EconomicBulletin201905_english

Republic of Korea

Economic Bulletin May 2019 Vol.41 No.5

The Green Book: Current Economic Trends

Economic News Briefing Korea’s Per Capita Income Surpasses US $30,000, Innovation Emerging as Key to Growth Korea’s External Debt Stays at US $440.6 Billion in Q1 2019 Korea Grows 1.8% in Q1 2019

Statistical Appendices eb.kdi.re.kr ISSN 2287-7266

Omija Tunnel in the city of Mungyeong There used to be trains running across the tunnel before nearest mines were closed.

Now the 540 meter-long tunnel has been transformed into a place where visitors can enjoy food and drinks, some of which are region’s specialties, as well as art collections, strolling through the tunnel. It is cool in summer and warm in winter inside the tunnel. The tunnel is located in the city of Mungyeong in the central region of Korea, and the name Omija comes from the region’s specialty fruit, magnolia berries, from which the region’s specialty wine is made.

02

The Green Book: Current Economic Trends Overview

03

01. External economic situation

04

02. Private consumption

09

03. Facility investment

11

04. Construction investment

13

05. Exports and imports

15

06. Mining and manufacturing production

17

07. Service sector activity

19

08. Employment

21

09. Financial markets

25

9.1 Stock market

25

9.2 Exchange rate

25

9.3 Bond market

26

9.4 Money supply and money market

27

10. Balance of payments

29

11. Prices

31

11.1 Consumer prices

31

11.2 International oil and commodity prices

33

12. Real estate market

36

12.1 Housing market

36

12.2 Land market

38

13. Composite indices of business cycle indicators

42

05

Contents

40

Economic News Briefing Korea’s per capita income surpasses US $30,000, innovation emerging as key to growth Korea’s external debt stays at US $440.6 billion in Q1 2019 Korea grows 1.8% in Q1 2019 (advance estimate)

Editor-in-Chief Suh Joong-Hae (KDI) Yoon Tae-Sik (MOEF) Editorial Board Suk Ran (MOEF) Lee Jae-Yeal (KDI) Yu Seong-Im (KDI) Coordinators Kim Dae-Hyun (MOEF) Lee Hyun-Jin (KDI)

45 Statistical Appendices

Editors Shin Dong-Gyun (MOEF) Joo Moo-Kyung (MOEF)

Overview 01 External economic situation 02 Private consumption 03 Facility investment 04 Construction investment 05 Exports and imports 06 Mining and manufacturing production 07 Service sector activity 08 Employment 09 Financial markets 10 Balance of payments 11 Prices 12 Real estate market 13 Composite indices of business cycle indicators

The Green Book:

Current Economic Trends

Overview

Industrial activities improved in March due to a low base effect from the previous month. Employment continued to grow in April, although unemployment went up, and consumer prices stayed stable.

Industrial production rose in March (up 1.1%, m-o-m) as mining and manufacturing (up 1.4%, m-o-m), service output (up 0.2%, m-o-m) and construction completed (up 8.9%, m-o-m) all improved.

Consumption and investment increased in March: Retail sales rose (down 0.5% → up 3.3%, m-o-m) as well as facility investment (down 10.2% → up 10.0%, m-o-m) and construction completed (down 6.5% → up 8.9%, m-o-m).

Exports declined 2.0 percent year-on-year in April, falling for a fifth consecutive month, due to weak global demand as well as low semiconductor prices.

The April consumer sentiment index (CSI) improved 1.8 points to 101.6, a fifth increase in a row, and the business sentiment index (BSI) improved 2 points to 75, the outlook for May climbing 1 point to 77.

The cyclical indicator of the coincident composite index fell 0.1 points in March, as well as the cyclical indicator of the leading composite index, to 98.5 and 98.2, respectively.

The economy added 171,000 jobs year-on-year in April: Service jobs continued to increase and a decline in manufacturing jobs slowed. The unemployment rate rose 0.3 percentage points to 4.4 percent compared with a year ago.

Consumer prices in April rose 0.6 percent year-on-year as service prices stayed stable, as well as oil product prices.

In April KOSPI went down in the latter half of the month and the won continued to weaken. Treasury bond yields fluctuated.

Housing prices continued to decline in April (down 0.21%, m-o-m), along with Jeonse (lump-sum deposits with no monthly payments) prices (down 0.29%, m-o-m). Housing transactions fell.

The economy over the first quarter of this year had to deal with a slowdown in major indicators as mining and manufacturing, facility investment and exports all declined amid a faster-than-expected global economic slowdown and weak semiconductor markets.

May 2019

03

The Green Book

There are uncertainties arising from Brexit in addition to US-China trade tensions, which may lead to increased volatility in the international financial market, as well as a further slowdown in the global economy.

The government will strengthen its risk management and get ready for the spending of the supplementary budget as soon as approved by the National Assembly, and will continue to work to successfully implement the measures drawn up to promote investment, encourage exporters and improve regulations.

1. External economic situation The global economy is slowing down, and uncertainties continue over trade US disputes and Brexit negotiations.

The US economy 3.2 percent (annualized q-o-q) the first quarter of The IMF has cut its grew 2019 world economic outlook from 3.5in percent to 3.3 percent.

2019, exceeding the market expectation of 2.3 percent. Yet there are concerns over decelerating growth of consumer spending and corporate investment.

Industrial production fell 0.5 percent month-on-month in April: Manufacturing (down 0.5%, m-o-m) and the production of gas and electricity (down 3.5%, m-o-m) declined, while mining (up 1.6%, m-o-m) rose. The ISM Manufacturing Index fell 2.5 points to 52.8.

ISM Manufacturing Index (base=50)

58.8 (Nov 2018) → 54.3 (Dec) → 56.6 (Jan 2019) → 54.2 (Feb) → 55.3 (Mar) → 52.8 (Apr)

US GDP growth and industrial production (%)

6

4

2

0

-2

-4

GDP (q-o-q, annualized rate) Industrial production (q-o-q)

-6 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Sources: US Department of Commerce, Federal Reserve Board

04

Economic Bulletin

Retail sales declined 0.2 percent month-on-month in April due to weak construction materials (down 1.9%, m-o-m) and automobile sales (down 1.1%, m-o-m). Consumer confidence rose.

Conference Board Consumer Confidence Index (1985=100)

126.6 (Dec 2018) → 121.7 (Jan 2019) → 131.4 (Feb) → 124.2 (Mar) → 129.2 (Apr)

Existing home sales fell 4.9 percent month-on-month in March to an annual rate of 5,210,000 homes (down 5.4%, y-o-y). New home sales increased 4.5 percent month-on-month to an annual rate of 690,000 units (up 3.0%, y-o-y).

Case-Shiller Home Price Index (y-o-y, %)

5.0 (Oct 2018) → 4.5 (Nov) → 4.1 (Dec) → 3.5 (Jan 2019) → 3.0 (Feb)

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

-9.4 (Oct 2018) → 10.9 (Nov) → -8.2(Dec) → 11.2 (Jan 2019) → 5.9 (Feb) → 4.5 (Mar)

The labor force participation rate fell somewhat to 62.8 percent in April, and the unemployment declined to 3.6 percent. Nonfarm payrolls rose by 263,000.

Labor force participation rate (%)

62.9 (Nov 2018) → 63.1 (Dec) → 63.2 (Jan 2019) → 63.2 (Feb) → 63.0 (Mar) → 62.8 (Apr)

Nonfarm payroll increase (m-o-m, thousands)

196 (Nov 2018) → 227 (Dec) → 312 (Jan 2019) → 56 (Feb) → 189 (Mar) → 263 (Apr)

Unemployment rate (%)

3.7 (Nov 2018) → 3.9 (Dec) → 4.0 (Jan 2019) → 3.8 (Feb) → 3.8 (Mar) → 3.6 (Apr)

(Percentage change from previous period)

2016 2017

2018

Annual Annual Annual Q1

2019

Q2

Q3

Q4

Q1

Feb Mar Apr

Real GDP

1.6

2.2

2.9

2.2

4.2

3.4

2.2

3.2

-

-

-

- Personal consumption expenditures

2.7

2.5

2.6

0.5

3.8

3.5

2.5

1.2

-

-

-

- Nonresidential fixed investment

0.5

5.3

6.9 11.5

8.7

2.5

5.4

2.7

-

-

-

- Residential fixed investment

6.5

3.3 -0.3 -3.4 -1.3 -3.6 -4.7 -2.8

-

-

-

Industrial production

-2.0

2.3

3.9

0.6

1.1

1.3

1.0 -0.5 -0.5

0.2 -0.5

Retail sales

2.9

4.7

4.9

0.6

1.5

1.1

0.2

1.7 -0.2

Existing home sales

4.0

1.7 -3.4 -1.0 -1.8 -1.8 -3.1

1.2 11.2 -4.9

-

Unemployment rate2

4.9

4.4

3.9

4.1

3.9

3.8

3.8

3.9

3.8

3.8

3.6

Consumer prices (y-o-y)

1.3

2.1

2.4

2.2

2.7

2.6

2.2

1.6

1.5

1.9

2.0

1

0.1 -0.3

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

May 2019

05

The Green Book

China China’s economy grew 6.4 percent in the first quarter of 2019. Industrial production, fixed asset investment and retail sales rose at a slower pace in April, and exports fell 2.7 percent.

(Percentage change from same period in previous year)

2016 2017

2018

Annual Annual Annual

Q1

2019

Q2

Q3

Q4

Q1

Feb

Mar

Apr

Real GDP

6.7

6.8

6.6

6.8

6.7

6.5

6.4

6.4

-

-

-

Industrial production

6.0

6.6

6.2

6.1

6.6

6.0

5.7

6.5

5.32

6.5

6.2

Fixed asset investment (accumulated, nominal)

8.1

7.2

5.9

7.5

6.0

5.4

5.9

6.3

6.12

6.3

6.1

Retail sales (nominal)

10.4

10.2

9.0

9.7

9.0

9.0

8.3

8.3

8.22

8.7

7.2

Exports

-6.9

6.9

9.9

13.7 11.5 11.7

3.9

1.3 -20.7 13.8

-2.7

Consumer prices1

2.0

1.6

2.1

2.2

1.8

2.3

2.2

1.8

1.5

2.3

2.5

Producer prices

-1.3

6.3

3.5

3.7

4.1

4.1

2.3

0.2

0.1

0.4

0.9

1

1. Quarterly data show an average of monthly data 2. January-February Source: China National Bureau of Statistics

China’s GDP growth and fixed asset investment

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

(%)

(%)

14

50

12

40

10

30

8

20

6

10

4

0 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Source: China National Bureau of Statistics

06

Economic Bulletin

Japan Japan’s industrial production (down 0.9%, m-o-m) and exports (down 2.4%, y-o-y) fell in March, and retail sales grew slowly (up 0.4% → up 0.2%, m-o-m).

(Percentage change from previous period)

2016 2017

2018

Annual Annual Annual

Q1

Q2

Q3

Q4

Q1

Feb

Mar

Real GDP

0.6

1.9

0.8

-0.1

0.5

-0.6

0.5

-

-

-

Industrial production

0.2

2.9

1.0

-0.9

0.8

-0.7

1.3

-2.6

0.7

-0.9

Retail sales (nominal)

-2.9

1.2

1.7

-0.4

0.5

0.9

0.7

-1.3

0.4

0.2

Exports (y-o-y)

-7.4

11.8

4.1

4.9

7.5

2.9

1.3

-3.9

-1.2

-2.4

Consumer prices (y-o-y)

-0.1

0.5

1.0

1.3

0.7

1.1

0.8

0.3

0.2

0.5

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 (%)

GDP (q-o-q, left) Industrial production (q-o-q, right)

(%)

3

15

2

10

1

5

0

0

-1

-5

-2

-10

-3

-15

-4

-20

-5

-25 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Sources: Japan's Cabinet Office, Ministry of Economy Trade and Industry, Ministry of Finance, Statistics Bureau of Japan

May 2019

07

The Green Book

Eurozone The eurozone economy grew 0.4 percent in the first quarter of 2019. The Manufacturing PMI remained below 50 in April.

Unemployment rate (%)

7.9 (Nov 2018) → 7.8 (Dec) → 7.8 (Jan 2019) → 7.8 (Feb) → 7.7 (Mar)

Manufacturing PMI

51.8 (Nov 2018) → 51.4 (Dec) → 50.5 (Jan 2019) → 49.3 (Feb) → 47.5 (Mar) → 47.9 (Apr)

Eurozone Economic Sentiment Indicator (base 2010=100)

107.4 (Dec 2018) → 106.3 (Jan 2019) → 106.2 (Feb) → 105.6 (Mar) → 104.0 (Apr)

(Percentage change from previous period)

2016

2017

2018

Annual Annual Annual

2019

Q1

Q2

Q3

Q4

Q1

Feb

Mar

Apr

Real GDP

2.0

2.4

1.8

0.4

0.4

0.1

0.2

0.4

-

-

-

Industrial production

1.7

2.9

0.9

-0.9

0.1

-0.1

-1.2

0.8

-0.1

-0.3

-

Retail sales

1.7

2.5

1.6

0.1

0.9

-0.1

0.8

0.7

0.5

0.0

-

Exports (y-o-y)

0.3

7.1

3.8

2.2

4.4

4.7

3.9

-

4.4

-

-

Consumer prices (y-o-y)

0.2

1.5

1.8

1.3

1.7

2.1

1.9

1.4

1.5

1.4

1.7

Sources: Eurostat, Bloomberg

Eurozone’s GDP growth and industrial production (%)

(%)

2

6 4

1 2 0

0 -2

-1 -4 -2

-6 -8

GDP (q-o-q, left) Industrial production (q-o-q, right)

-3 -10 -4

-12 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Source: Eurostat

08

Economic Bulletin

2. Private consumption Private consumption (advance estimate of GDP) in the first quarter of 2019 rose 0.1 percent from the previous quarter, and 1.9 percent compared with a year ago.

(Percentage change from previous period)

2016

2017 1

Q2

1

Q3

Annual Q4 Annual Q1

Private consumption2 (y-o-y)

2018

1

1

1

1

2019

Q4 Annual Q1

1

Q2

1

Q3

1

Q4

1

Q11

2.5

0.3

2.6

0.5

1.0

0.8

1.0

2.8

0.7

0.3

0.5

1.0

0.1

-

1.4

-

2.1

2.4

2.6

3.4

-

3.5

2.8

2.5

2.5

1.9

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

Private consumption (%)

8 6 4 2 0 -2

Private consumption (y-o-y) Private consumption (q-o-q)

-4 -6 2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

2015.Q1

2016.Q1

2017.Q1

2018.Q1

2019.Q1

Source: Bank of Korea (national accounts)

Retail sales rose 3.3 percent from the previous month in March: Sales of durable goods (up 7.7%), semi-durable goods (up 0.9%) and non-durable goods (up 2.4%) all increased. The index improved 2.4 percent year-on-year.

(Percentage change from previous period)

2016

2017

2018

Annual Annual Annual

Retail sales

3.9

1.9

-

- Durable goods

4.6

¡ Automobiles

Q1

Q2

2019 Q1

1

Jan

Feb1

Mar1

0.3

-0.5

3.3

Q3

Q4

-0.2

-0.1

1.3

4.3

2.1

0.6

-

-

5.3

5.0

3.8

3.0

1.7

4.3

-1.8

2.4

5.3

5.6

4.7

0.2

-2.6

0.3

2.0

-0.1

-0.9

7.7

2.8

0.9

8.2

10.1

1.0

-4.4

0.6

-1.1

-1.5

-2.1

5.9

- Semi-durable goods3

2.3

-1.1

5.9

0.7

3.0

1.7

0.6

-2.4

-5.0

3.1

0.9

- Nondurable goods4

4.2

1.8

2.9

1.5

-0.2

0.4

-0.5

2.4

2.7

-1.8

2.4

(y-o-y) 2

1. Preliminary 2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices and etc.

3. Semi-durable goods: Clothing, footwear and etc.

4. Non-durable goods: Food, medicine, cosmetics, fuel, tobacco and etc.

Source: Statistics Korea

May 2019

09

The Green Book

Retail sales (%)

15

10

5

0

-5

Retail sales (y-o-y) Retail sales (m-o-m)

-10 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Statistics Korea (industrial activity trends)

Retail sales by type (y-o-y, %)

30 25 20 15 10 5 0

Durable goods Semi-durable goods

-5 -10 -15

Nondurable goods

2009.1

2010.1

2011.1

2012.1

2013.1

Source: Statistics Korea (industrial activity trends)

In April, while sales at department stores and large discount stores fell, the number of Chinese tourists and consumer sentiment rose.

2018

2019

Sep

Oct

Nov

Dec

Feb

Mar

-18.7

23.1

-0.4

3.3

2.1

-0.7

-2.0

1.1

Department store sales (y-o-y, %)

4.3

3.9

-3.4

0.5

6.4

-7.7

1.3

-3.0

Large discount store sales (y-o-y, %)

7.5

-12.2

-1.7

-3.6

4.6

-10.8

2.0

-4.8

Credit card use at home (y-o-y, %)

1.9

13.2

6.7

7.1

6.6

1.3

3.5

5.6

100.0 Consumer sentiment index Number of Chinese tourists (y-o-y, %) 36.4

99.2

95.7

96.9

97.5

99.5

99.8

101.6

37.7

35.1

25.3

28.9

31.3

26.5

39.91

Car sales at home (y-o-y, %)

Jan

Apr

1. ‌ Advance estimate based on all Chinese entries, which can be different from the statistic released by the Ministry of Culture, Sports and Tourism as it excludes diplomatic and military personnel So‌ urces: Bank of Korea, Credit Finance Association of Korea, Korea National Oil Corporation, Korea Automobile Manufacturers Association, data provided by retail industries

10

Economic Bulletin

3. Facility investment Facility investment (advance estimate of GDP) in the first quarter of 2019 fell 10.8 percent quarter-on-quarter and 16.1 percent year-on-year.

(Percentage change from previous period)

2017 Annual1 Q11

2018

Q21

Q31

2019

Q41 Annual1 Q11

Q21

Q31

Q41

Q11

0.2

-0.7

-1.6

3.4

-5.7

-4.4

4.4 -10.8

16.1 17.9 16.3

8.6

-

7.3

-3.0

-7.4

-2.7 -16.1

-9.5

Facility investment2

14.6

(y-o-y)

-

- Machinery

23.0

7.1

3.9

2.4

-1.2

-3.5

4.0

-4.5

-2.5

-

- Transportation equipment

-3.2

-1.7

5.3

-5.5

0.8

3.6

1.9

-9.3 10.6 20.7

-

4.5

4.3

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

Facility investment (%)

40 30 20 10 0 -10 -20

Facility investment (y-o-y) -30

Facility investment (q-o-q)

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

2015.Q1

2016.Q1

2017.Q1

2018.Q1

2019.Q1

Source: Bank of Korea (national accounts)

Facility investment by type (y-o-y, %)

40 30 20 10 0 -10

Transportation equipment

-20 -30

Machinery

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

2015.Q1

2016.Q1

2017.Q1

2018.Q1

Source: Bank of Korea (national accounts)

May 2019

11

The Green Book

The facility investment index in March rose 10.0 percent month-on-month as both machinery investment and transportation equipment investment increased. The index fell 15.5 percent year-on-year.

(Percentage change from previous period)

2017

2018

Annual Annual Q1

Facility investment index

14.1

(y-o-y)

7.1

-3.8

-

-

10.2

2019 1

Q2

Q3

Q4

Q1

-7.6

-7.7

0.0

-5.4

Feb1 Mar1

Jan

1.9 -10.2 10.0

-4.8 -13.5

-6.0 -19.5 -17.0 -26.8 -15.5

- Machinery

22.4

-6.5

5.6

-8.7

-9.6

-1.0

-6.2

4.9 -11.5

- Transportation equipment

-4.4

3.9 11.2

-4.7

-3.1

2.6

-2.5

-4.9

3.8

-6.8 26.2

1. Preliminary Source: Statistics Korea

Capacity utilization rates increased in March, but other leading indicators, such as machinery imports, domestic machinery orders received and facility investment pressure, fell.

BSI in the manufacturing sector (base=100, Bank of Korea)

72 (Nov 2018) → 71 (Dec) → 71 (Jan 2019) → 65 (Feb) → 76 (Mar) → 76 (Apr) → 77 (May) (Percentage change from same period in previous year)

2017

2018

Annual Annual Q1

Domestic machinery orders received (q-o-q, m-o-m)

19.7 -

Q2

2019 Q3

Q4

Jan Feb¹ Mar¹

Q1¹

1.9

7.6

1.0 -1.0

0.2 -3.5 -4.6

-

-3.5

2.9

0.6 -6.5 -15.7 -6.7 12.3

0.4

2.2 -6.7

-Public

-20.8

8.8 -12.7 18.8

-Private

24.6

1.4

Machinery imports

18.8

-0.9 21.0 -1.2 -13.1 -8.2 -25.6 -20.4 -35.0 -22.2

Capacity utilization rate

73.3

73.5 72.8 73.9 74.2 73.1 71.9 73.6 70.5 71.5

Facility investment pressure2

1.0

7.3 26.5 -38.8 -62.3 -2.0 -32.9

9.6 -0.3 -1.5 -1.9 -0.8

1.4 -1.2

2.3

0.1

4.9 -1.4

1.6

2.5 -5.1

0.6 -2.5 -2.4

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

Leading indicators of facility investment (trillion won)

(y-o-y, %)

10

60

9 40

8 7

20

6 0

5 4

Machinery imports (right)

-20

3 -40

2

Machinery orders (left)

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

2015.Q1

2016.Q1

2017.Q1

2018.Q1

2019.Q1

Sources: Statistics Korea (machinery orders), Korea International Trade Association (machinery imports)

12

Economic Bulletin

4. Construction investment Construction investment (advance estimate of GDP) in the first quarter of 2019 fell 0.1 percent quarter-on-quarter and 7.4 percent year-on-year.

(Percentage change from previous period)

2017 Annual1 Q11

Construction investment2 (y-o-y)

7.6

Q21

4.2

2018 Q31

0.9

1.1

2019

Q41 Annual1 Q11

Q21

Q31

-2.3

-2.1

-6.7

1.2

-0.1

-4.0

1.8

Q41

Q11

-

11.3

8.5

8.0

3.8

-

1.8

-1.5

-8.9

-6.0

-7.4

- Building construction

12.1

4.5

2.4

1.9

-1.6

-3.5

0.7

-1.1

-6.7

0.6

-

- Civil engineering works

-3.5

3.5

-3.0

-1.2

-4.2

-5.4

5.3

-4.7

-6.6

3.0

-

1. Preliminary

2. National accounts Source: Bank of Korea

Construction investment (%)

15

10

5

0

-5

Construction investment (y-o-y)

-10

Construction investment (q-o-q)

-15 2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

2015.Q1

2016.Q1

2017.Q1

2018.Q1

2019.Q1

Source: Bank of Korea (national accounts)

Construction investment by type (y-o-y, %)

40 30 20 10 0 -10

Building construction

-20

Residential buildings -30

Civil engineering works

2009.Q1

2010.Q1

2011.Q1

2012.Q1

2013.Q1

2014.Q1

2015.Q1

2016.Q1

2017.Q1

2018.Q1

Source: Bank of Korea (national accounts)

May 2019

13

The Green Book

Construction completed (constant) in March rose 8.9 percent month-onmonth as both building construction and civil engineering works increased.

The index fell 2.9 percent year-on-year.

(Percentage change from previous period)

2017

2018

Annual Annual

Construction completed (constant)

10.5

Q1

-5.3

0.8

2019 Q1

1

Jan

Feb1 Mar1

Q2

Q3

Q4

-4.1

-3.8

-3.7

3.0

-6.5

8.9

3.5

(y-o-y)

-

-

0.8

-3.5

-9.7

-7.9

-8.3 -10.7 -12.2

-2.9

- Building construction

18.5

-4.0

0.6

-2.9

-4.4

-3.8

4.5

5.6

5.8

- Civil engineering works

-7.6

-8.9

1.5

-7.6

-2.2

-3.5

-1.2

-2.6 -10.9 19.6

1. Preliminary

-5.2

Source: Statistics Korea

The outlook is bleak as building permits continued to decline although the government has raised its SOC budget for 2019.

Government SOC budgets (trillion won) 19.0 (2018) → 19.8 (2019)

(Percentage change from same period in previous year)

2017

2018

Annual Annual

Q1

Q2

2019 Q3

Q4

Q1

1

Construction orders received (current value)

-1.7

-2.2

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

-

-

- Building construction

-4.7

-7.7

14.9 -10.5 -28.2

-1.9 -12.1

13.3 -18.8

16.8

- Civil engineering works

9.6

15.6

Building permits2

-4.0

-6.3

1. Preliminary

14.4 -12.4 -10.0 3.2

3.7

-7.8

-4.0 65.7

Jan

Feb1 Mar1

2.1

-9.4 -25.5 -23.2

18.7

3.2

-1.1 -15.8 -22.1

63.0

4.1 -22.9 -15.7

-3.3 -58.3 -24.0 229.6

-7.2 -10.2 -10.4 -12.6 -18.4 -11.3

-8.4

2. Floor area Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport

Apartment presales (thousands, Real Estate 114)

50 (Q1 2018) → 111 (Q2) → 66 (Q3) → 71 (Q4) → 53 (Q1 2019)

Leading indicators of construction investment (y-o-y, %)

200

150

100

50

0

-50

Construction orders -100

Building permit area

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

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

14

Economic Bulletin

5. Exports and imports Exports (preliminary) decreased 2.0 percent year-on-year to US $48.86 billion in April.

By item, exports of vessels, automobiles and machinery rose, while petroleum products, petrochemicals, semiconductors and computers dropped. By region, shipments to Latin America, India and the U.S. increased, while exports to the ASEAN countries, the EU, China and the Middle East declined.

Export growth by item (y-o-y, %)

53.6 (vessels), 5.8 (automobiles), 0.3 (machinery), -2.6 (petroleum products), -5.7 (petrochemicals), -13.5 (semiconductors), -36.6 (computers)

Export growth by region (y-o-y, %)

39.7 (Latin America), 4.9 (India), 3.9 (US), -1.0 (ASEAN Countries), -1.9 (EU), -4.5 (China), -24.8 (Middle East)

Average daily exports, an indicator calculated according to days worked, fell 6.1 percent year-on-year to US $2.04 billion.

Average daily export growth (y-o-y, %)

7.0 (Q3 2018) → -0.1 (Q4) → -6.2 (Jan 2019) → -9.1 (Feb) → -4.1 (Mar) → -6.1 (Apr) (US $ billion)

2017

2018

Annual Annual

Exports

Q1

Q2

2019 Apr

Q3

Q4

Q1

Mar

Apr1

573.69 604.86 145.06 151.62 49.85 153.64 154.55 132.73 47.10 48.86

(y-o-y, %)

15.8

5.4

9.8

3.1

-2.0

1.7

7.7

-8.5

-8.2

-2.0

Average daily exports

2.13

2.24

2.16

2.30

2.17

2.28

2.22

2.03

2.09

2.04

1. Preliminary Source: Korea Customs Service

Exports by item (y-o-y, %)

140 120 100 80 60 40 20

Export growth rate Automobiles Semiconductors

0 -20 -40 -60 -80

Steel

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

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

May 2019

15

The Green Book

Imports (preliminary) in April rose 2.4 percent year-on-year to US $44.74 billion.

Consumer goods grew faster, commodities turned upward, and capital goods continued to fall.

Import growth by category (y-o-y, %, Mar → Apr)

-7.3 → 1.8 (commodities), -10.7 → -0.3 (capital goods), 4.7 → 11.5 (consumer goods)

(US $ billion)

2017

2018

Annual Annual

Imports

Q1

Q2

2019 Apr

Q3

Q4

Q1

Mar

Apr1

478.48 535.20 132.43 133.15 43.69 130.31 139.31 123.40 41.89 44.74

(y-o-y, %)

17.8

11.9

13.7

13.0

15.1

7.8

12.9

-6.8

-6.7

2.4

Average daily imports

1.78

1.98

1.98

2.02

1.90

1.93

2.00

1.88

1.86

1.87

2012.1

2013.1

2014.1

2015.1

1. Preliminary Source: Korea Customs Service

Imports by category (y-o-y, %)

100 80 60 40 20 0 -20 -40

Import growth rate Commodities Capital goods

-60 -80 2009.1

2010.1

2011.1

2012.1

2016.1

2017.1

2018.1

2019.1

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

The trade balance (preliminary) posted a surplus of US $4.12 billion in April, staying in the black for the 87th consecutive month. Surpluses decreased month-on-month.

(US $ billion)

2017

2018

Annual Annual

Trade balance

95.22

69.66

Q1

Q2

12.63 18.47

2019 Apr

6.16

Q3

Q4

23.33 15.23

Q1

Mar

Apr¹

9.32

5.21

4.12

1. Preliminary Source: Korea Customs Service

16

Economic Bulletin

6. ‌ Mining and manufacturing production Mining and manufacturing production rose 1.4 percent month-on-month in March as mining and manufacturing improved. The index declined 2.8 percent year-on-year.

Compared to the previous month, production of semiconductors (up 3.6%), processed metals (up 3.3%) and primary metals (up 2.1%) rose, while chemical products (down 0.6%), furniture (down 4.4%) and nonferrous metals (down 0.9%) fell.

Compared to a year ago, production of semiconductors (up 2.5%), other transportation equipment (up 14.9%) and refined petroleum (up 10.8%) rose, while machinery (down 11.3%), electronic components (down 12.1%) and chemical products (down 4.4%) declined.

The manufacturing inventory-shipment ratio fell 3.5 percentage points month-on-month to 111.8 percent as inventories decreased 0.6 percent and shipments rose 2.5 percent.

Inventories of primary metals (up 2.5%), refined petroleum (up 5.9%) and chemical products (up 1.8%) rose, while semiconductors (down 10.1%), electronic components (down 8.1%) and electrical equipment (down 3.5%) declined.

Shipments of semiconductors (up 20.5%), chemical products (up 3.0%) and automobiles (up 1.6%) rose, while primary metals (down 1.9%), nonferrous metals (down 3.4%) and pharmaceuticals (down 4.0%) fell.

The capacity utilization rate of the manufacturing sector rose 1.0 percentage points month-on-month to 71.5 percent.

Industrial production (%)

50 40 30 20 10 0 -10

Industrial production (y-o-y)

-20 -30

Industrial production (m-o-m)

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Statistics Korea (industrial activity trends)

May 2019

17

The Green Book

(Percentage change from same period in previous year)

2017

2018

Annual Q1

Mar

Q4

Q1

Jan

Feb1 Mar1

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

-

-0.4

-1.1

-1.5

-2.9

0.2

-3.4

1.4

(y-o-y)

1.3

-1.1

-2.5

4.3

-2.1

-0.2

-3.4

-2.8

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

-

-0.4

-0.9

-1.4

-3.1

0.3

-3.4

1.5

(y-o-y)

1.2

-1.4

-2.8

4.6

-2.1

0.0

-3.5

-2.9

8.0

1.9

0.8

5.7

-1.6

-1.7

0.7

-0.6

Shipments

-0.2

-1.1

-0.7

-1.5

-2.0

1.0

-2.6

2.5

Capacity utilization rate

73.5 72.8 72.1 73.1 71.9 73.6 70.5 71.5

Production capacity (y-o-y)

-0.2

Mining and manufacturing2 Production Inventory

3

Manufacturing

2019 1

-0.2

-0.5

-0.3

-0.7

-0.6

-1.0

-0.5

1. Preliminary 2. Including mining, manufacturing, electricity and gas industry 3. End-period Source: Statistics Korea

Shipment and inventory (m-o-m, %)

8 6 4 2 0 -2 -4

Shipment growth -6

Inventory growth

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Statistics Korea (industrial activity trends)

Capacity utilization rate (%)

90

85

80

75

70

65

60 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Statistics Korea (industrial activity trends)

18

Economic Bulletin

7. ‌ Service sector activity Service output increased 0.2 percent month-on-month in March. Financial & insurance services and professional, scientific & technical services rose, while information & communications services, education services and entertainment & leisure declined. Compared to a year ago, the index rose 0.6 percent.

(Percentage change from previous period)

Weight

2017

2018

Annual Annual Q1

2019

Q2

Q3

Q4

0.4

Q1

1

Feb1 Mar1

Service activity index

100.0

1.9

2.1

0.9

0.3

0.4

0.1 -1.6

0.2

- Wholesale & retail

21.1

0.7

1.5

0.7 -0.1 -0.2

0.2

0.3 -2.4

0.1

- Transportation & storage services

9.0

1.6

2.1 -0.2

2.7 -0.7

0.0 -0.8 -3.1

0.9

- Hotels & restaurants

6.2

-1.9

-1.9 -1.2

0.6 -0.2

0.3 -2.0 -1.3

0.0

- Information & communications services

8.0

1.6

1.4

0.4 -0.2

14.1

5.1

5.8

1.2

- Real estate & renting

3.2

1.2

0.2

4.1 -0.6

- Professional, scientific & technical services

7.1

-1.6

0.8

1.0

- Business services

4.8

4.2

0.6

0.2 -1.1 -1.2

1.8

- Education services

10.6

0.0

0.1

0.4 -0.1 -0.6

0.8 -0.5 -1.5 -1.1

- Healthcare & welfare services

9.4

6.6

5.6

3.4

- Entertainment & leisure

2.2

0.2

-0.6

0.9 -0.4 -0.9

0.4

- Membership organizations & personal services

3.2

0.0

0.7

1.3

0.5 -1.5 -3.7

3.7

- Sewerage & waste management

1.1

0.4

3.0 -0.2

2.0

0.9 -0.1 -4.5 -5.1

3.6

2015.1

2016.1

- Financial & insurance services

0.3 -1.7

0.9 -1.0

1.1

0.2

0.6

1.9 -2.3 -5.1

1.7

7.3 -0.8

0.3 -1.0

0.1 -2.6

0.2 -0.7

1.0 -1.1 -2.4

0.5 -0.4

0.2

1.0

4.5

0.4 -0.6 -0.4

1.6

0.6

1.5

3.1 -0.9 -4.1

1. Preliminary Source: Statistics Korea

Service sector activity (%)

10 8 6 4 2 0 -2

Service sector activity (y-o-y) -4

Service sector activity (m-o-m)

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2017.1

2018.1

2019.1

Source: Statistics Korea (industrial activity trends)

May 2019

19

The Green Book

Wholesale & retail (%)

10 8 6 4 2 0 -2

Wholesale & retail (y-o-y)

-4 -6

Wholesale & retail (m-o-m)

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Statistics Korea (industrial activity trends)

March 2019 service output by business (y-o-y, %)

8

Healthcare & social welfare services

6 4 2 0

Total index

Transportation & storage services

Publishing & communications services

-4

Hotels & restaurants

Sewerage & waste management

Entertainment & leisure

Business services

Professional, scientific & technical services

Financial & insurance services

-2 Wholesale & retail

Real estate & renting

Education services Membership organizations & personal services

-6

Source: Statistics Korea (industrial activity trends)

In April department store sales and large discount store sales fell. Average daily stock transactions and the number of Chinese tourists increased.

2018 Car sales at home (y-o-y, %) Department store sales (y-o-y, %) Large discount store sales (y-o-y, %)

2019

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

-18.7

23.1

-0.4

3.3

2.1

-0.7

-2.0

1.1

4.3

3.9

-3.4

0.5

6.4

-7.7

1.3

-3.0

7.5 -12.2

-1.7

-3.6

4.6 -10.8

2.0

-4.8

Average daily stock transactions (trillion won)

10.8

9.6

8.4

8.7

9.3

9.6

9.4

9.6

Number of Chinese tourists (y-o-y, %)

36.4

37.7

35.1

25.3

28.9

31.3

26.5 39.91

1. ‌ Advance estimate based on all Chinese entries, which can be different from the statistic released by the Ministry of Culture, Sports and Tourism as it excludes diplomatic and military personnel Sources: Korea Automobile Manufacturers Association, Korea Exchange, data provided by retail industries

20

Economic Bulletin

8. ‌ Employment The number of workers on payroll in April increased by 171,000 from a year ago to 27,038,000, and the employment rate (aged 15-64) fell 0.1 percentage points to 66.5 percent.

By industry, jobs in services continued to rise, and manufacturing jobs fell at a slower rate.

By employment status, permanent workers increased, while temporary and daily workers decreased, as well as self-employed workers.

2018 Annual

Number of employed (millions)

Q1

Q2

2019 Apr

Q3

Q4

Q1

Mar

Apr

26.82 26.28 27.02 26.87 27.02 26.97 26.46 26.81 27.04

Employment rate (%)

60.7

59.6

61.2

60.9

61.1

60.9

59.6

60.4

60.8

(Seasonally adjusted)

60.7

60.9

60.7

60.7

60.5

60.7

60.9

61.0

60.7

- 15 to 64

66.6

66.0

66.9

66.6

66.7

66.8

66.0

66.2

66.5

Employment growth (y-o-y, thousands)

97

183

101

123

17

88

177

250

171

- Manufacturing

-56

45

-91

-68

-91

-88

-143

-108

-52

- Construction

47

69

16

34

45

56

-7

0

-30

- Services

51

18

125

100

6

55

240

295

253

· ‌ Wholesale & retail

-72

-74

-50

-61

-87

-77

-52

-27

-76

· ‌ Hotels & restaurants

-45

-24

-24

-28

-69

-65

-5

24

42

· ‌ Healthcare & social welfare services

125

51

148

144

142

159

196

172

127

150

228

113

140

65

192

223

280

258

· ‌ Permanent workers

345

409

335

319

293

342

334

423

324

· Temporary workers

-141

-124

-109

-83

-162

-170

-123

-114

-45

-54

-57

-113

-96

-67

19

12

-29

-21

-52

-45

-13

-16

-48

-104

-45

-29

-88

-44

-24

-3

2

-55

-93

-39

-11

-42

4

75

-14

13

-48

1

31

100

29

- Female

94

109

115

111

65

87

146

150

142

- 15 to 29

-3

26

-69

-68

-27

58

22

43

48

- 30 to 39

-61

-29

-33

-17

-91

-92

-108

-82

-90

- 40 to 49

-117

-85

-101

-88

-143

-139

-154

-168

-187

- 50 to 59

44

67

62

69

26

21

81

111

65

234

203

241

227

252

239

336

346

335

- Wage workers

· Daily workers - Nonwage workers · ‌ Self-employed workers - Male

- 60 and above Source: Statistics Korea

May 2019

21

The Green Book

Number of persons employed and employment growth (thousands)

Number of employed (seasonally adjusted, right) Employment growth (y-o-y, left)

(millions)

1,000

28

800

27

600

26

400

25

200

24

0

23

-200

22

-400

21 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Statistics Korea (employment trends)

Employment by industry (%)

100

80 71.9 71.5 71.1 70.6 70.2 70.1 70.4 70.6 70.4 70.3 70.5 70.9 71.1 71.2 70.9 70.3 70.0 70.1 70.1 70.2 69.9 69.8 70.1 70.7 71.1 71.3 71.0 70.8

60

Services

40

Construction Manufacturing

7.3 7.3 7.3 7.4 7.5 7.5 7.4 7.3 7.5 7.5 7.6 7.7 7.6 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.6 7.7 7.8 7.8 7.5 7.4 7.4 7.4

20

Agriculture, forestry & fisheries

0

17.4 17.5 17.2 17.0 17.0 17.1 17.0 16.9 16.9 16.9 17.0 17.4 17.6 17.5 17.1 16.6 16.7 16.5 16.6 16.5 16.7 16.7 16.5 16.9 16.9 16.7 16.6 16.4 3.4 3.7 4.4 5.0 5.3 5.4 5.2 5.3 5.3 5.3 5.0 4.0 3.8 3.8 4.5 5.2 5.5 5.5 5.4 5.5 5.5 5.5 5.3 4.4 4.2 4.2 4.7 5.2

2017.1 2

3

4

5

6

7

8

9 10 11 12 2018.1 2

3

4

5

6

7

8

9 10 11 12 2019.1 2

3

4

Source: Statistics Korea (employment trends)

Employment by status of workers (%)

100 3.7 3.8 4.0 4.3 4.3 4.4 4.3 4.3 4.3 4.4 4.2 3.7 3.7 3.7 3.9 4.2 4.3 4.4 4.3 4.4 4.3 4.2 4.2 3.7 3.6 3.7 3.8 4.0 21.3 21.4 21.4 21.3 21.2 21.2 21.2 21.3 21.3 21.4 21.1 21.0 21.1 21.2 21.2 21.2 21.1 21.0 21.1 21.1 21.0 20.9 20.7 20.6 20.9 20.8 20.9 20.9

80 5.7 5.5 5.4 5.8 5.9 5.9 5.9 5.4 5.6 5.6 5.7 5.6 5.4 5.2 5.3 5.4 5.4 5.4 5.4 5.2 5.5 5.6 5.8 5.8 5.4 5.3 5.2 5.3 17.8 17.5 18.1 18.3 18.4 18.4 18.5 18.1 18.0 18.1 18.2 17.5 17 17.2 17.5 18.0 60 18.4 18.3 18.6 18.7 18.9 19.0 18.9 18.8 18.7 18.7 18.8 18.5

Unpaid Self-employed Daily

40

20

50.8 51.0 50.6 49.9 49.7 49.6 49.8 50.2 50.0 50.0 50.2 51.1 52.0 52.4 51.5 50.9 50.8 50.8 50.7 51.3 51.2 51.2 51.1 52.3 53.1 53.1 52.6 51.8

Temporary workers 0

Regular workers

2017.1 2

3

4

5

6

7

8

9

10 11 12 2018.1 2

3

4

5

6

7

8

9

10 11 12 2019.1 2

3

4

Source: Statistics Korea (employment trends)

22

Economic Bulletin

The number of unemployed persons in April rose 84,000 year-on-year to 1,245,000, and the unemployment rate increased 0.3 percentage points to 4.4 percent.

The unemployment rate fell among those aged 50 and older, and rose in the 15-29 group and 30-39 group.

2017

2018

Annual

Annual

Q1

Q2

2019 Apr

Q3

Q4

Q1

Mar

Apr

Number of unemployed (thousands)

1,023

1,073

Unemployment growth (y-o-y, thousands)

14

50

19

31

-6

102

50

61

-60

84

- Male

12

23

13

15

-8

42

24

38

-32

65

1

27

6

17

2

60

25

22

-28

19

Unemployment rate (%)

3.7

3.8

4.3

3.9

4.1

3.8

3.4

4.5

4.3

4.4

(Seasonally adjusted)

3.7

3.8

3.7

3.8

3.8

4.0

3.8

3.9

3.8

4.1

- 15 to 29

9.8

9.5

10.0

10.1

10.7

9.4

8.3

9.7

10.8

11.5

- 30 to 39

3.3

3.4

3.3

3.6

3.7

3.6

3.0

3.4

3.7

4.0

- 40 to 49

2.1

2.5

2.5

2.5

2.7

2.6

2.3

2.6

2.5

2.5

- 50 to 59

2.2

2.5

2.5

2.6

2.6

2.6

2.3

3.0

3.0

2.9

- 60 and above

2.9

3.1

5.4

2.5

2.7

2.3

2.4

5.7

3.2

3.0

2012.1

2013.1

2014.1

- Female

1,181 1,105 1,161 1,065

942 1,241 1,197 1,245

Source: Statistics Korea

Unemployment rate (%)

6

5

4

3

Seasonally adjusted rate Original data

2 2009.1

2010.1

2011.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Statistics Korea (employment trends)

May 2019

23

The Green Book

The economically inactive population in April increased 67,000 from a year earlier to 16,160,000, and the labor force participation rate rose 0.1 percentage points to 63.6 percent.

The number of persons economically inactive due to rest (up 222,000) increased, and those due to education (down 151,000) and housework (down 89,000) decreased. Job seekers went up by 49,000.

2017

2018

Annual Annual1 Q11

Q21

2019

Apr1

Q31

Q41

Q11

Mar1

Apr1

Economically inactive population (millions)

16.18

Labor force participation rate (%)

63.2

63.1

62.3

63.7

63.5

63.5

63.0

62.4

63.1

63.6

(Seasonally adjusted)

63.2

63.1

63.3

63.1

63.2

63.1

63.2

63.4

63.4

63.3

-5

104

68

110

134

126

112

44

119

67

-96

-76

-80

-87

-97

-86

-50

-26

-26

-10

8

76

52

85

77

94

75

-88

-55

-89

- Education

-91

-106

-58

-62

-35

-128

-176

-141

-131

-151

- Old age

81

15

35

6

16

16

4

28

37

-9

108

118

107

127

122

137

103

152

183

222

45

24

15

17

42

2

64

107

99

49

Growth in economically inactive population (y-o-y, thousands) - Childcare - Housework

- Rest - Job seeking

16.29 16.62 16.02 16.09 16.13 16.38 16.67 16.41 16.16

Source: Statistics Korea

Labor force participation rate (%)

65

64

63

62

61

60

Seasonally adjusted rate Original data

59 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Statistics Korea (employment trends)

24

Economic Bulletin

9. ‌ Financial markets 9.1 Stock market KOSPI rose 2.9 percent in April as the US economy posted stronger-thanexpected first-quarter growth (annual rate of 3.2 percent) and China’s stocks continued to rally. KOSDAQ increased 3.5 percent.

(Closing rate)

KOSPI Mar 2019

Apr 2019

KOSDAQ Change

1

Mar 2019

Apr 2019

Change1

Stock price index (points)

2,140.7

2,203.6

62.9 (2.9%)

729.3

754.7

25.4 (3.5%)

Market capitalization (trillion won)

1,417.2

1,464.5

47.3 (3.3%)

249.3

258.8

9.5 (3.8%)

4.9

5.4

0.5 (10.2%)

4.5

4.3

-0.2 (-4.4%)

37.0

37.4

0.4 (1.1%)

11.0

11.1

0.1 (0.9%)

Daily trade (trillion won) Foreign stock ownership (%, %p)

1. Change from the end of the previous month as of end-April 2019 Source: Korea Exchange

Stock prices (monthly average, points)

2,700 2,400 2,100 1,800 1,500 1,200 900 600

KOSPI KOSDAQ

300 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Korea Exchange

9.2 Exchange rate The dollar-won exchange rate rose 2.8 percent in April to 1,168.2 won as the dollar strengthened backed by the fast recovering US economy.

The 100 yen-won exchange rate increased 2.2 percent to 1,048.8 won.

May 2019

25

The Green Book

(Closing rate1)

2013

2014

2015

2016

2017

2018

Dec

Dec

Dec

Dec

Dec

Dec

Mar

Apr

Change2

1,055.4

1,099.3

1,172.5

1,207.7

1,070.5

1,115.7

1,135.1

1,168.2

-2.8

100 Yen-Won 1,002.3

913.0

974.1

1,035.4

949.3

1,008.9

1,025.5

1,048.8

-2.2

Dollar-Won

2019

1. The exchange rate is based on the closing price at 3:30 p.m., local time 2. Appreciation from the end of the previous month as of end-April 2019 (%) Source: Bank of Korea

Foreign exchange rates (month-end, ₩)

1,600

1,400

1,200

1,000

Dollar-Won 100 Yen-Won

800 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Bank of Korea

9.3 Bond market Korea treasury yields rose slightly in April as the country’s disappointing first quarter growth offset gains in the month. The yields had risen on the resuming of US-China trade talks and improved US, as well as China’s, economic data, but later fell as the economy turned out to contract in the first quarter by 0.3 percent from the previous quarter.

Yield to maturity (m-o-m, basis points)

0.9 (3 yrs), 2.0 (5 yrs), 1.2 (10 yrs), 1.2 (20 yrs), 0.4 (30 yrs) (Closing rate, %)

2013

2014

2015

2016

2017

2018

Dec

Dec

Dec

Dec

Dec

Dec

Mar

Apr

2019 Change1

Call rate (1 day)

2.52

2.03

1.52

1.27

1.58

1.89

1.81

1.79

-2.0

CD (91 days)

2.66

2.13

1.67

1.52

1.66

1.93

1.90

1.84

-6.0

Treasury bonds (3 yrs)

2.86

2.10

1.66

1.64

2.14

1.82

1.69

1.70

1.0

Corporate bonds (3 yrs)

3.29

2.43

2.11

2.13

2.68

2.29

2.16

2.17

1.0

Treasury bonds (5 yrs)

3.23

2.28

1.81

1.80

2.34

1.88

1.71

1.73

2.0

1. Basis points, change from the previous month as of end-April 2019 Source: Bank of Korea

26

Economic Bulletin

Interest rates (monthly average, yearly, %)

8 7 6 5 4 3 2

Overnight call rate (daily)

1

3-yr Treasury bond yield 3-yr corporate bond yield

0 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Bank of Korea

9.4 Money supply and money market M2 (monthly average) in March rose 6.8 percent from a year ago, continuing an upward trend since September 2017.

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

2012

2013

2014

2015

2016

2017

2018

2019

Annual

Annual

Annual

Annual

Annual

Annual

Annual

Feb

Mar1

M13

3.8

9.5

10.9

18.6

15.4

9.2

4.9

1.9

2.6

857.7

M2

5.2

4.8

6.6

8.6

7.3

5.5

6.3

6.2

6.8

2,753.5

Lf 4

7.8

6.9

7.0

9.7

8.1

6.7

7.0

7.1

7.6

3,887.1

Mar2

1. Preliminary 2. Balance at end-March 2019, trillion won 3. M1 excludes corporate MMFs and individual MMFs, and includes CMAs 4. Liquidity aggregates of financial institutions (mostly identical with M3) Source: Bank of Korea

Bank deposits fell in April (down 5.2 trillion won) as money had been withdrawn from instant access deposits (up 20.7 trillion won → down 13.6 trillion won) to be paid for corporate taxes and dividends. Time deposits rose at a faster rate (up 0.9 trillion won → up 7.5 trillion won), local government funds flowing in.

Asset management company (AMC) deposits grew at a faster rate (up .1.1 trillion won → up 16.9 trillion won) backed by the inflows of MMFs. (Change from the end of the previous period, trillion won)

2012

2013

2014

2015

2016

2017

2018

Annual Annual Annual Annual Annual Annual Annual

2019 Mar

Apr

Apr1

Bank deposits

37.0

41.0

115.4

100.3

80.8

79.5

91.6

21.3

-5.2

1,663.1

AMC deposits

18.8

17.7

42.4

44.4

47.6

27.9

53.8

1.1

16.9

597.7

1. Balance at end-April 2019 Source: Bank of Korea

May 2019

27

The Green Book

Total money supply (y-o-y, monthly average balance, %)

35 30 25 20 15 10

Reserve money M1

5 0 2009.1

Lf

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Bank of Korea

Deposits in financial institutions (m-o-m, end of month balance, trillion won)

60 50 40 30 20 10 0 -10 -20 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Bank of Korea

28

Economic Bulletin

10. Balance ‌ of payments Korea’s current account (preliminary) in March posted a surplus of US $4.82 billion, staying in the black for 83 consecutive months.

Goods account surpluses grew at a slower pace compared to a year ago from US $9.41 billion to US $8.47 billion.

Growth in goods exports (US $ billion, Mar 2018 → Mar 2019) 52.89 → 47.93 (-9.4%)

Growth in goods imports (US $ billion, Mar 2018 → Mar 2019) 43.48 → 39.47 (-9.2%)

Export growth by item in March (y-o-y, %, customs clearance basis)

5.4 (vessels), -1.2 (automobiles), -4.6 (steel), -16.6 (semiconductors), -38.3 (computers)

Import growth by category in March (y-o-y, %, customs clearance basis) -7.3 (commodities), -10.7 (capital goods), 4.7 (consumer goods)

Services account deficits increased year-on-year from US $2.26 billion to US $2.34 billion.

Services balance (US $ billion, Mar 2018 → Mar 2019)

-1.34 → -0.57 (travel), -0.41 → -0.30 (transportation), 0.73 → 0.57 (construction), -0.34 → -0.95 (intellectual property rights), -0.55 → -0.54 (manufacturing), -0.68 → -0.76 (others)

Deficits decreased in the primary income account from US $1.29 billion to US $0.74 billion, as well as in the secondary income account from US $0.76 billion to US $0.57 billion.

(US $ billion)

2016 2017

2018

Annual Annual Annual1 Q11

Current account

97.92 75.23

Mar1

Q21

2019 Q31

Q41

Q11

Feb1

Mar1

76.41 11.65

5.10 17.25 28.12 19.39 11.25

3.60

4.82

- Goods balance

116.46 113.59 111.87 22.53

9.41 29.95 34.72 24.67 19.61

5.48

8.47

- Services balance

-17.34 -36.73 -29.74 -9.31 -2.26 -6.49 -7.61 -6.33 -7.66 -1.72 -2.34

- ‌ Primary income balance

4.57

- ‌ Secondary income balance

-5.77 -6.96

5.34

2.78

1.31 -1.29 -4.22

2.83

2.86

1.02

0.36 -0.74

-8.50 -2.88 -0.76 -1.99 -1.82 -1.81 -1.72 -0.52 -0.57

1. Preliminary Source: Bank of Korea

May 2019

29

The Green Book

The capital and financial account (preliminary) in March posted an outflow of US $6.18 billion.

Capital & financial account balance* (US $ billion)

4.41 (Mar 2018) → 10.28 (Oct) → 3.87 (Nov) → 5.44 (Dec) → 3.00 (Jan 2019) → 2.84 (Feb) → 6.18 (Mar) * Positive figures represent net outflows, and negative figures represent net inflows.

Net outflows in foreign direct investment (FDI) increased from a year earlier in March (US $1.58 billion → US $3.67 billion) as Korean FDI went up (US $2.96 billion → US $4.70 billion) and inbound FDI went down (US $1.37 billion → US $1.03 billion).

Net outflows increased year-on-year in portfolio investment (US $0.10 billion → US $4.45 billion) as foreign investment in Korean shares decreased (US $5.63 billion → US $1.13 billion). Korean investment in foreign shares also declined (US $5.74 billion → US $5.58 billion).

Financial derivatives investment posted net outflows (US $1.50 billion inflows in March 2018 → US $0.53 billion outflows in March 2019). Other investment posted net inflows (US $3.03 billion outflows in March 2018 → US $3.92 billion inflows in March 2019).

Current account surpluses are expected to decrease in April compared with the previous month given a fall in trade surpluses (US $5.2 billion in March → US $4.1 billion in April) and the dividends paid out by Korean companies.

Current account balance (US $ billion)

18 15 12 9 6 3

Current account Goods account Services account

0 -3 -6 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Bank of Korea (balance of payments trends)

30

Economic Bulletin

11. ‌ Prices 11.1 Consumer prices Consumer prices in April rose 0.4 percent from previous month and 0.6 percent from the same period of the previous year.

(Percentage change)

2018 Jun

Jul

Aug Sep

2019 Oct Nov Dec Jan

Feb Mar Apr

Consumer price inflation (m-o-m)

-0.2 -0.2

0.9

0.8 -0.2 -0.7 -0.3 -0.1

0.4 -0.2

0.4

(y-o-y)

1.5

1.4

2.1

0.5

0.6

1.1

2.0

2.0

1.3

0.8

0.4

Source: Statistics Korea

Consumer price inflation (%)

6 5 4 3 2 1 0

Consumer price inflation (y-o-y) Consumer price inflation (m-o-m)

-1 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Statistics Korea (consumer price trends)

Fresh food prices rose (down 0.3% in March → up 0.7% in April, y-o-y), despite low vegetable prices, as meat prices increased.

Fresh food prices in April (m-o-m/y-o-y, %)

0.3/0.6 (agricultural products), -1.9/-11.9 (vegetables), 3.8/1.8 (meat), 0.4/-1.2 (fish)

Domestic gasoline prices continued to fall, but at a slower pace (down 9.6% in March → down 5.5% in April, y-o-y) due to high international oil prices.

Public service prices, despite hikes in transportation fares, continued to fall (down 0.3% in March → down 0.3% in April y-o-y) backed by low costs of healthcare and mobile communications.

Personal service prices rose at a slower pace (up 2.0% in March → up 1.7%, in April, y-o-y).

May 2019

31

The Green Book

Consumer price inflation in major sectors Total

Agricultural, Manufactured Public Housing Public Personal Oil livestock & utilities rents services services fishery products products products

Feb (y-o-y, %)

0.4

-0.3

-0.7

-9.6

1.3

0.1

-0.3

2.0

Mar (y-o-y, %)

0.6

0.7

-0.1

-5.5

1.3

0.0

-0.3

1.7

0.55

0.05

-0.04

-0.24

0.05

0.00

-0.04

0.54

- Contribution (%p) Source: Statistics Korea

Core inflation, which excludes oil and agricultural products, rose slightly in April (up 0.9% in March → up 0.9% in April, y-o-y).

(Percentage change from same period in previous year)

2018

2019

Sep

Oct

Nov Dec

Jan

Feb Mar

Apr

Consumer prices excluding oil and agricultural products 1.3

1.2

1.4

1.3

1.2

1.3

0.9

0.9

Consumer prices excluding food and energy

1.0

1.2

1.1

1.0

1.1

0.7

0.7

1.1

Source: Statistics Korea

The basic necessity price index rose somewhat in April. The fresh food price index continued to fall, but at a slower rate.

(Percentage change from same period in previous year)

2018 Consumer prices for basic necessities Fresh food prices

2019

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

2.5

2.6

2.3

1.3

0.4

0.0

0.0

0.4

11.0

11.2

10.5

6.6

1.2

-5.2

-3.0

-2.7

Source: Statistics Korea

Prices (y-o-y , %)

9

6

3

0

Consumer price inflation Core inflation Producer price inflation

-3

-6 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Sources: Statistics Korea (consumer price trends), Bank of Korea (producer prices)

32

Economic Bulletin

Contribution to consumer price inflation (%p)

5

Personal services

3

Public services Housing rents 1

Public utilities Manufactured products Agricultural, livestock & fishery products

-1 2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Source: Statistics Korea (consumer price trends)

11.2 International oil and commodity prices International oil prices in April rose to the highest since October 2018 due to the production cuts by OPEC and allies, as well as the US ending Iranian oil sanctions waivers.

Dubai crude (US $/barrel)

68.8 (1st week April) → 70.3 (2nd week) → 70.7 (3rd week) → 73.7 (4th week)

International oil prices (US $/B)

140 120 100 80 60 40 20

WTI Dubai crude

0 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Korea National Oil Corporation

May 2019

33

The Green Book

(US $/barrel, period average)

2018

2019

Annual

Q1

Q2

Q3

Q4

Q1

Jan

Feb

Mar

Apr

Dubai crude

69.7

64.0

72.1

74.2

68.3

63.4

59.1

64.6

66.9

70.9

WTI crude

64.9

62.9

67.9

69.4

59.3

54.9

51.6

55.0

58.2

63.9

Brent crude

71.7

67.2

75.0

75.8

68.6

63.8

60.2

64.4

67.0

71.6

Source: Korea National Oil Corporation

Domestic gasoline prices went up in April amid rising international oil prices.

Domestic gasoline prices (won/liter)

1,398.0 (1st week Apr) → 1,408.3 (2nd week) → 1,423.1 (3rd week) → 1,441.0 (4th week)

International gasoline prices (US $/barrel)

74.8 (3rd week Mar) → 74.8 (4th week) → 75.8 (1st week Apr) → 79.1 (2nd week)

Dollar-won exchange rate (won)

1,131 (3rd week Mar) → 1,133 (4th week) → 1,134 (1st week Apr) → 1,140 (2nd week)

(Won/liter, period average)

2018 Annual

Q1

Q2

2019 Q3

Q4

Q1

Jan

Feb

Mar

Apr

Gasoline prices

1,581 1,558 1,580 1,622 1,565 1,355 1,351 1,344 1,370 1,424

Diesel prices

1,392 1,353 1,380 1,423 1,411 1,254 1,249 1,243 1,269 1,316

Source: Korea National Oil Corporation

Dubai crude prices and import prices (thousand won/B)

Dubai crude (import prices, left) Dubai international prices (right)

(US $/B)

160

160

140

140

120

120

100

100

80

80

60

60

40

40

20

20 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Korea National Oil Corporation

34

Economic Bulletin

International corn and soybean prices fell in April due to a good harvest in South America, and wheat prices fell due to increased shipments from Russia and Europe.

International grain prices in April (monthly average prices, m-o-m, %) -2.8 (corn), -1.8 (wheat), -3.5 (soybeans)

Copper, aluminum and nickel prices decreased amid growing trade concerns and a strong dollar, as well as due to a slowdown of the Eurozone economy.

Nonferrous metal prices in April (monthly average prices, m-o-m, %) -1.1 (copper), -2.3 (aluminum), -3.5 (nickel)

(Period average)

2018 Annual

Reuters Index1

2,337

(Sep 18, 1931=100)

Q1

Q2

2019 Q3

Q4

Q1

Jan

Feb

Mar

Apr

2,342 2,317 2,309 2,382 2,374 2,386 2,378 2,359 2,350

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

1

International commodity prices (points)

(points)

4,000

500 450

3,000

400 350 300

2,000

250 200

1,000

150

CRB (left) Reuters index (right)

100

0 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Korea PDS *‌ ‌ 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.

May 2019

35

The Green Book

12. Real ‌ estate market 12.1 Housing market Housing prices nationwide fell 0.21 percent month-on-month in April.

Housing prices declined 0.23 percent in the Seoul metropolitan area, which includes Seoul (down 0.18%), Gyeonggi Province (down 0.32%) and Incheon (down 0.05%).

Housing prices fell 0.13 percent in the five metropolitan cities and 0.21 percent in the eight provinces.

Housing prices in five metropolitan cities (m-o-m, %)

Busan (-0.22), Daegu (0.02), Gwangju (0.04), Daejeon (0.02), Ulsan (-0.55)

Housing sales prices

(Percentage change from previous period)

2015

2016

2017

2018

Annual Annual Annual Annual

2019

Apr Annual Jan

Feb

Mar

Apr

Nationwide

3.5

0.7

1.5

1.1

0.06

-0.6 -0.15 -0.12

-0.16 -0.21

Seoul metropolitan area

4.4

1.3

2.4

3.3

0.19

-0.7 -0.15 -0.13

-0.18 -0.23

- Seoul

4.6

2.1

3.6

6.2

0.31

-0.8 -0.20 -0.19

-0.22 -0.18

· Gangnam

5.2

2.5

4.4

6.5

0.32

-1.1 -0.31 -0.29

-0.31 -0.24

· Gangbuk

3.9

1.8

2.9

5.9

0.31

-0.4 -0.09 -0.08

-0.12 -0.11

2.7

0.2

0.7

-0.9

-0.06

-0.6 -0.15 -0.10

-0.14 -0.18

1

2

Areas excluding the Seoul metropolitan area

1. Southern Seoul 2. Northern Seoul Source: Korea Appraisal Board

Housing sales prices (m-o-m, %)

3

2

1

0

Nationwide

-1

Seoul metropolitan area Areas excluding Seoul metropolitan area

-2 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Korea Appraisal Board

36

Economic Bulletin

Housing rental prices nationwide declined 0.29 percent month-on-month in April.

Housing rental prices fell 0.34 percent in the Seoul metropolitan area and declined 0.24 percent in areas excluding the Seoul metropolitan area.

Housing rental prices in major districts in the Seoul metropolitan area (m-o-m, %) Gangnam (-0.35), Seocho (-0.40), Songpa(0.16), Gangdong (-0.80), Uiwang (-4.03)

Housing rental prices

(Percentage change from previous period)

2015 2016 2017

2018

Annual Annual Annual Annual

2019

Apr

Annual

Jan

Feb

Mar

Apr

Nationwide

4.8

1.3

0.6

-1.8

-0.19

-1.0

-0.22 -0.22 -0.25 -0.29

Seoul metropolitan area

7.1

2.0

1.4

-1.5

-0.22

-1.2

-0.28 -0.30 -0.32 -0.34

- Seoul

7.2

2.0

2.0

0.3

-0.20

-1.3

-0.32 -0.43 -0.39 -0.21

¡ Gangnam

7.9

1.8

2.6

-0.3

-0.40

-1.8

-0.50 -0.60 -0.47 -0.25

¡ Gangbuk

6.5

2.1

1.5

0.8

0.00

-0.8

-0.13 -0.24 -0.30 -0.17

2.8

0.7

-0.1

-2.1

-0.17

-0.7

-0.16 -0.15 -0.18 -0.24

1

2

Areas excluding the Seoul metropolitan area

1. Southern Seoul 2. Northern Seoul Source: Korea Appraisal Board

Housing rental prices (m-o-m, %)

3

2

1

0

Nationwide

-1

Seoul metropolitan area Areas excluding Seoul metropolitan area

-2 2009.1

2010.1

2001.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Korea Appraisal Board

There were 51,357 housing transactions in March, up 18.2 percent from the previous month (43,444) and down 44.7 percent from a year ago (92,795).

Housing transactions

(Thousands)

2017

2018 1

Annual

Nationwide

79

2019

1

Annual Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 71

93

72

68

65

64

66

76

93

65

56

50

43

51

1. Monthly average Source: Ministry of Land, Infrastructure and Transport

May 2019

37

The Green Book

12.2 Land market Land prices nationwide rose 0.30 percent month-on-month in March.

Land prices rose 0.34 percent in the Seoul metropolitan area, which includes Seoul (up 0.33%), Gyeonggi Province (up 0.35%) and Incheon (up 0.31%).

Land prices increased 0.24 percent in areas excluding the Seoul metropolitan area.

Land prices in areas excluding Seoul metropolitan area (m-o-m, %) Daegu (0.37), Gwangju (0.42), Sejong (0.39)

Land prices

(Percentage change from previous period)

2015 2016 2017

2018

Annual Annual Annual Annual

2019

Q3

Q4

Mar

Annual

Jan

Feb

Mar

Nationwide

2.40

2.70

3.88

4.58

1.25

1.22

0.35

0.88

0.31

0.26

0.30

Seoul

2.69

2.97

4.32

6.11

1.87

1.74

0.44

1.00

0.39

0.27

0.33

Gyeonggi

1.73

2.23

3.45

4.42

1.16

1.19

0.30

0.99

0.32

0.31

0.35

Incheon

1.95

1.74

3.10

3.59

0.94

1.14

0.25

0.97

0.34

0.32

0.31

Areas excluding the Seoul metropolitan area

2.77

2.97

3.97

3.65

0.89

0.83

0.33

0.69

0.24

0.21

0.24

Source: Korea Appraisal Board

There were 237,000 land transactions in March, up 20.7 percent from the previous month (196,000) and down 25.9 percent from a year ago (320,000).

Land transactions (m-o-m, %)

Seoul (34.0), Ulsan (34.8), Sejong (35.7)

Vacant land transactions increased 27.3 percent from the previous month (75,000 → 96,000) accounting for 40.4 percent of the total land transactions.

The index fell 7.6 percent compared with a year ago (104,000).

Land transactions

(Land lots, thousands)

2017

2018 1

Nationwide

2019

1

Annual

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

276

265 320 265 271 255 272 248 232 282 249 243 240 196 237

Seoul

32

30

43

26

29

24

34

28

32

35

22

21

22

15

20

Gyeonggi

75

79

91

76

76

75

85

80

78

92

77

67

68

57

67

Incheon

16

15

15

16

18

15

12

12

12

15

14

15

14

14

16

1. Monthly average Source: Korea Land & Housing Corporation

38

Economic Bulletin

Land prices 6 5 4 3 2 1

Metropolitan city

0

City County National average

-1 -2 2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Source: Korea Appraisal Board

Land and consumer prices (y-o-y, %)

60 50 40 30 20 10 0 -10

Land price inflation

-20

Consumer price inflation

1977

1982

1987

1992

1997

2002

2007

2012

2017

Sources: Korea Appraisal Board (land prices), Statistics Korea (consumer prices)

Land transactions (thousand ㎥)

300,000

250,000

200,000

150,000

100,000

Areas excluding Seoul metropolitan area Seoul metropolitan area

50,000

0 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

Source: Korea Appraisal Board

May 2019

39

The Green Book

13. ‌ Composite indices of business cycle indicators Industrial output went up 1.1 percent month-on-month in March. Mining & manufacturing (up 1.4%), construction (up 8.9%), services (up 0.2%) and public administration (up 1.0%) all increased. Compared to a year ago, the index fell 0.7 percent.

The cyclical indicator of the coincident composite index declined 0.1 points month-on-month to 98.5. Three components of the index rose, while the other four either fell or remained unchanged.

Components of the coincident composite index in March (m-o-m, %)

value of construction completed (1.8), retail sales (1.1), nonfarm payroll employment (0.3), mining & manufacturing production (-0.6), domestic shipments (-0.5), imports (-2.3), service output (0.0)

The cyclical indicator of the leading composite index fell 0.1 points from previous month to 98.2. Four components of the index rose, while the other four declined.

Components of the leading composite index in March (m-o-m)

inventory circulation indicator (1.3%p), consumer expectations index (1.2p), value of construction orders received (2.7%), KOSPI (1.4%), domestic shipments of machinery (-1.4%), ratio of export to import prices (-1.2%), ratio of job openings to job seekers (-4.1%p), spreads between long term and short term interest rates (-0.01%p)

2018 Index of all industry production (m-o-m, %) (y-o-y, %) Coincident composite index (2015=100) (m-o-m, %) Cyclical indicator of coincident composite index (m-o-m, p) Leading composite index (2015=100) (m-o-m, %)

Aug

Sep

0.4

-1.4

1.6

-4.9

Oct

2019 Nov

Dec

0.8

-1.0

-0.3

7.6

0.2

0.4

1

Feb1

Mar1

0.9

-1.9

1.1

0.8

-1.4

-0.7

Jan

109.7 109.6 109.7 109.8 109.8 110.0 109.7 109.8 0.2

-0.1

0.1

0.1

0.0

0.2

-0.3

0.1

99.9

99.7

99.6

99.3

99.2

99.1

98.6

98.5

-0.2

-0.2

-0.1

-0.3

-0.1

-0.1

-0.5

-0.1

113.1 113.2 113.2 113.3 113.4 113.5 113.5 113.7 -0.1

0.1

0.0

0.1

0.1

0.1

0.0

0.2

Cyclical indicator of leading composite index 99.9 (m-o-m, p) -0.4

99.6

99.3

99.1

98.9

98.6

98.3

98.2

-0.3

-0.3

-0.2

-0.2

-0.3

-0.3

-0.1

1. Preliminary Source: Statistics Korea (industrial activity trends)

40

Economic Bulletin

Index of all industry production (%)

15

10

5

0

-5

Industrial output (y-o-y) -10

Industrial output (m-o-m)

2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

2017.1

2018.1

2019.1

2017.1

2018.1

2019.1

2017.1

2018.1

2019.1

Source: Statistics Korea (industrial activity trends)

Cyclical indicator of coincident composite index (points)

110

105

100

95

90 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

Source: Statistics Korea (industrial activity trends)

Cyclical indicator of leading composite index (points)

110

105

100

95

90 2009.1

2010.1

2011.1

2012.1

2013.1

2014.1

2015.1

2016.1

Source: Statistics Korea (industrial activity trends)

May 2019

41

01 Korea’s per capita income surpasses US $30,000, innovation emerging as key to growth 02 Korea’s external debt stays at US $440.6 billion in Q1 2019 03 Korea grows 1.8% in Q1 2019 (advance estimate)

Economic News Briefing

Korea’s per capita income surpasses US $30,000, innovation emerging as key to growth As Korea’s per capita income has surpasses US $30,000, Korea Development Institute (KDI), the country’s leading think tank, held a conference on May 9 to discuss challenges the economy has to deal with to grow further. According to the Bank of Korea, the country’s GNI per capita reached US $31,349 in 2018, the country becoming the seventh member of the group of countries which have a population of more than 50 million people and whose per capita GNI exceeds US $30,000.

At the conference, economic experts identified slowing growth momentum and ageing population as major challenges faced by the Korean economy, and discussed ways to overcome these difficult tasks.

Vincent Koen, OECD’s Head of Division, suggested seeking innovation to make up for weak growth momentum and ageing population. He talked about the innovation brought about by regulatory reform and restructuring, saying that if the country wants to see another ‘Miracle on the Han River’ occur, it cannot afford to pass up the opportunity that regulatory reform and restructuring could give. Chang Suk-in, senior researcher at Korea Institute for Industrial Economics and Trade (KIET), discussed ways towards inclusive growth, saying that innovation that creates new jobs is a key to it and this innovation should be led by companies.

Korea’s external debt stays at US $440.6 billion in Q1 2019 Korea’s external debt stayed unchanged from the previous quarter at US $440.6 billion as of the end of March 2019: Short-term external debt rose by US $2.9 billion to US $129.4 billion and long-term debt fell US $2.9 billion to US $311.1 billion.

External debt soundness indicators remained healthy at around 30 percent, the ratio of short-term external debt to total external amounting to 29.4 percent and the ratio of short-term external debt to foreign exchange reserves coming to 31.9 percent. Solvency improved as net foreign assets in debt instruments totaled US $474.2 billion, going up by US $6.7 billion from the previous quarter.

Korea grows 1.8% in Q1 2019 (advance estimate) Korea’s real gross domestic product (GDP) expanded 1.8 percent in the first quarter of 2019 compared to a year ago, according to the Bank of Korea’s advance estimate released on April 25. The economy decreased 0.3 percent from the previous quarter.

May 2019

43

Economic News Briefing

On the production side, agriculture, forestry & fisheries grew 4.7 percent as agricultural products increased. Manufacturing fell 2.4 percent due to weak electrical & electronic equipment and chemical products. Construction declined 0.4 percent as residential building construction and civil engineering works fell. Services grew 0.9 percent backed by strong information & communications services and finance & insurance services.

On the expenditure side, private consumption and government consumption increased 0.1 percent and 0.3 percent, respectively. Facility investment declined 10.8 percent due to a fall in machinery and transportation equipment.

Construction investment contracted 0.1 percent as residential building construction and civil engineering works declined.

Exports fell 2.6 percent due to weak electric and electronic equipment, and imports declined 3.3 percent as machinery, natural gas and oil imports fell.

GDP by production and expenditure*

(Percentage change from previous period)

2017

20181

20191

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

1.0 (2.9)2

0.6 (2.8)2

1.4 (3.8)2

-0.2 (2.8)2

1.0 (2.8)2

0.6 (2.8)2

0.6 (2.0)2

1.0 (3.1)2

-0.3 (1.8)2

Agriculture, forestry & fisheries

3.9

-0.3

-1.8

0.2

6.0

-2.8

-5.5

6.1

4.7

Manufacturing

1.7

0.1

2.7

-1.7

1.6

0.6

2.3

0.9

-2.4

Electricity, gas & water supply

0.3

3.4

1.7

0.4

-7.0

9.4

-0.4

3.6

-7.3

Construction

4.8

-1.6

1.0

-1.6

2.1

-3.1

-5.7

1.0

-0.4

Services

0.4

0.7

1.0

0.3

1.1

0.5

0.5

0.6

0.9

Private consumption

0.5

1.0

0.8

1.0

0.7

0.3

0.5

1.0

0.1

Government consumption

0.6

1.2

1.9

0.5

2.2

0.3

1.5

3.0

0.3

Facilities investment

4.5

4.3

0.2

-0.7

3.4

-5.7

-4.4

4.4

-10.8

Construction investment

4.2

0.9

1.1

-2.3

1.8

-2.1

-6.7

1.2

-0.1

Intellectual property investment

0.3

0.5

1.5

1.1

0.3

-0.7

0.9

0.1

1.6

Exports

2.1

-2.7

5.6

-5.3

4.4

0.4

3.9

-1.5

-2.6

Imports

4.9

-1.0

3.2

-2.9

4.9

-3.0

-0.7

1.5

-3.3

GDP

3

*At 2010 chained prices in seasonally adjusted terms 1. Preliminary 2. Percentage change from the same period of the previous year (original data) 3. Wholesale & retail, hotels & restaurants, transportation & storage, communications services, financial & insurance services, real estate & renting, business services, public administration, defense, education services, healthcare & social welfare services, entertainment, cultural & other services are included.

44

Economic Bulletin

01 National accounts 02 Production, shipment and inventory 03 Production capacity and operation ratio 04 Consumer goods sales index 05 Machinery orders received and facility investment index 06 Value of construction completed and domestic construction orders received 07 Composite indexes of business cycle indicators, CSI and BSI 08 Prices 09 Employment (I) 10 Employment (II) 11 Balance of payments (I) 12 Balance of payments (II) 13 Financial indicators 14 Monetary indicators 15 Exchange rates

Statistical Appendices

Statistical Appendices

1 National accounts (year-on-year change, %, chained 2010 year prices)

Real GDP Period

Agri., fores. & fisheries

Final consumption Private Manufacturing expenditure consumption

Gross fixed capital formation Construction

Facilities

2011

3.7

-2.0

6.5

2.7

2.9

0.8

-3.4

4.7

2012

2.3

-0.9

2.4

2.2

1.9

-0.5

-3.9

0.1 -0.8

2013

2.9

3.1

3.6

2.2

1.9

3.3

5.5

2014

3.3

3.6

3.5

2.0

1.7

3.4

1.1

6.0

2015

2.8

-0.4

1.8

2.4

2.2

5.1

6.6

4.7

2016

2.9

-2.8

2.4

3.0

2.5

5.6

10.3

-1.0

2017p

3.1

0.3

4.4

2.8

2.6

8.6

7.6

14.6 -1.6

2018p

2.7

1.5

3.6

3.5

2.8

-2.2

-4.0

2011 Ⅰ Ⅱ

4.9

-9.3

11.4

3.3

3.7

-0.7

-8.2

8.3

3.6

-2.5

6.5

3.3

3.7

2.5

-2.5

8.3

Ⅲ

3.3

-5.8

5.6

2.8

2.5

1.7

-2.2

3.4

Ⅳ

3.0

7.1

3.4

1.7

1.7

-0.3

-2.0

-0.9

2012 Ⅰ Ⅱ

4.9

-9.3

11.4

3.3

3.7

-0.7

-8.2

8.3

3.6

-2.5

6.5

3.3

3.7

2.5

-2.5

8.3

Ⅲ

3.3

-5.8

5.6

2.8

2.5

1.7

-2.2

3.4

Ⅳ

3.0

7.1

3.4

1.7

1.7

-0.3

-2.0

-0.9

2013 Ⅰ Ⅱ

2.1

-1.2

2.7

1.5

1.5

-3.2

1.2

-12.3

2.7

0.1

3.6

2.2

1.9

4.2

8.9

-3.2

Ⅲ

3.2

4.3

3.8

2.4

1.9

4.9

7.5

2.3

Ⅳ

3.5

7.0

4.2

2.6

2.2

6.5

3.5

11.7

2014 Ⅰ Ⅱ

3.9

5.9

4.7

2.9

2.8

6.2

4.5

7.5

3.5

4.5

4.7

1.8

1.7

3.7

0.3

8.1

Ⅲ

3.3

2.7

3.1

2.0

1.4

3.6

2.3

4.3

Ⅳ

2.7

2.4

1.8

1.6

1.1

0.7

-1.7

4.1

2015 Ⅰ Ⅱ

2.6

8.5

1.1

1.8

1.4

3.8

4.0

5.1

2.4

-3.0

0.9

2.0

1.7

3.8

4.6

4.1

Ⅲ

3.0

0.3

2.2

2.3

2.2

6.0

7.6

6.1

Ⅳ

3.2

-4.0

2.7

3.5

3.5

6.5

9.6

3.5

2016 Ⅰ Ⅱ

3.0

-2.4

2.1

3.0

2.4

3.2

8.4

-3.6

3.5

1.1

2.7

3.8

3.6

5.2

9.4

-1.6

Ⅲ

2.7

-4.5

1.7

3.3

2.8

5.8

11.0

-2.5

Ⅳ

2.6

-4.6

2.9

1.9

1.4

7.8

11.9

3.3

2017 p Ⅰ Ⅱ

2.9

-1.9

4.8

2.2

2.1

11.0

11.3

16.1

2.8

0.5

3.6

2.5

2.4

10.0

8.5

17.9

Ⅲ

3.8

0.4

6.4

3.0

2.6

9.2

8.0

16.3

Ⅳ

2.8

1.5

2.7

3.5

3.4

5.0

3.8

8.6

2018p Ⅰ Ⅱ

2.8

4.1

2.7

4.0

3.5

3.7

1.8

7.3

2.8

1.2

3.2

3.3

2.8

-1.3

-1.5

-3.0

Ⅲ

2.0

-2.4

2.8

3.0

2.5

-6.6

-8.9

-7.4

Ⅳ

3.1

3.2

5.5

3.6

2.5

-3.8

-5.9

-2.7

2019p Ⅰ

1.8

2.3

1.4

2.7

1.9

-8.4

-7.4

-16.1

p: Preliminary Source: Bank of Korea

46

Economic Bulletin

2 Production, shipment and inventory (constant prices, 2015=100)

Production index* Period 2016 2017 2018 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰ Ⅱ Ⅲ Ⅳ 2019 Ⅰp 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 6 7 8 9 10 11 12 2019 1 2p 3p

Shipment index*

y-o-y change (%)

102.2 104.7 106.1 98.3 102.3 99.7 108.3 103.4 104.8 105.1 105.4 102.3 106.9 105.2 109.9 100.2 98.8 90.6 105.6 99.7 102.6 104.7 102.3 98.0 98.7 104.5 108.9 111.5 100.6 98.7 110.9 104.1 104.8 105.5 104.8 101.2 109.4 99.7 109.3 107.3 105.7 93.1 108.1 106.2 107.1 107.5 108.2 105.2 102.1 112.3 109.4 108.1 105.5 89.9 105.1

2.2 2.4 1.3 1.1 2.2 1.3 3.8 5.2 2.4 5.4 -2.7 -1.1 2.0 0.1 4.3 -2.1 -0.8 2.0 2.3 -1.7 5.4 3.2 1.9 3.5 -1.3 -0.6 5.9 6.1 1.8 8.9 5.0 4.4 2.1 0.8 2.4 3.3 10.8 -4.6 0.4 -3.8 5.1 -5.7 -2.5 2.0 2.2 1.9 3.2 4.0 -6.7 12.6 0.1 0.7 -0.2 -3.4 -2.8

Inventory index*

y-o-y change (%)

101.5 102.7 102.7 98.7 102.0 98.2 107.1 101.6 103.2 102.9 103.1 99.5 103.5 101.4 106.3 97.8 97.6 91.3 107.2 100.4 102.1 103.4 100.6 96.3 97.8 102.9 107.1 111.3 97.8 97.2 109.9 102.6 102.3 104.6 101.7 98.9 108.0 96.8 108.0 104.6 102.1 90.9 105.5 101.7 104.6 104.2 102.3 101.6 100.4 108.9 105.9 104.0 101.2 88.1 104.0

1.5 1.2 0.0 0.8 1.6 0.3 3.2 2.9 1.2 4.8 -3.7 -2.1 0.3 -1.5 3.1 -1.7 -2.0 1.7 2.9 -1.3 4.1 2.0 0.8 1.8 -1.5 -1.8 5.3 6.0 0.2 6.5 2.5 2.2 0.2 1.2 1.1 2.7 10.4 -5.9 0.8 -6.0 4.4 -6.5 -4.0 -0.9 2.2 -0.4 0.6 2.7 -7.0 12.5 -1.9 -0.6 -0.9 -3.1 -1.4

Service production index

y-o-y change (%)

97.5 105.3 113.7 105.7 101.8 100.9 97.5 99.9 101.1 101.3 105.3 108.4 109.1 107.6 113.7 113.4 105.5 106.3 105.7 104.2 104.4 101.8 104.0 102.8 100.9 100.7 101.1 97.5 100.6 100.3 99.9 101.8 104.8 101.1 104.0 104.3 101.3 104.8 105.2 105.3 107.8 107.9 108.4 109.5 108.7 109.1 110.8 111.1 107.6 110.3 113.5 113.7 114.4 114.4 113.4

-2.2 8.0 8.0 9.0 1.4 -0.9 -2.2 -5.5 -0.7 0.4 8.0 8.5 7.9 6.2 8.0 4.6 9.2 9.4 9.0 5.7 5.7 1.4 0.8 -0.9 -0.9 -0.8 -0.4 -2.2 -4.6 -5.6 -5.5 -2.3 0.4 -0.7 0.0 1.5 0.4 4.1 4.1 8.0 7.2 7.6 8.5 7.6 3.7 7.9 6.5 6.5 6.2 5.2 7.9 8.0 6.1 6.0 4.6

y-o-y change (%)

102.6 104.5 106.7 98.7 102.8 102.4 106.6 100.9 104.6 105.1 107.4 103.4 106.9 105.9 110.3 104.3 97.4 95.3 103.4 101.4 102.7 104.4 102.1 102.4 102.6 103.5 103.3 112.9 99.5 97.5 105.6 103.1 104.6 106.0 103.6 104.0 107.7 102.2 106.2 113.8 103.0 99.6 107.7 105.9 106.9 108.0 106.3 105.6 105.8 108.1 107.5 115.4 105.5 99.2 108.3

2.6 1.9 2.1 2.4 3.3 3.0 1.8 2.2 1.8 2.6 0.8 2.5 2.2 0.8 2.7 0.9 2.3 2.4 2.5 2.1 3.3 4.5 2.8 3.9 2.3 1.5 2.3 1.7 2.2 2.3 2.1 1.7 1.9 1.5 1.5 1.6 5.0 -1.3 2.8 0.8 3.5 2.2 2.0 2.7 2.2 1.9 2.6 1.5 -1.8 5.8 1.2 1.4 2.4 -0.4 0.6

* Including mining, manufacturing, electricity & gas and water industry p: Preliminary Source: Statistics Korea

May 2019

47

Statistical Appendices

3 Production capacity and operation ratio (constant prices, 2015=100)

Production capacity index* Period 2016 2017 2018 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰ Ⅱ Ⅲ Ⅳ 2019 Ⅰp 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 6 7 8 9 10 11 12 2019 1 2p 3p

Operation ratio index*

y-o-y change (%)

102.1 103.3 103.1 100.9 101.4 102.5 103.5 102.5 102.9 103.6 104.3 102.3 102.5 103.4 104.0 101.6 101.0 100.6 101.1 101.1 101.4 101.7 102.2 102.5 102.9 103.3 103.5 103.6 102.6 102.3 102.6 102.7 103.0 103.0 103.2 103.5 104.1 104.2 104.4 104.2 102.5 102.4 102.1 102.3 102.3 102.9 103.3 103.3 103.7 103.9 104.1 103.9 101.9 101.4 101.6

2.1 1.2 -0.2 1.7 1.7 2.4 2.5 1.6 1.5 1.1 0.8 -0.2 -0.4 -0.2 -0.3 -0.7 1.9 1.5 1.6 1.6 1.8 1.8 2.3 2.4 2.6 2.7 2.4 2.4 1.6 1.7 1.5 1.6 1.6 1.3 1.0 1.0 1.2 0.9 0.9 0.6 -0.1 0.1 -0.5 -0.4 -0.7 -0.1 0.1 -0.2 -0.4 -0.3 -0.3 -0.3 -0.6 -1.0 -0.5

y-o-y change (%)

98.9 98.1 98.4 95.8 101.2 96.1 102.5 96.8 99.4 98.9 97.1 94.6 100.6 97.0 101.3 92.8 95.7 88.3 103.5 98.5 101.9 103.3 100.1 93.7 94.5 99.9 103.9 103.6 93.6 92.4 104.4 98.5 99.5 100.2 99.0 95.0 102.8 93.0 101.6 96.8 97.0 85.8 100.9 99.6 101.5 100.8 100.0 97.2 93.8 104.3 101.3 98.3 97.3 82.8 98.4

-1.1 -0.8 0.3 -1.1 -0.1 -2.4 -0.8 1.0 -1.8 2.9 -5.3 -2.3 1.2 -1.9 4.3 -1.9 -3.5 -0.2 0.4 -3.7 3.6 0.2 -1.1 -0.7 -5.5 -4.9 1.9 0.8 -2.2 4.6 0.9 0.0 -2.4 -3.0 -1.1 1.4 8.8 -6.9 -2.2 -6.6 3.6 -7.1 -3.4 1.1 2.0 0.6 1.0 2.3 -8.8 12.2 -0.3 1.5 0.3 -3.5 -2.5

Capacity utilization rate* (%) 73.4 73.3 73.5 73.6 73.9 73.1 73.1 74.5 72.5 73.3 72.8 72.8 73.9 74.2 73.1 71.9 72.8 74.3 73.7 72.4 74.9 74.3 73.9 72.4 73.0 71.0 74.6 73.8 76.2 72.8 74.4 72.5 72.9 72.0 73.1 73.4 73.5 73.9 73.0 71.5 72.8 73.5 72.1 73.5 74.4 73.8 73.9 75.1 73.7 74.4 72.7 72.2 73.6 70.5 71.5

* Manufacturing industry p: Preliminary Source: Statistics Korea

48

Economic Bulletin

4 Consumer goods sales index (constant prices, 2015=100)

2016 2017 2018 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰ Ⅱ Ⅲ Ⅳ 2019 Ⅰp 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 6 7 8 9 10 11 12 2019 1 2p 3p

Consumer goods sales index Durable goods Semi-durable goods

Total

Period

y-o-y change (%)

103.9 105.9 110.5 99.9 104.3 101.7 109.6 101.3 105.2 105.2 112.0 106.7 110.5 109.2 115.4 108.5 99.6 95.6 104.5 102.1 107.3 103.4 102.1 100.8 102.2 108.4 109.1 111.2 103.3 95.2 105.4 103.9 107.6 104.2 104.9 101.3 109.5 108.0 115.0 112.9 105.3 101.7 113.2 109.9 112.8 108.7 110.8 107.0 109.9 113.5 116.2 116.4 109.8 99.9 115.9

3.9 1.9 4.3 4.7 5.6 3.1 2.2 1.4 0.9 3.4 2.2 5.3 5.0 3.8 3.0 1.7 5.7 2.9 5.3 3.4 4.6 8.8 4.3 5.4 0.0 2.0 2.6 2.0 3.7 -0.4 0.9 1.8 0.3 0.8 2.7 0.5 7.1 -0.4 5.4 1.5 1.9 6.8 7.4 5.8 4.8 4.3 5.6 5.6 0.4 5.1 1.0 3.1 4.3 -1.8 2.4

y-o-y change (%)

104.6 110.1 116.3 99.4 108.8 99.2 111.2 102.8 112.8 111.1 113.9 112.5 119.8 113.7 119.4 111.2 92.9 92.8 112.5 103.3 108.4 114.7 103.5 100.9 93.2 107.3 110.6 115.6 94.6 100.0 113.8 108.5 114.1 115.7 114.9 107.1 111.4 104.0 122.8 114.8 110.7 101.9 124.9 120.1 121.0 118.2 122.2 117.8 101.1 116.3 122.8 119.1 108.5 100.1 125.1

4.6 5.3 5.6 6.7 11.5 0.8 0.3 3.4 3.7 12.0 2.4 9.4 6.2 2.3 4.8 -1.2 -1.4 7.7 13.3 8.2 12.3 13.9 0.2 5.5 -3.1 0.7 1.6 -1.3 1.8 7.8 1.2 5.0 5.3 0.9 11.0 6.1 19.5 -3.1 11.0 -0.7 17.0 1.9 9.8 10.7 6.0 2.2 6.4 10.0 -9.2 11.8 0.0 3.7 -2.0 -1.8 0.2

Nondurable goods

y-o-y change (%)

102.3 101.2 107.2 96.4 103.4 91.5 117.7 94.7 101.0 90.8 118.4 99.1 106.8 98.2 124.6 102.5 97.3 89.3 102.6 104.9 110.5 94.8 94.1 85.1 95.4 118.2 119.9 115.0 96.3 88.4 99.3 105.5 104.9 92.7 91.6 83.4 97.5 113.7 124.6 117.0 94.3 91.6 111.3 107.7 111.9 100.9 98.6 88.8 107.1 123.6 126.4 123.9 99.7 93.7 114.2

2.3 -1.1 5.9 2.0 4.2 3.3 0.1 -1.8 -2.3 -0.8 0.6 4.6 5.7 8.1 5.2 3.4 3.2 0.9 1.8 1.4 0.7 12.2 7.5 1.1 1.3 0.5 0.1 -0.3 -1.0 -1.0 -3.2 0.6 -5.1 -2.2 -2.7 -2.0 2.2 -3.8 3.9 1.7 -2.1 3.6 12.1 2.1 6.7 8.8 7.6 6.5 9.8 8.7 1.4 5.9 5.7 2.3 2.6

y-o-y change (%)

104.2 106.1 109.2 101.7 102.5 107.4 105.3 103.6 103.6 108.9 108.2 107.5 107.7 112.1 109.4 109.9 103.7 99.7 101.6 100.3 105.4 101.9 105.0 107.7 109.4 104.6 103.7 107.5 110.4 96.1 104.2 101.1 105.8 103.9 106.1 106.5 114.0 107.3 107.2 110.2 107.7 106.0 108.7 106.1 109.5 107.6 110.9 110.0 115.4 107.8 108.6 111.9 114.8 102.4 112.4

4.2 1.8 2.9 5.0 3.3 4.2 4.4 1.9 1.1 1.4 2.8 3.8 4.0 2.9 1.1 2.2 10.2 1.7 3.1 2.2 2.9 5.1 5.0 7.1 0.7 3.5 4.5 5.0 6.5 -3.6 2.6 0.8 0.4 2.0 1.0 -1.1 4.2 2.6 3.4 2.5 -2.4 10.3 4.3 4.9 3.5 3.6 4.5 3.3 1.2 0.5 1.3 1.5 6.6 -3.4 3.4

p: Preliminary Source: Statistics Korea

May 2019

49

Statistical Appendices

5 Machinery orders received and facility investment index

Period

Domestic machinery orders received excluding ship (billion won, constant value) Total Public Private Facility investment index y-o-y y-o-y y-o-y y-o-y (2010=100) change (%)

2016 2017 2018 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰ Ⅱ Ⅲ Ⅳ 2019 Ⅰp 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 6 7 8 9 10 11 12 2019 1 2p 3p

26,643 31,897 32,512 6,398 6,942 5,765 7,538 7,812 8,590 7,613 7,882 8,407 8,672 7,538 7,896 8,109 1,662 2,282 2,454 2,006 2,210 2,727 2,030 1,672 2,063 1,825 2,339 3,374 2,149 2,462 3,202 2,777 2,585 3,228 2,820 2,353 2,440 2,352 2,930 2,600 2,748 2,337 3,322 3,006 2,787 2,879 2,662 2,470 2,406 2,545 2,365 2,986 2,620 2,389 3,099

4.7 19.7 1.9 -0.9 -1.3 4.8 16.7 22.1 23.7 32.0 4.6 7.6 1.0 -1.0 0.2 -3.5 -28.8 22.9 8.2 -27.6 5.2 26.3 1.0 2.5 11.0 -8.7 18.8 35.4 29.3 7.9 30.5 38.5 17.0 18.4 38.9 40.7 18.2 28.9 25.2 -22.9 27.9 -5.1 3.7 8.2 7.8 -10.8 -5.6 5.0 -1.4 8.2 -19.3 14.9 -4.6 2.2 -6.7

change (%)

2,862 2,266 2,465 637 575 465 1,184 691 543 462 570 603 645 495 721 369 71 255 312 188 175 213 47 84 334 63 154 967 122 227 342 241 117 184 296 82 84 187 139 244 270 141 193 302 121 222 113 274 108 232 64 426 102 138 129

49.0 -20.8 8.8 57.4 16.8 16.6 89.9 8.5 -5.7 -0.8 -51.8 -12.7 18.8 7.3 26.5 -38.8 -39.0 80.7 110.8 48.7 -11.3 25.6 -64.6 -47.3 214.8 -35.2 -32.6 224.7 72.7 -11.0 9.9 28.2 -32.8 -13.4 526.5 -3.1 -74.8 193.9 -9.2 -74.7 120.8 -38.0 -43.7 25.2 3.1 20.6 -61.9 236.3 28.3 24.3 -54.2 74.3 -62.3 -2.0 -32.9

change (%)

23,781 29,631 30,047 5,761 6,367 5,300 6,353 7,121 8,048 7,151 7,311 7,803 8,027 7,042 7,174 7,740 1,591 2,027 2,142 1,817 2,035 2,514 1,983 1,588 1,729 1,761 2,186 2,406 2,026 2,235 2,860 2,536 2,468 3,044 2,524 2,271 2,356 2,166 2,790 2,355 2,478 2,197 3,129 2,704 2,666 2,657 2,549 2,196 2,297 2,313 2,301 2,560 2,518 2,252 2,970

1.1 24.6 1.4 -4.8 -2.6 3.9 8.8 23.6 26.4 34.9 15.1 9.6 -0.3 -1.5 -1.9 -0.8 -28.3 18.1 1.0 -31.3 6.9 26.3 5.7 7.9 -1.4 -7.4 25.5 9.6 27.4 10.2 33.5 39.5 21.3 21.1 27.3 43.0 36.2 22.9 27.7 -2.1 22.3 -1.7 9.4 6.6 8.0 -12.7 1.0 -3.3 -2.5 6.8 -17.5 8.7 1.6 2.5 -5.1

change (%)

110.7 126.3 121.5 100.1 114.2 106.3 122.0 118.3 134.5 128.2 124.4 130.4 128.0 110.9 116.9 105.0 97.0 90.7 112.7 111.0 110.6 121.1 105.0 109.8 104.0 109.3 118.8 138.0 107.0 108.5 139.3 127.0 132.8 143.7 131.1 123.5 130.0 105.0 126.8 141.4 130.8 120.0 140.3 130.9 129.0 124.0 118.2 109.7 104.9 115.7 114.9 120.1 108.5 87.9 118.5

-1.3 14.1 -3.8 -7.6 0.6 -4.7 5.9 18.2 17.8 20.6 2.0 10.2 -4.8 -13.5 -6.0 -19.5 -6.6 -8.4 -7.7 -2.5 2.5 2.1 -12.6 3.3 -4.0 -3.3 10.2 10.5 10.3 19.6 23.6 14.4 20.1 18.7 24.9 12.5 25.0 -3.9 6.7 2.5 22.2 10.6 0.7 3.1 -2.9 -13.7 -9.8 -11.2 -19.3 10.2 -9.4 -15.1 -17.0 -26.8 -15.5

p: Preliminary Source: Statistics Korea

50

Economic Bulletin

6 Value of construction completed and domestic construction orders received

Period 2016 2017 2018 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰ Ⅱ Ⅲ Ⅳ 2019 Ⅰp 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 6 7 8 9 10 11 12 2019 1 2p 3p

Total

Value of construction Public

y-o-y change (%)

119,971 139,039 136,988 24,533 29,977 29,573 35,889 30,697 35,692 34,902 37,748 32,158 35,882 32,902 36,045 30,475 7,509 7,424 9,600 9,027 9,347 11,603 9,545 9,832 10,195 10,473 11,458 13,959 8,996 9,602 12,099 11,222 11,341 13,128 11,215 11,114 12,574 10,900 12,153 14,696 10,669 9,718 11,771 11,569 11,453 12,860 11,025 10,958 10,918 10,995 11,286 13,764 9,829 8,828 11,818

16.9 15.9 -1.5 11.9 16.5 16.3 21.5 25.1 19.1 18.0 5.2 4.8 0.5 -5.7 -4.5 -5.2 6.4 8.1 20.0 14.0 16.9 18.1 17.8 21.0 10.9 20.2 28.9 17.0 19.8 29.4 26.0 24.3 21.3 13.1 17.5 13.0 23.3 4.1 6.1 5.3 18.6 1.2 -2.7 3.1 1.0 -2.0 -1.7 -1.4 -13.2 0.9 -7.1 -6.3 -7.9 -9.2 0.4

Private

y-o-y change (%)

30,916 30,314 28,352 6,710 8,099 7,061 9,046 6,931 8,167 6,862 8,354 6,492 7,629 6,356 7,874 5,693 2,045 1,976 2,689 2,317 2,326 3,456 2,256 2,344 2,460 2,347 2,779 3,920 1,971 2,130 2,831 2,295 2,510 3,362 2,225 2,070 2,568 2,172 2,460 3,722 1,930 1,906 2,656 2,258 2,346 3,026 2,137 1,954 2,265 2,046 2,238 3,590 1,715 1,528 2,450

-0.4 -1.9 -6.5 0.4 -2.3 -2.6 2.6 3.3 0.8 -2.8 -7.7 -6.3 -6.6 -7.4 -5.7 -12.3 -1.1 -6.8 7.8 -7.1 -1.4 0.6 -2.4 5.4 -9.2 2.4 12.7 -3.5 -3.6 7.8 5.3 -0.9 7.9 -2.7 -1.4 -11.7 4.4 -7.5 -11.5 -5.0 -2.1 -10.5 -6.2 -1.6 -6.5 -10.0 -4.0 -5.6 -11.8 -5.8 -9.0 -3.5 -11.1 -19.8 -7.8

(current value, billion)

Total

y-o-y change (%)

83,680 105,033 105,252 16,512 20,494 21,226 25,448 22,722 26,606 27,173 28,532 24,845 27,487 25,647 27,272 24,087 5,144 5,086 6,282 6,299 6,611 7,585 6,914 7,109 7,203 7,692 8,224 9,532 6,691 7,195 8,836 8,640 8,550 9,417 8,718 8,796 9,659 8,483 9,405 10,643 8,493 7,611 8,741 9,075 8,867 9,545 8,531 8,706 8,410 8,644 8,779 9,850 7,891 7,110 9,086

24.2 25.5 0.2 14.0 24.6 23.7 32.2 37.6 29.8 28.0 12.1 9.3 3.3 -5.6 -4.4 -3.1 7.9 12.3 21.1 23.2 24.3 26.0 25.2 27.0 19.2 27.3 36.5 32.7 30.1 41.5 40.7 37.2 29.3 24.2 26.1 23.7 34.1 10.3 14.4 11.7 26.9 5.8 -1.1 5.0 3.7 1.4 -2.1 -1.0 -12.9 1.9 -6.7 -7.5 -7.1 -6.6 3.9

Domestic construction orders Public Private

y-o-y change (%)

145,386 142,966 139,768 28,922 32,790 36,709 46,966 28,605 38,778 33,685 41,898 32,721 33,951 30,330 42,766 29,640 7,335 9,994 11,593 10,848 9,658 12,284 12,006 13,329 11,374 14,793 12,624 19,548 8,189 12,329 8,087 14,685 11,462 12,631 8,616 12,857 12,213 9,748 11,511 20,638 12,154 9,122 11,444 9,144 13,701 11,107 10,573 9,208 10,549 10,039 11,443 21,284 9,050 7,003 13,588

8.1 -1.7 -2.2 13.6 -7.3 0.6 26.4 -1.1 18.3 -8.2 -10.8 14.4 -12.4 -10.0 2.1 -9.4 -2.5 84.0 -7.4 19.2 -23.6 -9.9 38.3 52.0 -40.3 42.4 -4.7 44.6 11.7 23.4 -30.2 35.4 18.7 2.8 -28.2 -3.5 7.4 -34.1 -8.8 5.6 48.4 -26.0 41.5 -37.7 19.5 -12.1 22.7 -28.4 -13.6 3.0 -0.6 3.1 -25.5 -23.2 18.7

y-o-y change (%)

33,832 33,446 29,531 7,753 5,565 7,914 12,600 7,269 7,516 6,954 11,708 4,656 6,241 6,174 12,460 5,688 2,687 2,354 2,712 1,185 2,127 2,254 2,626 3,362 1,925 3,209 2,792 6,600 2,250 3,084 1,934 2,119 1,469 3,927 1,794 3,007 2,153 897 2,301 8,510 1,329 2,106 1,222 1,444 2,782 2,015 1,620 2,182 2,372 2,138 2,839 7,482 1,955 1,729 2,003

18.5 -1.1 -11.7 68.6 -37.9 61.5 24.9 -6.2 35.0 -12.1 -7.1 -35.9 -17.0 -11.2 6.4 22.1 102.9 106.4 27.1 -53.9 -10.2 -44.0 46.6 75.1 62.2 78.0 -14.5 31.5 -16.3 31.0 -28.7 78.9 -30.9 74.3 -31.7 -10.6 11.8 -72.1 -17.6 28.9 -40.9 -31.7 -36.8 -31.9 89.3 -48.7 -9.7 -27.4 10.2 138.5 23.4 -12.1 47.1 -17.9 64.0

y-o-y change (%)

107,748 104,431 103,127 20,458 26,702 26,985 33,603 17,267 30,481 26,586 30,097 23,548 26,930 22,802 29,847 20,486 4,371 7,559 8,528 9,295 7,412 9,995 8,513 9,464 9,008 11,509 9,729 12,365 5,935 5,899 5,433 11,956 9,934 8,590 6,797 9,837 9,951 8,828 9,192 12,078 6,484 6,941 10,123 7,428 10,760 8,742 8,885 5,864 8,052 7,825 8,479 13,543 6,478 4,949 9,060

4.4 -3.1 -2.2 -0.6 3.1 -12.6 30.1 -15.6 14.2 -1.5 -10.4 36.4 -11.7 -14.2 -0.8 -13.0 -28.1 79.5 -17.2 43.6 -27.1 8.0 25.0 44.7 -48.6 34.1 3.3 58.0 35.8 -22.0 -36.3 28.6 34.0 -14.1 -20.2 3.9 10.5 -23.3 -5.5 -2.3 9.3 17.7 86.3 -37.9 8.3 1.8 30.7 -40.4 -19.1 -11.4 -7.8 12.1 -0.1 -28.7 -10.5

p: Preliminary Source: Statistics Korea

May 2019

51

Statistical Appendices

7 Composite indexes of business cycle indicators, CSI and BSI Period 2015 1 2 3 4 5 6 7 8 9 10 11 12 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 6 7 8 9 10 11 12 2019 1p 2p 3p 4 5

Leading index (2015=100)

Cyclical indicator of leading index (2015=100)

Coincident index (2015=100)

Cyclical indicator of coincident index (2015=100)

CSI1

97.8 98.2 98.6 99.0 99.6 99.9 100.1 100.5 101.1 101.5 101.9 102.0 102.0 102.0 102.2 102.6 103.0 103.3 103.8 104.3 104.9 105.4 105.8 106.4 106.8 107.3 107.6 108.1 108.7 109.4 109.9 110.3 110.5 110.8 111.1 111.4 111.9 112.1 112.4 112.4 112.8 113.0 113.2 113.1 113.2 113.2 113.3 113.4 113.5 113.5 113.7 -

100.2 100.1 100.2 100.3 100.5 100.4 100.3 100.4 100.5 100.6 100.6 100.4 100.0 99.7 99.6 99.6 99.6 99.6 99.7 99.8 100.0 100.1 100.2 100.4 100.4 100.5 100.5 100.6 100.8 101.1 101.2 101.3 101.1 101.0 101.0 100.9 101.0 100.9 100.8 100.5 100.5 100.4 100.3 99.9 99.6 99.3 99.1 98.9 98.6 98.3 98.2 -

98.4 98.9 99.1 99.4 99.1 99.3 99.5 100.2 101.0 101.6 101.7 101.9 101.8 101.9 102.0 102.2 102.7 103.2 103.7 104.0 104.2 104.2 104.6 105.1 105.7 105.9 106.4 106.7 107.0 107.1 107.3 107.6 108.0 108.1 108.3 108.1 108.3 108.7 109.1 109.2 109.4 109.5 109.5 109.7 109.6 109.7 109.8 109.8 110.0 109.7 109.8 -

99.9 100.2 100.1 100.1 99.7 99.5 99.5 99.9 100.4 100.8 100.6 100.5 100.2 100.0 99.9 99.8 100.0 100.2 100.4 100.5 100.4 100.2 100.3 100.5 100.8 100.8 101.0 101.0 101.0 100.9 100.9 100.9 101.0 100.8 100.8 100.3 100.4 100.4 100.6 100.5 100.4 100.3 100.1 99.9 99.7 99.6 99.3 99.2 99.1 98.6 98.5 -

101.9 102.6 100.8 103.5 104.8 97.7 99.7 101.0 102.2 104.6 105.3 102.0 99.4 97.2 99.4 101.0 98.6 98.1 100.4 101.3 101.2 101.5 95.0 93.2 92.4 93.6 96.0 100.6 107.6 110.8 110.9 109.6 107.3 108.8 112.0 110.6 109.9 108.1 108.0 107 107.9 105.4 100.8 98.9 100.0 99.2 95.7 96.9 97.5 99.5 99.8 101.6 -

BOK BSI2 Results

Prospects

75 75 75 76 69 66 71 71 69 72 69 68 66 64 66 66 69 71 72 73 71 72 71 73 77 78 78 80 80 78 79 80 82 82 82 81 78 78 73 75 75 79 75 74 73 72 72 73 68 71 72 72 -

78 76 78 77 77 73 68 73 72 70 72 71 70 69 64 68 69 71 72 74 75 75 74 73 74 77 79 80 81 81 81 81 81 82 86 84 83 81 79 75 78 77 81 76 76 78 74 73 72 67 74 75 73

1. Consumer sentiment index 2. Business survey index (manufacturing, seasonally adjusted) p: Preliminary Sources: Statistics Korea, Bank of Korea

52

Economic Bulletin

8 Prices Period 2015 2016 2017 2018 2015 1 2 3 4 5 6 7 8 9 10 11 12 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 6 7 8 9 10 11 12 2019 1 2 3 4

Consumer prices(2015=100) Commodity Services

All Items y-o-y change (%)

100.0 101.0 102.9 104.5 99.8 99.7 99.7 99.8 100.0 100.1 100.2 100.4 100.1 100.1 99.9 100.2 100.4 100.8 100.6 100.8 100.8 100.8 100.6 100.9 101.5 101.6 101.5 101.6 102.6 102.9 102.9 102.7 102.8 102.6 102.8 103.4 103.5 103.4 102.6 103.0 103.4 104.2 104.1 104.3 104.3 104.1 103.9 104.9 105.7 105.5 104.7 104.4 104.2 104.7 104.5 104.9

0.7 1.0 1.9 1.5 1.0 0.6 0.5 0.4 0.6 0.7 0.7 0.7 0.5 0.8 0.8 1.1 0.6 1.1 0.8 1.0 0.8 0.7 0.4 0.5 1.3 1.5 1.5 1.3 2.2 2.1 2.3 2.0 2.0 1.8 2.2 2.5 2.0 1.8 1.2 1.4 0.8 1.3 1.2 1.5 1.5 1.5 1.1 1.4 2.1 2.0 2.0 1.3 0.8 0.5 0.4 0.6

y-o-y change (%)

100.0 99.4 101.3 102.7 100.6 100.4 100.1 99.8 100.3 100.4 100.0 100.1 99.8 99.6 99.3 99.7 99.2 99.9 99.1 99.3 99.1 99.1 98.2 98.5 100.0 100.3 100.1 100.1 101.4 101.8 101.6 100.9 101.1 100.9 100.6 101.7 102.2 101.7 100.6 101.1 101.5 102.7 102.2 102.3 102.2 102.0 101.3 103.0 104.9 104.4 103.0 102.2 101.6 101.9 101.7 102.4

-0.7 -0.6 1.9 1.3 0.1 -0.6 -1.0 -1.1 -0.8 -0.4 -0.8 -0.9 -1.3 -0.7 -0.7 -0.2 -1.4 -0.5 -1.0 -0.5 -1.2 -1.3 -1.8 -1.6 0.3 0.8 0.8 0.4 2.2 2.0 2.5 1.6 2.1 1.8 2.5 3.2 2.2 1.4 0.5 1.0 0.1 0.8 0.6 1.4 1.1 1.1 0.7 1.3 2.7 2.6 2.4 1.1 0.1 -0.7 -0.5 0.1

y-o-y change (%)

100.0 102.3 104.3 105.9 99.1 99.2 99.4 99.7 99.8 99.8 100.4 100.6 100.4 100.6 100.5 100.7 101.3 101.6 101.8 101.9 102.2 102.2 102.6 102.8 102.6 102.7 102.6 102.8 103.6 103.8 103.9 104.2 104.2 104.0 104.6 104.7 104.5 104.7 104.3 104.6 105.0 105.5 105.7 105.9 106.1 105.9 106.1 106.3 106.2 106.3 106.1 106.1 106.4 107.0 106.8 106.9

1.8 2.3 2.0 1.6 1.7 1.7 1.7 1.6 1.6 1.6 2.0 2.0 1.9 2.1 2.0 2.2 2.3 2.5 2.4 2.3 2.4 2.4 2.1 2.2 2.2 2.1 2.1 2.0 2.3 2.1 2.1 2.2 2.0 1.8 2.0 1.9 1.8 2.0 1.7 1.7 1.3 1.6 1.7 1.7 1.8 1.8 1.5 1.5 1.6 1.5 1.7 1.5 1.4 1.4 1.1 0.9

Producer prices(2015=100) All Items Commodity

Core y-o-y change (%)

100.0 101.6 103.1 104.3 99.4 99.5 99.6 99.6 99.9 99.9 100.2 100.3 100.2 100.4 100.4 100.6 101.0 101.2 101.3 101.5 101.7 101.8 101.5 101.6 101.7 102.1 102.0 101.9 102.6 102.8 102.8 102.9 103.1 103.1 103.4 103.4 103.3 103.5 103.1 103.3 103.5 103.9 104.1 104.4 104.5 104.4 104.2 104.3 104.7 104.7 104.6 104.6 104.8 105.2 105.1 105.3

2.2 1.6 1.5 1.2 2.6 2.4 2.2 2.1 2.1 2.0 2.1 2.1 2.0 2.2 2.2 2.3 1.6 1.7 1.7 1.9 1.8 1.8 1.3 1.3 1.5 1.8 1.6 1.2 1.6 1.6 1.5 1.4 1.4 1.3 1.8 1.8 1.6 1.3 1.1 1.4 0.9 1.1 1.3 1.4 1.3 1.2 0.8 0.9 1.3 1.2 1.4 1.3 1.2 1.3 0.9 0.9

y-o-y change (%)

100.0 98.2 101.6 103.5 100.9 101.0 100.8 100.8 100.9 100.8 100.5 99.8 99.4 98.7 98.3 98.1 97.6 97.6 97.5 97.7 97.9 98.1 98.0 98.1 98.3 98.6 99.0 99.9 101.4 101.7 101.7 101.5 101.2 100.8 100.9 101.4 102.0 102.1 102.0 102.1 102.5 103.0 102.9 103.0 103.3 103.4 103.9 104.3 104.6 104.3 103.5 103.0 102.9 103.0 103.4 103.7

-4.0 -1.8 3.5 1.9 -3.6 -3.6 -3.7 -3.6 -3.5 -3.6 -4.1 -4.5 -4.6 -4.6 -4.7 -4.0 -3.3 -3.4 -3.3 -3.0 -3.0 -2.7 -2.5 -1.8 -1.1 -0.1 0.7 1.8 3.9 4.3 4.3 3.8 3.4 2.8 3.0 3.3 3.8 3.6 3.0 2.2 1.2 1.2 1.2 1.5 2.1 2.5 2.9 2.9 2.5 2.1 1.5 0.9 0.4 0.1 0.5 0.6

y-o-y change (%)

100.0 96.8 101.1 103.3 101.6 101.7 101.5 101.3 101.3 101.3 100.6 99.7 99.0 97.9 97.3 97.0 96.0 96.0 95.9 96.2 96.4 96.7 96.5 96.5 96.8 97.2 97.8 99.2 101.2 101.7 101.5 101.1 100.6 100.0 100.0 100.7 101.7 101.9 101.7 101.8 102.1 102.7 102.6 102.7 103.1 103.2 103.8 104.5 105.0 104.4 103.3 102.4 102.1 102.0 102.5 102.9

-6.3 -3.3 4.5 2.1 -5.7 -5.7 -5.8 -5.7 -5.6 -5.7 -6.3 -7.0 -7.2 -7.3 -7.4 -6.5 -5.5 -5.6 -5.5 -5.0 -4.9 -4.5 -4.1 -3.2 -2.2 -0.8 0.6 2.3 5.4 6.0 5.8 5.1 4.4 3.4 3.6 4.4 5.1 4.8 4.0 2.6 1.0 1.0 1.1 1.6 2.5 3.3 3.8 3.7 3.2 2.5 1.5 0.7 -0.1 -0.7 0.0 0.2

Source: Bank of Korea

May 2019

53

Statistical Appendices

9 Employment (I) Period 2016 2017 2018 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰ Ⅱ Ⅲ Ⅳ 2019 Ⅰ 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 6 7 8 9 10 11 12 2019 1 2 3 4

Economically Economically active persons inactive persons y-o-y change (thousands) y-o-y change (thousands) 27,418 27,748 27,895 26,896 27,578 27,702 27,497 27,262 27,993 27,961 27,775 27,464 28,125 28,080 27,912 27,702 26,631 26,925 27,133 27,398 27,617 27,720 27,737 27,690 27,679 27,666 27,613 27,211 26,886 27,321 27,579 27,911 27,987 28,081 28,037 27,903 27,943 27,920 27,889 27,516 27,232 27,348 27,811 28,029 28,184 28,161 28,123 28,039 28,079 28,063 28,092 27,582 27,455 27,649 28,002 28,284

265 329 148 266 197 308 289 366 414 259 278 202 132 120 137 238 251 254 293 195 164 233 202 396 325 307 315 246 255 396 446 513 370 360 299 214 263 254 276 305 346 27 232 117 198 80 86 136 137 143 203 66 223 300 190 255

16,187 16,183 16,287 16,576 15,991 15,950 16,233 16,556 15,906 16,006 16,263 16,624 16,017 16,131 16,375 16,668 16,808 16,546 16,373 16,138 15,955 15,880 15,889 15,962 15,998 16,038 16,117 16,544 16,904 16,497 16,267 15,960 15,916 15,844 15,909 16,064 16,044 16,095 16,151 16,543 16,840 16,744 16,289 16,093 15,956 16,000 16,064 16,172 16,158 16,199 16,192 16,733 16,864 16,734 16,408 16,160

102 -5 104 127 178 48 53 -20 -85 56 30 68 110 126 112 44 148 136 96 186 213 136 159 -40 25 40 29 91 96 -49 -107 -179 -39 -36 20 102 45 57 34 -1 -64 247 22 134 41 156 155 108 114 105 41 190 23 -11 119 67

Labor force partication rate (%) 62.9 63.2 63.1 61.9 63.3 63.5 62.9 62.2 63.8 63.6 63.1 62.3 63.7 63.5 63.0 62.4 61.3 61.9 62.4 62.9 63.4 63.6 63.6 63.4 63.4 63.3 63.1 62.2 61.4 62.4 62.9 63.6 63.7 63.9 63.8 63.5 63.5 63.4 63.3 62.5 61.8 62.0 63.1 63.5 63.9 63.8 63.6 63.4 63.5 63.4 63.4 62.2 61.9 62.3 63.1 63.6

Employment Unemployment rate (%) rate (%) 60.6 60.8 60.7 59.2 60.9 61.2 60.9 59.6 61.3 61.4 61.0 59.6 61.2 61.1 60.9 59.6 59.0 58.9 59.7 60.5 61.1 61.3 61.3 61.2 61.1 61.2 61.2 60.2 59.1 59.3 60.3 61.0 61.5 61.5 61.6 61.2 61.4 61.4 61.4 60.4 59.5 59.2 60.2 60.9 61.3 61.4 61.3 60.9 61.2 61.2 61.4 60.1 59.2 59.4 60.4 60.8

3.7 3.7 3.8 4.3 3.7 3.5 3.2 4.3 3.8 3.4 3.2 4.3 3.9 3.8 3.4 4.5 3.7 4.9 4.2 3.9 3.6 3.6 3.5 3.6 3.5 3.3 3.1 3.2 3.7 4.9 4.1 4.2 3.6 3.8 3.4 3.6 3.3 3.2 3.1 3.3 3.7 4.6 4.5 4.1 4.0 3.7 3.7 4.0 3.6 3.5 3.2 3.4 4.5 4.7 4.3 4.4

Source: Statistics Korea

54

Economic Bulletin

10 Employment (II) Period

Employed persons (thousands) Manufacturing

All industry y-o-y change

2016 2017 2018 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018 Ⅰ Ⅱ Ⅲ Ⅳ 2019 1 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 6 7 8 9 10 11 12 2019 1 2 3 4

26,409 26,725 26,822 25,747 26,552 26,719 26,618 26,100 26,919 26,998 26,883 26,283 27,019 27,015 26,971 26,461 25,646 25,615 25,980 26,325 26,613 26,718 26,765 26,696 26,697 26,746 26,762 26,347 25,878 25,979 26,443 26,744 26,992 27,020 27,078 26,904 27,011 27,026 27,019 26,604 26,213 26,083 26,555 26,868 27,064 27,126 27,083 26,907 27,055 27,090 27,184 26,638 26,232 26,346 26,805 27,038

231 316 97 204 211 255 256 353 367 279 265 183 101 17 88 177 254 145 214 172 182 278 227 327 209 227 293 249 232 364 463 420 379 302 314 208 314 281 257 257 334 104 112 123 72 106 5 3 45 64 165 34 19 263 250 171

SOC & services

y-o-y change

4,584 4,566 4,510 4,650 4,599 4,540 4,545 4,530 4,579 4,570 4,586 4,575 4,487 4,479 4,499 4,432 4,673 4,648 4,630 4,601 4,608 4,588 4,564 4,519 4,538 4,547 4,549 4,541 4,503 4,549 4,539 4,542 4,586 4,608 4,611 4,544 4,555 4,560 4,581 4,618 4,609 4,562 4,554 4,473 4,507 4,482 4,484 4,439 4,513 4,515 4,490 4,491 4,439 4,411 4,446 4,421

-21 -18 -56 113 15 -92 -119 -120 -21 30 41 45 -91 -91 -88 -143 127 99 111 23 28 -6 -85 -97 -94 -125 -112 -120 -170 -99 -91 -60 -22 20 47 25 17 14 32 77 106 14 15 -68 -79 -126 -127 -105 -42 -45 -91 -127 -170 -151 -108 -52

y-o-y change

20,534 20,857 20,953 20,051 20,530 20,763 20,792 20,546 20,913 20,986 20,986 20,630 21,053 21,039 21,090 20,856 20,056 19,984 20,113 20,350 20,566 20,674 20,797 20,759 20,733 20,759 20,841 20,775 20,462 20,453 20,721 20,842 20,963 20,933 21,037 20,922 20,999 21,008 21,061 20,888 20,596 20,503 20,792 20,979 21,054 21,127 21,114 20,967 21,036 21,068 21,241 20,962 20,683 20,806 21,079 21,196

312 323 96 144 283 429 390 494 383 223 194 85 141 53 104 226 199 104 129 210 255 385 425 493 370 399 377 393 406 469 608 492 396 260 240 162 266 249 220 113 134 49 71 137 92 194 77 45 37 60 179 74 87 304 287 217

Source: Statistics Korea

May 2019

55

Statistical Appendices

11 Balance of payments (I) (US $ million)

Period 2016 2017 2018p 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ 2018p Ⅰ Ⅱ Ⅲ Ⅳ 2019p Ⅰ 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018p 1 2 3 4 5 6 7 8 9 10 11 12 2019p 1 2 3

Current account

Goods

97,923.7 75,230.9 76,408.5 26,367.7 27,085.0 21,759.4 22,711.6 15,980.6 14,455.0 25,944.5 18,850.8 11,653.2 17,248.1 28,115.5 19,391.7 11,246.4 7,317.4 7,927.5 11,122.8 4,184.3 10,491.0 12,409.7 8,831.8 5,410.1 7,517.5 7,476.8 7,873.3 7,361.5 3,401.7 7,438.6 5,140.3 3,184.0 4,262.1 7,008.9 7,467.4 6,139.4 12,337.7 6,890.0 7,474.3 4,486.5 2,644.6 3,904.7 5,103.9 1,355.7 8,434.5 7,457.9 8,552.3 8,550.2 11,013.0 9,348.8 5,223.6 4,819.3 2,824.9 3,601.9 4,819.6

116,461.7 113,592.9 111,866.6 29,714.6 32,544.1 27,172.4 27,030.6 24,699.4 27,303.8 33,090.7 28,499.0 22,531.9 29,946.9 34,718.1 24,669.7 19,608.9 8,255.0 8,143.3 13,316.3 9,893.3 10,237.7 12,413.1 10,486.8 6,791.0 9,894.6 8,874.9 9,453.1 8,702.6 6,687.5 9,432.3 8,579.6 10,925.8 7,675.6 8,702.4 9,920.7 8,647.3 14,522.7 9,417.9 11,165.6 7,915.5 7,549.7 5,571.0 9,411.2 9,620.4 10,785.4 9,541.1 10,788.5 10,922.3 13,007.3 10,654.5 7,485.8 6,529.4 5,662.2 5,479.4 8,467.3

Services Exports

Imports

511,926.1 580,310.2 625,437.4 119,093.5 127,675.2 128,305.0 136,852.4 139,598.3 142,985.7 149,655.5 148,070.7 150,104.6 157,666.0 158,973.9 158,692.9 137,502.9 37,326.8 36,545.0 45,221.7 40,501.1 42,155.7 45,018.4 42,616.0 41,847.1 43,841.9 43,111.2 46,297.1 47,444.1 44,498.9 44,777.1 50,322.3 48,155.0 46,728.9 48,101.8 47,108.0 47,834.3 54,713.2 46,115.1 51,690.0 50,265.6 52,224.4 44,990.5 52,889.7 51,506.8 53,846.7 52,312.5 54,184.3 53,472.4 51,317.2 57,403.2 51,716.0 49,573.7 49,436.8 40,133.0 47,933.1

395,464.4 466,717.3 513,570.8 89,378.9 95,131.1 101,132.6 109,821.8 114,898.9 115,681.9 116,564.8 119,571.7 127,572.7 127,719.1 124,255.8 134,023.2 117,894.0 29,071.8 28,401.7 31,661.4 30,607.8 31,918.0 32,605.3 32,129.2 35,056.1 33,947.3 34,236.3 36,844.0 38,741.5 37,811.4 35,344.8 41,742.7 37,229.2 39,053.3 39,399.4 37,187.3 39,187.0 40,190.5 36,697.2 40,524.4 42,350.1 44,674.7 39,419.5 43,478.5 41,886.4 43,061.3 42,771.4 43,395.8 42,550.1 38,309.9 46,748.7 44,230.2 43,044.3 43,774.6 34,653.6 39,465.8

-17,338.4 -36,734.1 -29,737.1 -3,711.0 -4,080.2 -5,417.2 -4,130.0 -9,393.4 -8,111.1 -8,616.1 -10,613.5 -9,313.8 -6,485.9 -7,610.5 -6,326.9 -7,659.1 -1,808.4 -1,053.1 -874.1 -1,670.3 -1,129.8 -1,280.1 -1,418.0 -1,453.4 -2,545.8 -1,771.7 -1,703.2 -655.1 -4,174.6 -2,198.4 -3,020.4 -2,494.3 -2,807.2 -2,809.6 -3,304.6 -2,309.0 -3,002.5 -3,602.5 -3,303.6 -3,707.4 -4,441.5 -2,612.6 -2,259.7 -1,977.6 -2,085.1 -2,423.2 -3,092.5 -2,043.8 -2,474.2 -2,180.2 -2,198.0 -1,948.7 -3,608.5 -1,715.3 -2,335.3

Primary income 4,567.1 5,336.9 2,777.7 1,335.3 -166.3 2,399.6 998.5 1,559.5 -3,106.4 3,940.3 2,943.5 1,312.2 -4,221.2 2,825.3 2,861.4 1,021.3 1,328.6 816.7 -810.0 -3,515.9 1,530.0 1,819.6 388.6 1,023.3 987.7 764.8 338.0 -104.3 1,206.7 755.2 -402.4 -4,669.9 36.4 1,527.1 1,534.5 592.1 1,813.7 1,547.2 272.6 1,123.7 1,157.9 1,444.5 -1,290.2 -5,622.8 478.7 922.9 1,535.4 318.5 971.4 1,327.6 490.7 1,043.1 1,402.1 359.5 -740.3

Secondary income -5,766.7 -6,964.8 -8,498.7 -971.2 -1,212.6 -2,395.4 -1,187.5 -884.9 -1,631.3 -2,470.4 -1,978.2 -2,877.1 -1,991.7 -1,817.4 -1,812.5 -1,724.7 -457.8 20.6 -534.0 -522.8 -146.9 -542.9 -625.6 -950.8 -819.0 -391.2 -214.6 -581.7 -317.9 -550.5 -16.5 -577.6 -642.7 -411.0 -683.2 -791.0 -996.2 -472.6 -660.3 -845.3 -1,621.5 -498.2 -757.4 -664.3 -744.5 -582.9 -679.1 -646.8 -491.5 -453.1 -554.9 -804.5 -630.9 -521.7 -572.1

p: Preliminary Source: Bank of Korea

56

Economic Bulletin

12 Balance of payments (II) (US $ million)

Period

Financial account*

2016 2017 2018p 2016 Ⅰ Ⅱ Ⅲ Ⅳ 2017 Ⅰ Ⅱ Ⅲ Ⅳ p 2018 Ⅰ Ⅱ Ⅲ Ⅳ p 2019 Ⅰ 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018p 1 2 3 4 5 6 7 8 9 10 11 12 2019p 1 2 3

99,811.3 84,425.3 70,489.3 28,236.5 22,642.8 24,612.6 24,319.4 19,114.9 12,386.9 29,836.8 23,086.7 12,384.7 11,706.6 26,806.9 19,591.1 12,018.2 6,747.0 9,439.7 12,049.8 1,596.3 10,132.2 10,914.3 9,202.8 6,855.4 8,554.4 8,419.5 8,505.1 7,394.8 4,325.0 9,012.8 5,777.1 1,863.3 2,118.2 8,405.4 8,911.6 9,399.0 11,526.2 7,192.7 9,369.1 6,524.9 3,560.9 4,418.6 4,405.2 5.7 6,905.9 4,795.0 9,998.2 7,030.0 9,778.7 10,280.7 3,871.3 5,439.1 3,003.2 2,837.2 6,177.8

Direct investment

Portfolio investment

17,785.2 16,156.5 24,437.9 5,691.9 4,489.3 1,828.4 5,775.6 7,140.3 4,050.0 4,851.8 114.4 2,244.4 8,283.1 8,890.6 5,019.8 7,979.3 206.1 2,181.3 3,304.5 808.9 1,442.8 2,237.6 710.9 -295.5 1,413.0 1,141.2 56.4 4,578.0 3,301.6 4,333.5 -494.8 1,773.0 872.7 1,404.3 637.2 1,953.7 2,260.9 198.6 -1.4 -82.8 240.3 419.8 1,584.3 1,951.5 6,079.9 251.7 2,268.1 4,372.2 2,250.3 3,414.6 200.9 1,404.3 1,669.9 2,641.6 3,667.8

66,970.2 57,853.0 43,884.0 16,794.1 13,981.8 15,865.5 20,328.8 8,131.0 11,965.1 23,755.5 14,001.4 12,833.6 4,505.1 7,784.3 18,761.0 12,416.2 5,412.9 5,749.6 5,631.6 3,277.6 4,546.1 6,158.1 145.0 7,111.8 8,608.7 9,921.6 7,011.4 3,395.8 4,794.5 1,003.6 2,332.9 3,460.2 5,511.1 2,993.8 2,727.2 11,338.8 9,689.5 313.3 1,616.1 12,072.0 3,337.9 9,391.1 104.6 4,061.5 533.0 -89.4 -3,427.9 1,692.4 9,519.8 6,626.2 5,023.5 7,111.3 4,816.1 3,152.3 4,447.8

Financial derivatives

Other investment

Reserve assets

10,880.8 14,312.0 -14,013.4 4,360.2 4,437.6 3,759.0 -1,676.0 6,061.1 -1,775.6 1,731.7 8,294.8 -1,776.7 -9,837.0 5,765.6 -8,165.3 -9,902.1 -460.0 2,343.2 2,477.0 -2,763.3 4,205.3 2,995.6 6,852.0 -1,757.5 -1,335.5 -2,124.1 1,871.4 -1,423.3 -3,879.7 5,420.5 4,520.3 -2,286.6 -3,930.8 4,441.8 5,497.6 -4,079.2 313.3 5,809.4 7,262.0 -4,776.6 -145.9 -4,656.2 3,025.4 -8,375.7 -3,034.6 1,573.3 8,581.5 1,439.1 -4,255.0 -2,684.9 -1,619.6 -3,860.8 -3,487.8 -2,493.9 -3,920.4

7,615.2 4,357.1 17,491.9 -1,333.7 919.4 6,959.2 1,070.3 733.5 214.2 -151.3 3,560.7 2,787.8 9,802.5 2,146.3 2,755.3 1,035.0 360.2 -1,591.0 -102.9 1,316.6 401.7 -798.9 1,966.8 3,089.0 1,903.4 220.3 -517.1 1,367.1 255.5 -151.6 629.6 -170.9 78.5 306.6 128.8 347.0 -627.1 1,427.0 1,369.5 764.2 1,440.3 159.7 1,187.8 3,119.0 3,707.9 2,975.6 1,485.1 -1,235.6 1,896.8 2,157.6 -42.0 639.7 164.7 -586.3 1,456.6

-3,440.1 -8,253.3 -1,311.1 2,724.0 -1,185.3 -3,799.5 -1,179.3 -2,951.0 -2,066.8 -350.9 -2,884.6 -3,704.4 -1,047.1 2,220.1 1,220.3 489.8 1,227.8 756.6 739.6 -1,043.5 -463.7 321.9 -471.9 -1,292.4 -2,035.2 -739.5 83.0 -522.8 -146.9 -1,593.2 -1,210.9 -912.4 -413.3 -741.1 -79.2 -161.3 -110.4 -555.6 -877.1 -1,451.9 -1,311.7 -895.8 -1,496.9 -750.6 -380.3 83.8 1,091.4 761.9 366.8 767.2 308.5 144.6 -159.7 123.5 526.0

Capital account -46.2 -26.8 188.9 -8.1 -7.0 13.9 -45.0 39.2 -60.4 -5.9 0.3 -21.3 -70.7 61.5 219.4 -38.8 -2.6 -2.3 -3.2 -5.0 1.0 -3.0 5.8 17.2 -9.1 -6.3 -35.0 -3.7 42.9 -2.0 -1.7 -26.4 -1.9 -32.1 17.1 -21.8 -1.2 -7.4 38.8 -31.1 -6.5 -13.4 -1.4 -64.9 2.6 -8.4 -6.7 -5.1 73.3 82.8 -9.5 146.1 -29.4 -14.8 5.4

* Positive figures represent net outflows, and negative figures represent net inflows. p: Preliminary Source: Bank of Korea

May 2019

57

Statistical Appendices

13 Financial indicators (period average)

Stock

Yields (%) Period Call rate (1 day)

CD (91 days)

Treasury bonds (3 years)

Treasury bonds (5 years)

Corporate bonds (3 years, AA-)

1.99 1.99 1.82 1.73 1.74 1.57 1.48 1.49 1.48 1.48 1.49 1.48 1.49 1.49 1.49 1.49 1.49 1.28 1.23 1.23 1.24 1.23 1.23 1.22 1.24 1.23 1.23 1.23 1.23 1.24 1.24 1.23 1.25 1.24 1.26 1.51 1.49 1.49 1.49 1.47 1.50 1.49 1.49 1.50 1.54 1.52 1.51 1.77 1.75 1.76 1.76 1.75

2.13 2.12 1.95 1.81 1.80 1.70 1.65 1.64 1.60 1.58 1.59 1.67 1.67 1.64 1.63 1.61 1.58 1.43 1.36 1.35 1.34 1.35 1.42 1.54 1.50 1.49 1.48 1.43 1.39 1.38 1.39 1.39 1.38 1.38 1.45 1.66 1.66 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.68 1.71 1.91 1.87 1.87 1.90 1.86

2.04 2.02 1.87 1.74 1.88 1.77 1.78 1.74 1.65 1.63 1.75 1.72 1.63 1.47 1.50 1.47 1.46 1.33 1.22 1.24 1.31 1.36 1.61 1.69 1.64 1.67 1.71 1.68 1.69 1.67 1.74 1.78 1.79 2.03 2.15 2.10 2.19 2.28 2.27 2.19 2.25 2.18 2.10 2.02 1.95 2.01 1.94 1.83 1.81 1.80 1.79 1.74

2.16 2.12 1.97 1.86 2.11 2.04 2.05 1.95 1.85 1.78 1.95 1.90 1.77 1.59 1.61 1.57 1.55 1.41 1.25 1.26 1.35 1.41 1.74 1.87 1.82 1.86 1.91 1.86 1.91 1.86 1.94 1.99 1.99 2.25 2.36 2.30 2.44 2.54 2.50 2.44 2.53 2.44 2.34 2.24 2.13 2.16 2.05 1.89 1.88 1.87 1.84 1.77

2.36 2.30 2.13 1.99 2.12 2.01 2.00 1.98 1.95 1.96 2.12 2.14 2.09 1.95 1.98 1.94 1.91 1.79 1.65 1.65 1.70 1.78 2.02 2.16 2.10 2.13 2.21 2.20 2.22 2.21 2.28 2.32 2.33 2.57 2.71 2.65 2.72 2.82 2.83 2.79 2.86 2.81 2.75 2.66 2.40 2.45 2.40 2.30 2.26 2.25 2.24 2.21

2015 1 2 3 4 5 6 7 8 9 10 11 12 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 6 7 8 9 10 11 12 2019 1 2 3 4

KOSPI (end-period)

1,949 1,986 2,041 2,127 2,115 2,074 2,030 1,941 1,963 2,029 1,992 1,961 1,912 1,917 1,996 1,994 1,983 1,970 2,016 2,035 2,044 2,008 1,983 2,026 2,068 2,092 2,160 2,205 2,347 2,392 2,403 2,363 2,394 2,523 2,476 2,467 2,566 2,427 2,446 2,515 2,423 2,326 2,295 2,323 2,343 2,030 2,097 2,041 2,205 2,195 2,141 2,204

Source: Bank of Korea

58

Economic Bulletin

14 Monetary indicators (period average, billion won)

Reserves Period 2015 2016 2017 2018 2015 1 2 3 4 5 6 7 8 9 10 11 12 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 6 7 8 9 10 11 12 2019 1 2 3p

M1

y-o-y change (%)

120,691.4 137,441.5 151,858.1 164,963.2 113,304.2 116,502.4 115,974.9 115,132.7 117,726.3 118,688.2 122,041.0 121,854.4 126,572.2 125,616.2 126,767.1 128,117.5 131,279.3 134,913.0 132,957.9 135,038.9 135,971.3 135,758.4 135,906.7 139,073.9 142,079.6 141,103.5 141,757.2 143,458.7 147,380.8 150,092.9 145,049.0 149,630.1 149,446.2 150,519.7 149,955.1 152,170.5 154,578.6 159,248.2 155,623.3 158,603.1 157,220.1 163,852.7 160,760.7 161,527.1 160,475.5 164,397.3 163,223.4 165,629.2 170,529.6 170,478.9 168,326.2 173,137.8 170,871.6 177,604.3 174,831.7

16.8 13.9 10.5 8.6 15.0 15.9 15.3 16.4 15.7 17.0 20.6 13.2 20.1 17.3 18.8 16.3 15.9 15.8 14.6 17.3 15.5 14.4 11.4 14.1 12.3 12.3 11.8 12.0 12.3 11.3 9.1 10.8 9.9 10.9 10.3 9.4 8.8 12.9 9.8 10.6 6.7 9.2 10.8 8.0 7.4 9.2 8.8 8.8 10.3 7.1 8.2 9.2 8.7 8.4 8.8

M2

y-o-y change (%)

636,639.0 734,411.8 802,016.5 841,014.4 579,964.2 592,737.4 600,719.9 610,803.3 621,985.5 630,546.3 645,975.4 653,105.9 665,691.1 669,737.7 677,629.2 690,772.4 699,767.3 708,014.0 713,861.2 720,818.5 722,544.4 730,637.8 735,172.2 738,120.9 751,408.5 753,367.3 762,639.7 776,589.6 780,995.5 776,362.5 789,187.8 791,859.3 791,074.8 798,890.2 804,853.4 805,103.3 810,905.0 826,892.1 817,624.5 830,003.7 830,732.8 839,555.2 840,991.0 841,002.2 839,880.5 846,240.2 843,752.8 837,607.5 845,523.7 840,678.4 840,084.9 846,123.7 847,765.3 855,633.1 862,572.7

18.6 15.4 9.2 4.9 12.5 14.3 15.5 17.7 18.9 18.5 21.0 21.3 21.4 21.5 20.6 19.6 20.7 19.4 18.8 18.0 16.2 15.9 13.8 13.0 12.9 12.5 12.5 12.4 11.6 9.7 10.6 9.9 9.5 9.3 9.5 9.1 7.9 9.8 7.2 6.9 6.3 8.1 6.6 6.2 6.2 5.9 4.8 4.0 4.3 1.7 2.7 1.9 2.1 1.9 2.6

Lf

y-o-y change (%)

2,182,911.9 2,342,621.3 2,471,225.6 2,626,902.0 2,092,223.5 2,109,892.3 2,127,887.8 2,148,114.7 2,166,741.1 2,179,561.1 2,200,510.9 2,218,660.3 2,230,000.7 2,232,432.0 2,242,848.2 2,246,070.1 2,261,356.4 2,285,313.5 2,294,544.7 2,299,081.3 2,312,801.2 2,334,256.2 2,352,245.1 2,377,323.1 2,383,040.5 2,391,059.2 2,406,393.5 2,414,040.9 2,417,635.8 2,420,285.6 2,436,994.7 2,450,220.9 2,454,386.7 2,470,861.1 2,472,110.4 2,485,629.9 2,492,388.4 2,504,594.2 2,521,786.3 2,527,641.3 2,551,196.0 2,570,764.6 2,578,361.8 2,590,840.7 2,600,274.3 2,622,268.3 2,637,421.8 2,651,503.4 2,652,829.5 2,674,506.5 2,692,974.8 2,699,882.3 2,716,722.0 2,730,481.9 2,752,723.9

8.6 7.3 5.5 6.3 8.0 8.0 8.3 9.0 9.3 9.0 9.3 9.2 9.4 8.8 7.7 7.5 8.1 8.3 7.8 7.0 6.7 7.1 6.9 7.2 6.9 7.1 7.3 7.5 6.9 5.9 6.2 6.6 6.1 5.9 5.1 4.6 4.6 4.7 4.8 4.7 5.5 6.2 5.8 5.7 5.9 6.1 6.7 6.7 6.4 6.8 6.8 6.8 6.5 6.2 6.8

y-o-y change (%)

2,986,699.4 3,229,857.2 3,445,685.0 3,686,392.2 2,857,610.1 2,876,467.8 2,907,976.4 2,936,746.7 2,960,998.1 2,986,316.5 3,013,503.9 3,028,981.1 3,049,823.2 3,059,051.9 3,076,029.2 3,086,887.8 3,110,535.8 3,133,492.2 3,158,687.8 3,170,277.9 3,189,899.3 3,223,154.5 3,242,338.3 3,270,365.6 3,288,026.0 3,305,950.4 3,328,489.7 3,337,069.4 3,359,110.8 3,365,200.1 3,387,986.2 3,404,957.2 3,416,320.2 3,440,571.4 3,454,563.6 3,472,041.5 3,483,119.8 3,501,084.6 3,521,139.1 3,541,553.2 3,573,130.0 3,596,261.3 3,616,028.6 3,629,830.4 3,643,255.3 3,671,956.8 3,698,202.0 3,718,480.4 3,734,526.2 3,759,646.9 3,786,039.7 3,809,349.2 3,838,826.3 3,850,189.3 3,889,792.1

9.7 8.1 6.7 7.0 8.4 8.6 9.3 10.0 10.3 10.5 10.6 10.4 10.5 10.2 9.2 8.9 8.9 8.9 8.6 8.0 7.7 7.9 7.6 8.0 7.8 8.1 8.2 8.1 8.0 7.4 7.3 7.4 7.1 6.7 6.5 6.2 5.9 5.9 5.8 6.1 6.4 6.9 6.7 6.6 6.6 6.7 7.1 7.1 7.2 7.4 7.5 7.6 7.4 7.1 7.6

Source: Bank of Korea

May 2019

59

Statistical Appendices

15 Exchange rates (end-period)

US $/\ Period 2015 2016 2017 2018 2015 1 2 3 4 5 6 7 8 9 10 11 12 2016 1 2 3 4 5 6 7 8 9 10 11 12 2017 1 2 3 4 5 6 7 8 9 10 11 12 2018 1 2 3 4 5 6 7 8 9 10 11 12 2019 1 2 3 4

Won

1,172.0 1,208.5 1,071.4 1,181.1 1,190.8 1,099.2 1,105.0 1,068.1 1,108.0 1,124.1 1,166.3 1,176.3 1,194.5 1,142.3 1,150.4 1,172.0 1,208.4 1,235.4 1,153.5 1,143.9 1,190.6 1,164.7 1,125.7 1,118.5 1,096.3 1,145.2 1,168.5 1,208.5 1,157.8 1,132.1 1,116.1 1,130.1 1,123.9 1,139.6 1,119.1 1,122.8 1,146.7 1,125.0 1,082.4 1,071.4 1,071.5 1,071.0 1,066.5 1,076.2 1,081.3 1,121.7 1,116.7 1,108.8 1,112.7 1,140.6 1,121.8 1,118.1 1,170.2 1,117.8 1,137.8 1,158.2

Euro/\

100/\ y-o-y change (%)

6.6 3.1 -11.3 4.4 1.1 3.0 3.4 3.5 8.5 10.8 13.9 16.1 13.7 8.4 4.5 6.6 10.8 12.4 4.4 7.1 7.5 3.6 -3.5 -4.9 -8.2 0.3 1.6 3.1 -4.2 -8.4 -3.2 -1.2 -5.6 -2.2 -0.6 0.4 4.6 -1.8 -7.4 -11.3 -7.5 -5.4 -4.4 -4.8 -3.8 -1.6 -0.2 -1.2 -3.0 1.4 3.6 4.4 4.3 4.4 6.7 7.6

Won

972.0 1,036.8 949.1 1013.2 921.4 920.7 920.3 897.2 894.6 917.2 939.3 970.1 996.8 994.1 936.7 972.0 1,017.1 1,083.8 1,026.0 1,058.2 1,072.8 1,132.2 1,073.7 1,086.3 1,083.7 1,094.4 1,038.8 1,036.8 1,017.9 1,004.0 998.5 1,016.0 1,014.3 1,017.6 1,012.3 1,017.4 1,020.4 994.2 966.5 949.1 985.0 997.3 1,001.5 985.9 994.0 1,014.8 1,006.0 998.7 981.2 1,008.9 989.0 1,013.2 1,024.8 1,007.6 1,028.2 1,037.0

y-o-y change (%)

5.6 6.7 -8.5 6.8 -11.7 -11.9 -11.4 -10.8 -10.9 -8.3 -5.7 -0.8 3.8 -2.1 0.3 5.6 10.4 17.9 11.5 17.9 19.9 23.4 14.3 12.0 8.7 15.9 10.9 6.7 0.1 -7.5 -2.7 -4.0 -5.4 -10.1 -5.7 -6.3 -5.8 -9.2 -7.0 -8.5 -3.2 -0.7 0.3 -3.0 -2.0 -0.3 -0.6 -1.8 -3.8 1.5 2.3 6.8 4.0 1.0 2.7 5.2

Won

1,280.5 1,267.6 1,279.3 1,279.2 1,235.7 1,230.7 1,196.8 1,187.0 1,215.2 1,260.5 1,275.4 1,317.3 1,343.9 1,254.8 1,218.3 1,280.5 1,322.2 1,348.3 1,307.4 1,298.4 1,326.8 1,295.5 1,246.7 1,246.9 1,230.3 1,257.1 1,244.3 1,267.6 1,239.5 1,198.6 1,192.6 1,228.1 1,255.6 1,304.0 1,315.7 1,335.6 1,350.9 1,310.1 1,282.7 1,279.3 1,329.1 1,310.4 1,312.0 1,304.5 1,261.3 1,297.0 1,307.4 1,293.2 1,294.6 1,294.0 1,277.7 1,279.2 1,283.1 1,271.5 1,277.5 1,295.3

y-o-y change (%)

-4.2 -1.0 0.9 0.0 -16.1 -15.9 -18.6 -16.7 -12.6 -8.9 -7.0 -1.4 0.8 -5.6 -11.2 -4.2 7.0 9.6 9.2 9.4 9.2 2.8 -2.3 -5.3 -8.5 0.2 2.1 -1.0 -6.3 -11.1 -8.8 -5.4 -5.4 0.7 5.5 7.1 9.8 4.2 3.1 0.9 7.2 9.3 10.0 6.2 0.5 -0.5 -0.6 -3.2 -4.2 -1.2 -0.4 0.0 -3.5 -3.0 -2.6 -0.7

Source: Bank of Korea

60

Economic Bulletin

Useful websites

Ministry of Economy and Finance http://english.moef.go.kr Korea Development Institute http://www.kdi.re.kr/kdi_eng Ministry of Trade, Industry and Energy http://english.motie.go.kr Financial Services Commission http://www.fsc.go.kr/eng Financial Supervisory Service http://english.fss.or.kr Fair Trade Commission http://www.ftc.go.kr/eng Ministry of Employment and Labor http://www.moel.go.kr/english Bank of Korea http://www.bok.or.kr/eng Statistics Korea http://kostat.go.kr/portal/eng

Republic of Korea

Economic Bulletin May 2019

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