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
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)
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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.
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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)
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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)
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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)
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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.
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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
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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
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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.
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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.
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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
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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.
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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)
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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
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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.
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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.
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— 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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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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