China Set to Sign FTA

47

Measures to Stimulate Direct Won-Yuan Transactions

49 Economic News Briefing 53 Statistical Appendices

Editor-in-Chief Editorial Board Coordinators Editors

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Kim Joo-Hoon (KDI), An Il-Whan (MOSF) hoi Jae-Hyuk (MOSF), Lee Seong-Pyo (KDI), Lee Jae-Yeal (KDI) C Kim Dae-Hyun (MOSF), Lee Ji-Youn (KDI) David Friedman (MOSF), Kim Seul-Ki (MOSF)

14. 11. 24. 오후 6:55

Th Gr e ee nB oo k Cu rre nt

2

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

Ec on om ic T ren ds

Overview

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

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

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OVERVIEW

The Korean economy’s recovery momentum, although employment continues to increase, has weakened as inflation remains low and industrial activities have been negatively affected by strikes in the auto industry. However, the third quarter data show that the economy has picked up from the Sewol ferry disaster in April and recovered to the first quarter level.

declined for the first time in four months in September, falling 0.2 points, and the composite index of leading indicators rose 0.6 points.

The economy continued to add jobs in September, adding 451,000 jobs year-on-year.

In October, market interest rates fell while the KOSPI declined somewhat due to foreign investors’ net selling of Korean shares. The dollar-won ratio rose and the 100 yen-won ratio fell compared to the previous month.

Consumer price inflation remained low in October, rising 1.2 percent year-on-year compared with 1.1 percent in the previous month.

Mining and manufacturing production rebounded by only 0.1 percent in September from a 3.9 percent drop in the previous month, despite increases in mechanical equipment and primary metals, as automobiles fell due to strikes.

Service output growth slowed in September from 0.3 percent in the previous month to 0.1 percent. Retail sales declined month-on-month without the Chuseok holiday effect, from a 2.9 percent increase to a 3.2 percent fall.

Facility investment in September soared month-onmonth from a 10.8 percent fall to a 13.2 percent rise backed by strong machinery investment.

Construction completed fell 5.8 percent from a 0.5 percent rise in the previous month, as both building construction and civil engineering works declined.

The composite index of coincident indicators

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Exports continued to grow in October, gaining 2.5 percent, backed by strong exports to the US. The trade balance remained in the black in October, posting a surplus of US $7.5 billion.

Both housing prices and Jeonse (lump-sum deposits with no monthly payments) prices continued to increase in October, rising 0.2 percent and 0.3 percent, respectively.

3 The Green Book

k

T h e G r e e n B o o k : Current Economic Trends

The economy has continued to suffer from weak domestic demand as consumption and investment have yet to fully recover, while external conditions are getting worse, such as the winding up of US QE and the weak yen.

The Korean government will continue to closely monitor internal and external economic trends, and at the same time will prepare the Korean economy for any potential risks and work to protect domestic markets form external shocks.

The government will also closely review the implementation of reform plans, particularly the Three-year Plan for Economic Innovation, while continuing to focus on expediting economic recovery.

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends

1. External economic situation

Economic conditions and monetary policies ar e showing a mixed trend among major countries. The US economy continues to recover, but the eurozone, China and Japan are showing sluggish growth.

Downside risks remain, such as the possibility of an early interest rate hike in the US and deflation concerns in the eurozone.

4

US

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

US economic growth in the third quarter of 2014 (advanced estimates, annualized q-o-q) was 3.5 percent, which was substantially higher than market expectations (3.0%). The US economy is expected to continue on its path to recovery, with improving consumption and investment.

Industrial production in September rose 1.0 percent month-on-month, and the ISM Manufacturing Index, which forecasts business sentiment, posted 59.0 in October.

Conference Board Consumer Confidence Index (1985=100) 79.4 (Jan 2014) > 78.3 (Feb) > 83.9 (Mar) > 81.7 (Apr) > 82.2 (May) > 86.4 (Jun) > 90.3 (Jul) > 93.4 (Aug) > 86.0 (Sep) > 94.5 (Oct)

Home prices rose 0.2 percent month-on-month in August, down from 0.6 percent in July. Both new home sales (up 0.2%, m-o-m) and existing home sales (up 2.4%, m-o-m) rose in September.

Case-Shiller Home Price Index (q-o-q, m-o-m, %) 1.0 (Q4 2014) > -0.1 (Jan 2014) > 0.0 (Feb) > 0.9 (Mar) > 1.2

ISM Manufacturing Index (base=50) 51.3 (Jan 2014) > 53.2 (Feb) > 53.7 (Mar) > 54.9 (Apr) > 55.4 (May) > 55.3 (Jun) > 57.1 (Jul) > 59.0 (Aug) > 56.6

New home sales (m-o-m, %)

(Sep) > 59.0 (Oct)

-0.7 (Dec 2013) > 3.4 (Jan 2014) > -5.5 (Feb) > -6.7 (Mar) > 2.5

Consumption conditions have continued to improve.

Although retail sales declined 0.3 percent month-onmonth in September, both the University of Michigan Consumer Sentiment Index (86.9) and the Conference Board Consumer Sentiment Index (94.5) rose in October.

Nonfarm payrolls were up 214,000 in October, down from 256,000 in September, while the unemployment rate was 5.8 percent, the lowest since 2008.

UniversityofMichiganConsumerSentimentIndex(1966=100) 81.2 (Jan 2014) > 81.6 (Feb) > 80.0 (Mar) > 84.1 (Apr) > 81.9 (May) > 82.5 (Jun) > 81.8 (Jul) > 82.5 (Aug) > 84.6 (Sep) > 86.9 (Oct)

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(Apr) > 1.1 (May) > 1.0 (Jun) > 0.6 (Jul) > 0.2 (Aug)

(Apr) > 10.9 (May) > -8.5 (Jun) > 1.9 (Jul) > 18.0 (Aug) > 0.2 (Sep)

Nonfarm payroll increase (m-o-m, thousands) 144 (Jan 2014) > 222 (Feb) > 203 (Mar) > 304 (Apr) > 229 (May) > 267 (Jun) > 243 (Jul) > 203 (Aug) > 256 (Sep) > 214 (Oct)

Unemployment rate (m-o-m, %) 7.2 (Oct 2013) > 7.0 (Nov) > 6.7 (Dec) > 6.6 (Jan 2014) > 6.7 (Feb) > 6.7 (Mar) > 6.3 (Apr) > 6.3 (May) > 6.1 (Jun) > 6.2 (Jul) > 6.1 (Aug) > 5.9 (Sep) > 5.8 (Oct)

14. 11. 24. 오후 6:55

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 2004.Q1

2005.Q1

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

GDP (q-o-q, annualized rate)

2013.Q1

2014.Q1

Industrial production (q-o-q)

5 US nonfarm payroll growth and unemployment rate Source: US Department of Labor (thousands)

(%)

12

600 10 400 8

200 0

6 -200

The Green Book

800

4

-400 -600

2 -800 -1000 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

US nonfarm payroll growth (m-o-m, left)

2013.1

0

2014.1

Unemployment rate (right)

(Percentage change from previous period)

2012 Annual Annual Real GDP² - Personal consumption expenditure - Nonresidential fixed investment - Residential fixed investment Industrial production Retail sales Existing home sales Unemployment rate³ Consumer prices (y-o-y)

2.3 1.8 7.2 13.5 3.8 5.1 8.9 8.1 2.1

2.2 2.4 3.0 11.9 2.9 4.2 8.9 7.4 1.5

Q1 2.7 3.6 1.5 7.8 1.0 1.5 0.7 7.7 1.7

2013 Q2

Q3

Q4

Q1

Q2

2014¹ Q3

Sep

1.8 1.8 1.6 19.0 0.5 0.3 3.5 7.5 1.4

4.5 2.0 5.5 11.2 0.6 1.0 4.4 7.2 1.5

3.5 3.7 10.4 -8.5 1.2 0.9 -7.1 7.0 1.2

-2.1 1.2 1.6 -5.3 1.0 0.2 -1.9 6.7 1.4

4.6 2.5 8.4 7.2 1.3 2.3 3.1 6.2 2.1

3.5 1.8 5.5 1.8 0.8 1.0 0.9 6.1 1.8

1.0 -0.3 2.4 5.9 1.7

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

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T h e G r e e n B o o k : Current Economic Trends

China China’s economic growth slowed from 7.5 percent in the second quarter of 2014 to 7.3 percent in the third quarter. Exports and production improved, but consumption and investment remained poor.

Manufacturing PMI (base=50) 50.2 (Feb 2014) > 50.3 (Mar) > 50.4 (Apr) > 50.8 (May) > 51.0 (Jun) > 51.7 (Jul) > 51.1 (Aug) > 51.1 (Sep) > 50.8 (Oct)

(Percentage change from same period in previous year)

2012¹ Annual Annual

6 Real GDP

Q1

2013¹ Q2

Q3

Q4

Q1

Q2

2014¹ Q3

Aug

Sep

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

7.7

7.7

7.7

7.5

7.8

7.7

7.4

7.5

7.3

-

-

Industrial production

10.0

9.7

9.5

9.1

10.1

10.0

8.7

8.9

8.0

6.9

8.0

Fixed asset investment (accumulated)

20.6

19.6

20.9

20.1

20.2

19.6

17.6

17.3

15.7

16.5

15.7

Retail sales

14.3

13.1

12.4

13.0

13.3

13.5

12.0

12.3

11.9

11.9

11.6

Exports

8.3

8.6

18.9

4.2

4.0

7.5

-4.7

5.0

1.2

9.4

15.3

Consumer prices²

2.6

2.6

2.4

2.4

2.8

2.9

2.3

2.2

2.0

2.0

1.6

Producer prices²

-1.7

-1.9

-1.7

-2.7

-1.7

-1.4

-2.0

-1.5

-1.3

-1.2

-1.8

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

China’s GDP growth and fixed asset investment Source: China National Bureau of Statistics 18

(%)

(%)

16

60

14

50

12

40

10

30

8

20

6

10

4

0

2004.Q1

2005.Q1

GDP (y-o-y, left)

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70

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

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

14. 11. 24. 오후 6:55

Japan The Japanese economy has started to shake off the impact of the consumption tax hike and showed signs of recovery, with consumption and production improving in September.

The Bank of Japan (BOJ) announced on October 31 that it will expand its monetary stimulus. The central bank will increase its asset buying program from 60 to 70 trillion yen a year to 80 trillion yen, by stepping up annual purchases of long-term bonds (50 trillion yen > 80 trillion yen), exchange traded funds (1 trillion yen > 3 trillion yen) and real estate investment trusts (30 billion yen > 90 billion yen).

(Percentage change from previous period)

2012¹ Annual Annual

Q3

Q4

Q1

Q2

2014¹ Q3

Aug

Sep

1.4

1.5

1.1

1.0

0.2

0.2

1.5

-1.8

-

-

-

-0.5

0.2

0.1

-0.1

1.3

0.6

2.9

-3.8

-1.9

-1.5

2.7

0.0

0.2

0.1

0.4

0.4

0.1

3.9

-7.0

3.5

1.9

2.7

Exports (y-o-y)

-2.8

9.7

1.2

7.1

12.8

17.4

7.0

0.1

3.2

-1.3

6.9

Consumer prices (y-o-y)

-0.0

0.4

-0.6

-0.3

0.9

1.4

1.5

3.6

3.3

3.3

3.2

Industrial production Retail sales

1. Preliminary

7 The Green Book

Real GDP

Q1

2013¹ Q2

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 25

6 (%)

(%) 4

20 15 10

2

5 0

0

-5 -2

-10 -15

-4

-20 -6

-25 -30

-8 2004.Q1 2005.Q1

GDP (q-o-q, left)

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2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

Industrial production (q-o-q, right)

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends

Eurozone The outlook for the eurozone economy is deteriorating, with the manufacturing PMI (down 1.8% in August) and retail sales (down 1.3% in September) falling month-on-month amid persistently high unemployment (11.5% in September) and low inflation (0.4% in October).

Manufacturing PMI (base=50) 54.0 (Jan 2014) > 53.2 (Feb) > 53.0 (Mar) > 53.4 (Apr) > 52.2 (May) > 51.8 (Jun) > 51.8 (Jul) > 50.7 (Aug) > 50.3 (Sep) > 50.6 (Oct)

On November 6, the European Central Bank (ECB) kept its benchmark interest rate, deposit rate and marginal lending rate unchanged, and ECB president Mario Draghi mentioned that the central bank will adopt additional unconventional measures if necessary.

8

(Percentage change from previous period)

2012 Annual Annual

Q1

2013 Q2

Q3

Q4

Q1

Q2

2014¹ Aug

Sep

Oct

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

Real GDP

-0.6

-0.4

-0.2

0.3

0.1

0.3

0.2

0.0

-

-

-

Industrial production

-2.5

-0.7

0.3

0.6

0.0

0.5

0.2

0.0

-1.8

-

-

Retail sales

-1.7

-0.9

0.0

0.1

0.5

-0.4

0.6

0.3

0.9

-1.3

-

Exports (y-o-y)

7.6

1.0

1.0

1.8

0.3

1.0

1.2

0.6

-2.9

-

-

Consumer prices (y-o-y)

2.5

1.4

1.9

1.4

1.3

0.8

0.7

0.6

0.4

0.3

0.4

1. Preliminary Sources: Eurostat, Bloomberg

Eurozone’s GDP growth and industrial production Source: Eurostat 3

(%)

(%)

10 8

2

6 4

1

2 0

0

-2 -1

-4 -6

-2

-8 -10

-3 2004.Q1

2005.Q1

GDP (q-o-q, left)

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2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

Industrial production (q-o-q, right)

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2. Private consumption

Private consumption in the third quarter of 2014 (advanced GDP) rose 1.1 percent compared to the previous quarter and1.6 percent compared to a year ago.

(Percentage change from previous period)

2012 Q1 Q2

Q3

Q4

Annual

Q1

2013¹ Q2

Q3

Q4

Q1

2014¹ Q2

Q3

1.9

0.8

0.2

1.2

0.4

2.0

-0.1

0.7

1.0

0.6

0.2

-0.3

1.1

-

1.7

0.7

2.6

2.7

-

1.7

2.1

2.1

2.2

2.5

1.5

1.6

Annual Private consumption² (y-o-y) 1. Preliminary 2. National accounts Source: The Bank of Korea

Private consumption

9

Source: The Bank of Korea (national accounts) 12

(%)

10

The Green Book

8 6 4 2 0 -2 -4 -6 2004.Q1

2005.Q1

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

Private consumption (q-o-q)

2013.Q1

2014.Q1

Private consumption (y-o-y)

Retail sales in September declined 3.2 percent compared to the previous month as declines in nondurable goods (down 5.7%) and semi-durable goods (down 5.0%) offset gains in durable goods (up 2.8%). Compared to a year ago, retail sales rose 1.6 percent.

Retail sales Source: Statistics Korea (industrial activity trends) 15

(%)

10 5 0 -5 -10 2004.1

2005.1

Retail sales (m-o-m)

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2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

Retail sales (y-o-y)

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T h e G r e e n B o o k : Current Economic Trends Retail sales by type Source: Statistics Korea (industrial activity trends) 50

(y-o-y, %)

40 30 20 10 0 -10 -20 -30 2004.1

10

2005.1

2006.1

2007.1

2008.1

2009.1

Durable goods

2010.1

2011.1

2012.1

2013.1

2014.1

Nondurable goods

Semi-durable goods

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

(Percentage change from previous period)

2012 Annual Q3

Q4

Annual

2013 Q1 Q2

Q3

Q4

Q1

Q2

2014¹ Q3 Aug¹

Sep¹

Retail sales

-

1.4

-0.1

-

-1.0

0.9

0.8

0.3

0.3

-0.5

1.4

2.9

-3.2

(y-o-y)

2.4

2.7

2.5

0.8

0.3

1.2

0.7

1.2

2.5

0.7

1.4

2.3

1.6

- Durable goods²

5.3

3.2

2.1

0.3

-4.1

1.8

-0.3

0.2

4.4

-1.1

2.5

1.3

2.8

· Automobiles

2.4

-4.4

12.0

2.1

-7.2

2.2

2.1

-2.1

12.0

4.6

0.5

-3.4

2.1

-0.4

-0.1

1.1

2.0

1.4

-0.4

0.9

-0.8

-1.5

-1.3

4.4

8.7

-5.0

2.0

1.3

-1.8

0.6

-0.6

1.3

1.5

0.8

-1.0

0.2

-0.4

1.3

-5.7

- Semi-durable goods³ - Nondurable goods4

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

In October, nondurable goods sales will recover, but sales of durable and semi-durable goods are expected to falter due to a decline in cellphone service transfer sales and department store sales.

Cellphone service transfer sales fell in line with a lack of demand for new cellphones.

Cellphone service transfer sales (thousands, Korea Telecommunications Operators Association) 592 (Mar 2014) > 398 (Apr) > 890 (May) > 865 (Jun) > 644 (Jul) > 523 (Aug) > 626 (Sep) > 375 (Oct)

Department store sales continued to fall, and sales at large discount stores declined at a slower pace, backed by promotions and discounts. Credit card use continued to rise, and gasoline sales increased faster.

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(y-o-y, %)

2014 Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

7.0

5.2

3.8

5.2

5.1

8.6

5.3

7.5

Department store sales

-1.1

-1.4

0.8

-4.6

2.0

10.5

-6.3

-0.9

Large discount store sales

-3.7

-4.1

1.2

-5.9

-4.6

3.2

-10.1

-0.4

Domestic sales of gasoline

-0.2

-0.9

2.5

2.2

0.6

-4.5

0.6

3.9

0.9

10.1

3.9

7.5

0.7

-4.8

10.4

2.1

Credit card use

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 October data)

3. Facility investment

Facility investment (advanced GDP) fell 0.8 percent quarter-on-quarter but rose 3.9 percent year-onyear in the third quarter of 2014.

11

(Percentage change from previous quarter)

Q1

2013¹ Q2

Q3

Q4

Q1¹

2014¹ Q2¹

Q3¹

1.5

1.0

2.7

5.6

-1.9

1.1

-0.8

-12.7

-3.9

1.5

10.9

7.3

7.7

3.9

Facility investment²

0.1

-1.5

(y-o-y)

-

-

0.3

-3.5

-2.6

4.4

6.5

3.7

-4.9

0.2

-

-0.4

4.0

11.3

-6.4

-6.5

10.7

5.5

3.1

-

- Machinery - Transportation equipment 1. Preliminary 2. National accounts

The Green Book

2012 Annual Annual¹

Source: The Bank of Korea

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

(%)

30 20 10 0 -10 -20 -30 2004.Q1 2005.Q1

2006.Q1

Facility investment (q-o-q)

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

Facility investment (y-o-y)

The facility investment index in September was up 13.2 percent month-on-month as both machinery investment and transportation equipment investment rose. The index rose 12.7 percent year-on-year.

EB 11월호 내지.indd 11

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends (Percentage change from previous quarter)

2012 Annual Annual Facility investment index

-2.8

(y-o-y)

Q1

2013 Q2

Q3

Q4

Q1

Q2

2014¹ Q3¹

Aug¹

Sep¹

-1.3

-3.1

1.1

5.0

5.9

-5.2

2.1

-1.0

-10.8

13.2

-

-

-13.1

-4.0

2.7

10.4

5.9

6.2

1.4

-9.9

12.7

- Machinery

-2.7

-2.6

-3.5

2.9

4.5

7.3

-8.6

1.5

-0.6

-5.9

12.6

- Transportation equipment

-3.0

2.3

-2.0

-4.0

6.4

2.5

4.7

3.4

-2.2

-21.0

14.6

1. Preliminary Source: Statistics Korea

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

(y-o-y, %)

40 30

12

20 10

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

0 -10 -20 -30 2004.Q1

2005.Q1

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

Transportation equipment

2013.Q1

2014.Q1

Machinery

Facility investment is likely to falter due to a slowdown in business sentiment.

Business survey index for manufacturing sector (Bank of Korea) 81 (Feb 2014) > 85 (Mar) > 86 (Apr) > 86 (May) > 81 (Jun) >78 (Jul) > 75 (Aug) > 74 (Sep) > 78 (Oct) > 74 (Nov)

Leading indicators of facility investment Sources: Statistics Korea (machinery orders), Korea International Trade Association (machinery imports) 10

(trillion won)

(y-o-y, %)

9

60 50

8

40 30

7

20

6

10 0

5

-10

4

-20 -30

3

-40

2 2004.Q1

2005.Q1

2006.Q1

Machinery orders (left)

EB 11월호 내지.indd 12

70

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

-50

Machinery imports (right)

14. 11. 24. 오후 6:55

(Percentage change from same period in previous year)

2012 Annual Annual Domestic machinery orders

-13.9

6.7

-

-

-Public

-11.0

20.6

-Private

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

2013 Q2

Q1

Q3

Q4

Q1

2014¹ Q3¹ Aug¹

Q2

Sep¹

-11.4

8.8

2.2

32.4

17.9

4.4

50.2 152.3

15.4

6.8

3.9

-6.9

27.7

-2.8

-9.6

38.2 139.4

-55.9

-47.0

94.2

-9.7 129.7 184.6 -45.0 418.5 2,653.2

10.6

-14.2

5.2

-6.1

4.0

3.8

22.1

4.1

9.6

8.6

1.6

15.7

Machinery imports

-3.0

6.5

-11.8

-2.1

6.8

13.2

2.4

11.8

1.6

-15.2

12.6

Average manufacturing operation ratio

78.5

76.2

77.3

75.9

75.1

76.6

77.2

76.3

75.8

74.0

75.2

Facility investment adjustment pressure²

-0.7

-1.4

-2.6

-1.6

-1.7

0.1

-0.6

-0.9

-0.3

-4.2

0.4

1. Preliminary 2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p) Sources: Statistics Korea, Korea International Trade Association

13 Construction investment (advanced GDP) in the third quarter of 2014 rose 2.9 percent quarter-onquarter and 3.0 percent year-on-year.

(Percentage change from previous quarter)

Construction investment² (y-o-y)

2012¹ Annual

Q1

2013¹ Q2

Annual

Q3

Q4

Q1¹

2014¹ Q2¹

-3.9

6.7

6.5

4.6

0.2

-5.2

5.1

0.4

-

2.9

-

1.9

9.8

8.8

5.4

4.3

0.2

3.0

Q3¹

- Building construction

-1.6

8.8

5.4

7.2

0.5

-4.0

5.1

2.3

-

- Civil engineering works

-7.1

3.7

8.1

1.0

-0.1

-6.9

5.1

-2.5

-

The Green Book

4. Construction investment

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

Construction investment Source: The Bank of Korea (national accounts) 15

(%)

10

5

0

-5

-10 2004.Q1

2005.Q1

2006.Q1

Construction investment (q-o-q)

EB 11월호 내지.indd 13

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

14.1Q

Construction investment (y-o-y)

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends The value of construction completed (constant) in September declined 5.8 percent month-on-month as building construction and civil engineering works both decreased. The index fell 3.9 percent year-on-year.

(Percentage change from previous period)

Construction completed (constant) (y-o-y) - Building construction - Civil engineering works

2012 Annual Annual -5.0 10.1 -6.6 14.8 -3.0 4.3

Q1 3.5 4.4 5.6 1.0

2013 Q2 6.3 15.0 7.7 4.6

Q3 -0.1 10.5 0.4 -0.9

Q4 -0.7 9.7 2.9 -5.5

Q1 1.5 6.5 6.0 -5.0

Q2 0.2 0.1 2.9 -4.1

2014¹ Q3¹ Aug¹ -3.2 0.5 -1.9 -0.9 -5.4 0.3 0.5 1.0

Sep¹ -5.8 -3.9 -6.2 -5.2

2012.Q1

2013.Q1

2014.Q1

1. Preliminary Source: Statistics Korea

Construction investment by type Source: The Bank of Korea (national accounts)

14

40

(y-o-y, %)

30 20

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

10 0 -10 -20 -30 2004.Q1

2005.Q1

2006.Q1

2007.Q1

2008.Q1

2009.Q1

2010.Q1

2011.Q1

Residential buildings

Building construction

Civil engineering works

Construction investment is expected to improve, led by a decrease in unsold houses and an increase in new apartment supplies.

Unsold houses (thousands, Ministry of Land, Infrastructure and Transport) 59 (Jan 2014) > 52 (Feb) > 48 (Mar) > 46 (Apr) > 49 (May) > 50 (Jun) > 51 (Jul) > 45 (Aug) > 42 (Sep) New apartment supplies (thousands, Ministry of Land, Infrastructure and Transport) 6 (Jan 2014) > 11 (Feb) > 24 (Mar) > 39 (Apr) > 39 (May) > 29 (Jun) > 18 (Jul) > 23 (Aug) > 49 (Sep) > 6.1 (Oct) (Percentage change from same period in previous year)

Construction orders (current value) (q-o-q, m-o-m) - Building construction - Civil engineering works Building permit area

2012 Annual -6.2 -4.7 -9.1 -0.5

Annual -15.3 -13.4 -19.2 -7.3

Q1 -40.8 -2.2 -34.0 -50.4 -12.4

2013 Q2 Q3 -29.5 -10.6 0.3 16.8 -29.6 -10.8 -29.4 -10.0 -14.6 -3.4

Q4 22.4 2.9 17.9 33.4 -0.2

Q1 Q2 15.5 26.1 -1.4 10.5 10.7 47.0 24.4 -11.2 18.4 21.6

2014¹ Q3¹ Aug¹ Sep¹ 44.3 81.3 36.8 30.4 59.5 -25.1 63.1 130.2 54.2 -4.6 -32.1 1.7 14.7 27.7 7.9

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

EB 11월호 내지.indd 14

14. 11. 24. 오후 6:55

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 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

Construction orders

2014.1

Building permit area

Export growth by item (y-o-y, %) 7.7 (steel), 35.1 (vessels), 12.2 (semiconductors), -13.9 (automobiles), 4.3 (petroleum products), -16.3 (mobile phones)

Exports in October increased 2.5 percent (preliminary) year-on-year to US $51.75 billion.

The Green Book

5. Exports and Imports

15

Export growth by region (y-o-y, %) 25.0 (US), -8.6 (EU), -1.4 (Japan), 0.3 (ASEAN countries),

Exports continued to increase, backed by robust shipments to the US and strong exports of steel and vessels, but at a slower pace compared to the previous month.

By item, vessel and semiconductor exports surged, while automobile and mobile phone exports declined.

By region, shipments to the US and China continued to rise, while shipments to the EU and Japan fell.

3.7 (China)

Average daily exports, an indicator adjusted to days worked, was up 2.5 percent year-on-year, posting US $2.25 billion in October.

Average daily export growth (y-o-y, %) 8.8 (Jan 2014) > -3.3 (Feb) > 1.5 (Mar) > 8.9 (Apr) > 5.4 (May) > 4.9 (Jun) > 5.2 (Jul) > 4.1 (Aug) > 1.8 (Sep) > 2.5 (Oct)

(US $ billion)

2013 Annual Exports (y-o-y, %) Average daily exports

Q1

Q2

Q3

Q4

559.63 135.32 141.16 136.79 146.37

Oct

Q1

Q2

2014 Q3

50.48 137.56 145.70 142.11

Sep

Oct¹

47.75

51.75

2.1

0.3

0.7

2.8

4.7

7.2

1.7

3.2

3.9

6.9

2.5

2.05

2.02

2.06

2.00

2.11

2.19

2.07

2.19

2.07

2.27

2.25

1. Preliminary Source: Korea Customs Service

EB 11월호 내지.indd 15

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends Exports by item Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends) 140 120

(y-o-y, %)

100 80 60 40 20 0 -20 -40 -60 -80 2004.1

2005.1

2006.1

2007.1

Export growth rate

16

2008.1

2009.1

2010.1

Semiconductors

2011.1

2012.1

2013.1

2014.1

Automobiles

Steel

Imports in October fell 3.0 percent (preliminary) year-on-year to US $44.25 billion.

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

Imports of commodities declined due to falling oil prices and supplies, while imports of capital goods declined due to sluggish investment and a high base effect.

Import growth by category (y-o-y, %) -2.8 (commodities), -8.2 (capital goods), 9.0 (consumer goods) (US $ billion)

2013 Annual Imports

Q1

Q2

Q3

Q4

515.58 129.73 126.76 126.03 133.06

Oct

Q1

Q2

2014 Q3

45.60 132.34 130.82 133.05

Sep

Oct¹

44.32

44.25

(y-o-y, %)

-0.8

-2.9

-2.8

0.3

2.5

5.1

2.0

3.2

5.6

8.0

-3.0

Average daily imports

1.89

1.94

1.85

1.84

1.91

1.98

1.99

1.97

1.94

2.11

1.92

1. Preliminary Source: Korea Customs Service

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 2004.1

2005.1

Import growth rate

EB 11월호 내지.indd 16

2006.1

2007.1

2008.1

2009.1

2010.1

Commodities

2011.1

2012.1

2013.1

2014.1

Capital goods

14. 11. 24. 오후 6:55

Exports and imports Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends) 70

(US$ billion)

60 50 40 30 20 10 0 -10 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

Trade balance

2010.1

2011.1

2012.1

2013.1

2014.1

Exports

Imports

(US $ billion)

2013 Annual

Q1

Q2

Q3

Q4

Oct

Q1

Q2

2014 Q3

44.05

5.59

14.40

10.76

13.30

4.87

5.21

14.88

9.06

Trade balance

Sep

Oct¹

3.43

7.50

1. Preliminary Source: Korea Customs Service

The Green Book

The trade balance (preliminary) in October remained in the black for the 33th consecutive month, posting a surplus of US $7.50 billion.

17

6. Mining and manufacturing production Mining and manufacturing production rose 0.1 percent month-on-month in September, as declines in semiconduc tor s & par t s and automobiles were offset by gains in mechanical equipment and primary metals. Compared to the same period in the previous year, the index was up 1.9 percent.

Compared to the previous month, production of mechanical equipment (up 6.4%) , primar y metals (up 2.6%) and electrical equipment (up

EB 11월호 내지.indd 17

4.4%) rose, while production of automobiles (down 5.8%) declined due to auto worker strikes.

Compared to a year ago, production of primary metals (up 8.4%) , mechanical equipment (up 7.8%) and processed metals (up 8.8%) rose, while semiconductors & parts (down 4.7%) , other transportation equipment (down 5.5%) and medical, precision & optical instruments (down 7.5%) declined.

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends Industrial production Source: Statistics Korea (industrial activity trends) 50

(%)

40 30 20 10 0 -10 -20 -30 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

Industrial production (m-o-m)

2014.1

Industrial production (y-o-y)

18

(Percentage change from previous period)

Annual¹ Q1

2013 Q2 Q3

Q4

Sep

Q1

Q2

2014¹ Q3¹ Aug¹ Sep¹

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

Mining production (q-o-q, m-o-m)

-

-0.5 -0.9

0.1

1.9 -2.1

0.3 -0.9 -0.2 -3.9

(y-o-y)

0.3

-0.8

0.0

0.2

1.7 -3.8

0.7

1.1 -2.8

1.9

Manufacturing production (q-o-q, m-o-m)

-

-0.4 -1.0

0.0

2.1 -2.2

0.4 -1.1 -0.2 -3.9

0.0

0.3

-0.8

0.1

1.8 -4.1

0.6

2.0

0.4

-0.3 -0.6 -0.1

1.7 -2.1 -0.1 -0.6 -0.6 -2.6 -0.1

-1.7 -1.1

1.7 -2.8

Mining and (y-o-y) manufacturing Shipment activity² - Domestic demand - Exports

-1.4 2.3

Inventory³

5.0

Manufacturing Average operation ratio (%) activity Production capacity 4

76.2

0.0

1.6

1.6 -0.2 -2.0 -0.6 -2.1

5.7

0.3 0.3

1.2 -2.7

0.0 -0.3 -0.9 -4.4

0.1

0.3

1.6 -1.3 -0.1 -0.8 -0.4 -0.6 -0.4 2.4

2.3 -0.5 -0.2

1.7 -1.8

0.7

77.3 75.9 75.1 76.5 74.3 77.2 76.3 75.8 74.0 75.2

1.7

1.8

1. Preliminary

2. Including mining, manufacturing, electricity and gas industry

3. End-period

4. Percentage change from same period in previous year

1.6

1.8

1.7

1.9

1.2

1.2

1.5

1.5

1.6

Source: Statistics Korea

The manufacturing inventory-shipment ratio rose 0.9 percentage points month-on-month to 123.8 percent as inventories rose 0.7 percent and shipments fell 0.1 percent.

Inventories of refined petroleum (up 8.1%) , mechanical equipment (up 3.6%) and electrical equipment (up 6.1%) rose, while semiconductors & parts (down 6.4%) , primary metals (down 1.1%) and processed metals (down 2.4%) declined.

Shipments of mechanical equipment (up 4.9%), primary metals (up 3.1%) and other transportation equipment (up 4.8%) rose, while semiconductors & parts (down 3.8%), refined petroleum (down 3.6%) and automobiles (down 2.0%) fell.

The average operation ratio of the manufacturing sector rose 1.2 percentage points month-on-month to 75.2 percent.

EB 11월호 내지.indd 18

14. 11. 24. 오후 6:55

Shipment and inventory Source: Statistics Korea (industrial activity trends) 10 8

(m-o-m, %)

6 4 2 0 -2 -4 -6 -8 -10 -12 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

Shipment growth

2014.1

Inventory growth

19

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

The Green Book

100 90 80 70 60 50

2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

Mining and manufacturing production will continue to recover in October as auto workers ended strikes, but growing external uncertainies may hamper the recovery momentum.

7. Service sector activity Service output in September rose 0.1 percent month-on-month, as declines in financial & insurance services and wholesale & retail were offset by gains in entertainment, cultural & sports services and hotels & restaurants. Compared to the same period of the previous year, service output increased 2.8 percent.

Service output rose, led by transportation services (up 0.6%, m-o-m), hotels & restaurants (up 3.1%, m-o-m), entertainment, cultural & sports services (up 7.9%, m-o-m), and real estate & renting (up 3.6%, m-o-m).

Wholesale & retail (down 0.6%, m-o-m) fell as sales at department stores and large discount stores declined in the absence of the Chuseok holiday effect, while professional, scientific & technical services (down 1.5%, m-o-m) continued to fall.

EB 11월호 내지.indd 19

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends Service sector activity Source: Statistics Korea (industrial activity trends) 15

(%)

10

5

0

-5 -10 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

Service sector activity (m-o-m)

2013.1

2014.1

Service sector activity (y-o-y)

20 Wholesale & retail E c o n o m i c B u l le t i n

Statistics Korea (industrial activity trends) 15

(%)

10

5

0

-5 -10 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

Wholesale & retail (m-o-m)

2013.1

2014.1

Wholesale & retail (y-o-y)

September 2014 service output by business Source: Statistics Korea (industrial activity trends) 12 10

(y-o-y, %)

8 6 4 2

Wholesale & retail

Publishing & communications services Hotels & restaurants

Professional, scientific & technical services

Education services

Entertainment, cultural & sports services

Sewerage & waste management

0 -2 -4 -6

Total index

Transportation services

Real estate & renting Financial & insurance services

Business services

Health & social welfare services

Membership organizations & personal services

-8

EB 11월호 내지.indd 20

14. 11. 24. 오후 6:55

(Percentage change from previous period)

2012 2013 Weight Annual Annual Q1 Q2

Q3

Q4

Q1

Q2

Service activity index

100.0

1.6

0.2

0.9

0.5

0.0

- Wholesale & retail

21.6

0.8

0.1 -0.1

0.6

0.1 -0.4 -0.1

- Transportation services

8.5

1.2

1.1

0.7

0.1 -1.0

0.6

1.1 -0.3

- Hotels & restaurants

7.2 -1.2

0.4

0.1

0.6

- Publishing & communications services

8.4

3.0

1.9

0.6 -1.0

14.7

2.8

- Financial & insurance services

1.4

0.2

-0.2 -0.8

0.4

2014¹ Q3 Aug¹ Sep¹ 1.1

0.3

0.1

1.3 -0.6

1.5 -0.7

0.6

5.5

0.0

3.1

3.4 -2.0

0.8 -0.3

0.4

1.3

0.5 -0.1 -1.1 -0.5

0.6

1.4

0.9 -1.2

2.7 -0.9 -1.6 -2.1 0.9

2.7

1.5

- Real estate & renting

5.3 -4.8

2.5 -2.2

7.4 -3.6

3.6 -3.2

7.6 -1.3

- Professional, scientific & technical services

5.6

3.7

3.3

0.2

4.9 -2.9

0.7

0.4

3.0 -2.8 -3.9 -1.5

- Business services

3.3

3.5

2.2

1.6 -0.4

1.6

0.4

1.6 -0.5

0.8

0.9

- Education services

10.9

0.9

0.8

0.8 -1.0

1.2

0.7

1.1 -2.3

1.5

2.8 -3.4

- Healthcare & social welfare services

7.5

6.7

5.0

0.8

1.1

2.5

1.6

1.5

2.0

2.0

1.9

- Entertainment, cultural & sports services

2.9

2.8

-0.5

1.7

0.6

0.2 -0.2

1.4 -6.8

7.9 -5.3

7.9

- Membership organizations & personal services

3.6 -1.4

5.3

3.1 -0.7

3.5

0.2

0.1 -3.5

3.4 -3.4 -2.5

- Sewerage & waste management

0.6 -0.6

-0.4

0.5

0.9

1.2

0.2 -1.4

1.9 -2.0 -1.6

3.6

0.5

1. Preliminary Source: Statistics Korea

Service output in October will be affected by positive factors, such as increasing stock transactions and the recovering real estate market, and also by negative factors, such as a decline in sales at department stores.

21 The Green Book

0.6

0.4

1.0

Average daily stock transactions (trillion won) 5.5 (Jan 2014) > 5.4 (Feb) > 5.6 (Mar) > 5.6 (Apr) > 5.5 (May) > 5.4 (Jun) > 6.0 (Jul) > 6.3 (Aug) > 6.6 (Sep) > 6.8 (Oct)

8. Employment The number of workers on payroll in September increased by 451,000 from a year earlier to 25,920,000 and the employment rate rose 0.4 percentage points to 60.8 percent.

By industry, employment in services and manufacturing continued to grow, but at a slower pace.

By employment status, regular workers continued to lead employment growth, while temporary and daily workers grew slowly. Self-employed workers increased for the second consecutive month.

EB 11월호 내지.indd 21

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends Number of persons employed and employment growth Source: Statistics Korea (employment trends) 1,200

(thousands)

(millions)

1,000

27 26 26

800

25

600

25 24

400

24 200

23 23

0

22

-200

22

-400

21 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

Employment growth (y-o-y, left)

2012.1

2013.1

2014.1

Number of employed (seasonally adjusted, right)

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

2010 2011 2012 Annual Annual Annual Annual Q1 Number of employed (millions)

2013 Q2 Q3

Q4

Sep

Q1

Q2

2014 Q3 Aug Sep

23.83 24.24 24.68 25.07 24.18 25.33 25.41 25.35 25.47 24.91 25.79 25.93 25.89 25.92

Employment rate (%)

58.7 59.1 59.4 59.5 57.7 60.2 60.3 60.0 60.4 58.8 60.8 60.9 60.8 60.8

(Seasonally adjusted)

58.7 59.1 59.4 59.5 59.2 59.4 59.7 59.9 59.8 60.4 59.9 60.3 60.5 60.3

Employment growth (y-o-y, thousands)

323 415 437 386 257 324 421 541 463 729 464 517 594

451

(Excluding agriculture, forestry & fisheries)

405 440 451 394 266 351 402 556 437 717 518 638 719

579

- Manufacturing

191

63

14

173

33

-2

22

- Construction

79 119 122

4

-9

21 123 136 194 219 64

51

200 386 416 318 199 212 354 507 397 570 387 403 453

367

- Agriculture, forestry & fisheries

-82

- Wage workers

517 427 315 483 329 472 526 604 567 711 485 519 536

489

· Regular workers

697 575 436 615 554 638 632 637 597 606 478 333 323

324

· Temporary workers

-34

74 118 226 242

201

31 -111 -40 -28

-37 -38

-78

-14

-2

-8

-6

49

- Services

-25

-19 -64

26

-9 -27

19 -15

-96 -152 -169 -65

7

26

2 -24

3 -42 -35

-6

27

12

57

12 -54 -121 -125 -128

· Daily workers

-146

-70 -120

-37 -73

- Nonwage workers

-194

-11 121

-97 -71 -148 -105 -63 -104

19 -22

-3

57

· Self-employed workers

-118

1 124

-67 -28 -104 -83 -54 -79

-7 -14

19

57

18

- Male

181 238 234 186 123 179 179 262 206 373 228 268 294

222

- Female

142 177 203 200 135 145 242 279 257 357 236 249 300

229

- 15 to 29

-43

-35

-36

-50 -117 -88 -41

- 30 to 39

-4

-47

-31

-21 -15

- 40 to 49

29

57

11

- 50 to 59 - 60 or more

46

38

53 102 147

52

-6 -42

-7

-5

-32

99

15

19

27

294 291 270 254 196 254 279 285 264 323 227 215 235

206

47 149 222 181 181 156 187 200 178 218 192 192 199

198

22

12

8 -34 -42 -30

97

-6

30

53

13

34

Source: Statistics Korea

EB 11월호 내지.indd 22

14. 11. 24. 오후 6:55

Employment rate Source: Statistics Korea (employment trends) 62

(%)

61 60 59 58 57 56 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

Original data

2014.1

Seasonally adjusted rate

23 Employment by industry 100 80 60

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 71.1 71.2 70.6 69.7 69.4 69.3 69.6 69.7 69.6

40 20

The Green Book

Source: Statistics Korea (employment trends)

7.2 7.2 7.2 7.1 7.1 7.1 7.3 7.2 7.2 6.9 6.7 6.9 7.1 7.1 7.1 7.0 6.9 7.0 7.1 7.0 7.0 6.8 6.7 6.8 6.9 7.1 7.1 7.1 7.0 7.1 16.3 16.2 16.3 16.4 16.5 16.6 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 17.3 17.2 17.0 16.7 16.8 16.8 16.8 16.7 16.8

0 6.5 7.0 7.0 6.8 6.8 6.8 6.9 6.5 4.9 4.3 4.6 5.6 6.3 6.7 6.9 6.7 6.8 6.8 6.9 6.2 4.7 4.4 4.5 5.3 6.1 6.4 6.5 6.2 6.2 6.2 2012.4 5

6

7

8

9

10

Services

11 12 2013.1 2

3

4

5

6

7

Construction

8

9

10

Manufacturing

11 12 2014.1 2

3

4

5

6

7

8

9

Agriculture, forestry & fisheries

Employment by status of workers Source: Statistics Korea (employment trends) 100 5.1 5.4 5.4 5.3 5.3 5.4 5.3 5.2 4.5 4.2 4.2 4.7 5.0 5.0 5.2 5.1 5.2 5.2 5.3 5.1 4.3 4.2 4.3 4.6 4.8 5.0 5.0 5.0 5.0 4.9 80

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 22.1 22.0 22.3 22.2 22.1 22.1 22.1 22.4 22.2 6.6 6.8 6.7 6.7 6.4 6.4 6.7 6.8 6.6 6.2 6.0 6.0 6.5 6.7 6.7 6.3 6.1 6.3 6.5 6.4 6.4 6.3 6.0 5.7 6.0 6.1 6.1 6.0 5.8 6.1

60

19.5 19.2 19.4 19.6 19.7 19.7 19.5 20.1 19.7 19.8 20.6 20.5 20.3 20.2 19.9 19.8 19.8 19.9 20.0 19.9 19.7 19.5 19.5 19.5 19.5 19.6 19.2 19.4 19.4 19.5

40 20

44.3 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 48.3 48.2 47.8 47.3 47.1 47.2 46.8 47.0 47.1

0 2012.4

5

6

7

8

Unpaid family workers

EB 11월호 내지.indd 23

9

10

11 12 2013.1 2

3

Self-employed workers

4

5

6

7

8

Daily workers

9

10

11 12 2014.1 2

3

Temporary workers

4

5

6

7

8

9

Regular workers

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends The number of unemployed persons in September increased by 129,000 year-on-year to 850,000, and the unemployment rate rose 0.5 percentage points to 3.2 percent. The unemployment rate rose in all age groups.

Unemployment rate Source: Statistics Korea (employment trends) 6

(%)

5

4

24

3

2

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

2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

Original data

Seasonally adjusted rate

2010 2011 2012 Annual Annual Annual Annual Q1 Number of unemployed (thousands)

2014.1

2013 Q2 Q3 Q4 Sep Q1

2014 Q2 Q3 Aug Sep

920

855

820

807

907 812 777 733 720 1,031 977 884 890 849

Unemployment growth (y-o-y, thousands)

31

-65

-35

-13

-40 -29

7

11 -32

- Male

-7

-48

-26

-6

-7 -20

11

-7 -21

- Female

38

-17

-9

-7

-4

18 -11

Unemployment rate (%)

3.7

3.4

3.2

3.1

-33

-9

3.6 3.1 3.0 2.8 2.7

125 165 107 107 129 40

62

37

41

72

84 103

70

66

57

4.0 3.7 3.3 3.3 3.2

(Seasonally adjusted)

3.7

3.4

3.2

3.1

3.2 3.1 3.1 3.0 3.0

3.5 3.7 3.5 3.5 3.5

-15 to 29

8.0

7.6

7.5

8.0

8.4 7.9 7.9 7.9 7.7

9.8 9.4 8.6 8.4 8.5

- 30 to 39

3.5

3.4

3.0

3.0

3.3 3.0 2.9 2.6 2.5

3.2 3.4 3.0 3.1 2.8

- 40 to 49

2.5

2.1

2.0

2.0

2.1 2.1 1.9 1.7 1.7

2.3 2.4 2.1 2.2 2.0

- 50 to 59

2.5

2.1

2.1

1.9

2.3 1.8 1.8 1.5 1.7

2.2 2.3 2.1 2.2 2.1

- 60 or more

2.8

2.6

2.4

1.8

3.4 1.6 1.2 1.4 1.2

4.4 1.9 1.5 1.6 1.5

Source: Statistics Korea

The economically inactive population in September was down 163,000 from a year earlier to 15,850,000, while the labor force participation rate rose 0.7 percentage points to 62.8 percent.

The number of those economically inactive due to old age (up 98,000, y-o-y) and disabilities (up 13,000, y-o-y) increased, while those due to housework (down 110,000, y-o-y), education (down 74,000, y-o-y), and rest (down 64,000, y-o-y) decreased.

EB 11월호 내지.indd 24

14. 11. 24. 오후 6:55

Labor force participation rate Source: Statistics Korea (employment trends) 65

(%)

64 63 62 61 60 59 58 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

Original data

2014.1

Seasonally adjusted rate

2013 Q2 Q3

Q4

Sep

Q1

Q2

2014 Q3 Aug Sep

Economically inactive population (millions) 15.84 15.95 16.08 16.22 16.83 15.91 15.98 16.17 16.01 16.40 15.69 15.76 15.80 15.85 Labor force participation rate (%)

61.0 61.1 61.3 61.5 59.9 62.2 62.1 61.7 62.1 61.3 63.1 63.0 62.9 62.8

(Seasonally adjusted) Growth in economically inactive population (y-o-y, thousands)

61.0 61.1 61.3 61.5 61.2 61.3 61.6 61.7 61.7 62.6 62.2 62.5 62.6 62.4 143

112

128

141

- Childcare

-125

-5

-2

1

0

- Housework

201

101

123

-3

143

- Education

12

-51

-12

77

118 147

88 -44

- Old age

80

-45

148

54

154

7

32

21

39

80

98

-56

182

-53

-7 -106

44

12

21

93 -197 -90 -65 -61

-64

- Rest

336 242 10

78 -91 9 -14

66 -433 -226 -222 -298 -163 -2 -29 -57 -41 -38

The Green Book

2010 2011 2012 Annual Annual Annual Annual Q1

25

-29

36 -80 -112 -61 -230 -127 -99 -140 -110 1 -76 -68 -109 -141 81 113

91

-74

Source: Statistics Korea

9. Financial markets 9.1 Stock market The KOSPI in October fell 55.7 points to 1,964 points from 2,020 points in the previous month. The KOSPI declined due to concerns over a global economic slowdown, poor corporate earnings and foreigners’ net selling of Korean shares. Net selling by foreign investors continued for 11 consecutive trading days.

Despite falling stock prices and foreign investors’ net selling, the volume of stock transactions increased and the foreign stock ownership ratio also rose.

EB 11월호 내지.indd 25

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends Stock prices 2,400

(monthly average)

2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0

2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

KOSPI

2014.1

KOSDAQ

(Closing rate)

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

Sep 2014

KOSPI Oct 2014

Change¹

Sep 2014

KOSDAQ Oct 2014

Stock price index (points)

2,020.1

1,964.4

-55.7 (-2.8%)

573.2

558.7

-14.5 (2.5%)

Market capitalization (trillion won)

1,205.7

1,176.1

-29.6 (-2.5%)

140.2

143.5

3.3 (2.4%)

4.2

4.5

0.3 (7.1%)

2.3

2.3

35.0

35.2

0.2 (0.6%)

10.9

11.0

Average daily trade value (trillion won) Foreign stock ownership (%, %p)

Change¹

0.1 (0.9%)

1. Change from the end of the previous month Source: Korea Exchange

9.2 Exchange rate

announced an end to its quantitative easing program.

The dollar-won exchange rate in October rose 13.3 won to 1,068.5 won from 1,055.2 won at the end of September. The dollar-won exchange rate rose as the yen weakened following additional stimulus measures from the BOJ, and also as the US Fed

The 100 yen-won exchange rate declined from 965.0 won in September to 963.1 won in October, as the yen remained weak due to the BOJ’s additional stimulus measures.

Foreign exchange rates 1,800

(month-end, \)

1,600 1,400 1,200 1,000 800 600 2004.1

2005.1

Dollar-Won

EB 11월호 내지.indd 26

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

100 Yen-Won

14. 11. 24. 오후 6:55

Daily foreign exchange rate trend 1,800

(\)

1,600

1,400

1,200

1,000 800 2009.1

7

2010.1

7

2011.1

7

2012.1

7

2013.1

7

2014.1

Dollar-Won

7

100 Yen-Won

(Closing rate)

2009 Dec

2010 Dec

2011 Dec

2012 Dec

2013 Dec

Sep

2014 Oct

Change¹

Dollar-Won

1,259.5

1,164.5

1,134.8

1,151.8

1,070.6

1,055.4

1,055.2

1,068.5

-1.2

100 Yen-Won

1,396.8

1,264.5

1,393.6

1,481.2

1,238.3

1,002.3

965.0

963.1

4.1

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.

9.3 Bond market

The Green Book

2008 Dec

27

3-year Treasury bond yields fell from 2.30 percent in September to 2.14 percent in October. Treasury bond yields fell due to additional stimulus measures by the BOJ.

Interest rates Source: The Bank of Korea 10

(monthly average, yearly, %)

9 8 7 6 5 4 3 2 1

2004.1

2005.1

2006.1

Overnight call rate (daily)

EB 11월호 내지.indd 27

2007.1

2008.1

2009.1

2010.1

2011.1

3-yr Treasury bond yield

2012.1

2013.1

2014.1

3-yr corporate bond yield

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends (Closing rate, %)

2009 Dec

2010 Dec

2011 Dec

2012 Dec

2013 Dec

Jul

Aug

2014 Sep

Oct

Change¹

Call rate (1 day)

2.01

2.51

3.29

2.77

2.52

2.49

2.24

2.24

1.97

-27

CD (91 days)

2.88

2.80

3.55

2.89

2.66

2.65

2.40

2.35

2.14

-21

Treasury bonds (3 yrs)

4.44

3.38

3.34

2.82

2.86

2.52

2.51

2.30

2.14

-16

Corporate bonds (3 yrs)

5.56

4.27

4.21

3.29

3.29

2.92

2.88

2.68

2.49

-19

Treasury bonds (5 yrs)

4.98

4.08

3.46

2.97

3.23

2.76

2.74

2.50

2.29

-21

1. Basis point, changes from the previous month

28

9.4 Money supply & money market

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

M2 (monthly average) in August rose 7.6 percent from a year earlier. M2 grew faster compared to the previous month, as money supply in the private sector expanded due to rising household debt, and also as money supply in the public sector rose due to government surplus funds.

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

2009 Annual

2010 Annual

2011 Annual

2012 Annual

2013 Annual

Jun

Jul

2014 Aug

Aug¹

M1²

16.3

11.8

6.6

3.8

9.5

9.3

9.2

11.9

538.6

M2

10.3

8.7

4.2

5.2

4.8

6.1

6.5

7.6

2,031.8

Lf ³

7.9

8.2

5.3

7.8

6.9

6.7

6.9

7.3

2,744.0

2010.1

2011.1

1. Balance at end August 2014, trillion won 2. M1 excluding corporate MMFs and individual MMFs while including CMAs 3. Liquidity aggregates of financial institutions (mostly identical with M3)

Total money supply Source: The Bank of Korea 40

(y-o-y, monthly average balance, %)

30

20

10

0

-10 -20 2004.1

2005.1

Reserve money

EB 11월호 내지.indd 28

2006.1

2007.1

2008.1

2009.1

M1

2012.1

2013.1

2014.1

Lf

14. 11. 24. 오후 6:55

Bank deposits grew slower in September, led by instant access deposits (12.6 trillion won > 3.9 trillion won), due to tax payments and fund withdrawals by corporations in order to meet required debt levels at the end of the quarter.

Asset management company (AMC) deposit growth also slowed, led by money market funds (MMF) (5.7 trillion won > -0.5 trillion won), as corporations withdrew funds to lower their debt ratios.

(Change from previous period, end-period, trillion won)

2009 Dec

2010 Dec

2011 Dec

2012 Dec

2013 Dec

Jun

Jul

2014 Aug

Sep

Sep¹

Bank deposits

54.8

36.9

58.9

37.0

41.0

9.3

-8.8

7.8

3.7

1,210.3

AMC deposits

-27.6

-16.7

-16.6

18.8

17.7

-1.1

11.5

5.4

2.7

365.9

1. Balance at end September 2014, trillion won

Deposits in financial institutions Source: The Bank of Korea 30

29

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

The Green Book

20

10

0

-10

-20 2004.1

2005.1

2006.1

2007.1

10. Balance of payments

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

Korea’s current account (preliminary) in September posted a surplus of US $7.62 billion, staying in the black for 31 consecutive months.

The current account surplus expanded from US $7.20 billion in August to US $7.62 billion in September, as the goods account surplus expanded while the services account deficit contracted.

Goods exports (US $ billion) 48.92 (Aug 2014) > 50.98 (Sep) Goods imports (US $ billion) 41.55 (Aug 2014) > 43.25 (Sep)

EB 11월호 내지.indd 29

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends Compared to the same period of the previous year, the current account surplus expanded by US $0.07 billion.

US $0.73 billion to US $0.28 billion as the travel and construction accounts improved.

Services account (US $ billion, August > September)

Import growth by category (y-o-y, %)

-0.37> -0.38(manufacturing),0.64> 0.22(transportation),

8.0 (total), 4.9 (commodities), 8.0 (capital goods), 23.4

-0.77 > -0.21 (travel), 0.84 > 1.11 (construction), -0.38 >

(consumer goods)

-0.27 (intellectual property rights), -0.83 > -1.04 (other businesses)

Export growth by item (y-o-y, %) 6.9 (total), -3.7 (mobile phones), 29.1 (steel), 7.0

The primary income account surplus contracted from US $1.05 billion to US $0.61 billion due to a rise in dividend payments, while the secondary income account deficit contracted from US $0.49 billion to US $0.43 billion.

(automobiles), -3.2 (petroleum products), 7.4 (semiconductors), 23.7 (vessels)

The services account deficit contracted from

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

Current account balance Source: The Bank of Korea (balance of payments trends) 12 10

(US$ billion)

8 6 4 2 0 -2 -4 -6 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

Services account

Goods account

Current account

(US $ billion)

2013¹

2014¹

Annual

Q1

Q2

Q3

Q4

Sep

Q1

Q2

Q3

Sep

Current account

79.88

10.46

20.80

23.78

24.84

8.60

15.07

24.13

22.66

7.62

- Goods balance

80.57

12.08

20.00

23.88

24.62

8.59

17.75

26.42

21.89

7.73

- Service balance

-7.93

-3.51

-0.41

-2.06

-1.94

-0.20

-3.62

-1.95

-1.02

-0.28

- Primary income balance

11.42

2.78

1.84

3.16

3.64

0.85

1.91

1.33

3.14

0.61

- Secondary income balance

-4.18

-0.89

-0.62

-1.19

-1.48

-0.64

-0.96

-1.68

-1.35

-0.43

1. Preliminary Source: The Bank of Korea

EB 11월호 내지.indd 30

14. 11. 24. 오후 6:55

The capital and financial account (preliminary) in September posted a net outflow of US $8.76 billion.

US $3.52 billion from a net inflow of US $0.50 billion due to foreign investors’ net selling of Korean shares.

Capital & financial account balance (US $ billion)

Net inflows of financial derivatives investment contracted from US $0.56 billion to US $0.47 billion, while net outflows of other investment contracted from US $7.29 billion to US $1.88 billion as financial institutions collected overseas debt and withdrew overseas deposits.

-4.48 (Jan 2014) > -6.92 (Feb) > -5.78 (Mar) > -6.24 (Apr) > -8.13 (May) > -9.84 (Jun) > -5.93 (Jul) > -7.79 (Aug) >

-8.76 (Sep)

Net outflows of direct investment expanded from US $0.75 billion to US $2.15 billion as overseas direct investment increased.

Portfolio investment switched to a net outflow of

The current account surplus is expected to expand in October, considering the growing surplus in the trade account.

31

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

The Green Book

15

(US$ billion)

10 5 0 -5 -10 -15 2004.1

2005.1

Direct investment

2006.1

2007.1

2008.1

Portfolio investment

11. Prices and international commodity prices

EB 11월호 내지.indd 31

2009.1

2010.1

2011.1

2012.1

Financial derivatives

2013.1

2014.1

Capital & financial account

11.1 Prices Consumer prices fell 0.3 percent month-on-month in October, declining for the second consecutive month. Compared to the same month of the previous year, consumer prices rose 1.2 percent, up from 1.1 percent in September.

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends Consumer price inflation

Month-on-Month

(%)

Oct

2013 Nov

Dec

Jan

Feb

Mar

Apr

-0.3

0.0

0.1

0.5

0.3

0.2

0.1

0.2

0.9

1.2

1.1

1.1

1.0

1.3

1.5

1.7

Year-on-Year

2014 May Jun

Jul

Aug

Sep

Oct

-0.1

0.1

0.2

-0.1

-0.3

1.7

1.6

1.4

1.1

1.2

Source: Statistics Korea

Consumer price inflation Source: Statistics Korea (consumer price trends) 7

(%)

6 5

32

4 3

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

2 1 0 -1 -2 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

Consumer price inflation (m-o-m)

Agricultural, livestock & fishery product prices were down 3.5 percent month-on-month (agricultural products down 5.3%, livestock products down 2.9%, fishery products up 1.2%) , as demand slowed after the Chuseok holiday while supply remained stable.

Price increases by item (m-o-m, %)

2013.1

2014.1

Consumer price inflation (y-o-y)

Price increases by item (m-o-m, %) body washes (20.2), toothpaste (14.1), gasoline (-1.8), diesel (-2.0), ham (-9.2), bags (-10.8)

Dining out expenses rose 0.1 percent, while personal service prices excluding dining out costs remained unchanged.

tomatoes (12.6), chicken (7.0), pork (-7.9), lettuces (-30.6), Chinese cabbages (-32.8), spinach (-32.8)

Price increases by item (m-o-m, %)

Manufactured product prices fell 0.3 percent from the previous month. Processed food prices declined 0.1 percent, and petroleum product prices fell 1.7 percent due to stabilizing international oil prices.

expenses (-3.0), high school tutoring fees (0.4), domestic

domestic group tour expenses (5.9), overseas group tour

EB 11월호 내지.indd 32

flight fares (-2.1), home-study materials (-2.5), home gas installation expenses (-5.3)

14. 11. 24. 오후 6:55

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

5 4 3 2 1 0

2003

2004

2005

2006

2007

2008

2009

2010

2012

2013

2014

Agricultural, livestock & fishery products

Manufactured products

Housing rents

Public services

Personal services

Public utilities

33 previous month, fresh food prices fell 5.6 percent.

Fresh food price increases (y-o-y, %) -12.9 (Jan 2014) > -12.4 (Feb) > -11.3 (Mar) > -12.0 (Apr)

Price increases for basic necessities (y-o-y, %) 0.6 (Jan 2014) > 0.4 (Feb) > 0.8 (Mar) > 1.0 (Apr) > 1.4 (May) > 1.4 (Jun) > 1.4 (Jul) > 0.8 (Aug) > 0.6 (Sep) > 0.7 (Oct)

Fresh food prices declined 6.6 percent year-on-year, led by vegetables (down 10.0% ). Compared to the

> -9.2 (May) > -7.7 (Jun) > -8.3 (Jul) > -11.8 (Aug) > -8.6

(Sep) > -6.6 (Oct)

The Green Book

Consumer prices for basic necessities rose 0.7 percent year-on-year but fell 0.5 percent month-onmonth.

Core consumer prices, which exclude oil and agricultural products, rose 1.8 percent year-on-year but remained unchanged from the previous month.

Prices Source: Statistics Korea (consumer price trends) 16

(y-o-y, %)

13 10 7 4 1 -2 -5 2004.1

2005.1

2006.1

Consumer price inflation

EB 11월호 내지.indd 33

2007.1

2008.1

2009.1

2010.1

Core inflation

2011.1

2012.1

2013.1

2014.1

Producer price inflation

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends Core inflation and prices for basic necessities

(y-o-y, %)

2013 2014 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Consumer prices excluding oil and agricultural products 1.8 2.0 1.9 1.7 1.7 2.1 2.3 2.2 2.1 2.2 2.4 1.9

1.8

Consumer prices excluding food and energy

1.6 1.7 1.6 1.5 1.4 1.7 1.9 1.8 1.7 1.9 2.1 1.7

1.6

Consumer prices for basic necessities

0.0 0.5 0.5 0.6 0.4 0.8 1.0 1.4 1.4 1.4 0.8 0.6

0.7

Source: Statistics Korea

The expected annual inflation declined 0.1 percentage points from the previous month to 2.7 percent, while import prices fell 8.8 percent year-on-year.

Expected inflation (%, over the next 12 months) 2.9 (Jan 2014) > 2.9 (Feb) > 2.8 (Mar) > 2.9 (Apr) > 2.8 (May) > 2.8 (Jun) > 2.8 (Jul) > 2.8 (Aug) > 2.8 (Sep) > 2.7 (Oct)

34

Import price increases (y-o-y, %, won base) -3.0 (Jan 2014) > -4.8 (Feb) > -4.5 (Mar) > -7.0 (Apr) > -6.8 (May) > -8.8 (Jun) > -8.6 (Jul) > -9.9 (Aug) > -8.8 (Oct)

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

11.2 International oil and commodity prices International oil prices declined in October due to concerns over a slowdown in major economies including the EU and Japan, and also due to increasing supplies and the strong dollar.

Dubai crude prices continued to fall due to the strong dollar, increased production in the US, Iraq and Libya, and concerns that demand will fall as the economy slows.

Dubai crude (US $/barrel) 93.5 (Oct 1) > 89.9 (Oct 8) > 84.2 (Oct 15) > 83.3 (Oct 23) > 84.1 (Oct 29) Dollar index (Mar 1973=100) 85.3 (Oct 8) > 85.2 (Oct 15) > 85.7 (Oct 22) > 86.0 (Oct 29) > 86.9 (Oct 31) (US $/barrel, period average)

2011 2012 2013 Annual Annual Annual Nov

Dec

Jan

Feb

Mar

Apr

2014 May Jun

Jul

Aug

Sep

Oct

Dubai crude

105.9

109.0

105.3

105.5 107.5 104.0 105.0 104.4 104.6 105.6 107.9 106.1 101.9

96.6

86.8

Brent crude

111.0

111.7

108.7

108.0 110.7 107.7 108.9 107.7 107.8 109.4 111.8 107.4 102.6

98.0

87.8

95.1

93.8

98.0

93.2

84.4

WTI crude

94.0

97.9

94.9 100.7 100.5 102.0 101.8 105.2 102.6

96.3

Source: Korea PDS

EB 11월호 내지.indd 34

14. 11. 24. 오후 6:55

International oil prices Source: Korea National Oil Corporation 160 140

($/B)

120 100 80 60 40 20 0 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

Dubai crude

WTI

35

Gasoline prices (won/liter) 1,800.3 (1st week Oct) > 1,793.8 (2nd week) > 1,787.3 (3rd week) > 1,776.4 (4th week) > 1,760.6 (5th week)

(Won/liter, period average)

2011 2012 2013 Annual Annual Annual Nov

Dec

Jan

Feb

Mar

Apr

2014 May Jun

Jul

Aug

Sep

The Green Book

Domestic gasoline prices fell to about 1,700 won in October, as falling international oil prices were reflected with a time lag.

Oct

Gasoline prices 1,929.3 1,985.8 1,924.5 1,880.0 1,881.1 1,886.4 1,880.7 1,880.8 1,875.9 1,869.5 1,861.7 1,856.7 1,842.0 1,817.1 1,781.1 Diesel prices 1,745.7 1,806.3 1,729.6 1,692.9 1,699.1 1,705.1 1,698.5 1,696.0 1,688.9 1,680.9 1,670.8 1,661.8 1,644.5 1,620.9 1,585.0 Source: Korea National Oil Corporation

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

(thousand won/B)

($/B)

160

140

140

120

120

100

100

80

80

60

60

40

40

20 2004.1

20 2005.1

2006.1

2007.1

Dubai crude (import prices, won, left)

EB 11월호 내지.indd 35

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

Dubai international prices (dollar, right)

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends International grain prices inched up month-on-month in October due to droughts in the US and Brazil and bargain hunting. However, soybean prices declined as a result of expectations for a strong harvest.

International grain price increases in October (m-o-m, %) soybeans (-0.7), wheat (1.8), corn (3.1)

Nonferrous metal prices fell month-on-month as demand was expected to slow due to poor economic data in China and the eurozone.

Nonferrous metal price increases in October (m-o-m, %) nickel (-12.8), tin (-5.8), lead (-4.0), aluminum (-2.7), copper (-1.9), zinc (-1.4)

36

Reuters index*

(Period average)

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

2011 2012 Annual Annual Annual 3,062

3,006

2,774

2013 Nov 2,623

Dec

Jan

Feb

Mar

Apr

2014 May Jun

Jul

Aug

Sep

2,642 2,574 2,586 2,641 2,650 2,608 2,569 2,548 2,510 2,415

Oct 2,395

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

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.

4000

470 430

3000

390 350

2000

310 270

1000

230 190 150

0

2004.1

2005.1

CRB (left)

EB 11월호 내지.indd 36

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

Reuters index (right)

14. 11. 24. 오후 6:55

12. Real estate market 12.1 Housing market Nationwide apartment sales prices in October rose 0.2 percent month-on-month.

(up 0.2%) . Prices in areas excluding the Seoul metropolitan area rose 0.2 percent. Apartment prices in the five metropolitan cities and the eight provinces were up 0.3 percent and 0.2 percent, respectively.

Apartment sales price increase in five metropolitan cities

Apartment sales prices rose in the Seoul metropolitan area (up 0.3%), which includes Seoul (up 0.2%), Gyeonggi Province (up 0.3%) and Incheon

(m-o-m, %) Busan (0.1), Daegu (0.4), Gwangju (0.1), Daejeon (0.2), Ulsan (0.3)

Nationwide apartment sales prices

(Percentage change from previous period)

2010 2011 2012 2013 Annual Annual Annual Annual Annual

Apr

May

2014 Jun

Jul

Aug

Sep

Oct

0.0

0.0

0.1

0.2

0.2

1.9

6.9

0.0

0.3

1.4

0.2

0.1

0.0

Seoul metropolitan area

-1.7

0.5

-3.0

-1.1

1.2

0.3

0.0

-0.1

0.0

0.0

0.1

0.3

0.3

Seoul

-1.2

0.3

-2.9

-1.4

1.0

0.2

0.0

-0.1

-0.1

0.0

0.0

0.2

0.2

Gangnam¹

-1.0

0.3

-3.5

-1.1

1.1

0.2

-0.1

-0.1

-0.1

0.0

0.0

0.3

0.3

Gangbuk²

-1.4

0.3

-2.3

-1.7

0.9

0.2

0.1

0.0

0.0

-0.1

0.1

0.1

0.2

6.4

15.1

3.1

1.7

1.5

0.2

0.1

0.1

0.1

0.1

0.1

0.2

0.2

Areas excluding the Seoul metropolitan area

The Green Book

Nationwide

Mar

37

1. Upscale area of Southern Seoul 2. Northern Seoul Source: Korea Appraisal Board

Apartment sales prices by region Source: Korea Appraisal Board 3.0

(m-o-m, %)

2.0

1.0

0.0

-1.0 2009.1

Nationwide

EB 11월호 내지.indd 37

7

2010.1

7

2011.1

7

2012.1

Seoul metropolitan area

7

2013.1

7

2014.1

7

Areas excluding Seoul metropolitan area

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends Nationwide apartment rental prices in October rose 0.3 percent month-on-month.

Rental prices rose 0.4 percent in the Seoul metropolitan area, and were up 0.2 percent in regions excluding the Seoul metropolitan area.

Apartment rental price increase in major districts in Seoul (m-o-m, %) Gangnam (0.4), Seocho (0.3), Songpa (0.3), Gangdong (0.5), Yangcheon (0.7)

Nationwide apartment rental prices

(Percentage change from previous period)

2010 2011 2012 2013 Annual Annual Annual Annual Annual Mar

38

Apr

May

2014 Jun

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

Jul

Aug

Sep

Oct

Nationwide

7.1

12.3

3.5

4.7

2.8

0.5

0.1

0.1

0.1

0.1

0.2

0.3

0.3

Seoul metropolitan area

6.3

11.0

2.1

6.2

4.0

0.7

0.1

0.0

0.1

0.2

0.2

0.5

0.4

Seoul

6.4

10.8

2.1

6.6

3.0

0.5

0.1

0.0

0.0

0.1

0.1

0.3

0.4

Gangnam¹

7.6

11.1

2.4

6.7

2.8

0.4 -0.1 -0.1

0.0

0.1

0.2

0.3

0.4

Gangbuk²

5.1

10.6

1.8

6.4

3.2

0.6

0.2

0.1

0.1

0.1

0.1

0.3

0.4

Areas excluding the Seoul metropolitan area

9.2

14.5

4.6

3.3

1.8

0.2

0.2

0.1

0.1

0.1

0.1

0.2

0.2

1. Upscale area of Southern Seoul 2. Northern Seoul Source: Korea Appraisal Board

Apartment rental prices by region Source: Korea Appraisal Board 3.0

(m-o-m, %)

2.0

1.0

0.0

-1.0

-2.0 2009.1

7

Nationwide

EB 11월호 내지.indd 38

2010.1

7

2001.1

7

2012.1

Seoul metropolitan area

7

2013.1

7

2014.1

7

Areas excluding Seoul metropolitan area

14. 11. 24. 오후 6:55

Apartment sales transactions in September increased 13.4 percent from 75,973 transactions in the previous month to 86,186 transactions, and were up 51.9 percent from a year earlier (56,733).

Apartment sales transactions

(Monthly average, thousands)

2009 2010 2011 2012 2013 2014 Annual Annual Annual Annual Sep Oct Nov Dec Jan Feb Mar Apr May Jun Nationwide

73

67

82

61

57

90

85

93

59

79

89

93

78

73

Jul

Aug Sep

77

76

86

Source: Ministry of Land, Infrastructure and Transport

Monthly apartment transaction volume Source: Ministry of Land, Infrastructure and Transport 160

(thousands)

140

39

120 100

60 40 20 0 2009.1

7

2010.1

7

Nationwide

2011.1

7

2012.1

7

Seoul metropolitan area

2013.1

7

2014.1

7

The Green Book

80

Areas excluding Seoul metropolitan area

12.2 Land market Nationwide land prices in September rose 0.19 percent month-on-month.

Land price growth accelerated in the Seoul metropolitan area (up 0.19%), which includes Seoul (up 0.29%) and Incheon (up 0.13%).

Land price increases in Seoul metropolitan area (m-o-m, %) 0.14 (Feb 2014) > 0.22 (Mar) > 0.18 (Apr) > 0.15 (May) > 0.13 (Jun) > 0.15 (Jul) > 0.13 (Aug) > 0.19 (Sep)

Land price growth also accelerated in areas excluding the Seoul metropolitan area (up 0.18%), which include Busan (up 0.19%), Daegu (up 0.27%) and Ulsan (up 0.17%).

Land price increases in areas excluding Seoul metropolitan area (m-o-m, %) 0.14 (Feb 2014) > 0.17 (Mar) > 0.18 (Apr) > 0.15 (May) > 0.18 (Jun) > 0.20 (Jul) > 0.15 (Aug) > 0.18 (Sep)

EB 11월호 내지.indd 39

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends Land prices by region

(Percentage change from previous period)

2008 2009 2010 2011 2012 Annual Annual Annual Annual Annual Annual Q1

2013 Q2

Q3

Q4 Annual

2014 Q2 Jul

Q1

Aug

Sep

Nationwide

-0.31 0.96 1.05 1.17 0.87 1.14 0.21 0.37 0.10 0.46 1.43 0.45 0.48 0.17 0.14 0.19

Seoul

-1.00 1.40 0.53 0.97 0.33 1.21 0.10 0.41 0.08 0.61 1.98 0.69 0.59 0.21 0.19 0.29

Gyeonggi

-0.26 1.22 1.49 1.47 0.97 0.91 0.17 0.33 0.07 0.34 0.90 0.26 0.37 0.11 0.08 0.09

Incheon

1.37 1.99 1.43 0.66 0.36 0.87 0.21 0.37 0.07 0.23 0.95 0.37 0.25 0.07 0.12 0.13

Source: Korea Appraisal Board

Land prices by region Source: Korea Appraisal Board 15

40

(%)

12 9 6

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

3 0 -3 -6 -9 -12 -15 -18 1994

1995

1996

1997

1998

1999

National average

2000

2001

2002

2003

2004

2005

2006

Metropolitan city

2007

2008

2009

2010

2011 2012

City

2013

County

Land and consumer prices since 1970s Sources: Korea Appraisal Board (land prices), Statistics Korea (consumer prices) 60

(y-o-y, %)

50 40 30 20 10 0 -10 -20 1974

1977

Land price inflation

EB 11월호 내지.indd 40

1980

1983

1986

1989

1992

1995

1998

2001

2004

2007

2010

2013

Consumer price inflation

14. 11. 24. 오후 6:55

There were 214,000 land transactions in September, up 4.5 percent from the previous month and 48.2 percent from 144,000 a year earlier.

Land transactions rose in Seoul (up 11.4%, m-o-m) and Incheon (up 16.1%, m-o-m) , as well as in Ulsan (up 10.9%, m-o-m), Gwangju (up 19.0%, m-o-m) and Sejong (up 19.4%, m-o-m).

Vacant land transactions, which accounted for 34.7 percent of the total land transactions, fell 2.4 percent month-on-month to 74,000 but were up 30.5 percent from 57,000 a year earlier.

Land transactions 2008

(Land lots, thousands)

2009

2010

2011

2012

2013

2014

Annual¹ Annual¹ Annual¹ Annual¹ Annual¹ Annual¹ Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Nationwide

203

187

208

170

187

26

22

16

18

13

17

208 201 236 183 205 227 233 207 199 219 204 214 20

19

22

17

20

24

22

18

18

21

21

23

Gyeonggi

45

46

41

43

33

37

44

41

50

37

42

47

49

42

39

45

42

46

Incheon

13

10

8

10

8

8

10

9

9

7

10

10

11

9

9

8

9

10

1. Monthly average Source: Korea Land & Housing Corporation

The Green Book

208

Seoul

41

Land transaction volume Source: Korea Appraisal Board 500,000 (thousand m²)

400,000

300,000

200,000

100,000

0 2004.1

2005.1

2006.1

Seoul metropolitan area

EB 11월호 내지.indd 41

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

Areas excluding Seoul metropolitan area

14. 11. 24. 오후 6:55

T h e G r e e n B o o k : Current Economic Trends

13. Composite indices of business cycle indicators Industrial output in September fell 0.9 percent month-on-month but rose 1.8 percent year-on-year. Output rose in mining & manufacturing (up 0.1%, m-o-m) and services (up 0.1%, m-o-m), but fell in construction (down 5.8%, m-o-m) and public administration (down 8.9%, m-o-m).

Index of all industry production Source: Statistics Korea (industrial activity trends)

42

20

(%)

15

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

10

5

0

-5

-10 -15 2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

Index of all industry production (m-o-m)

2013.1

2014.1

Index of all industry production(y-o-y)

2014 Index of all industry production (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)

Feb

Mar

Apr

May

Jun

Jul¹

Aug¹

Sep¹

-1.5 1.4

0.7 2.7

-0.6 1.4

-1.0 -0.6

2.3 1.7

0.3 2.7

-0.7 0.4

-0.9 1.8

0.3

0.4

0.1

0.0

0.3

0.4

0.7

0.2

100.6 -0.1

100.7 0.1

100.5 -0.2

100.1 -0.4

100.1 0.0

100.2 0.1

100.5 0.3

100.3 -0.2

0.3

0.2

0.5

0.3

0.6

0.4

1.2

1.0

101.5 -0.1

101.3 -0.2

101.4 0.1

101.3 -0.1

101.6 0.3

101.6 0.0

102.4 0.8

103.0 0.6

1. Preliminary

EB 11월호 내지.indd 42

14. 11. 24. 오후 6:55

The cyclical indicator of the coincident composite index fell 0.2 points month-on-month in September. Among the components of the coincident composite index, service output, imports and nonfarm payroll employment rose, while mining & manufacturing production, the value of construction completed, retail sales and domestic shipments declined.

Components of the coincident composite index in September (m-o-m) service output (0.1%), imports (2.2%), nonfarm payroll employment (0.4%), mining & manufacturing production (-0.7%), value of construction completed (-2.3%), retail sales (-0.1%), domestic shipments (-0.9%)

Cyclical indicator of coincident composite index Source: Statistics Korea (industrial activity trends) 110

(points)

43 100

2004.1

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

The cyclical indicator of the leading composite index rose 0.6 points. Among the components of the leading composite index, the consumer expectations index, domestic shipments of machinery and spreads between long & short term interest rates declined, while six others, including the ratio of export to import prices and value of construction orders received, rose.

The Green Book

90

Components of the leading composite index in September (m-o-m) indicator of inventory cycle (2.3%p), value of construction orders received (6.8%), ratio of export to import prices (0.9%), international commodity prices (2.4%), ratio of job openings to job seekers (3.4%p), KOSPI (0.8%), consumer expectations index (-0.2p), domestic shipments of machinery (-1.2%), spreads between long & short term interest rates (-0.03%p)

Cyclical indicator of leading composite index Source: Statistics Korea (industrial activity trends) 110

(points)

100

90 2004.1

EB 11월호 내지.indd 43

2005.1

2006.1

2007.1

2008.1

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

14. 11. 24. 오후 6:55

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

PO LIC Y ISS UE S Korea and China Set to Sign FTA Measures to Stimulate Direct Won-Yuan Transactions

EB 11월호 내지.indd 44

14. 11. 24. 오후 6:55

Korea and China Set to Sign FTA

Korea and China announced progress in their free trade agreement negotiations at the Korea-China Summit held on November 10, 2014. The two countries have been negotiating the deal for 30 months.

45 Policy Issues

President Park Geun-hye (left) is shaking hands with President Xi Jinping of China in Beijing on November 10 after reaching an agreement to initial the KoreaChina FTA by the end of 2014.

Expected effects The Korea-China FTA will be a great opportunity for Korean businesses as China is Korea’s largest export destination and its market is huge¹. When the deal takes effect, US $8.7 billion in tariffs will be lifted immediately, with an additional US $45.8 billion in tariffs being lifted over 10 years. Trade between Korea and China is expected to reach US $300 billion in 2015. ¹ Chinese domestic market (KIEP, US $ trillion): 4.7 (2013) > 5.7 (2015) > 9.9 (2020) Chinese domestic consumption expenditure (WB, billion yuan): 15,342.2 (2008) > 29,216.6 (2013)

Small- and medium-sized exporters will particularly benefit from the trade pact as clothing, leisure goods, healthcare products and high-end electronics will become competitive in the Chinese market, in addition to major intermediate goods including steel and petrochemical products.

About 71 percent (5,846) of items exported to China, worth US $110.5 billion and accounting for 66 percent of total export value, will be free of tariffs within 10 years, and 91 percent (7,482) of items, worth US $141.7 billion and accounting for 85 percent of total export value, will be made tariff-free within 20 years. Meanwhile, 79 percent (9,690) of Chinese items, worth US $62.3 billion which is 77 percent of the total imports from China, will be free of tariffs within 10 years, and 92 percent (11,272) of items, worth US $73.6 billion which is 91 percent of total imports, will be made tariff-free within 20 years.

EB 11월호 내지.indd 45

14. 11. 24. 오후 6:55

Policy Issues

46

Chinese tourists are shopping at a duty free shop in Seoul on September 29. Tourism is one of the sectors that are expected to benefit from the free trade pact between Korea and China.

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

China agreed to allow Korean businesses to enter construction, distribution, legal services and entertainment markets, and lower trade barriers in network services. Financial sector negotiations will continue until the end of the year. Once the FTA takes effect, Korea and China will begin negotiations in order to adopt a negative list approach in order to allow Korean companies to export more services to China, and these negotiations are expected to take about two years.

The FTA will also help Korean exporters with nontariff difficulties, such as receiving visas, submitting certificates of origin, clearing customs in under 48 hours, meeting special shipment reporting duties and prosecuting intellectual property right infringement. Korean companies will also receive support from Chinese local government offices designated to help Korean exporters. Korea and China will recognize their trading partners’ product tests done by international agencies, support the establishment of product test centers in their partner countries, and improve the customs clearance process for product samples.

The Korea-China FTA will attract Chinese investment as Chinese corporations will be able to utilize Korea’s other FTAs, including the Korea-US and Korea-EU FTAs. Likewise, US, EU and Japanese investment is also expected to increase, which wants to use Korea as a springboard for entering China. This will also contribute to creating quality jobs in Korea.

The Korea-China FTA will further improve Korea-China relations, as China is not only the biggest trade partner and most important corporate investment destination, but also boasts the highest level of private-sector exchange between Korea and another country. The Korea-China FTA will encourage joint production of cultural content, closer cooperation in broadcasting services and tourism, and the joint establishment of entertainment companies.

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A cargo ship is entering Gamman Port in Busan on April 1. When the Korea-China FTA takes effect, trade between Korea and China is expected to reach US $300 billion in 2015.

Policy Issues

The Korea-China FTA has less complicated country-of-origin regulations than other FTAs Korea has signed, and products manufactured in the Gyeseong industrial complex will be treated as Korean products.

47

Future plans Korea and China will initial their bilateral trade pact by the end of the year after further discussing details and reviewing legal matters. The official agreement will be made public after the pact is initialed.

Measures to Stimulate Direct Won-Yuan Transactions As a follow up to agreements made at the Korea-China Leaders’ Summit held on July 3¹, the government will stimulate direct won-yuan transactions by increasing yuan-based transactions for trade settlement and setting up infrastructure to support yuan-denominated financial services. ¹ The agreements made at the Korea-China Leaders’ Summit are: opening a direct won-yuan currency market, allowing for yuan clearing houses to operate in Korea, obtaining an 80 billion yuan quota for Korea investors through the Renminbi Qualified Foreign Institutional Investor (RQFII) program, allowing Korean investors to participate in the Qualified Foreign Institutional Investor (QFII) program, and issuing yuan-denominated bonds in Korea.

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Policy Issues Increase the use of yuan for trade settlement In order to encourage corporations to complete transactions using yuan, the government will: -increase short-term export insurance coverage by 5-20 percent for exports paid in yuan -promote yuan financial services - distribute yuan transaction guide that provides information on yuan performance in the international market and the benefits

N

Set up infrastructure to support yuan-denominated financial services In order to develop a won-yuan direct exchange market and establish a yuan-clearing system, the government will:

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

- build an electronic brokerage system and designate dealers in December before the won-yuan direct exchange market opens - develop support measures for the yuan clearing house that opened in Seoul on October 30. One example of the measures can be reforming regulations, such as exempting yuan clearing banks from the Foreign Exchange Stability Levy on yuan-denominated debt - increase participation in Chinese asset markets through the RQFII, China Interbank Bond Market (CIMB) and QFII by easing regulations related to foreign debt investment and foreign exchange transactions - increase opportunities for private equity funds to invest in yuan-denominated bonds which will be issued in Korea by Chinese enterprises and other foreign financial institutions - promote a stable and healthy yuan-denominated financial market by ensuring that large quantities of yuan flows through the market. This will be done in three ways: promoting yuan-denominated transactions, encouraging the yuan clearing bank to provide yuan-based loans, and utilizing funds provided by the People’s Bank of China and Korea-China Currency Swap Arrangement

Future plans The government will increase the ratio of yuan trade settlement from 1.2 percent (as of 2013) to 20 percent in the mid- to long-term, while encouraging yuandenominated financial asset growth in bonds, derivatives and deposits in order to become the third largest investor in yuan among foreign countries. The government will also consider issuing yuan-denominated Foreign Exchange Equalization Bonds in order to prepare for the day the yuan becomes a reserve currency. A mid- to long-term plan for the yuan financial market will be developed in 2015.

A bank official is examining yuan notes at the Korea Exchange Bank headquarters on November 7.

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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

ITU Plenipotentiary Conference held in Busan Three-year Plan for Economic Innovation praised at G20 meeting Korea ranks 5th in World Bank’s ‘Doing Business’ report Korea concludes FTA negotiations with New Zealand Government develops roadmap for IoT security Korea grows 0.9% in Q3 (Preliminary)

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Economic News Briefing

50

ITU Secretary General Hamadoun Toure is delivering a speech at the closing ceremony of the 2014 ITU Plenipotentiary Conference in Busan on November 7.

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

— ITU Plenipotentiary Conference held in Busan The International Telecommunication Union (ITU) Plenipotentiary Conference (PP-14) was held in Busan from October 20 to November 7. The quadrennial Plenipotentiary Conference is the top policy-making body of the ITU, where the member nations set the Union’s general policies, adopt four-year strategic and financial plans and elect the senior management team of the organization.

Around 3,000 delegates from 171 nations took part in the PP-14, making it the biggest ITU meeting in history.

71 resolutions were adopted during the three-week event, which included the Korea-led agenda concerning the Internet of Things (IoT) and the Connect 2020 Agenda. The IoT resolution, named ‘Facilitating Internet of Things to Prepare for a Globally Connected World,’ brought attention to the IoT and set the foundation for developing IoTrelated technology. The Connect 2020 Agenda set out, for the first time in the history of the ITU, a vision for the future of the ICT sector by setting specific targets. Korea, which successfully hosted the PP-14, is expected to play a leading role in developing ICT.

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— Three-year Plan for Economic Innovation praised at G20 meeting Korea’s Three-year Plan for Economic Innovation received positive feedback at the latest G20 meeting held on November 15-16 in Brisbane, Australia.

Australia, when it assumed the G20 presidency at the beginning of the year, announced that the primary focus for the G20 during its presidency would be developing growth strategies in pursuit of raising G20 growth by an additional 2 percent by 2018. The G20 committed to increasing investment, job creation, trade and competition along with enacting structural reforms, and asked for each member country to submit a formal growth strategy that meets these specifications.

The IMF and OECD evaluated the growth strategies that were submitted and announced their findings at the G20 meeting. The IMF-OECD praised the Threeyear Plan for being ‘exemplary,’ noting that if the plan is implemented successfully, Korea will grow 4.4 percent, the largest growth rate in the G20. The IMF-OECD also praised Korea for developing a growth strategy in line with the principles of the Brisbane Action Plan, specifically recognizing Korea’s regulatory reform efforts and investment-boosting policies.

14. 11. 24. 오후 6:55

— Korea ranks 5th in World Bank’s ‘Doing Business’ report

— Korea concludes FTA negotiations with New Zealand Korea and New Zealand sealed a free trade agreement (FTA) on November 15, ending years of negotiations that started in June 2009. New Zealand has agreed to abolish all tariffs on Korean goods over the next seven years, and Korea will phase out tariffs on more than 96.5 percent of products

— Government develops roadmap for IoT security The Ministry of Science, ICT and Future Planning announced on October 31 a roadmap for IoT security, recognizing that although IoT technology makes everyday life more convenient, cyber threats in the IoT environment lead to serious consequences in the real world and entail significant costs.

According to the roadmap, information protection functions will be embedded in the products and services related to the seven core IoT sectors (home appliances, healthcare, transportation, disaster management, manufacturing, construction, energy) from the early stages of design. The roadmap also involves launching the Secure Dome Project, in order to develop nine core technologies related to IoT security that will help realize the vision of light weight, low power and hyper-connectivity. The government will effectively implement the roadmap, and make Korea a leading nation in smart technology security by 2018.

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

The World Bank’s latest Doing Business report, released on October 29, ranked Korea fifth among 189 nations in the doing business index, up from seventh last year. Among the 10 categories that make up the index, Korea’s ranking rose in five and fell in three. Rankings in two categories remained unchanged. Areas such as starting a business, protecting minor investors and resolving insolvency saw a significant rise in rankings. Korea’s doing business ranking has been gradually rising since 2007 and reached the top five slot this year for the first time, reflecting the government’s persistent efforts to improve the business climate, such as streamlining startup procedures and introducing an electronic customs clearance system.

imported from New Zealand within the next 20 years. New Zealand will extend working holiday and student exchange programs with Korea, which includes expanding the annual working holiday quota for Korean youths from the current 1,800 to 3,000. Meanwhile, sensitive items such as rice, natural honey, apples, pears and garlic were excluded from the deal.

President Park Geun-hye (right) and New Zealand Prime Minister John Key are announcing a free trade deal between Korea and Ne w Zealand at a joint press conference in Brisbane, Australia on November 15 on the sidelines of the G20 Summit.

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Economic News Briefing — Korea grows 0.9% in Q3 (Preliminary) Korea’s real gross domestic product (GDP) expanded 0.9 percent quarter-on-quarter and 3.2 percent year-onyear in the third quarter of 2014, according to advanced data released by the Bank of Korea (BOK) on October 24.

On the production side, manufacturing declined 0.9 percent, while construction grew 1.8 percent. Electricity, gas & water supply surged 4.7 percent, due to an increase in nuclear power production, which has lower generating costs than other energy sources. Services were up 1.4 percent, led by wholesale & retail, transportation & storage, financial & insurance services, and healthcare & social welfare services.

S A

On the expenditure side, private consumption rose 1.1 percent, led by semi-durable goods and services. Facility investment declined 0.8 percent, while construction investment rose 2.9 percent. Intellectual property investment rose 0.5 percent, led by investment in software.

52

Exports declined 2.6 percent, led by LCD and chemical products, and imports were down 0.7 percent, led by machinery and natural gas.

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

GDP by production and expenditure*

(Percentage change from previous period)

2012 GDP Agriculture, forestry & fisheries Manufacturing Electricity, gas & water supply

Q1 0.5 (2.6)²

Q2 0.5 (2.4)²

Q3 0.4 (2.1)²

Q4 0.6 (2.1)²

Q1 0.6 (2.1)²

2013¹ Q2 Q3 1.0 1.1 (2.7)² (3.4)²

Q4 0.9 (3.7)²

Q1 0.9 (3.9)²

2014¹ Q2 0.5 (3.5)²

-6.7

-0.2

-0.4

6.1

-4.1

1.9

4.6

7.4

-4.4

-3.7

1.9

1.5

0.3

0.3

0.1

1.2

1.2

1.2

0.8

2.2

0.9

-0.9

Q3 0.9 (3.2)²

0.1

2.6

-0.1

5.8

-3.2

-2.6

-0.3

8.3

-4.5

-2.3

4.7

-2.9

-0.2

0.4

-1.2

2.7

1.7

1.9

-2.4

1.2

0.2

1.8

Services³

0.9

0.7

0.4

0.6

0.5

1.2

0.7

0.8

0.6

0.6

1.4

Private consumption

0.8

0.2

1.2

0.4

-0.1

0.7

1.0

0.6

0.2

-0.3

1.1

Government consumption

2.4

-0.4

1.0

0.2

0.5

1.6

0.4

0.9

0.0

0.3

2.2

Facility investment

11.5

-8.0

-3.2

-3.3

1.5

1.0

2.7

5.6

-1.9

1.1

-0.8

Construction investment

-2.1

-3.0

1.2

-2.4

6.5

4.6

0.2

-5.2

5.1

0.4

2.9

Intellectual property investment

9.0

-3.2

3.3

-2.8

9.4

-2.2

1.2

1.8

6.5

-3.6

0.6

Exports

0.5

2.5

1.9

0.9

0.2

2.6

-1.1

1.4

1.5

1.7

-2.6

Imports

3.0

-0.2

0.3

-1.3

0.6

1.8

-0.4

2.9

-0.8

1.1

-0.7

Construction

*At 2010 chained prices in seasonally adjusted terms 1. Preliminary 2. Percentage change from the same period of the previous year 3. Wholesale & retail, hotels & restaurants, transportation & storage, communications 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.

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1. National accounts

53 Statistical Appendices

Sta tist App ic a en l dic es 2. Production, shipment and inventory 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 completed and domestic construction orders received 8. Composite indices of business cycle indicators and BSI 9. Balance of payments (I) 10. Balance of payments (II) 11. Prices 12. Employment 13. Financial indicators 14. Monetary indicators 15. Exchange rates

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Statistical A ppendic es 1. National accounts (year-on-year change, %, chained 2010 year prices) Real GDP

Period

54

Agri., fores. & fisheries

Manufacturing

Final consumption expenditure

Gross fixed capital formation Construction

Facilities

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

2005 2006 2007 2008 2009 2010 2011 2012 2013P

3.9 5.2 5.5 2.8 0.7 6.5 3.7 2.3 3.0

1.4 1.6 4.1 5.6 3.2 -4.3 -2.0 -0.9 5.8

5.8 7.7 8.4 3.7 -0.5 13.7 6.5 2.4 3.3

4.4 5.2 5.3 2.2 1.3 4.3 2.7 2.2 2.2

2.0 3.6 5.0 -0.9 0.3 5.5 0.8 -0.5 4.2

-0.1 0.7 1.5 -2.7 3.5 -3.7 -3.4 -3.9 6.7

4.8 8.4 9.7 -0.2 -7.7 22.0 4.7 0.1 -1.5

2005 Ⅰ Ⅱ Ⅲ Ⅳ

2.5 3.6 4.5 4.9

0.5 4.8 3.8 -3.1

3.6 4.5 7.0 8.1

2.6 4.5 5.4 5.3

0.6 1.7 2.1 3.3

-2.5 1.1 0.0 0.3

3.7 2.1 4.3 9.1

2006 Ⅰ Ⅱ Ⅲ Ⅳ

6.3 4.7 2.1 4.8

4.1 -0.2 -1.3 4.2

9.6 7.4 8.2 6.1

5.9 5.1 4.7 5.0

3.0 0.7 4.3 5.9

1.7 -4.1 -0.3 5.4

4.6 8.8 13.5 6.8

2007 Ⅰ Ⅱ Ⅲ Ⅳ

4.7 5.6 5.1 6.3

1.7 7.0 8.1 -0.6

6.5 8.6 7.4 10.9

5.2 5.6 5.5 5.0

6.6 6.3 2.1 5.2

3.8 2.0 0.0 0.9

10.3 14.2 2.1 12.2

2008 Ⅰ Ⅱ Ⅲ Ⅳ

5.5 4.1 3.9 -1.6

7.7 4.6 4.3 6.4

8.2 7.1 6.1 -5.3

4.7 3.1 2.4 -1.4

1.8 0.9 2.3 -7.0

-2.0 -0.7 0.2 -7.3

7.0 1.4 5.6 -13.0

2009 Ⅰ Ⅱ Ⅲ Ⅳ

-1.9 -1.1 0.9 4.8

2.5 0.0 5.0 5.0

-8.4 -5.7 1.6 10.4

-1.9 0.9 1.7 4.5

-5.4 -1.1 0.8 5.8

1.9 4.4 3.1 4.1

-19.4 -13.6 -5.9 9.5

2010 Ⅰ Ⅱ Ⅲ Ⅳ

7.2 7.4 5.4 6.0

0.0 -2.2 -7.8 -5.7

16.1 17.2 10.1 11.9

6.2 3.6 3.9 3.4

12.0 6.8 3.8 1.2

1.6 -4.8 -4.8 -5.2

27.6 28.8 20.6 12.9

2011 Ⅰ Ⅱ Ⅲ Ⅳ

4.9 3.6 3.3 3.1

-9.2 -2.4 -5.8 7.0

11.4 6.5 5.6 3.4

3.3 3.3 2.8 1.7

-0.7 2.5 1.7 -0.3

-8.3 -2.5 -2.1 -2.0

8.2 8.3 3.4 -0.9

2012 Ⅰ Ⅱ Ⅲ Ⅳ

2.6 2.4 2.1 2.1

-0.3 -2.2 -0.1 -0.7

2.7 2.8 2.0 2.0

2.2 1.3 2.7 2.7

6.2 -2.3 -1.0 -3.4

-0.2 -5.4 -2.7 -6.2

11.1 -1.8 -4.2 -4.0

2013P Ⅰ Ⅱ Ⅲ Ⅳ

2.1 2.7 3.4 3.7

0.4 2.9 7.4 9.9

1.8 2.8 3.8 4.5

1.6 2.4 2.3 2.4

-2.6 5.0 5.9 7.8

1.9 9.8 8.8 5.4

-12.7 -3.9 1.5 10.9

2014P Ⅰ Ⅱ Ⅲ

3.9 3.5 3.2

7.7 3.4 0.6

5.6 5.3 3.1

2.6 1.5 2.0

5.9 3.4 3.7

4.3 0.2 3.0

7.3 7.7 3.9

P: Preliminary Source: The Bank of Korea

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2. Production, shipment and inventory (constant prices, 2010=100) Period

Production index

Shipment index

y-o-y change(%)

Inventory index

y-o-y change(%)

Service production index

y-o-y change(%)

y-o-y change(%)

106.0 107.4 107.7

6.0 1.3 0.3

105.6 107.2 107.6

5.6 1.5 0.4

119.9 125.2 131.4

15.0 4.4 5.0

103.2 104.8 106.3

3.2 1.6 1.4

2011 Ⅰ Ⅱ Ⅲ Ⅳ

102.6 107.5 104.0 109.7

9.1 6.2 5.4 3.4

103.4 106.6 103.2 109.3

10.0 5.4 4.7 2.8

104.9 109.8 112.3 119.9

7.8 11.8 11.4 15.0

99.4 103.4 103.2 106.7

2.8 2.7 4.2 3.0

2012 Ⅰ Ⅱ Ⅲ Ⅲ

106.6 108.9 103.7 110.6

3.9 1.3 -0.3 0.8

106.6 108.4 103.8 109.8

3.1 1.7 0.6 0.5

117.7 114.8 114.5 125.2

12.2 4.6 2.0 4.4

102.0 104.9 104.8 107.6

2.6 1.5 1.6 0.8

2013 Ⅰ Ⅱ Ⅲ Ⅳ

105.7 108.9 103.9 112.5

-0.8 0.0 0.2 1.9

105.7 108.9 104.0 111.8

-0.8 0.5 0.2 2.0

123.1 119.4 125.0 131.4

4.6 4.0 9.2 6.2

102.9 106.7 105.6 109.9

0.9 1.7 0.8 2.1

2014 Ⅰ Ⅱ ⅢP

106.4 109.2 105.0

0.7 0.3 1.1

105.9 108.7 104.2

0.2 -0.2 0.2

130.1 128.6 129.1

5.7 7.7 3.3

104.9 108.2 108.2

1.9 1.4 2.5

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

102.0 106.1 111.6 106.8 110.7 109.2 106.0 100.3 104.7 108.8 112.6 110.3

-3.1 15.3 0.9 0.0 3.3 0.7 0.0 -1.3 0.3 -0.8 3.0 0.1

102.8 106.1 111.0 106.2 109.9 109.2 105.2 99.9 106.2 108.2 111.0 110.1

-2.8 13.5 0.1 -0.6 3.7 2.0 1.0 -1.4 1.9 -0.9 2.6 -0.3

119.3 117.4 117.7 116.5 118.2 114.8 115.4 119.3 114.5 116.1 121.3 125.2

14.2 14.1 12.2 10.2 8.8 4.6 3.2 6.5 2.0 0.6 3.1 4.4

100.3 99.9 105.7 102.8 105.9 105.9 104.8 103.9 105.7 104.7 105.5 112.7

0.3 6.2 1.5 0.7 2.4 1.2 1.6 0.8 2.2 0.5 1.5 0.7

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

110.9 96.9 109.2 109.1 110.2 107.4 107.5 103.5 100.7 112.7 111.8 113.0

8.7 -8.7 -2.2 2.2 -0.5 -1.6 1.4 3.2 -3.8 3.6 -0.7 2.4

109.5 97.8 109.8 108.8 109.8 108.1 106.6 104.4 100.9 112.0 111.3 112.1

6.5 -7.8 -1.1 2.4 -0.1 -1.0 1.3 4.5 -5.0 3.5 0.3 1.8

128.3 124.6 123.1 121.0 122.2 119.4 124.2 123.8 125.0 126.9 129.2 131.4

7.5 6.1 4.6 3.9 3.4 4.0 7.6 3.8 9.2 9.3 6.5 5.0

102.1 100.2 106.4 105.4 107.7 107.0 105.6 105.6 105.5 107.7 107.4 114.7

1.8 0.3 0.7 2.5 1.7 1.0 0.8 1.6 -0.2 2.9 1.8 1.8

2014 1 2 3 4 5 6 7 8P 9P

106.1 100.7 112.3 111.8 107.9 107.9 111.8 100.6 102.6

-4.3 3.9 2.8 2.5 -2.1 0.5 4.0 -2.8 1.9

104.5 100.8 112.5 110.8 108.1 107.3 108.9 101.0 102.7

-4.6 3.1 2.5 1.8 -1.5 -0.7 2.2 -3.3 1.8

133.1 129.3 130.1 131.3 129.8 128.6 133.0 130.3 129.1

3.7 3.8 5.7 8.5 6.2 7.7 7.1 5.3 3.3

104.3 101.3 109.0 106.4 108.5 109.7 108.4 107.7 108.5

2.2 1.1 2.4 0.9 0.7 2.5 2.7 2.0 2.8

55 Statistical Appendices

2011 2012 2013

P: Preliminary Source: Statistics Korea

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Statistical A ppendic es 3. Production capacity and operation ratio Period

Production capacity index (2010=100)

Operation ratio index (2010=100)

y-o-y change (%)

y-o-y change (%)

Average operation ratio (%)

2011 2012 2013

104.7 106.9 108.7

4.7 2.1 1.7

100.2 97.5 94.8

0.2 -2.7 -2.8

80.5 78.5 76.2

2011 Ⅰ Ⅱ Ⅲ Ⅳ

103.5 104.5 105.0 105.6

5.7 5.1 4.3 3.5

97.8 103.5 97.7 101.9

2.2 0.8 0.1 -2.0

81.4 80.6 80.9 79.1

2012 Ⅰ Ⅱ Ⅲ Ⅳ

106.3 106.7 107.0 107.5

2.7 2.1 1.9 1.8

97.5 101.0 93.2 98.3

-0.3 -2.4 -4.6 -3.5

79.9 79.5 76.6 78.0

56

2013 Ⅰ Ⅱ Ⅲ Ⅳ

108.2 108.4 108.9 109.3

1.8 1.6 1.8 1.7

93.3 97.4 90.5 97.9

-4.3 -3.6 -2.9 -0.4

77.3 75.9 75.1 76.5

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

2014 Ⅰ Ⅱ ⅢP

109.5 109.7 110.5

1.2 1.2 1.5

92.5 96.8 91.2

-0.9 -0.6 0.8

77.2 76.3 75.8

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

106.2 106.2 106.4 106.6 106.7 106.8 106.7 107.2 107.0 107.3 107.5 107.6

2.9 2.7 2.4 2.1 2.2 2.1 1.8 2.1 1.7 1.4 1.9 1.9

92.5 97.2 102.9 98.9 102.6 101.4 97.2 88.3 94.1 98.1 100.7 96.1

-8.0 11.3 -2.6 -3.6 -0.6 -3.1 -3.5 -6.9 -3.6 -4.6 -1.7 -4.5

80.0 80.4 79.2 79.6 79.9 78.9 78.4 74.3 77.2 77.4 78.3 78.2

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

108.1 108.2 108.2 108.2 108.4 108.6 108.7 109.0 109.0 109.1 109.3 109.6

1.8 1.9 1.7 1.5 1.6 1.7 1.9 1.7 1.9 1.7 1.7 1.9

98.5 84.5 96.8 97.4 99.0 95.9 94.3 90.4 86.7 99.2 97.9 96.7

6.5 -13.1 -5.9 -1.5 -3.5 -5.4 -3.0 2.4 -7.9 1.1 -2.8 0.6

78.8 77.1 75.9 75.9 75.9 75.9 74.8 76.3 74.3 76.2 76.2 77.2

2014 1 2 3 4 5 6 7 8P 9P

109.6 109.5 109.5 109.5 109.7 109.8 110.3 110.6 110.7

1.4 1.2 1.2 1.2 1.2 1.1 1.5 1.5 1.6

91.6 87.2 98.7 99.8 95.6 95.1 98.4 86.4 88.9

-7.0 3.2 2.0 2.5 -3.4 -0.8 4.3 -4.4 2.5

78.2 75.8 77.5 77.8 74.6 76.4 78.2 74.0 75.2

P: Preliminary Source: Statistics Korea

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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 (%)

Nondurable goods y-o-y change (%)

104.5 107.0 107.9

4.5 2.4 0.8

110.6 116.2 116.6

10.6 5.3 0.3

103.7 103.8 105.9

3.7 -0.4 2.0

102.1 104.1 104.7

2.1 2.0 0.6

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

103.4 106.4 106.5 111.6

2.8 1.4 2.7 2.5

109.4 114.9 118.4 122.0

4.0 2.6 6.4 8.3

99.0 105.5 92.3 118.4

0.6 -0.5 -2.3 0.5

102.6 102.8 107.2 103.8

3.1 1.7 2.8 0.5

2013 Ⅰ Ⅱ Ⅲ Ⅳ

103.7 107.7 107.2 112.9

0.3 1.2 0.7 1.2

110.9 118.2 116.8 120.2

1.4 2.9 -1.4 -1.5

101.7 107.2 95.0 119.6

2.7 1.6 2.9 1.0

101.2 103.0 108.0 106.7

-1.4 0.2 0.7 2.8

2014 Ⅰ Ⅱ ⅢP

106.3 108.5 108.7

2.5 0.7 1.4

117.5 121.2 123.8

6.0 2.5 6.0

99.9 104.6 95.5

-1.8 -2.4 0.5

103.9 104.3 107.5

2.7 1.3 -0.5

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

107.5 97.8 105.0 103.0 110.1 106.1 108.2 102.3 109.1 109.0 111.6 114.3

2.1 5.5 1.1 0.4 2.6 1.2 3.8 1.3 2.9 1.5 4.1 2.1

107.2 107.2 113.7 107.3 117.3 120.0 125.6 114.0 115.7 117.1 123.1 125.9

3.3 9.8 -0.4 1.0 4.4 2.2 7.4 4.0 7.6 8.0 6.5 10.6

104.7 91.9 100.4 104.8 111.4 100.3 97.3 82.1 97.6 114.8 118.8 121.5

-0.2 2.0 0.1 -1.3 0.8 -0.9 0.9 -5.1 -3.0 -2.0 5.1 -1.4

108.8 96.0 102.9 100.1 106.1 102.1 104.9 105.7 111.1 102.7 103.0 105.8

2.4 4.8 2.2 0.8 2.4 1.6 3.0 2.2 3.2 0.0 2.2 -0.5

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

104.6 99.5 107.0 105.3 110.8 106.9 109.2 104.6 107.7 111.2 113.1 114.5

-2.7 1.7 1.9 2.2 0.6 0.8 0.9 2.2 -1.3 2.0 1.3 0.2

112.2 105.9 114.7 115.0 119.5 120.2 127.4 116.3 106.8 120.4 120.2 120.0

4.7 -1.2 0.9 7.2 1.9 0.2 1.4 2.0 -7.7 2.8 -2.4 -4.7

102.9 93.1 109.2 106.4 113.8 101.5 98.1 87.1 99.9 113.6 123.5 121.8

-1.7 1.3 8.8 1.5 2.2 1.2 0.8 6.1 2.4 -1.0 4.0 0.2

101.7 99.3 102.5 100.3 105.5 103.1 105.5 106.9 111.6 105.9 105.3 108.8

-6.5 3.4 -0.4 0.2 -0.6 1.0 0.6 1.1 0.5 3.1 2.2 2.8

2014 1 2 3 4 5 6 7 8P 9P

110.5 99.1 109.3 105.5 112.0 108.0 109.8 107.0 109.4

5.6 -0.4 2.1 0.2 1.1 1.0 0.5 2.3 1.6

116.8 117.1 118.6 114.1 121.7 127.6 131.2 118.4 121.7

4.1 10.6 3.4 -0.8 1.8 6.2 3.0 1.8 14.0

100.2 91.6 107.9 105.4 111.3 97.2 95.2 91.1 100.2

-2.6 -1.6 -1.2 -0.9 -2.2 -4.2 -3.0 4.6 0.3

112.1 94.0 105.5 101.5 107.8 103.6 106.1 108.6 107.7

10.2 -5.3 2.9 1.2 2.2 0.5 0.6 1.6 -3.5

57 Statistical Appendices

2011 2012 2013

P: Preliminary Source: Statistics Korea

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

Period

58

y-o-y change (%)

Nondurable goods

y-o-y change (%)

y-o-y change (%)

Consumer sentiment index

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

2011 2012 2013

100.9 102.5 101.9

0.9 1.6 -0.6

100.3 102.8 103.1

0.3 2.5 0.3

101.2 102.4 101.4

1.2 1.2 -1.0

-

2011 Ⅰ Ⅱ Ⅲ Ⅳ

101.0 97.9 101.5 103.3

4.6 0.9 0.8 -2.2

99.5 100.7 100.9 100.1

3.8 3.1 -0.1 -5.0

101.6 96.8 101.7 104.6

4.7 0.2 1.1 -1.1

-

2012 Ⅰ Ⅱ Ⅲ Ⅳ

100.8 99.9 103.5 106.0

-0.2 2.0 2.0 2.6

97.8 99.1 102.5 112.0

-1.7 -1.6 1.6 11.9

102.0 100.2 103.9 103.4

0.4 3.5 2.2 -1.1

-

2013 Ⅰ Ⅱ Ⅲ Ⅳ

102.8 98.4 102.1 104.5

2.0 -1.5 -1.4 -1.4

108.0 100.6 102.3 101.5

10.4 1.5 -0.2 -9.4

100.5 97.4 101.9 105.8

-1.5 -2.8 -1.9 2.3

-

2014 Ⅰ Ⅱ ⅢP

100.4 99.9 101.9

-2.3 1.5 -0.2

103.2 102.6 100.1

-4.4 2.0 -2.2

99.2 98.7 102.7

-1.3 1.3 0.8

-

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

100.6 98.6 103.1 99.2 101.6 98.9 102.8 101.5 106.1 106.6 105.7 105.7

-7.0 10.9 -2.6 0.9 5.9 -0.6 2.4 -0.8 4.3 1.7 4.7 1.5

92.5 98.3 102.5 94.1 100.4 102.8 105.3 98.4 103.9 108.5 110.9 116.5

-8.3 6.0 -2.4 -3.6 1.2 -2.4 0.7 0.1 4.1 8.0 12.0 15.5

104.0 98.7 103.3 101.3 102.1 97.3 101.8 102.9 107.0 105.7 103.5 101.1

-6.6 13.1 -2.6 2.6 8.0 0.2 3.4 -1.1 4.4 -0.8 1.6 -4.1

98 102 102 106 106 101 100 101 99 100 100 99

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

108.4 96.7 103.2 99.1 99.3 96.7 103.2 103.7 99.3 108.7 102.8 102.0

7.8 -1.9 0.1 -0.1 -2.3 -2.2 0.4 2.2 -6.4 2.0 -2.7 -3.5

110.4 106.1 107.6 97.9 101.3 102.6 108.8 103.6 94.6 104.3 102.9 97.4

19.4 7.9 5.0 4.0 0.9 -0.2 3.3 5.3 -9.0 -3.9 -7.2 -16.4

107.5 92.6 101.3 99.6 98.5 94.1 100.8 103.7 101.3 110.6 102.7 104.0

3.4 -6.2 -1.9 -1.7 -3.5 -3.3 -1.0 0.8 -5.3 4.6 -0.8 2.8

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

2014 1 2 3 4 5 6 7 8P 9P 10

102.2 96.3 102.6 101.2 99.6 98.9 104.2 99.7 101.9 -

-5.7 -0.4 -0.6 2.1 0.3 2.3 1.0 -3.9 2.6 -

99.8 106.5 103.3 97.8 103.4 106.7 106.8 94.1 102.0 -

-9.6 0.4 -4.0 -0.1 2.1 4.0 -1.8 -9.2 -1.6 -

103.3 91.9 102.3 102.7 97.9 95.5 103.1 102.0 103.0 -

-3.9 -0.8 1.0 3.1 -0.6 1.5 2.3 -1.6 1.7 -

109 108 108 108 105 107 105 107 107 105

P: Preliminary Source: Statistics Korea

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

Period

2011 2012 2013

Public

y-o-y change (%)

Private

y-o-y change (%)

y-o-y change (%)

Estimated facility investment index y-o-y (2010=100)

change (%)

7.6 -13.9 6.7

2,407 2,142 2,580

-2.6 -11.0 20.5

22,741 19,506 20,524

8.8 -14.2 5.2

103.5 100.6 99.3

3.5 -2.8 -1.3

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

97.0 109.4 104.5 103.0

5.2 7.4 3.2 -1.4

2012 Ⅰ Ⅱ Ⅲ Ⅳ

6,310 5,391 5,036 4,910

-1.1 -19.8 -11.1 -23.0

810 285 579 468

126.1 -59.7 86.7 -54.6

5,500 5,106 4,458 4,442

-8.7 -15.1 -16.8 -16.9

105.0 104.8 96.2 96.4

8.2 -4.2 -7.9 -6.4

2013 Ⅰ Ⅱ Ⅲ Ⅳ

5,592 5,867 5,148 6,498

-11.4 8.8 2.2 32.4

429 554 522 1,075

-47.0 94.2 -9.7 129.7

5,163 5,313 4,625 5,423

-6.1 4.0 3.8 22.1

91.2 100.6 98.8 106.4

-13.1 -4.0 2.7 10.4

2014 Ⅰ Ⅱ ⅢP

6,594 6,126 7,733

17.9 4.4 50.2

1,221 305 2,708

184.6 -45.0 418.5

5,373 5,821 5,025

4.1 9.6 8.6

96.6 106.8 100.2

5.9 6.2 1.4

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 1,509 1,693 1,511 1,656 1,743

-0.8 25.1 -23.6 -4.4 -14.4 -35.4 -9.4 -14.2 -10 -22.5 -27.8 -18.3

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 1,339 1,593 1,425 1,529 1,488

0.0 -5.7 -18.9 -4.3 -10.2 -29.1 -19.5 -20.1 -10.7 -13.1 -13.5 -23.3

97.7 109.1 108.2 106.2 105.8 102.3 105.4 90.1 93.1 94.5 92.4 102.2

5.6 26.4 -3.5 3.0 -4.9 -10.2 -1.6 -16.5 -5.5 1.1 -10 -9.3

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

1,847 1,666 2,079 1,846 2,127 1,894 1,935 1,623 1,589 2,606 2,109 1,784

-4.4 -34.4 13.2 0 16.2 10.4 5.5 7.6 -6.1 72.4 27.4 2.4

139 168 121 92 250 212 359 92 71 788 163 124

169.8 -75.8 92.2 63.8 542.9 11.5 15.8 -45.4 -28.5 815.4 28.2 -51.4

1,708 1,498 1,957 1,754 1,877 1,682 1,576 1,531 1,518 1,818 1,946 1,660

-9.2 -18.8 10.4 -2.0 4.8 10.2 3.4 14.3 -4.7 27.5 27.3 11.6

89.8 83.5 100.4 98.2 101.6 102.0 108.0 100.1 88.2 108.9 101.4 108.9

-8.1 -23.5 -7.2 -7.5 -4 -0.3 2.5 11.1 -5.3 15.2 9.7 6.6

2014 1 2 3 4 5 6 7 8P 9P

1,716 1,848 3,029 2,283 1,842 2,001 1,802 4,097 1,835

-7.1 10.9 45.7 23.7 -13.4 5.7 -6.9 152.3 15.4

88 120 1,013 97 116 92 89 2,541 79

-36.9 -28.8 735.6 5.1 -53.4 -56.7 -75.3 2653.2 10.6

1,628 1,728 2,016 2,187 1,726 1,910 1,713 1,556 1,756

-4.7 15.4 3.0 24.7 -8.1 13.6 8.7 1.6 15.7

88.4 93.8 107.6 108.7 107.2 104.4 111.1 90.2 99.4

-1.6 12.3 7.2 10.7 5.5 2.4 2.9 -9.9 12.7

59 Statistical Appendices

25,148 21,648 23,105

P: Preliminary Source: Statistics Korea

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

60

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 2013

91,717 88,713 97,938

-0.6 35,120 -3.3 33,807 10.4 34,532

-0.1 -3.7 2.1

51,663 50,622 59,492

-2.2 -2.0 17.5

95,332 89,395 75,644

6.1 -6.2 -15.4

28,624 26,071 24,574

-2.0 -8.9 -5.7

61,839 59,811 48,888

12.3 -3.3 -18.3

2011 Ⅰ Ⅱ Ⅲ Ⅳ

19,277 24,057 21,423 26,960

-5.2 7,322 -0.1 9,290 -2.7 7,684 4.4 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

19,275 22,410 21,351 25,676

0.0 -6.8 -0.3 -4.8

7,442 8,892 7,598 9,876

1.6 -4.3 -1.1 -8.8

10,893 12,440 12,676 14,613

-1.2 -6.7 0.6 -0.6

22,671 25,732 18,395 22,596

38.8 1.6 -10.0 -32.0

5,655 5,570 5,401 9,443

37.3 -11.7 -19.5 -17.8

16,309 19,100 12,522 11,877

46.8 8.2 -2.7 -41.2

2013 Ⅰ Ⅱ Ⅲ Ⅳ

20,145 25,707 23,679 28,407

4.5 7,005 14.7 9,345 10.9 8,083 10.6 10,099

-5.9 5.1 6.4 2.3

12,375 15,377 14,674 17,066

13.6 23.6 15.8 16.8

13,425 18,143 16,454 27,621

-40.8 -29.5 -10.6 22.2

4,289 5,348 4,910 10,025

-24.1 -4.0 -9.1 6.2

8,781 12,108 11,165 16,832

-46.2 -36.6 -10.8 41.7

2014 Ⅰ Ⅱ Ⅲ

21,626 26,116 23,560

7.4 1.6 -0.5

7,144 8,697 7,225

2.0 -6.9 -10.6

13,630 16,470 15,335

10.1 7.1 4.5

15,501 22,881 23,744

15.5 26.1 44.3

5,968 6,578 5,261

39.1 23.0 7.1

9,102 16,002 17,907

3.6 32.2 60.4

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

5,796 6,035 7,444 6,844 7,307 8,259 7,037 6,582 7,732 7,343 8,098 10,235

-6.3 13.2 -4.1 -4.5 -1.8 -12.6 4.2 -4.6 -0.5 -7.8 3.0 -8.1

2,123 2,373 2,945 2,644 2,873 3,374 2,372 2,322 2,904 2,591 3,003 4,282

-12.9 17.0 3.1 -3.6 3.0 -10.2 -0.3 -5.6 2.1 -10.7 -5.3 -9.9

3,373 3,405 4,115 3,903 4,106 4,431 4,281 3,943 4,452 4,452 4,773 5,387

-3.3 11.3 -8.2 -4.0 -3.4 -11.8 5.4 -3.8 0.3 -4.7 11.2 -6.0

7,468 8,488 6,714 6,428 7,310 11,993 6,823 5,390 6,181 5,800 7,239 9,556

52.0 108.1 -8.6 -4.2 2.3 4.6 32.3 -28.8 -19.9 -22.6 -19.9 -42.8

2,034 2,218 1,402 1,453 1,061 3,056 2,304 1,316 1,780 1,970 2,105 5,366

54.6 57.5 0.6 1.7 -43.9 2.2 24.2 -12.5 -46.9 -14.9 -29.5 -13.1

5,269 81.4 6,121 144.1 4,918 -13.6 4,461 -3.6 6,133 29.4 8,505 2.7 4,329 39.9 4,032 -30.3 4,161 4.2 3,787 -24.1 4,798 -18.3 3,290 -64.8

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

6,266 6,222 7,657 8,089 8,142 9,476 7,839 7,657 8,183 8,628 9,083 10,696

8.1 3.1 2.9 18.2 11.4 14.7 11.4 16.3 5.8 17.5 12.2 4.5

2,072 2,345 2,589 2,839 2,805 3,700 2,643 2,561 2,878 2,958 3,124 4,017

-2.4 -1.2 -12.1 7.4 -2.4 9.7 11.5 10.3 -0.9 14.2 4.0 -6.2

3,956 3,650 4,769 4,954 5,062 5,361 4,885 4,810 4,979 5,329 5,625 6,112

17.3 7.2 15.9 26.9 23.3 21.0 14.1 22.0 11.8 19.7 17.8 13.5

3,546 4,431 5,447 4,946 6,073 7,124 5,675 4,708 6,070 7,346 7,895 12,379

-52.5 -47.8 -18.9 -23.1 -16.9 -40.6 -16.8 -12.6 -1.8 26.7 9.1 29.5

1,289 1,287 1,713 1,558 1,559 2,231 1,412 1,493 2,004 1,500 2,648 5,877

-36.6 -42.0 22.1 7.2 47.0 -27.0 -38.7 13.5 12.6 -23.9 25.8 9.5

2,108 2,992 3,680 2,962 4,393 4,753 4,153 3,171 3,840 5,756 5,004 6,070

2014 1 2 3 4 5 6 7 8P 9P

7,034 6,654 7,938 8,457 8,173 9,486 7,896 7,705 7,959

12.3 6.9 3.7 4.6 0.4 0.1 0.7 0.6 -2.7

2,310 2,207 2,627 2,737 2,580 3,380 2,427 2,320 2,479

11.5 4,434 -5.9 4,226.0 1.5 4,971.0 -3.6 5,445 -8.0 5,302 -8.7 5,723 -8.2 5,134 -9.4 5,101 -13.9 5,099

12.1 15.8 4.2 9.9 4.8 6.7 5.1 6.1 2.4

5,300 5,393 4,807 7,290 6,427 9,163 6,902 8,535 8,307

49.5 21.7 -11.8 47.4 5.8 28.6 21.6 81.3 36.8

2,102 2,242 1,625 1,892 2,000 2,686 1,555 1,633 2,073

62.9 74.2 -5.2 21.4 28.3 20.4 10.1 9.4 3.4

-60.0 -51.1 -25.2 -33.6 -28.4 -44.1 -4.1 -21.4 -7.7 52.0 4.3 84.5

3,026 43.5 3,001 0.3 3,075 -16.4 5,388 81.9 4,359 -0.8 6,256 31.6 5,281 27.1 6,713 111.7 5,914 54.0

P: Preliminary Source: Statistics Korea

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

Coincident index (2010=100)

Cyclical indicator of coincident index (2010=100)

BSI (results)

BSI (prospects)

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

101.2 101.5 101.6 101.3 101.6 102.1 102.5 102.8 103.0 103.1 103.1 103.4

100.8 100.7 100.4 99.6 99.4 99.4 99.5 99.3 99.0 98.7 98.3 98.1

103.3 103.4 104.0 104.0 104.8 105.4 106.0 106.5 106.5 106.9 106.8 107.2

101.1 100.9 101.0 100.6 101.0 101.2 101.3 101.4 101.0 101.0 100.5 100.5

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

104.2 105.3 105.8 106.3 106.5 107.5 107.9 108.0 107.8 108.1 108.8 109.5

98.5 99.2 99.2 99.4 99.1 99.7 99.8 99.5 98.9 98.8 99.1 99.4

107.3 108.1 108.4 108.6 108.8 109.2 109.9 109.8 110.3 110.2 110.8 111.4

100.2 100.6 100.5 100.4 100.2 100.2 100.5 100.0 100.1 99.6 99.8 100.0

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

109.8 110.1 110.7 111.3 112.0 113.1 113.8 114.4 114.6 115.3 116.2 117.0

99.2 99.2 99.3 99.5 99.7 100.3 100.5 100.7 100.4 100.8 101.1 101.5

111.7 112.2 112.3 112.9 113.2 113.9 114.3 114.9 115.1 115.7 116.1 116.7

100.0 100.0 99.7 99.9 99.8 100.1 100.1 100.3 100.1 100.2 100.2 100.4

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 3 4 5 6 7 8 9 10 11

117.6 118.0 118.2 118.8 119.1 119.8 120.3 121.7 122.9 -

101.6 101.5 101.3 101.5 101.3 101.6 101.6 102.4 103.0 -

117.5 117.9 118.4 118.5 118.5 118.9 119.5 120.2 120.5 -

100.7 100.6 100.7 100.4 100.1 100.1 100.2 100.5 100.3 -

89.4 87.0 100.7 95.8 93.0 91.3 90.8 89.0 92.3 93.1 -

93.4 88.7 104.4 99.5 101.7 94.5 94.0 91.6 93.1 100.7 93.6

61 Statistical Appendices

Leading index (2010=100)

Period

Sources: Statistics Korea, The Bank of Korea

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14. 11. 24. 오후 6:56

Statistical A ppendic es 9. Balance of payments (I) (US $ million) Current account

Goods

2011 2012 2013

18,655.8 50,835.0 79,883.6

29,089.9 49,406.0 80,568.6

587,099.7 603,509.2 617,127.6

2011 Ⅰ Ⅱ Ⅲ Ⅳ

-3,769.1 -1,921.2 11,994.5 12,351.6

2,453.6 2,520.5 11,435.4 12,680.4

2012 Ⅰ Ⅱ Ⅲ Ⅳ

-746.0 11,605.1 16,886.8 23,089.1

2013 Ⅰ Ⅱ Ⅲ Ⅳ

Services

Primary income

Secondary income

558,009.8 554,103.2 536,559.0

-12,279.1 -5,213.6 -7,927.4

6,560.6 12,116.7 11,424.8

-4,715.6 -5,474.1 -4,182.3

133,839.7 150,171.3 150,723.9 152,364.8

131,386.1 147,650.8 139,288.5 139,684.4

-4,746.0 -3,468.8 -2,163.6 -1,900.7

-195.2 372.1 3,723.5 2,660.2

-1,281.5 -1,345.0 -1,000.8 -1,088.3

1,661.5 8,535.0 15,894.6 23,314.9

144,260.1 150,834.0 149,619.5 158,795.6

142,598.6 142,299.0 133,724.9 135,480.7

-2,970.8 172.0 -679.8 -1,735.0

2,045.3 3,942.3 2,972.2 3,156.9

-1,482.0 -1,044.2 -1,300.2 -1,647.7

10,458.1 20,804.7 23,782.0 24,838.8

12,075.8 19,998.5 23,876.5 24,617.8

146,933.9 153,981.4 153,754.8 162,457.5

134,858.1 133,982.9 129,878.3 137,839.7

-3,512.2 -409.8 -2,062.7 -1,942.7

2,782.6 1,835.0 3,162.8 3,644.4

-888.1 -619.0 -1,194.6 -1,480.6

2014P Ⅰ Ⅱ Ⅲ

15,070.7 24,125.2 22,664.6

17,745.2 26,428.1 21,889.8

152,688.6 159,385.4 153,713.0

134,943.4 132,957.3 131,823.2

-3,618.6 -1,953.9 -1,018.9

1,905.8 1,330.9 3,143.5

-961.7 -1,679.9 -1,349.8

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

-2,151.2 -2,409.5 3,814.7 87.8 5,265.5 6,251.8 8,413.0 1,808.7 6,665.1 7,494.2 8,293.6 7,301.3

-1,727.4 -863.1 4,252.0 -222.9 3,387.9 5,370.0 7,529.7 2,118.1 6,246.8 7,472.8 8,580.9 7,261.2

44,738.1 48,304.2 51,217.8 49,330.2 50,854.0 50,649.8 51,530.7 47,379.6 50,709.2 53,409.2 54,492.4 50,894.0

46,465.5 49,167.3 46,965.8 49,553.1 47,466.1 45,279.8 44,001.0 45,261.5 44,462.4 45,936.4 45,911.5 43,632.8

-1,017.2 -2,018.3 64.7 288.4 545.9 -662.3 110.0 -844.3 54.5 -415.4 -833.9 -485.7

1,243.3 873.2 -71.2 364.5 1,660.1 1,917.7 1,260.7 965.2 746.3 867.8 988.6 1,300.5

-649.9 -401.3 -430.8 -342.2 -328.4 -373.6 -487.4 -430.3 -382.5 -431.0 -442.0 -774.7

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

1,969.3 2,146.5 6,342.3 4,552.9 9,752.2 6,499.6 7,985.1 7,198.0 8,598.9 11,107.9 6,854.8 6,876.1

2,855.2 2,733.1 6,487.5 5,103.3 9,591.6 5,303.6 7,911.7 7,378.1 8,586.7 9,816.8 8,175.6 6,625.4

51,027.4 44,778.4 51,128.1 51,587.2 53,548.1 48,846.1 53,353.6 49,839.2 50,562.0 56,702.8 52,756.9 52,997.8

48,172.2 42,045.3 44,640.6 46,483.9 43,956.5 43,542.5 45,441.9 42,461.1 41,975.3 46,886.0 44,581.3 46,372.4

-1,783.5 -1,394.1 -334.6 5.7 -298.2 -117.3 -1,058.1 -805.9 -198.7 393.5 -1,923.2 -413.0

1,434.6 1,035.1 312.9 -354.1 670.3 1,518.8 1,396.1 912.4 854.3 1,260.6 1,010.9 1,372.9

-537.0 -227.6 -123.5 -202.0 -211.5 -205.5 -264.6 -286.6 -643.4 -363.0 -408.5 -709.1

2014P 1 2 3 4 5 6 7 8 9

3,285.3 4,499.1 7,286.3 7,124.7 9,080.8 7,919.7 7,843.3 7,196.7 7,624.6

4,367.0 5,403.4 7,974.8 10,648.0 9,133.5 6,646.6 6,794.4 7,367.3 7,728.1

50,599.8 47,993.3 54,095.5 56,721.4 52,383.0 50,281.0 53,811.7 48,920.1 50,981.2

46,232.8 42,589.9 46,120.7 46,073.4 43,249.5 43,634.4 47,017.3 41,552.8 43,253.1

-1,912.1 -1,058.7 -647.8 -1,042.8 -336.1 -575.0 -7.4 -732.7 -278.8

1,211.4 371.8 322.6 -1,619.7 725.1 2,225.5 1,488.8 1,048.0 606.7

-381.0 -217.4 -363.3 -860.8 -441.8 -337.4 -432.5 -485.9 -431.4

Period

62

Exports

Imports

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

P: Preliminary Source: The Bank of Korea

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10. Balance of payments (II) (US $ million) Capital transfers & acquisition of Reserve assets nonfinancial assets

Direct investment

Portfolio investment

Financial derivatives

Other investment

2011 2012 2013

-24,315.8 -51,582.4 -76,881.1

-19,931.7 -21,136.2 -16,951.5

13,142.7 6,747.8 -8,287.1

-1,031.3 2,627.8 3,839.7

-2,542.7 -26,637.3 -41,003.7

-112.0 -41.7 -27.8

-13,952.8 -13,184.5 -14,478.5

2011 Ⅰ Ⅱ Ⅲ Ⅳ

3,231.1 -8.5 -11,957.3 -15,581.1

-4,872.2 -5,028.1 -4,652.9 -5,378.5

-472.1 4,043.3 8,344.5 1,227.0

922.4 -160.6 -1,535.5 -257.6

11,172.4 3,754.9 -20,439.5 2,969.5

-30.0 -9.7 -5.4 -66.9

-3,519.4 -2,618.0 6,326.1 -14,141.5

2012 Ⅰ Ⅱ Ⅲ Ⅳ

-4,564.4 -4,278.7 -18,096.1 -24,643.2

-7,579.6 -4,057.3 -5,705.4 -3,793.9

14,759.6 -6,803.0 4,177.7 -5,386.5

1,198.5 -270.6 595.3 1,104.6

-6,495.1 6,181.1 -13,247.2 -13,076.1

-19.2 -6.7 -9.0 -6.8

-6,447.8 671.1 -3,916.5 -3,491.3

2013 Ⅰ Ⅱ Ⅲ Ⅳ

-11,560.0 -16,194.8 -23,107.8 -26,018.5

-5,148.2 -3,297.9 -3,988.6 -4,516.8

-6,461.9 -8,919.2 8,996.0 -1,902.0

1,418.9 -604.6 1,694.0 1,331.4

2,562.0 -7,439.0 -23,231.0 -12,895.7

-3.5 -27.5 12.8 -9.6

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

2014P Ⅰ Ⅱ Ⅲ

-17177.8 -24,208.1 -22,481.5

-3,657.7 -7,552.9 -3,908.6

-13,596.7 -5,867.2 -4,762.4

892.6 2,083.5 1,531.9

6,207.4 -1,701.9 -9,510.4

-2.1 -4.3 3.6

-7,023.4 -11,169.6 -5,832.0

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

-1,295.1 435.0 -3,704.3 1,566.7 -2,645.3 -3,200.1 -9,113.6 -3,219.3 -5,763.2 -7,172.4 -9,211.9 -8,258.9

-2,022.6 -3,631.3 -1,925.7 -1,225.9 -1,687.4 -1,144.0 -1,695.4 -1,719.8 -2,290.2 -1,001.3 -1,599.7 -1,192.9

7,904.1 6,238.0 617.5 -3,114.3 -1,893.6 -1,795.1 1,730.8 646.6 1,800.3 -4,742.4 -3,886.7 3,242.6

452.6 245.8 500.1 215.0 -480.7 -4.9 358.8 -35.5 272.0 -137.8 631.8 610.6

-5,167.1 -190.9 -1,137.1 5,832.0 147.6 201.5 -8,171.9 -1,016.0 -4,059.3 185.2 -1,759.5 -11,501.8

-9.6 -5.8 -3.8 0.3 -1.0 -6.0 -5.5 -1.9 -1.6 -4.9 0.7 -2.6

-2,462.1 -2,226.6 -1,759.1 -140.1 1,268.8 -457.6 -1,335.9 -1,094.6 -1,486.0 -1,476.1 -2,597.8 582.6

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

-3,288.5 -3,297.9 -4,973.6 -1,908.3 -9,945.6 -4,340.9 -9,155.6 -7,937.6 -6,014.6 -9,880.0 -8,399.9 -7,738.6

-1,631.9 -1,145.9 -2,370.4 -21.0 -1,659.7 -1,617.2 -1,301.4 -1,275.8 -1,411.4 -296.1 -2,303.1 -1,917.6

-5,226.0 2,023.2 -3,259.1 -1,873.5 -1,091.4 -5,954.3 1,825.5 1,435.1 5,735.4 4,467.7 -1,522.8 -4,846.9

586.9 686.9 145.1 -313.2 649.2 -940.6 443.3 218.1 1,032.6 713.1 14.0 604.3

3,380.1 -2,870.9 2,052.8 -643.1 -6,804.3 8.4 -8,131.5 -6,631.3 -8,468.2 -10,064.8 -1,742.0 -1,088.9

-8.0 -3.3 7.8 -1.4 -11.2 -14.9 1.1 18.2 -6.5 -2.0 0.0 -7.6

-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

2014P 1 2 3 4 5 6 7 8 9

-4,477.0 -6,920.5 -5,780.3 -6,238.8 -8,132.4 -9,836.9 -5,916.9 -7,802.4 -8,762.2

529.9 -2,163.5 -2,024.1 -2,157.8 -3,338.8 -2,056.3 -1,011.5 -749.5 -2,147.6

-4,193.1 -7,394.4 -2,009.2 1,662.3 -3,311.0 -4,218.5 -1,743.7 504.4 -3,523.1

155.5 223.1 514.0 858.1 534.5 690.9 504.1 557.7 470.1

1,937.4 4,739.0 -469.0 -5,935.6 3,950.6 283.1 -338.1 -7,288.1 -1,884.2

-3.0 3.5 -2.6 2.6 -4.3 -2.6 -6.3 11.2 -1.3

-2,906.7 -2,324.7 -1,792.0 -665.8 -5,967.7 -4,536.1 -3,327.7 -826.9 -1,677.4

63 Statistical Appendices

Capital & financial account

Period

P: Preliminary Source: The Bank of Korea

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

All Items

Commodity

y-o-y change (%)

64

Producer prices

Services

y-o-y change (%)

Core

y-o-y change (%)

All Items

y-o-y change (%)

Commodity

y-o-y change (%)

y-o-y change (%)

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

2011 2012 2013

104.0 106.3 107.7

4.0 2.2 1.3

105.7 108.9 110.1

5.7 3.0 1.0

102.7 104.2 105.8

2.7 1.4 1.5

103.2 104.9 106.6

3.2 1.6 1.6

106.7 107.5 105.7

6.7 0.7 -1.6

108.7 108.9 106.2

8.7 0.2 -2.5

2011 7 8 9 10 11 12

104.3 105.0 104.9 104.7 104.8 105.2

4.5 4.7 3.8 3.6 4.2 4.2

105.9 107.1 107.1 106.6 106.8 107.3

6.4 6.8 5.0 4.5 6.0 5.7

103.1 103.3 103.1 103.2 103.3 103.5

2.9 3.0 2.7 2.8 2.7 2.8

103.7 103.8 103.7 103.6 103.9 104.3

3.6 3.5 3.3 3.2 3.5 3.6

107.2 107.4 107.4 107.3 107.0 107.1

7.0 6.9 6.3 5.8 5.1 4.3

109.3 109.5 109.6 109.4 108.9 109.0

9.1 8.9 8.0 7.4 6.5 5.3

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

105.7 106.1 106.0 106.0 106.2 106.1 105.9 106.3 107.0 106.9 106.5 106.7

3.4 3.1 2.6 2.5 2.5 2.2 1.5 1.2 2.0 2.1 1.6 1.4

107.9 108.5 109.2 108.9 109.2 108.8 107.9 108.8 110.4 109.8 108.9 109.0

4.4 3.9 4.1 4.1 4.3 3.6 1.9 1.6 3.1 3.0 2.0 1.6

103.9 104.2 103.5 103.7 103.9 104.0 104.2 104.4 104.4 104.6 104.6 104.8

2.7 2.5 1.4 1.3 1.3 1.2 1.1 1.1 1.3 1.4 1.3 1.3

104.6 104.7 104.3 104.4 104.6 104.9 104.9 105.1 105.2 105.2 105.3 105.5

3.2 2.5 1.9 1.8 1.6 1.5 1.2 1.3 1.4 1.5 1.3 1.2

107.7 108.4 108.9 109.0 108.4 107.1 106.6 107.2 107.6 106.8 106.1 105.8

3.2 3.1 2.4 1.9 1.0 0.0 -0.6 -0.1 0.2 -0.5 -0.9 -1.2

109.5 110.5 111.2 111.1 110.3 108.4 107.6 108.6 109.2 107.8 106.8 106.4

3.6 3.6 2.7 1.9 0.7 -0.7 -1.5 -0.9 -0.4 -1.4 -1.9 -2.3

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

107.3 107.7 107.6 107.5 107.5 107.3 107.6 107.9 108.1 107.8 107.8 107.9

1.6 1.6 1.5 1.3 1.1 1.2 1.6 1.5 1.0 0.9 1.2 1.1

109.9 110.4 110.4 109.9 109.6 109.4 109.7 110.3 110.9 110.1 110.1 110.2

1.7 1.6 1.1 0.9 0.4 0.7 1.7 1.5 0.4 0.3 1.0 0.9

105.3 105.6 105.4 105.6 105.7 105.7 105.9 106.1 106.0 106.0 106.0 106.2

1.5 1.5 1.7 1.7 1.8 1.6 1.5 1.5 1.5 1.4 1.3 1.3

105.9 106.2 106.0 106.0 106.4 106.6 106.7 106.7 107.0 107.1 107.4 107.5

1.3 1.4 1.6 1.6 1.7 1.6 1.7 1.5 1.7 1.8 2.0 1.9

106.0 106.7 106.3 105.9 105.6 105.5 105.5 105.8 105.7 105.3 105.1 105.4

-1.6 -1.6 -2.4 -2.8 -2.6 -1.4 -1.0 -1.3 -1.8 -1.4 -0.9 -0.4

106.8 107.8 107.1 106.6 106.1 106.0 106.0 106.2 106.1 105.5 105.2 105.5

-2.5 -2.5 -3.7 -4.1 -3.8 -2.2 -1.6 -2.1 -2.8 -2.2 -1.5 -0.9

2014 1 2 3 4 5 6 7 8 9

108.5 108.8 109.0 109.1 109.2 109.1 109.3 109.5 109.4

1.1 1.0 1.3 1.5 1.7 1.7 1.6 1.4 1.1

110.9 111.4 111.6 111.3 111.5 111.2 111.2 111.4 111.5

0.9 0.9 1.1 1.3 1.7 1.7 1.4 1.0 0.5

106.6 106.7 107.0 107.3 107.5 107.4 107.7 107.9 107.8

1.3 1.1 1.5 1.6 1.6 1.6 1.7 1.7 1.7

107.7 108.0 108.3 108.5 108.8 108.9 109.1 109.2 109.1

1.7 1.7 2.1 2.3 2.2 2.1 2.2 2.4 1.9

105.6 105.8 105.7 105.6 105.5 105.6 105.7 105.6 105.2

-0.3 -0.9 -0.5 -0.3 0 0.1 0.2 -0.2 -0.4

105.7 105.9 105.7 105.4 105.3 105.4 105.5 105.1 104.7

-1.0 -1.7 -1.3 -1.1 -0.7 -0.6 -0.4 -1.1 -1.3

Source: The Bank of Korea

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12. Employment

Period

Economically active persons (thousand)

Employed persons (thousand) All industry

y-o-y change (%)

Manufacturing

y-o-y change (%)

SOC & services

y-o-y change (%)

y-o-y change (%)

Unemployment (%)

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 7 8 9 10 11 12

25,473 25,257 25,076 25,409 25,318 24,880

1.0 1.7 0.7 1.6 1.9 1.4

24,636 24,495 24,318 24,673 24,589 24,125

1.4 2.0 1.1 2.1 2.0 1.9

4,079 4,031 4,014 4,044 4,054 4,071

1.0 -0.7 -1.2 -1.3 -2.1 -2.1

18,844 18,739 18,595 18,856 18,921 18,833

1.9 3.1 2.1 3.2 3.2 3.1

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 2 3 4 5 6 7 8 9 10

25,650 25,997 26,187 26,714 26,762 26,825 26,891 26,775 26,766 26,809

3.0 4.1 3.1 3.0 2.2 2.0 2.2 2.7 2.2 2.1

24,759 24,819 25,163 25,684 25,811 25,875 25,979 25,885 25,917 25,951

2.9 3.5 2.6 2.3 1.6 1.6 2.0 2.3 1.8 1.6

4,280 4,274 4,284 4,288 4,324 4,345 4,358 4,335 4,347 4,361

2.2 3.3 3.5 2.3 3.6 3.9 4.6 5.3 4.1 3.4

19,376 19,407 19,538 19,819 19,815 19,841 20,003 19,940 19,949 19,973

3.0 3.6 2.9 2.7 1.7 1.6 2.2 2.6 2.1 2.1

3.5 4.5 3.9 3.9 3.6 3.5 3.4 3.3 3.2 3.2

65 Statistical Appendices

2011 2012 2013

Source: Statistics Korea

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

66

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 7 8 9 10 11 12

2.2 2.3 2.3 2.3 2.4 2.5

2.6 2.6 2.7 2.7 2.7 2.8

4.8 4.7 4.4 4.1 4.2 4.2

3.9 3.7 3.5 3.2 3.4 3.3

4.5 4.3 3.9 3.7 4.0 4.0

1,759.33 1,742.75 1,872.81 1,882.95 1,904.63 2,051.00

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

2.7 2.8 2.9 3.0 3.0 3.2 3.3 3.3 3.3 3.2 3.3 3.3

2.9 3.1 3.4 3.4 3.5 3.5 3.6 3.6 3.6 3.6 3.6 3.6

4.5 4.7 4.5 4.5 4.4 4.4 4.5 4.2 4.2 4.3 4.2 4.2

3.7 3.9 3.7 3.7 3.7 3.7 3.8 3.6 3.5 3.5 3.4 3.4

4.3 4.4 4.1 4.1 4.0 3.9 4.0 3.7 3.6 3.6 3.5 3.5

2,069.73 1,939.30 2,106.70 2,192.36 2,142.47 2,100.69 2,133.21 1,880.11 1,769.65 1,909.03 1,847.51 1,825.74

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

3.3 3.3 3.3 3.3 3.3 3.3 3.1 3.0 3.0 2.8 2.8 2.8

3.6 3.5 3.5 3.5 3.5 3.5 3.3 3.2 3.1 2.9 2.9 2.9

4.2 4.3 4.4 4.3 4.0 3.9 3.6 3.4 3.3 3.3 3.3 3.3

3.4 3.4 3.6 3.5 3.4 3.3 3.0 2.8 2.8 2.8 2.8 2.9

3.5 3.6 3.7 3.6 3.5 3.4 3.1 2.9 2.9 2.9 2.9 3.0

1,955.79 2,030.25 2,014.04 1,981.99 1,843.47 1,854.01 1,881.99 1,905.12 1,996.21 1,912.06 1,932.90 1,997.05

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

2.8 2.8 2.7 2.8 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5

2.9 2.8 2.8 2.8 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7

3.2 3.1 3.0 2.9 3.0 3.2 3.4 3.3 3.3 3.3 3.4 3.4

2.8 2.7 2.6 2.6 2.6 2.9 2.9 2.9 2.9 2.8 2.9 2.9

2.9 2.8 2.7 2.6 2.7 3.1 3.2 3.2 3.2 3.1 3.2 3.3

1,961.94 2,026.49 2,004.89 1,963.95 2,001.05 1,863.32 1,914.03 1,926.36 1,996.96 2,030.09 2,044.87 2,011.34

2014 1 2 3 4 5 6 7 8 9 10

2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.3 2.2 2.1

2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.5 2.4 2.2

3.3 3.3 3.3 3.3 3.3 3.2 3.0 3.0 2.8 2.6

2.9 2.9 2.9 2.9 2.8 2.7 2.6 2.5 2.4 2.2

3.3 3.2 3.2 3.2 3.1 3.0 2.8 2.8 2.6 2.4

1,941.15 1,979.99 1,985.61 1,961.79 1,994.96 2,002.21 2,076.12 2,068.54 2,020.09 1,964.43

Source: The Bank of Korea

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14. Monetary indicators (billion won) Period

Reserve money

M1

y-o-y change (%)

M2 y-o-y change (%)

Lf y-o-y change (%)

y-o-y change (%)

75,232.0 82,131.1 91,379.4

11.3 9.2 11.3

425,675.1 441,963.6 484,062.9

6.6 3.8 9.5

1,708,984.5 1,798,625.7 1,885,781.3

4.2 5.2 4.8

2,208,170.4 2,379,518.7 2,543,299.4

5.3 7.8 6.9

2011 7 8 9 10 11 12

74,069.7 75,642.3 77,942.2 76,944.6 76,617.3 77,842.5

10.6 12.4 10.9 10.1 10.3 8.9

418,973.1 422,649.3 425,196.4 421,480.1 423,111.9 432,602.2

3.8 5.4 5.1 4.1 2.0 1.6

1,705,451.5 1,719,437.8 1,729,531.1 1,742,645.4 1,753,296.4 1,756,597.4

3.2 4.0 4.2 4.4 4.4 4.4

2,208,624.3 2,230,191.9 2,243,675.6 2,263,627.7 2,279,234.1 2,288,816.9

4.6 5.5 5.7 6.1 6.2 6.2

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

81,635.4 81,655.3 79,068.0 80,641.8 80,547.7 81,804.0 81,555.7 82,369.1 82,958.7 85,078.6 82,956.5 85,302.7

11.0 8.3 8.3 10.2 9.1 9.5 10.1 8.9 6.4 10.6 8.3 9.6

439,352.9 437,193.9 440,075.4 437,445.3 438,795.3 441,611.0 441,760.6 439,573.2 440,034.3 444,477.8 445,463.9 457,778.9

2.3 1.1 2.1 2.8 3.5 4.7 5.4 4.0 3.5 5.5 5.3 5.8

1,757,058.7 1,762,988.4 1,773,172.9 1,777,114.7 1,784,220.5 1,796,981.5 1,807,289.2 1,817,134.9 1,819,290.1 1,822,420.9 1,830,280.3 1,835,556.7

4.8 5.3 5.7 5.5 5.5 5.9 6.0 5.7 5.2 4.6 4.4 4.5

2,292,213.5 2,302,065.8 2,341,626.9 2,349,723.2 2,357,701.0 2,377,071.3 2,393,737.7 2,405,239.9 2,415,263.5 2,424,000.4 2,440,062.8 2,455,962.9

6.5 7.2 8.8 8.6 8.4 8.5 8.4 7.8 7.6 7.1 7.1 7.3

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

85,839.3 88,855.7 89,523.5 87,729.0 89,654.8 91,207.6 90,643.7 93,729.6 95,130.6 93,640.4 93,609.9 96,988.5

5.1 8.8 13.2 8.8 11.3 11.5 11.1 13.8 14.7 10.1 12.8 13.7

464,914.5 472,239.6 472,430.1 475,330.0 475,526.7 486,587.5 488,982.7 481,416.9 490,518.7 491,947.9 499,242.7 509,617.9

5.8 8.0 7.4 8.7 8.4 10.2 10.7 9.5 11.5 10.7 12.1 11.3

1,841,128.1 1,857,135.0 1,862,405.5 1,867,726.3 1,870,289.7 1,884,193.2 1,890,728.6 1,888,658.4 1,903,187.1 1,908,557.6 1,923,339.2 1,932,026.4

4.8 5.3 5.0 5.1 4.8 4.9 4.6 3.9 4.6 4.7 5.1 5.3

2,469,789.3 2,488,539.0 2,499,718.1 2,512,459.7 2,518,239.1 2,533,750.8 2,549,443.5 2,557,336.3 2,577,546.7 2,587,071.4 2,605,873.9 2,619,029.5

7.7 8.1 6.8 6.9 6.8 6.6 6.5 6.3 6.7 6.7 6.8 6.6

2013 1 2 3 4 5 6 7 8 9

98,541.6 100,547.9 100,624.0 98,898.5 101,791.4 101,412.3 101,164.2 107,682.4 105,354.1

14.8 13.2 12.4 12.7 13.5 11.2 11.6 14.9 10.7

515,742.5 518,475.5 520,299.0 518,809.3 523,069.9 532,041.2 534,028.8 538,640.3 548,550.8

10.9 9.8 10.1 9.1 10.0 9.3 9.2 11.9 11.8

1,937,045.6 1,954,340.7 1,964,954.0 1,970,361.6 1,982,390.9 1,999,376.3 2,013,935.1 2,031,777.2 2,037,600.8

5.2 5.2 5.5 5.5 6.0 6.1 6.5 7.6 7.1

2,635,100.1 2,647,674.0 2,659,370.7 2,669,341.4 2,684,643.9 2,703,088.1 2,725,737.6 2,743,972.5 2,759,390.8

6.7 6.4 6.4 6.2 6.6 6.7 6.9 7.3 7.1

67 Statistical Appendices

2011 2012 2013

Source: The Bank of Korea

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

68

\/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 7 8 9 10 11 12

1,052.6 1,071.7 1,179.5 1,104.5 1,150.3 1,153.3

-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 2 3 4 5 6 7 8 9 10

\/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

1,353.2 1,396.8 1,536.6 1,458.0 1,475.7 1,485.2

-1.2 -0.7 12.7 4.8 7.4 6.3

1,507.9 1,547.3 1,601.4 1,562.7 1,532.9 1,494.1

-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 1,055.3

-3.8 -3.6 -2.3 -2.3 -4.2 -0.4 -2.0 -2.1 -3.8 -3.0 -2.1 -1.5

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 1,004.7

-19.3 -15.9 -14.5 -19.8 -25.0 -19.7 -21.9 -21.8 -23.8 -21.6 -21.4 -19.5

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 1,456.3

-0.6 -6.0 -5.8 -3.4 1.0 4.4 6.0 3.6 0.5 2.7 2.7 2.8

1,079.2 1,067.7 1,068.8 1,031.7 1,021.6 1,014.4 1,024.3 1,013.6 1,050.6 1,054.0

-0.3 -1.6 -3.9 -6.9 -9.5 -11.8 -8.0 -8.8 -2.3 -0.7

1,043.7 1,044.8 1,038.7 1,005.3 1,004.2 1,000.0 995.7 977.6 960.2 964.1

-12.2 -11.2 -12.0 -11.2 -10.1 -14.3 -12.3 -13.4 -12.6 -10.5

1,473.6 1,463.6 1,469.4 1,425.0 1,389.6 1,384.2 1,371.8 1,336.2 1,333.3 1,328.8

0.3 2.7 3.1 -1.8 -5.6 -7.6 -7.1 -9.1 -8.1 -8.8

Source: The Bank of Korea

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Useful 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

Namsangol Hanok Village Namsangol Hanok Village is a neighborhood in Jung-gu, Seoul, where traditional houses have been restored to preserve the original atmosphere of the area. This hanok is illuminated with cheongsachorongs , which are traditional Korean lanterns with red-and-blue silk shades.

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ISSN 2287-7266

ECONOMIC BULLETIN (Republic of Korea)

Republic of Korea

Vol.36 No.11 November 2014

conomic u l l e t i n

Vol.36 No.11 November 2014

The Green Book: Current Economic Trends Policy Issues

Korea and China Set to Sign FTA Measures to Stimulate Direct Won-Yuan Transactions

Economic News Briefing

ITU Plenipotentiary Conference Held in Busan Three-year Plan for Economic Innovation Praised at G20 Meeting Korea Ranks 5th in World Bank’s ‘Doing Business’ Report Korea Grows 0.9% in Q3

Statistical Appendices ECONOMIC BULLETIN (Republic of Korea)

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November 2014

Sejong, 339-012 Republic of Korea Tel. +82 2 731 1530 Fax. +82 2 731 1540 E-mail. fppr@mosf.go.kr Website. http://english.mosf.go.kr Economic Information and Education Center Korea Development Institute 15 Giljae-gil (Bangok-dong) Sejong, 339-007 Republic of Korea Fax. +82 44 550 4941 E-mail. jiyounlee@kdi.re.kr

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