Академический Документы
Профессиональный Документы
Культура Документы
Republic of Korea
ECONOMIC BULLETIN (Republic of Korea)
ECONOMIC
BULLETIN
03 The Green Book:
Current Economic Trends
47 Featured Issue
52 Policy Issues
MOSF/KDI
65 Statistical Appendices
Vol.35 No.5 May 2013
Vol.35 No.5
May 2013
Republic of Korea
Vol.35 No.5
May 2013
Contents
Economic Bulletin
The Green Book: Current Economic Trends
Overview ......................................................................................................................... 03
1. External economic situation ..................................................................................... 04
2. Private consumption .................................................................................................. 09
3. Facility investment ..................................................................................................... 12
4. Construction investment ........................................................................................... 14
5. Exports and imports .................................................................................................. 17
6. Mining and manufacturing production .................................................................. 19
7. Service sector activity ................................................................................................ 22
8. Employment .............................................................................................................. 24
9. Financial markets ........................................................................................................ 28
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
10. Balance of payments ................................................................................................ 32
11. Prices and international commodity prices ......................................................... 35
11.1 Prices
11.2 International oil and commodity prices
12. Real estate market ................................................................................................... 40
12.1 Housing market
12.2 Land market
13. Composite indices of business cycle indicators .................................................. 45
Featured Issue
Government aims to break shackles of low growth ................................................47
(Interview with Deputy Prime Minister Oh-Seok Hyun)
Policy Issues
Government to remove regulatory obstacles to boost investment ....................... 52
Guidelines for FY 2014 budget ..................................................................................... 56
The economy grows at a slow pace, with real economic indicators, such as exports and investment,
continuing to be sluggish and amid lingering uncertainties from US debt ceiling negotiations, the
slow economic recovery in Europe and the weak yen.
The Korean government will closely watch the global and domestic economic situations, and
reinforce policy responses to stimulate the economy by promoting investment and strengthening
support for exports.
At the same time, the government will focus on securing the lives of the low- and middle-income
classes through job creation and by stabilizing the prices of necessities, while continuing to adopt
policies to improve the health of the economy.
1.
Although the US and China are showing gradual signs of recovery, its pace is
slower than expected, and the economic recession in the eurozone continues. The
IMF lowered its world economic growth outlook for 2013 from 3.5 percent to 3.3
percent, taking into account the effects of recession in the eurozone and the US
budget sequester.
External
economic
situation
(%)
5
4
3
2
1
0
-1
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
US
-0.4 (Q1 2012) [ 2.2 (Q2) [ 1.7 (Q3) [ 1.9 (Q4), 1.0 (Jan 2013) [ 1.2 (Feb)
-4.0 (Oct 2012) [ 8.2 (Nov) [ -1.0 (Dec) [ 14.1 (Jan 2013) [ -7.6 (Feb) [ 1.5 (March)
The unemployment rate fell to 7.5 percent in April, while nonfarm payroll
employment increased by 165,000, surpassing expectations (140,000).
Nonfarm payroll increase (m-o-m, thousand)
165 (Aug 2012) [ 138 (Sep) [ 160 (Oct) [ 247 (Nov) [ 219 (Dec) [ 148 (Jan 2013) [ 332
(Feb) [ 138 (Mar) [ 165 (Apr)
Nonfarm payroll increase in April by industry (A total of 165,000, thousand)
176 (private sector): -3 (mining), 0 (manufacturing), -6 (construction), 185 (service)
-11 (public sector)
2011
2012
Annual Annual
2013
Q1
Q2
Q3
Q4
Q1
Jan
Feb
Mar
Apr
Real GDP
1.8
2.2
2.0
1.3
3.1
0.4
2.5
2.5
1.9
2.4
1.5
1.6
1.8
3.2
8.6
8.0
7.5
3.6
-1.8
13.2
2.1
-1.4
12.1
20.5
8.5
13.5
17.6
12.6
Industrial production
4.1
3.8
1.4
0.6
0.0
0.6
1.2
-0.1
1.1
0.4
Retail sales
8.0
5.0
1.7
-0.3
1.3
1.5
1.0
-0.1
1.0
-0.4
2.4
9.9
5.5
-2.0
5.1
3.3
0.8
0.8
0.8
-0.6
Unemployment rate
9.0
8.1
8.3
8.2
8.1
7.8
7.7
7.9
7.7
7.6
7.5
Consumer prices
3.2
2.1
0.6
0.2
0.6
0.5
0.4
0.0
0.7
-0.2
1. Preliminary
2. Annualized rate (%)
3. Seasonally adjusted
Source: US Department of Commerce
10
8
6
4
2
0
-2
-4
-6
-8
-10
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
2013. Q1
(thousand)
(%)
600
10
400
200
0
-200
-400
-600
-800
-1,000
2001. 1
12
0
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Worries that Chinas recovery momentum is weakening grew as the economy fell
short of market expectations, growing 7.7 percent in the first quarter of 2013.
China
Despite growing exports and investment, poor domestic demand, which was
attributable to the drive to cut lavish government spending, anticorruption policies
and tightened food safety regulations, led the slowdown in the economic recovery.
The Chinese economy is expected to gradually recover due to the effects of
quantitative easing and a push for urbanization that will increase investment, but
constraints remain due to a lower than expected manufacturing PMI index* and
housing market regulations.
* The manufacturing PMI in April was 50.6, falling short of both market expectations (50.7) and
the average for April from 2005 to 2012 (56.0).
2011
2012
2013
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Dec
Q1
Feb
9.3
9.1
8.9
7.8
8.1
7.6
7.4
7.9
7.7
Real GDP
Mar
-
9.9
8.9
Industrial production
13.9
13.8
12.8
10.1
11.6
9.5
9.1
10.0
10.3
9.5
24.8
24.9
23.8
20.6
20.9
20.4
20.5
20.6
20.6
20.9
21.23 20.9
Retail sales
17.1
17.3
17.5
14.3
14.9
13.9
13.5
14.9
15.2
12.4
12.33 12.6
Exports
20.7
20.7
14.4
8.3
8.8
10.5
4.5
9.5
14.1
18.4
21.8
10.0
Consumer prices
5.4
6.3
4.6
2.6
3.8
2.8
1.9
2.1
2.5
2.4
3.2
2.1
Producer prices
6.0
7.1
3.1
-1.7
0.1
-1.4
-3.3
-2.3
-1.9
-1.7
-1.6
-1.9
1. Preliminary
2. Quarterly change: average of monthly change
3. Jan-Feb aggregate
Source: China National Bureau of Statistics
(%)
(%)
70
16
60
14
50
12
40
10
30
20
10
4
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
0
2013. Q1
Japan
Deflation continued as consumer prices fell 0.9 percent despite import prices
rising 8.2 percent from the previous month.
(Percentage change from previous period)
2011
2012
2013
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Jan
Feb
Mar
Real GDP
-0.6
2.5
0.1
2.0
1.5
-0.2
-0.9
0.0
Industrial production
-2.4
4.3
-0.4
-0.3
1.2
-2.0
-4.2
-1.9
0.3
0.6
-0.2
Retail sales
-1.2
0.5
-0.5
1.6
1.2
0.3
-0.9
-0.2
-0.2
1.7
-1.4
Exports (y-o-y)
-2.7
0.5
-5.5
-2.8
-1.6
4.8
-8.2
-5.5
6.4
-2.9
1.1
-0.2
0.0
-0.2
-0.1
0.5
-0.2
-0.3
-0.1
-0.3
-0.7
-0.9
1. Preliminary
Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
(%)
(%)
25
20
15
10
5
0
-5
-2
-10
-15
-4
-20
-6
2001. Q1
-25
2002. Q1
2003. Q1
Eurozone
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
2011
2012
2013
Annual
Q4
Annual
Q1
Q2
Q3
Q4
Dec
Jan
Feb
Mar
1.4
-0.3
-0.5
0.0
-0.2
-0.1
-0.6
Industrial production
3.5
-2.1
-2.4
-0.5
-0.5
0.4
-2.4
0.9
-0.6
0.5
Retail sales
-0.5
-1.2
-1.7
-0.3
-0.8
0.0
-1.5
-0.8
0.9
-0.3
Exports (y-o-y)
12.7
8.3
7.4
8.6
8.1
7.4
5.5
-3.1
5.1
-1.1
2.7
2.9
2.1
2.7
2.7
2.5
2.3
2.2
2.0
1.8
1.7
Real GDP
(%)
(%)
10
8
6
4
2
0
-2
-1
-4
-6
-2
-8
-3
2001. Q1
-10
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2.
Private
consumption
2011. Q1
2012. Q1
Private consumption in the first quarter of 2013 (advanced estimates of GDP) fell
0.3 percent quarter-on-quarter but rose 1.6 percent year-on-year.
2011
Private consumption
(y-o-y)
2012
2013
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
2.4
0.7
0.6
0.1
-0.2
1.7
0.8
0.4
0.7
0.8
-0.3
3.2
3.1
2.1
1.2
1.3
1.0
1.7
2.7
1.6
1. Preliminary
2. National accounts
Source: The Bank of Korea
Retail sales in March increased 1.4 percent month-on-month and 1.7 percent yearon-year as nondurable goods such as automobile fuel and semi-durable goods
such as clothing saw their sales increase, but the sales of durable goods such as
communications devices fell.
(Percentage change from previous period)
2011
20131
2012
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
Feb
Mar1
4.5
1.4
0.8
0.5
0.0
2.3
1.0
0.3
1.2
0.4
-1.2
-0.6
1.4
5.3
6.2
4.0
2.6
2.8
1.4
2.6
2.5
0.2
1.7
1.7
- Durable goods
10.6
3.8
0.5
0.7
-0.9
5.3
2.5
1.9
2.8
2.3
-4.4
2.8
-3.1
Automobiles
7.0
5.2
-3.3
4.6
-11.3
2.4
2.4
9.4
-1.6
9.0
-8.9
2.8
4.6
- Semi-durable goods
3.7
0.9
1.4
1.7
-2.7
-1.1
-0.4
0.3
-1.1
1.7
1.3
1.1
4.7
- Nondurable goods
2.1
0.4
0.6
-0.1
1.6
2.3
0.9
-0.6
1.5
-1.1
-0.7
-3.1
2.3
Retail sales
(y-o-y)
1. Preliminary
2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
3. Semi-durable goods: Clothing, footwear, etc.
4. Nondurable goods: Food, medicine, cosmetics, fuel, tobacco, etc.
Source: Statistics Korea
There is a possibility that Aprils retail sales will be somewhat worse than Marchs
as sales of major retail items, such as food, beverages and clothing, are all slowing
down along with durable goods sales.
Domestic sales of cars turned positive owing to an increase in business days.
Department store sales turned negative due to a decrease in weekend and holiday
openings by two days, and discount store sales took a sharp fall owing to an increase
in the number of mandatory Sunday closures.
Gasoline sales slowed down due to fewer holidays in April, despite a drop in
gasoline prices.
Gasoline prices (won/liter)
1,978 (4th week Mar), 1,971 (1st week Apr), 1,964 (2nd week), 1,955 (3rd week), 1,934 (4th week),
1,915 (5th week)
Credit card use grew at a slower pace in line with slowing consumption.
(y-o-y, %)
2012
Sep
2013
Oct
Nov
Dec
Jan
Feb
Mar
Apr
4.5
15.7
9.2
14.2
7.1
6.2
3.4
5.6
-0.8
-0.4
9.1
-0.2
-8.2
1.7
7.5
-1.6
0.2
-6.6
-1.7
-5.0
-24.6
8.9
-4.4
-10.3
1.6
7.9
3.7
-2.8
2.9
-8.0
7.6
4.4
-3.1
4.3
13.2
7.5
1.6
-13.5
-1.0
0.8
Sources: Credit Finance Association of Korea, Ministry of Trade, Industry and Energy, Korea National Oil Corporation, Korea Automobile Manufacturers
Association Ministry of Strategy and Finance (for April data)
Private consumption
Source: The Bank of Korea (national accounts)
14
(%)
12
10
8
6
4
2
0
-2
-4
-6
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
2013. Q1
Retail sales
Source: Statistics Korea (industrial activity trend)
25
(%)
20
15
10
5
0
-5
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
Durable goods
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Semi-durable goods
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Nondurable goods
3.
Facility investment (advanced estimates of GDP) increased 3.0 percent quarter-onquarter but decreased 11.5 percent year-on-year in the first quarter of 2013.
Facility
investment
2011
Facility investment
(y-o-y)
Annual
Q3
3.6
-
2012
Q2
2013
Q4
Annual
Q1
Q3
Q4
Q1
-1.8
-3.6
-1.9
10.4
-7.8
-5.2
-1.8
3.0
1.1
-3.6
8.8
-3.5
-6.9
-5.2
-11.5
- Machinery
4.2
-2.3
-1.8
-1.1
11.3
-8.5
-6.0
-3.2
- Transportation equipment
1.4
-0.1
-10.8
-5.0
6.7
-5.2
-1.7
3.7
2012. Q1
2013. Q1
1. Preliminary
2. National accounts
Source: The Bank of Korea
Facility investment
Source: The Bank of Korea (national accounts)
(%)
40
30
20
10
0
-10
-20
-30
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
-40
2001. Q1
2002. Q1
2003. Q1
Transportation equipment
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Machinery
2011
2012
Annual Annual
Q1
2013
Q2
Q3
Q4
Q1
Jan
Feb
Mar
6.4
-5.0
-6.8
0.8
-3.3
-8.8
6.3
-6.6
10.7
-2.7
-8.2
-6.9
-14.4
-15.7
-18.5
-9.2
4.0
-2.0
(y-o-y)
- Machinery
2.7
-2.2
8.1
-5.5
-6.9
-3.8
-4.5
-6.5
6.5
-11.3
- Transportation equipment
9.8
-1.1
-1.0
-1.8
-6.7
22.0
1.2
-16.7
5.9
9.3
1. Preliminary
Source: Statistics Korea
The improving corporate sentiment and an increase in machinery orders may bode
well for facility investment, but the low average manufacturing operation ratio and
facility investment adjustment pressure may act as negative factors.
Business survey index for manufacturing sector (Bank of Korea)
70 (Aug 2012) [ 75 (Sep) [ 72 (Oct) [ 70 (Nov) [ 67 (Dec) [ 70 (Jan 2013) [ 72 (Feb) [
76 (Mar) [ 80 (Apr) [ 81 (May)
2011
2012
Annual Annual
2013
Q1
Q2
Q3
Q4
Q1
Jan
Feb
Mar
-13.4
-1.1
-19.8
-10.4
-21.5
-7.9
-3.6
-32.0
21.1
-5.3
-18.7
-2.0
3.9
8.3
4.5
-2.8
3.0
7.6
(q-o-q, m-o-m)
- Public
-2.6
-11.0
126.1
-59.7
86.7
-54.6
-47.4
169.8
-76.5
95.4
- Private
8.8
-13.6
-8.7
-15.1
-16.0
-15.1
-2.0
-8.3
-15.3
18.4
Machinery imports
7.1
-3.0
15.3
-4.3
-12.2
-8.2
-12.0
-4.4
-23.4
-7.2
80.2
78.1
79.6
79.0
76.2
77.8
77.3
78.6
77.6
75.7
1.1
-1.4
0.7
-1.3
-3.0
-1.5
-2.8
6.9
-10.8
-4.0
1. Preliminary
2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, Korea International Trade Association
(trillion won)
(y-o-y, %)
60
50
40
30
20
10
0
-10
-20
-30
3
2
2001. Q1
70
-40
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
4.
Construction
investment
2012. Q1
-50
2013. Q1
2011
Construction investment
(y-o-y)
2012
2013
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
1Q
-4.7
-0.4
0.1
-2.2
-1.5
-1.3
0.7
-1.2
2.5
-3.6
-1.7
-0.4
-3.1
-0.3
-4.2
0.7
- Building construction
-2.7
-0.3
-1.0
-1.7
0.3
-2.6
0.1
-0.3
-7.3
-0.7
1.5
-2.9
-3.9
0.4
1.5
-2.4
1. Preliminary
2. National accounts
Source: The Bank of Korea
2011
2012
Annual Annual
Construction completed (constant)
-6.4
(y-o-y)
2013
Q1
Q2
Q3
Q4
Dec
Q1
Jan
Feb
Mar
-5.8
-5.6
-0.9
1.0
1.4
2.1
4.3
-0.3
5.6
-3.0
-4.9
-9.7
-2.3
-5.6
-8.3
5.0
8.8
3.6
3.2
- Building construction
-6.9
-7.6
-4.5
-4.8
1.0
1.8
3.0
7.3
1.8
5.5
0.7
-5.6
-3.5
-6.9
4.1
0.9
1.0
1.1
0.6
-2.8
5.7
-7.5
2006. Q1
2007. Q1
2008. Q1
2009. Q1
1. Preliminary
Source: Statistics Korea
Construction investment
Source: The Bank of Korea (national accounts)
(%)
20
15
10
5
0
-5
-10
-15
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2010. Q1
2011. Q1
2012. Q1
2013. Q1
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
2003. 1
Building construction
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Residential buildings
2009. 1
2010. 1
2011. 1
2012. 1
Civil engineering works
-34.6 (Aug 2012) [ -44.3 (Sep) [ -15.2 (Oct) [ -8.0 (Nov) [ 2.4 (Dec) [ -5.7 (Jan 2013) [
-14.2 (Feb) [ -1.4 (Mar)
(Percentage change from same period in previous year)
2011
2012
Annual Annual
Construction orders (current value)
2013
Q1
Q2
Q3
Q4
Dec
Q1
Jan
Feb
Mar
6.1
-8.9
33.3
-0.7
-13.6
-33.1
-43.0
-42.2
-52.7
-47.0
-24.1
15.1
-14.8
-6.1
-20.4
-10.8
-7.2
-23.7
57.7
-17.2
- Building construction
14.0
-8.7
27.4
-7.0
-7.1
-27.4
-37.5
-35.3
-65.1
-8.8
-18.9
-6.0
-9.3
42.0
12.5
-26.3
-43.7
-51.6
-51.4
-22.6
-72.5
-33.3
9.9
-0.5
8.7
1.2
-7.3
-2.3
9.2
-12.4
-4,8
-17.6
-14.2
(q-o-q, m-o-m)
1. Preliminary
Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport
(y-o-y, %)
290
240
190
140
90
40
-10
-60
-110
2001. 1
2002. 1
2003. 1
Construction orders
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
5.
Exports and
imports
Exports grew only slightly despite strong IT exports, brisk exports to China and
two more days worked, due to a decrease in exports of automobiles, steel and
vessels and exports to Japan.
Export growth by item (y-o-y, %)
51.3 (mobile phones), 12.5 (semiconductors), -2.4 (automobiles), -13.6 (steel), -44.8 (vessels)
Export growth by region (y-o-y, %)
16.3 (China), 15.4 (ASEAN countries), 2.1 (US), -11.1 (Japan), 4.9 (EU), -12.5 (Middle East)
-1.2 (Oct 2012) [ 3.9 (Nov) [ 7.1 (Dec) [ 1.7 (Jan 2013) [ 2.5 (Feb) [ 4.7 (Mar) [ -7.9 (Apr)
2.10 (Apr 2012), 2.10 (Q2) [ 1.90 (Q3), 1.90 (Jan 2013) [ 2.07(Feb) [ 2.11 (Mar) [ 1.93 (Apr)
The effects of the weakening yen on the economy are increasing; exports to Japan
continue to slow down and exports of items in competition with Japan, such as
automobiles and steel, are poor.
Exports by item
Source: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trend)
160
(y-o-y, %)
140
120
100
80
60
40
20
0
-20
-40
-60
-80
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Automobiles
2007. 1
2008. 1
2009. 1
2010. 1
Semiconductors
2011. 1
2012. 1
2013. 1
Steel
(US$ billion)
2012
2013
Annual
Apr
Q1
Q2
Q3
Q4
Q1
Feb
Mar
Apr
547.87
46.10
134.85
140.13
133.13
139.77
135.47
42.34
47.44
46.30
(y-o-y, %)
-1.3
- 5.0
2.9
-1.7
-5.8
-0.4
0.5
-8.6
0.2
0.4
2.00
2.10
1.97
2.09
1.90
2.04
2.02
2.07
2.11
1.93
Exports
1. Preliminary
Source: Korea Customs Service
Imports by type
Source: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trend)
100
(y-o-y, %)
80
60
40
20
0
-20
-40
-60
-80
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Commodities
2013. 1
Capital goods
(US$ billion)
2012
Imports
2013
Annual
Apr
Q1
Q2
Q3
Q4
Q1
Feb
Mar
Apr
519.58
43.96
133.67
130.43
125.65
129.83
129.68
40.31
44.15
43.72
(y-o-y, %)
-0.9
-0.5
7.8
-2.9
-6.9
-1.1
-3.0
-10.6
-2.0
-0.5
1.90
2.00
1.95
1.96
1.79
1.89
1.94
1.96
1.96
1.82
1. Preliminary
Source: Korea Customs Service
(US$ billion)
50
40
30
20
10
0
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
Trade balance
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Exports
2013. 1
Imports
2012
Trade balance
2013
Annual
Apr
Q1
Q2
Q3
Q4
Q1
Feb
Mar
Apr
28.29
2.14
1.18
9.70
7.47
9.94
5.78
2.02
3.29
2.58
1. Preliminary
Source: Korea Customs Service
6.
Mining and
manufacturing
production
Mining and manufacturing production in March fell 2.6 percent month-onmonth and 3.0 percent year-on-year, as weakness in automobiles and audiovisual communications equipment offset growth in mechanical equipment and
semiconductors & parts.
Compared to the previous month, production of mechanical equipment (up 3.8%),
semiconductors & parts (up 1.3%) and electrical equipment (up 1.1%) rose, while
automobiles (down 9.8%), audio-visual communications equipment (down 9.1%)
and other transportation equipment (down 5.4%) fell.
Compared to a year ago, production of semiconductors & parts (up 5.9%) and
medical, precision & optical instruments (up 12.1%) increased, while production
of automobiles (down 10.0%), mechanical equipment (down 8.4%) and audiovisual communications equipment (down 17.8%) went down.
The manufacturing inventory-shipment ratio rose by 1.5 percentage points monthon-month as inventories decreased 0.4 percent and shipments fell 1.8 percent.
The Green Book | 19
Industrial production
Source: Statistics Korea (industrial activity trend)
50
(%)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
(m-o-m, %)
8
6
4
2
0
-2
-4
-6
-8
-10
2001. 1
2002. 1
2003. 1
Shipment growth
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Inventory growth
( %)
90
80
70]
60
50
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
2012
2013
Annual
Q1
Q2
Q3
1.7
-0.5
-2.2
(y-o-y)
0.8
3.6
1.1
-1.0
Q4
Dec
Q1
Jan
Feb
Mar
2.9
1.6
-0.9
-1.2
-0.9
-2.6
-0.1
-0.4
-1.7
7.7
-9.4
-3.0
1.7
-0.5
-2.3
3.0
1.5
-0.9
-0.9
-1.2
-2.5
0.8
3.8
1.0
-1.1
-0.2
-0.5
-1.7
8.0
-9.7
-3.0
0.7
1.8
-0.3
-2.4
2.0
2.2
-0.3
-0.7
-1.1
-1.8
-1.1
0.7
-0.3
-1.4
1.0
1.6
-0.7
-0.6
-0.6
-2.8
3.0
3.2
-0.3
-3.6
3.2
3.1
0.0
-1.2
-1.5
-0.7
Inventory3
2.3
1.6
-1.8
-3.0
2.3
2.3
-0.4
0.9
-2.6
-0.4
78.1
79.6
79.0
76.2
77.8
78.4
77.3
78.6
77.6
75.7
2.2
3.1
2.3
1.9
1.3
1.3
1.1
1.1
1.1
1.0
1. Preliminary
2. Including mining, manufacturing, electricity, and gas industry
3. End-period
4. Percentage change from same period in previous year
Source: Statistics Korea
16.3 (Oct 2012) [ 23.4 (Nov) [ 12.6 (Dec) [ 32.2 (Jan 2013) [ 15.1 (Feb) [ 21.8 (Mar) [ 51.3 (Apr)
27.1 (Oct 2012) [ 10.1 (Nov) [ -1.5 (Dec) [ 11.1 (Jan 2013) [ -1.5 (Feb) [ 3.3 (Mar) [ -11.2 (Apr)
-4.4 (Oct 2012) [ 1.9 (Nov) [ -6.3 (Dec) [ 23.3 (Jan 2013) [ -16.3 (Feb) [ -11.5 (Mar) [ -2.4 (Apr)
The Green Book | 21
7.
Service sector
activity
Weight
Service activity index
- Wholesale & retail
- Transportation services
2011
Annual Q1
Q2
20131
2012
Q3
Q4 Annual Q1
0.0
1.6
Q2
Q3
Q4
Q1
100.0
3.2
1.2
0.5
1.2
0.5
0.1
0.9
0.0
21.6
3.8
1.6
1.0
0.4 -0.3
0.7 -0.1
0.6
0.1
0.7 -1.1
8.5
4.5
2.6 -0.4
1.1 -1.3
1.2
0.2
0.9
0.6
1.2
0.2
Feb1 Mar1
1.8 -1.0
1.0
0.7
0.9
1.0 -0.9
8.4
5.1
0.7
0.7
0.6
1.6 -0.6
0.6
0.5 -6.0
14.7
6.8
2.9 -0.5
3.1
1.7
3.3
1.0
3.9 -0.8
3.0 -0.4
2.8
2.3 -2.6
2.3 -1.3
0.5
1.6 -2.6
5.6
0.5 -3.7
2.7
1.1
4.1
4.0 -0.6
0.8
- Business services
3.3
5.2
1.2
0.5
0.3
3.5
- Educational services
- Healthcare & social welfare services
1.2
2.9
1.9 -1.7
4.9
0.5
8.2 -6.3
2.3 -0.4
10.9
2.2
0.5 -1.0
1.1
1.0
0.9
0.6 -1.4
0.0
0.9
1.2
2.0
0.5
7.5
6.4
3.0
1.4
1.5
5.8
1.4
2.5
1.0
0.2
0.8
1.6
0.4
1.4
2.8
0.9
3.9
2.4
0.9
2.9
2.7
0.4
3.0 -1.0
- Membership organizations
3.6
1.6
0.4
1.9 -0.6
0.6
3.3 -3.2
8.6
0.8
5.8
1.8
3.2 -2.6
6.5
1. Preliminary
Source: Statistics Korea
In April, wholesale & retail is expected to decline due to sluggish retail sales, but
financial & insurance services and real estate & renting may improve thanks to
increasing stock and real estate transactions.
Average daily stock transactions (trillion won)
7.9 (Sep 2012) [ 6.8 (Oct) [ 6.2 (Nov) [ 5.8 (Dec) [ 6.3 (Jan 2013) [ 5.5 (Feb) [ 6.0 (Mar)
[ 6.9 (Apr)
22 | The Green Book
Service industry
Source: Statistics Korea (service industry activity trend)
20
(%)
15
10
5
0
-5
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
(%)
15
10
5
0
-5
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
4
2
Tot
al i
nde
x
0
-2
&r
eta
il
Tra
nsp
ort
atio
ns
erv
ice
Ho
s
tels
&r
est
aur
ant
s
Pub
lish
ing
&c
om
mu
Fin
nic
anc
atio
ial
ns
&i
ser
nsu
vic
es
ran
c
e se
Rea
rvic
l es
es
tat
e&
ren
Pro
tin
ser fess
g
vic ion
es al,
scie
nti
fic
B
&t
sup usine
ech
por ss fa
nic
al
t se cili
t
rvic y m
es an
age
Edu
me
nt &
cat
ion
bus
al s
ine
erv
ss
i
c
e
He
s
alth
car
e&
soc
ial
we
Ent
lfar
ert
e se
ain
rvic
me
es
nt,
cul
Me
tur
oth mb
al &
er p ersh
spo
ers ip o
rts
ona rga
ser
n
l
vic
ser iza
Sew
es
vic tion
ma era
es s,
ter ge
rep
ial , w
air
rec ast
&
ove e m
ry & an
rem agem
edi ent
atio ,
na
ctiv
itie
s
(y-o-y, %)
Wh
ole
sal
e
-4
-6
8.
Employment
2010
2011
Annual Annual Q3
Number of employed (million)
2012
Q4 Annual Mar
Q1
2013
Q2
Q3
Q4
Q1
Feb
Mar
23.83 24.24 24.48 24.46 24.68 24.27 23.93 25.00 24.99 24.80 24.18 23.98 24.51
58.7
59.1
59.5
59.4
59.4
58.6
57.8
60.2
60.0
59.4
57.7
57.2
58.4
(Seasonally adjusted)
58.7
59.1
59.1
59.2
59.4
59.4
59.3
59.4
59.5
59.3
59.2
59.1
59.2
323
415
363
474
437
419
467
430
506
342
257
201
249
405
440
414
497
451
512
498
454
504
344
266
216
244
191
63
-12
-75
14 -104 -102
-66
85
140
119
79
123
33
-2
-35
71
22
74
79
33
17
-40
-64
-95
-51
- Services
200
386
472
514
416
564
541
491
397
236
199
222
156
-82
-25
-51
-23
-14
-92
-31
-24
-2
-9
-15
- Wage workers
517
427
392
374
315
356
360
281
317
303
329
267
322
Regular workers
697
575
572
500
436
356
413
379
485
469
554
529
611
Temporary workers
-34
-78
-76
-10
-2
215
110
73
- Manufacturing
- Construction
Daily workers
-146
-89
-57
-194
-11
-29
100
121
63
108
150
189
-118
34
125
124
125
149
173
- Male
181
238
208
257
234
178
238
- Female
142
177
155
216
203
241
- 15 to 29
-43
-35
-1
-18
-36
- 30 to 39
-4
-47
-83
-56
- 40 to 49
29
57
46
- 50 to 59
294
291
47
149
- Non-wage workers
Self-employed workers
- 60 or more
Source: Statistics Korea
-73 -110
-61
39
-71
-66
-73
143
33
-28
-15
-48
242
284
172
123
47
148
230
188
223
170
135
154
101
26
-8
-57
-31
-95
-65
-80
33
-10
-15
-17
-1
47
11
35
28
12
-3
12
13
-26
270
315
270
293
326
260
273
220
196
176
213
131
185
222
160
178
251
245
215
181
170
191
(thousand)
(million)
26
1,000
25
800
600
24
400
23
200
0
22
-200
21
-400
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
(%)
80
60
70.3 69.9 69.2 68.8 68.4 68.4 69.1 68.9 69.1 68.7 69.2 70.2 71.0 70.8 70.3 69.7 69.2 69.1 69.3 69.2 69.0 68.7 69.0 70.4 70.9 71.1 70.2
40
7.0
20
0
7.0
7.0
7.1
7.2
7.3
7.1
7.3
7.1
7.4
7.5
7.6
7.2
7.1
7.2
7.2
7.2
7.2
7.1
7.1
7.1
7.3
7.2
7.2
6.9
6.7
6.9
17.9 17.8 17.3 16.9 16.8 16.7 16.6 16.5 16.5 16.4 16.5 16.9 17.0 17.1 16.6 16.3 16.2 16.3 16.4 16.5 16.6 16.7 16.9 17.1 17.4 17.3 16.9
4.4
4.9
2011. 1 2
6.1
6.8
7.2
7.2
6.9
7.0
7.0
7.1
6.5
5.0
4.7
5.6
6.5
7.0
7.0
6.8
6.8
6.8
6.9
6.5
4.9
4.6
5.6
10
11
12 2012. 1 2
10
11
12 2013. 1 2
Services
4.4
Construction
Manufacturing
4.3
(%)
4.7
5.1
5.4
5.6
5.5
5.3
5.3
5.1
5.4
5.2
4.6
4.5
4.5
4.8
5.1
5.4
5.4
5.3
5.3
5.4
5.3
5.2
4.5
4.2
4.2
4.7
22.8 23.0 23.3 23.2 23.0 22.9 23.0 23.2 23.4 23.2 23.0 22.9 23.1 23.1 23.4 23.4 23.3 23.2 23.4 23.3 23.2 23.1 22.9 22.7 22.7 22.8 23.0
7.2
60
4.8
7.2
7.3
7.5
7.5
7.6
7.4
7.2
6.4
7.0
7.2
7.0
6.5
6.5
6.3
6.6
6.8
6.7
6.7
6.4
6.4
6.7
6.8
6.6
6.2
6.0
6.0
20.9 20.5 20.1 20.3 20.5 20.7 20.9 20.5 20.8 20.6 20.5 20.7 20.5 20.5 20.6 20.6 20.5 20.3 20.2 19.9 19.8 19.8 19.9 20.0 19.9 19.7 19.5
40
46.9 47.3 47.0
20 44.4 44.5 44.2 43.7 43.4 43.3 43.5 43.7 44.3 43.8 44.1 44.9 45.4 45.4 44.9 44.3 44.0 44.4 44.4 45.1 45.2 45.1 45.2 46.2
0
2011. 1 2
10
11
Self-employed workers
12 2012. 1 2
Daily workers
10
Temporary workers
11
12 2013. 1 2
Regular workers
2010
2011
Annual Annual
2012
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Feb
Mar
920
855
786
740
820
945
947
841
770
722
907
990
883
31
-65
-88
-68
-35 -128
-82
-23
-16
-18
-40
-53
-62
-7
-48
-48
-41
-26
-72
-54
-19
-16
-13
-7
13
-42
- Male
- Female
Annual Mar
2013
38
-17
-40
-27
-9
-56
-28
-4
-6
-33
-65
-20
3.7
3.4
3.1
2.9
3.2
3.7
3.8
3.3
3.0
2.8
3.6
4.0
3.5
(Seasonally adjusted)
3.7
3.4
3.2
3.1
3.2
3.4
3.5
3.3
3.1
3.0
3.3
3.5
3.2
- 15 to 29
8.0
7.6
6.7
7.1
7.5
8.3
8.2
8.1
6.8
7.0
8.4
9.1
8.6
- 30 to 39
3.5
3.4
3.2
2.9
3.0
3.4
3.2
3.2
2.8
2.7
3.3
3.5
3.2
- 40 to 49
2.5
2.1
2.0
1.9
2.0
2.4
2.4
2.0
2.0
1.8
2.1
2.1
2.3
- 50 to 59
2.5
2.1
2.1
1.8
2.1
2.5
2.3
2.0
2.2
1.8
2.3
2.6
2.2
- 60 or more
2.8
2.6
2.1
1.8
2.4
3.4
4.4
2.0
1.9
1.6
3.4
4.6
2.3
The economically inactive population in March was up 359,000 from a year earlier
to 16,560,000, while the labor force participation rate decreased 0.4 percentage
points to 60.5 percent.
The number of those economically inactive due to education (up 136,000), old age
(up 129,000) and housework (up 117,000) increased while those due to rest (down
68,000) decreased.
2010
2011
Annual Annual Q3
Economically inactive population (million)
2012
Q4 Annual Mar
Q1
2013
Q2
Q3
Q4
Q1
Feb
Mar
15.84 15.95 15.85 16.01 16.08 16.21 16.50 15.67 15.90 16.26 16.83 16.95 16.56
61.0 61.1 61.5 61.1 61.3 60.9 60.1 62.3 61.8 61.1 59.9 59.6 60.5
(seasonally adjusted)
61.0 61.1 61.0 61.1 61.3 61.5 61.4 61.4 61.4 61.1 61.2 61.2 61.2
143
112
191
53
128
206
- Childcare
-125
-5
17
23
-2
-9
- Housework
201
101
143
103
123
167
- Education
12
-51
-78
-69
-12
-42
- Old age
- Rest
Source: Statistics Korea
103
110
57
244
336
409
359
-7
-3
-7
17
85
181
101
126
143
177
117
-28
-64
39
118
117
136
174
156
186
154
159
129
-66
-68
80
-45
-22
148
91
76
-56
182
193
131
-53
129
126
Employment rate
Source: Statistics Korea (employment trend)
64
(%)
63
62
61
60
59
58
57
56
55
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Original rate
2012. 1
2013. 1
Unemployment rate
Source: Statistics Korea (employment trend)
6
(%)
2
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Original rate
2012. 1
2013. 1
(%)
64
63
62
61
60
59
58
57
2001. 1
2002. 1
Original rate
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
9.
Financial markets
KOSPI
KOSDAQ
Mar 2013
Apr 2013
Change1
Mar 2013
Apr 2013
2,004.9
1,964.0
-40.9 (-2.0%)
555.0
563.9
8.9 (1.6%)
1,161.7
1,137.6
-24.1 (-2.1%)
124.0
126.4
2.4 (1.9%)
3.8
4.4
0.6 (15.8%)
2.2
2.5
0.3 (13.6%)
34.6
34.2
-0.4 (-1.2%)
8.8
8.5
-0.3 (-3.4%)
Change1
Stock prices
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
KOSPI
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
KOSDAQ
The won/100 yen exchange rate fell 54.9 won in April. Amid a strong won trend,
the announcement of the monetary easing policy from the Bank of Japan (BOJ) on
April 4 has weakened the yen.
(End-period)
2008
2009
2010
2011
2012
2013
Dec
Dec
Dec
Dec
Dec
Mar
Apr
Change1
Won/dollar
1,259.5
1,164.5
1,134.8
1,151.8
1,070.6
1,111.1
1,101.2
-2.8
Won/100 yen
1,396.8
1,264.5
1,393.6
1,481.2
1,238.3
1,181.5
1,126.6
9.9
1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.
(month-end, )
1,600
1,400
1,200
1,000
800
600
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Won/dollar
2012. 1
2013. 1
Won/100 yen
()
1,600
1,400
1,200
1,000
800
600
2008. 1. 2
2008. 8. 11
Won/dollar
2009. 3. 18
2009. 10. 19
2010. 5. 25
2010. 12. 27
2011. 8. 3
2012. 3. 9
2012. 10. 16
Won/100 yen
2007
2008
2009
2010
2011
2012
2013
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Apr
Change1
5.02
3.02
2.01
2.51
3.29
2.77
2.75
2.78
CD (91 days)
5.82
3.93
2.88
2.80
3.55
2.89
2.81
2.81
5.74
3.41
4.44
3.38
3.34
2.82
2.52
2.49
-3
6.77
7.72
5.56
4.27
4.21
3.29
2.88
2.85
-3
5.78
3.77
4.98
4.08
3.46
2.97
2.58
2.56
-2
Interest rates
Source: The Bank of Korea
10
9
8
7
6
5
4
3
2
1
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
2008
2009
2010
2011
2012
2013
Q1
Q2
Q3
Q4
Dec
Jan
Feb
Feb 1
472.2
M12
-1.8
16.3
11.8
6.6
3.8
1.8
3.6
4.3
5.5
5.8
5.8
8.0
M2
14.3
10.3
8.7
4.2
5.2
5.3
5.6
5.6
4.5
4.5
4.8
5.3
Lf
11.9
7.9
8.2
5.3
7.8
7.5
8.5
7.9
7.1
7.3
7.7
8.1
1,857.1
4
2,488.54
30
20
10
0
-10
-20
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
Reserve money
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
M1
2013. 1
Lf
2009
2010
Annual
Annual
2011
2012
Annual
Mar
2013
Annual
Mar
Feb
Mar
Mar 1
Bank deposits
54.8
36.9
58.9
-11.4
37.0
15.2
4.4
1.4
1,139.2
AMC deposits
-27.6
-16.7
-16.6
0.6
18.8
4.0
0.9
2.1
335.6
20
10
0
-10
-20
2001. 1
2002. 1
10.
Balance of
payments
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
6.0 (China), 8.3 (Southeast Asia), -16.1 (US), -18.2 (Japan), -8.4 (EU)
2012
2013
Annual
Mar
Q1
Q2
Q3
Q4
Jan
Feb
Mar1
Q11
Current account
43.14
2.97
2.56
11.19
14.56
14.94
2.33
2.71
4.98
10.02
- Goods balance
38.34
2.93
2.61
8.52
13.34
13.98
2.62
2.56
4.21
9.39
- Service balance
2.68
0.70
-0.65
2.31
0.65
0.36
-0.93
-0.46
0.91
-0.48
4.89
-0.32
1.49
0.82
1.04
1.54
0.97
0.63
-0.22
1.38
-2.76
-0.34
-0.89
-0.47
-0.47
-0.93
-0.33
-0.02
0.09
-0.26
1. Preliminary
Source: The Bank of Korea
The capital and financial account (preliminary) in March posted a net outflow of
US$6.74 billion.
Capital & financial account balance (US$ billion)
-1.38 (Q1 2012) [ 7.97 (Q2) [ -13.34 (Q3) [ -20.96 (Q4), -0.91 (Jan 2013) [ -3.27 (Feb) [
-6.74 (Mar)
Net outflow in direct investment widened to US$1.87 billion from the previous
months US$0.78 billion due to an increase in overseas direct investment.
The portfolio investment account switched to a net outflow of US$3.39 billion
from a net inflow of US$1.99 billion as foreign investors equity investment
turned to a net outflow.
The net inflow of financial derivatives contracted to US$0.15 billion from US$0.69
billion in the previous month, while the net outflow of the other investment
account narrowed to US$0.15 billion from US$3.22 billion.
The current account is expected to maintain a surplus, helped by a goods account
surplus resulting from a trade surplus in April.
(US$ billion)
6
4
2
0
-2
-4
-6
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Goods account
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Service account
2012. 1
2013. 1
Current account
(US$ billion)
3
2
1
-1
-2
-3
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Travel balance
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Travel revenue
2012. 1
2013. 1
Travel payment
(US$ billion)
10
5
0
-5
-10
-15
2001. 1
2002. 1
2003. 1
Portfolio investment
2004. 1
2005. 1
2006. 1
Direct investment
2007. 1
2008. 1
2009. 1
Financial derivatives
2010. 1
2011. 1
2012. 1
2013. 1
11.
11.1 Prices
Prices and
international
commodity
prices
Consumer prices in April rose 1.2 percent year-on-year, staying stable at the 1.0
percent range for six consecutive months. On a monthly basis, prices fell 0.1
percent.
Core consumer prices, which exclude oil and agricultural products, rose 1.4
percent year-on-year. Core consumer prices based on the OECD method, which
exclude food and energy, rose 1.4 percent year-on-year. Consumer prices for basic
necessities, a barometer of perceived consumer prices, were up 0.7 percent yearon-year but down 0.2 percent month-on-month.
The average annual expected inflation fell 0.1 percentage point from the previous
month and the import prices declined 10.8 percent year-on-year.
Expected inflation (%)
3.7 (Jul 2012) [ 3.5 (Aug) [ 3.3 (Sep) [ 3.3 (Oct) [ 3.2 (Nov) [ 3.1 (Dec) [ 3.2 (Jan 2013)
[ 3.2 (Feb) [ 3.2 (Mar) [ 3.1 (Apr)
-2.2 (Sep 2012) [ -6.4 (Oct) [ -7.9 (Nov) [ -9.0 (Dec) [ -10.6 (Jan 2013) [ -8.6 (Feb)
[ -10.8 (Mar)
(%)
2012
2013
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
-0.1 0.0 0.2 -0.1 -0.2 0.4 0.7 -0.1 -0.4 0.2 0.6 0.3 -0.2 -0.1
Month-on-Month
Year-on-Year
2.6 2.5 2.5 2.2 1.5 1.2 2.0 2.1 1.6 1.4 1.5 1.4 1.3 1.2
1.9 1.8 1.6 1.5 1.2 1.3 1.4 1.5 1.3 1.2 1.2 1.3 1.5 1.4
1.7 1.6 1.5 1.4 1.2 1.2 1.4 1.4 1.4 1.4 1.4 1.2 1.4 1.4
2.0 2.0 2.2 1.8 0.8 0.6 1.7 1.6 1.0 0.7 0.8 0.8 0.8 0.7
Prices
Source: Statistics Korea (consumer price trend) & The Bank of Korea (producer prices)
16
(y-o-y, %)
13
10
7
4
1
-2
-5
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Core inflation
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
The prices of agricultural products (down 0.8%, m-o-m) fell as a result of the
shipment of spring vegetables, and oil product prices (down 1.8%, m-o-m) also
declined due to stable international oil prices, contributing to stabilizing consumer
prices.
Agricultural, livestock & fishery product prices increased 0.1 percent month-onmonth. The prices of livestock (up 2.1%, m-o-m) and fishery products (up 1.0%,
m-o-m) rose, while agricultural product prices (down 0.8%, m-o-m) fell.
Manufactured product prices slipped 0.7 percent month-on-month. The prices of
oil products (down 1.8%, m-o-m), processed food (down 0.2%, m-o-m) and durable
goods (down 0.3%, m-o-m) fell.
Personal service prices rose 0.2 percent month-on-month as dining out expenses
(up 0.3%, m-o-m) and other personal service prices (up 0.2%, m-o-m) rose due to
rising springtime outings.
Total
Month-on-Month (%)
Public
utilities
-0.1
0.1
-0.7
-1.8
-0.1
0.2
0.0
0.2
-0.09
0.01
-0.24
-0.10
0.00
0.02
0.00
0.06
Year-on-Year (%)
1.2
0.3
0.2
-5.3
5.9
2.7
0.9
1.3
Contribution (%p)
1.23
0.02
0.06
-0.32
0.29
0.25
0.12
0.42
Contribution (%p)
(%)
6
5
4
3
2
1
0
-1
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
(%p)
4
3
2
1
0
-1
2004
2003
2005
2006
2007
2008
2009
2010
Manufactured products
Housing rents
Personal services
Public utilities
2011
2012
Public services
106.6 (1st week Apr) [ 102.9 (2nd week) [ 98.0 (3rd week) [ 99.5 (4th week, down 3.7% from
March average)
Crude oil demand forecast for 2013 (Energy Information Administration, April data)
Downgraded (130,000 b/d, m-o-m) for the second straight month, due to weakening demand
from OECD nations.
($/B)
140
120
100
80
60
40
20
0
2001. 1
2002. 1
Dubai crude
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
WTI crude
2010
2011
2012
2013
Annual
Annual
Annual
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Dubai crude
78.1
105.9
109.0
109.0
107.3
106.4
107.9
111.1
105.6
101.7
Brent crude
79.7
111.0
111.7
111.6
109.3
109.2
112.7
116.2
109.0
102.8
WTI crude
79.5
95.1
93.8
89.5
86.6
88.2
94.8
95.3
92.9
92.0
Domestic oil product prices decreased due to low international gasoline prices,
falling at a faster pace towards the end of the month. Domestic gasoline prices fell
for seven consecutive weeks since the first week of March.
Gasoline prices (won/liter)
1,970.5 (1st week April) [ 1,963.6 (2nd week) [ 1,954.9 (3rd week) [ 1,934.4 (4th week)
(US$/barrel, period average)
2010
2011
2012
2013
Annual
Annual
Annual
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Gasoline prices
1,710.4
1,929.3
1,985.8
2,005.7
1,956.0
1,935.6
1,924.6
1,952.5
1,986.5
1,949.4
Diesel prices
1,502.8
1,745.7
1,806.3
1,820.8
1,777.7
1,760.0
1,749.6
1,766.7
1,786.0
1,745.2
(thousand won/B)
($/B)
160
140
140
120
120
100
100
80
80
60
60
40
40
20
2004. 1
20
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
The prices of international grain and nonferrous metals fell due to concerns over
slowing demand.
International grain prices declined due to expectations of improved supply, but the
fall has slowed since mid-April, as the temperatures were unusually low, planting
of wheat and corn was delayed in the US, and soybean exports were delayed in
South America.
World grain supply outlook for 2012-13 (US Department of Agriculture, April, m-o-m)
Production (steady), demand (-0.4%), stocks-to-use ratio (0.6%p)
Prices of international grain in April (m-o-m, %)
Tin (-7.1), lead (-6.8), nickel (-6.6), copper (-5.9), zinc (-3.8), aluminum (-3.3)
<Reuters index*>
(Period average)
2010
2011
2012
2013
Annual
Annual
Annual
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2,553
3,062
3,006
3,110
3,067
3,037
2,996
2,990
2,947
2,880
4,000
430
390
3,000
350
310
2,000
270
230
1,000
190
150
1997. 1
0
1998. 1
1999. 1
CRB (left)
2000. 1
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
12.
Real estate
market
Nationwide apartment sales prices rose for the first time in a year, climbing 0.2
percent in April.
Apartment sales prices in the Seoul metropolitan area (up 0.1%, m-o-m) turned
positive, including Seoul (up 0.1%, m-o-m) and Incheon (up 0.3%, m-o-m).
The apartment sales price increase accelerated in areas excluding the Seoul
metropolitan area (up 0.3%, m-o-m), in particular Daegu (up 1.1%, m-o-m) and
North Gyeongsang Province (up 0.7%, m-o-m). Apartment prices in the five
metropolitan cities and other cities rose 0.4 percent and 0.3 percent, respectively.
2012
Nationwide
Seoul
2013
Jun
Jul
Aug
Sep
Oct
Nov
Feb
Mar
-0.3
-0.4
-0.4
-0.3
-0.3
-0.2
-0.3
-0.2
-0.1
0.2
-0.5
-0.3
-0.8
-0.7
-0.9
-0.7
-0.6
-0.5
-0.6
-1.0
-0.6
-0.4
-0.1
0.1
Gangnam2
-1.0
-0.9
-1.3
-0.9
-0.7
-0.4
-0.7
-0.6
-0.8
-0.3
0.0
0.5
Gangbuk3
-0.6
-0.5
-0.5
-0.4
-0.5
-0.6
-0.5
-1.5
-0.5
-0.5
-0.3 -0.2
-0.6
-0.6
-0.8
-0.7
-0.6
-0.5
-0.6
-1.3
-0.7
-0.4
-0.3
0.1
5 metropolitan cities
-0.1
-0.2
-0.3
-0.1
0.0
0.1
0.1
0.4
0.1
0.0
0.0
0.4
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board
(m-o-m, %)
3
2
1
0
-1
-2
2009. 1
7
Nationwide
2010. 1
2011. 1
Seoul metropolitan area
2012. 1
2013. 1
Metropolitan cities
Nationwide apartment rental prices continued to rise in April (up 0.7%, m-o-m).
Rental prices in the Seoul metropolitan area and five metropolitan cities rose 0.7
percent and 0.8 percent each.
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (-0.4), Seocho (-0.5), Songpa (0.2), Gangdong (-0.8), Yongsan (1.3), Gwangjin (1.1)
2012
2013
Apr 81 Apr 151 Apr 221 Apr 291
Jun
Jul
Aug
Sep
Oct
Nov
Feb
Mar
Apr
Nationwide
-0.1
-0.2
-0.1
0.3
0.4
0.4
0.3
1.7
0.3
0.3
0.5
Seoul
-0.4
-0.5
-0.3
0.6
0.8
0.7
0.2
2.0
0.4
0.6
0.7
Gangnam
-0.4
-0.6
-0.4
0.8
1.0
0.9
0.3
1.9
0.5
0.6
0.6
-0.4
-0.4
-0.1
0.4
0.6
0.4
0.1
2.2
0.3
0.6
0.8
-0.4
-0.2
0.4
0.5
0.4
0.1
1.7
0.2
0.3
0.5
5 metropolitan cities
-0.1
-0.2
0.2
0.3
0.4
0.4
1.8
0.3
0.3
0.4
Gangbuk
0.1
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board
(m-o-m, %)
3
2
1
0
-1
-2
2009. 1
7
Nationwide
2010. 1
2011. 1
2012. 1
2013. 1
Metropolitan cities
Apartment sales transactions in March increased 39.0 percent from the previous
months 34,089 to 47,375, and were up 1.6 percent from a year earlier (46,636).
2012
Annual Annual Annual Annual Jan Feb Mar Apr May Jun
Nationwide
53
48
59
42
18
39
47
45
46
2009. 1
37
2013
Jul
38
31
26
45
50
81
Feb Mar
17
34
2013. 1
47
(thousand)
120
100
80
60
40
20
0
2006. 1
2007. 1
Nationwide
2008. 1
2010. 1
2011. 1
2012. 1
2011
Q2
2012
Q3
Q4
Annual
Q1
Q2
2013
Q3
Q4 Jan-Mar Jan
Feb
Mar
Nationwide
-0.31 0.96 1.05 1.17 0.29 0.30 0.29 0.29 0.87 0.30 0.33 0.12 0.21 0.21 0.03 0.07 0.11
Seoul
-1.00 1.40 0.53 0.97 0.40 0.28 0.17 0.12 0.33 0.17 0.26 -0.14 0.09 0.10 -0.06 0.06 0.11
Gyeonggi
-0.26 1.22 1.49 1.47 0.26 0.38 0.43 0.39 0.97 0.34 0.34 0.17 1.32 0.17 0.04 0.03 0.10
Incheon
1.37 1.99 1.43 0.66 0.17 0.18 0.15 0.15 0.36 0.21 0.16 -0.03 0.13 0.21 0.01 0.08 0.12
(%)
12
9
6
3
0
-3
-6
-9
-12
-15
-18
1994
1995
1996
National average
1997
1998
1999
2000
2001
2002
Metropolitan area
2003
2004
2005
2006
2007
City
2008
2009
2010
2011
2012
County
Nationwide land transactions in March were 181,000 land lots, up 27.6 percent
from the previous month but down 3.2 percent from 187,000 a year earlier.
Monthly land transactions surged in Seoul (up 52.8%, m-o-m), Incheon (up 52.9%,
m-o-m), and Sejong (up 51.6%, m-o-m).
Transactions of vacant land increased 26.6 percent month-on-month to 82,000
lots, making up 45.3 percent of total transactions, but were down 4.4 percent from
86,000 a year earlier.
2012
208
203
187
208
170
187
2013
Apr May
Jun
Jul
Aug Sep
Oct
Nov Dec
Jan
Feb
Mar
182
163
167
150
172
185
141
142
181
186
133
224
Seoul
26
22
16
18
13
14
15
15
13
12
10
15
16
20
10
10
15
Gyeonggi
45
46
41
43
33
37
36
35
32
34
30
27
35
36
45
29
28
33
Incheon
13
10
10
10
10
1. Monthly average
Source: Korea Land & Housing Corporation
(y-o-y, %)
50
40
30
20
10
0
-10
-20
1975
1980
1985
1990
1995
2000
2005
2010
2012
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
13.
Composite
indices of
business cycle
indicators
value of construction completed (0.7%), imports (1.0%), nonfarm payroll employment (0.1%),
mining & manufacturing production (-1.6%), retail sales (-0.4%), service activity (-0.2%),
domestic shipment (-1.4%)
The cyclical indicator of the leading composite index declined 0.2 points from the
previous month.
Four components, including KOSPI and consumer expectations index, were
higher compared to the previous month while five components, such as the value
of construction orders received and domestic shipment of machinery, were lower.
Components of the leading composite index in March (m-o-m)
KOSPI (0.3%), consumer expectations index (1.6p), international commodity prices (0.7%),
ratio of export to import prices (0.4%), value of construction orders received (-0.3%), domestic
shipment of machinery (-3.8%), ratio of job openings to job seekers (-1.0%p), indicator of
inventory cycle (-0.4%p), spreads between long & short term interest rates (-0.1%p)
2012
Aug
Sep
Oct
2013
Nov
Dec
Jan
Feb1
Mar1
-1.4
1.1
-0.4
1.1
1.0
-0.9
1.1
-2.1
(y-o-y, %)
-0.5
1.0
-1.0
1.4
-0.2
3.2
-2.0
-0.9
-0.1
0.5
-0.1
0.6
0.5
0.4
0.4
0.0
99.3
99.3
98.9
99.1
99.2
99.2
99.3
98.9
(m-o-m, p)
-0.5
0.0
-0.4
0.2
0.1
0.0
0.1
-0.4
0.1
-0.1
0.3
0.7
0.7
0.2
0.3
0.3
99.8
99.4
99.3
99.6
100.0
99.8
99.7
99.5
(m-o-m, p)
-0.3
-0.4
-0.1
0.3
0.4
-0.2
-0.1
-0.2
1. Preliminary
Industrial output
Source: Statistics Korea (industrial activity trend)
20
(%)
15
10
5
0
-5
-10
-15
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
(points)
105
100
95
90
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
(points)
105
100
95
90
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
Featured Issue
Our economy has been struggling over the past few months. What is your outlook for the global
and domestic economy?
I am concerned that the economic situation is not very favorable both at home and
abroad. The global economy is recovering, albeit at a modest pace, but the eurozone
remains in a slump and the growth rates differ by region. The IMF has warned that the
global economy has entered a three-speed recovery, in which the emerging markets,
US and eurozone are each growing at a different pace. There are also huge uncertainties
caused by the ripple effects of the sequester and debt ceiling negotiations in the US, the
possibility of slowing growth in the key eurozone nations, and financial instability due
to austerity measures in the advanced economies. Meanwhile, the domestic economy
improved somewhat in the first quarter of 2013, but downside risks remain, such as low
growth, slowing employment growth and the weakening yen.
The global economy is expected to gradually recover towards the end of the year, but
considering recent growth trends, the Korean economy may not fare so well. However,
the foundations for economic recovery have been laid, such as the recent proposal for a
supplementary budget, housing market normalization measures, investment boosting
polices, and rate cuts. Once these policies take effect and private sector consumption and
investment recover, the Korean economy can grow by more than 1 percent in the second
half of 2013 compared to the first half, and more than 3 percent compared to the second
half of the previous year.
Featured Issues | 47
At this point the most important task is to break the shackles of low growth and allow
the economy to regain its growth momentum as soon as possible. To this end, the
government has prepared a policy package that includes all possible tools. Housing
market normalization measures were announced on April 1, followed by a 17.3 trillion
won supplementary budget proposal on April 16. On May 1, measures to boost
investment and increase support for small- and medium-sized export companies were
unveiled. Such efforts are expected to pump life into the economy, boosting investment
and consumer sentiment.
In light of the fact that the previous input-driven, follower-type growth model is no
longer relevant, the government is drafting policies that would allow our economy to
switch to a trailblazer-type growth paradigm. Our foremost goal is to boost employment
and restore the middle class, ultimately bringing happiness to the people.
Household debt, which amounts to 1 quadrillion won, is a huge concern to the economy. How is
the government planning to cope with the household debt issue?
Household debt growth has slowed recently, and it remains in a manageable state.
However, if economic growth and consumption remain sluggish, the debt burden on
the socially vulnerable groups, including the low-income class and seniors, will become
greater.
The government is reinforcing risk management on the vulnerable groups while
continuing to monitor the total amount of household debt. We are working to ensure
that the size and growth rate of the household debt do not exceed tolerable levels, and
we are particularly keeping a close watch on the loan growth and financial soundness of
the nonbank financial institutions. In addition, we are helping the vulnerable groups to
restructure debt, restore credit and gain access to low-interest loans through the National
Happiness Fund. We are planning to combine financial support with employment and
entrepreneurship services, in order to create a comprehensive self-support program for
the lower income classes.
48 | Featured Issues
The youth are desperately in need of jobs. What is the governments plan for job creation?
In order to create jobs, we believe it is imperative to escape from the current low growth
trend, and have been pursuing various stimulus measures accordingly. In addition to
regaining growth momentum, we are planning to boost our economys job-creating
capacity. We will create new industries that combine science and technology with
ideas and imagination, and create development plans for the service industry such as
increasing the added value of certain promising sectors and inducing the convergence of
different sectors. Also, we will improve the nations employment structure and practices,
making it easier for the youth to enter the job market and allow them to work in better
conditions. The government ministries will collect these assignments and draft a job
creation roadmap, which will be unveiled at the end of May. Once the roadmap has been
created, we will boost efforts to ensure that jobs favored by the youth are created.
In Korea, the service industry is responsible for 60 percent of the nations GDP, yet productivity
remains very low. What do you think is needed to advance the service industry?
It is true that productivity in the service sector is only about 75 percent as that of other
OECD member nations, and 46 percent compared to manufacturing productivity. In
other words, expanding our growth engines by upgrading the nations service industry is
a very important task. To this end, we need to ease regulations, encourage R&D and IT
utilization in the service industry, and reduce practices that discriminate services from
the manufacturing industry. We must consider creativity as our core value and create new
markets and added value through the convergence of industries. This means we should
build a creative business environment by encouraging R&D, utilizing IT and developing
creative human resources in the service industry.
As the manufacturing industry is losing its job-creating capacity, it is imperative that
the service industry leads the drive to continue creating high-quality jobs. Policy tools,
including tax incentives, financial aid and education, should be used to invigorate service
businesses and ease discrimination between the manufacturing and service industry.
Regulations that block the advancement of the service industry should be either eased or
eliminated. Also, the Service Industry Advancement Bill, which currently remains idle
in the National Assembly Strategy and Finance Committee, should be passed as soon as
possible, so that it could function as an instrument for upgrading the service industry as
a whole.
Featured Issues | 49
The government will need 135 trillion won over five years in order to realize President Parks
campaign pledges and government tasks. How do you plan to raise the finances?
The most important rule is to secure the funds while maintaining fiscal soundness and
minimizing the burden on the people. To do so we are preparing measures in terms
of both revenue and expenditure. Regarding revenue, our focus is on expanding tax
revenues without directly raising taxes, such as by reducing tax incentives and bringing
the underground economy into the open. As for government expenditures, we aim
to undergo a comprehensive restructuring process in all categories including both
discretionary and mandatory spending, and also improve the system in a sustainable
manner. Meanwhile, we will reform the fiscal system, promote joint public-private
participation and improve the way projects are carried out, while at the same time
pursuing means to maximize efficiency at the execution level, such as closely monitoring
the performance of fiscal projects and minimizing waste factors.
For those efforts to bear fruit, the cooperation of the relevant ministries, local governments
and the people are imperative. Therefore, for the next five years we aim to reveal all
information on the governments plans for investment and financing, and fully cooperate
with the media and the National Assembly.
Creative economy has become the talking point of the times. As the Deputy Prime Minister for
economic affairs, how do you define creative economy and how should it be achieved?
Creative economy refers to a policy that creates new growth engines and jobs through
economic management based on imagination, creativity, science and technology. It is a
paradigm shift on the economy as a whole, encompassing not only employment, growth
and distribution but also administration. Creative economy differs from our previous
economic policies in that it has shifted from a follower-type economy (catching up
with the advanced economies) to a trailblazer-type one, and that the main focus is not
on growth but on employment. Moreover, creative economy is not about short-term
quantitative growth based on civil engineering works, but focuses on knowledge-based
long-term qualitative growth, and has its foundations on the establishment of a proper
market economy order.
How we are going to realize this creative economy would be another critical point. I
believe that interministerial cooperation is of utmost importance. Therefore I will
cooperate with the relevant ministries to create the necessary system and environment
for the materialization of a creative economy. The government will create an action plan
as soon as possible.
50 | Featured Issues
As the first Deputy Prime Minister for economic affairs and Minister of Strategy and Finance in the
Park Geun-Hye administration, what are your aspirations?
As I mentioned earlier, our economy is in a very precarious state. The Park administration
has voiced its concerns from the beginning and has employed all possible tools to overcome
the difficulties that our economy is currently suffering from. As this administrations first
Deputy Prime Minister for economic affairs, I work under the notion that policy is 10
percent, execution is 90 percent, and will ensure that the people will actually be able
to feel the effect of the governments policy package. Also, I will continue to seek out
policies and implement them in a swift manner.
In addition to the governments efforts, it is imperative that we recover the strength
and confidence of past times in order to cope with the current economic impasse. The
government will do its best to make sure that the Korean economy breaks free from
the low growth cycle and regains its vigor. I earnestly hope that businesses would trust
the government and grab opportunities by making preemptive investments and creating
jobs, while labor and management each take a step back and cooperate with each other
to overcome our difficulties.
The original version of this interview appears in the June issue of Narakyungje, a monthly magazine on
economic policies published by KDI.
Featured Issues | 51
Policy Issues
Background
The Ministry of Strategy and Finance announced measures to boost investment
by removing regulatory obstacles, at the 1st Meeting on Trade and Investment
Promotion presided over by President Park Geun-hye.
The key point of the package is to stimulate sluggish investment by removing
unreasonable regulations, and finally to help the economy recover and to restore
its growth potential, as facilities investment has been falling for four consecutive
quarters and construction investment* has been slowing down for three years in
a row.
* Construction investment increased by 0.7 percent year-on-year in the first quarter of 2013.
The joint public-private investment promotion task force had collected 250
proposals from related ministries, economic circles and local governments since
March this year, and selected proposals which will have an immediate effect on
the economy to complete the package. The key elements of the measures can be
summarized as three parts.
52 | Policy Issues
Project 1
Support
Investment (won)
Location
8 trillion
Provinces
1 trillion
Provinces
2 trillion
Provinces
1 trillion
Provinces
Seoul
Provinces
Project 2
Project 3
Project 4
Project 5
- Foreign-invested firms will be allowed to rent only land and build their own
facilities in industrial complexes, an exempt from the current rule which bans
the separate lease of land and facilities
- To avoid discriminating domestic firms from foreign businesses, complementary
measures, such as banning discretionary use of the rented land, will be
prepared
- In case of joint ventures, holding subsidiaries will be required to hold a 50
percent stake in other subsidiaries, instead of the current 100 percent, and
between domestic and foreign companies, domestic companies required stake
holding of 100 percent will be eased to 50 percent
- Regulations will be revised to enable the location of thermal power plants in
industrial complexes
- Fuel for thermal energy will not be limited to LNG, while ensuring that best
available technology will be used to minimize air pollution
- Hotels to accommodate foreign patients will be introduced as a new business
type in the hotel industry
- Improved guidelines for locating onshore wind power farms will be prepared
Project 6
- For the 14 cases which have already proceeded with setting up wind power
farms, decisions regarding location approvals will be made as soon as possible
Policy Issues | 53
Streamlining administrative process for land use and lowering entry barriers
1. Easing regulations on land use
Current complicated processes to gain approval for land use will be simplified,
and related negotiations will have to be completed within a fixed period of time.
Extending production facilities in areas with development restrictions will be
easier with 50 percent reduction in development charges and simplified approval
procedures which will take less than six months. The procedure used to take as
long as two years. Requirements for running businesses in industrial complexes or
free economic zones will be relaxed. The building to land ratio requirement will be
eased from 40 percent to 50 percent, and the floor area ratio requirement from 100
percent to 125 percent in planned development areas*.
* Areas planned to be included in cities, or areas whose development is allowed limitedly
because of environmental reasons
54 | Policy Issues
Providing financial and fiscal incentives to SMEs for their business investment
Small- and medium-sized enterprises (SMEs) which make facilities investment
will be supported by the government through the increased facilities investment
fund of 5 trillion won, up from 3 trillion won. A total of 100 billion won will be
provided for facility replacement, and the ratio of facility investment subsidies to
total provincial investment promotion subsidies will be increased from 10 percent
to 13 percent.
Start-ups will be granted investment tax deductions, for which investment can be
brought forward, for an extended period from five years to seven years. Less strict
requirements will need to be met to receive inheritance tax deductions given to
family businesses. A 7 percent tax deduction for investment in cooperation funds
will continue.
The government will provide special loan guarantees for convergence technology
and intellectual properties, while offering low interest rate loans when secured on
intellectual properties. Tax incentives for investment in energy saving facilities will
continue.
The government will continue to work on investment stimulus measures, with
the joint public-private investment promotion task force operating around the
year. The government will continue to find projects suspended on site due to
tight regulations, while carrying out stricter evaluation of project performance.
The results of the evaluation will be dealt with at the Ministerial Meeting on the
Economy.
The government will lay out key directions to expand a negative regulatory system,
while improving regulations to help start businesses and increase investment.
Current regulations will be thoroughly reviewed and voices from the economic
circles will be carefully listened to before expanding a negative system. Koreas
regulatory system will be transformed into a more market-friendly one, and
regulations will be changed through transparent processes with fair and reasonable
standards.
Policy Issues | 55
Policy Issues
The Guidelines for the FY 2014 Budget, which include fund management plans,
have been approved at the Cabinet meeting on April 30. Each ministry is required
to draw up its budget request according to these guidelines, and submit it to the
Ministry of Strategy and Finance by June 20. The Ministry of Strategy and Finance
will then submit a comprehensive budget to the National Assembly by October 2.
<New fiscal management focus according to the new national development paradigm>
56 | Policy Issues
2. Investment priorities
1) Reinvigorating the economy
The 2014 budget guidelines focus on facilitating a creative economy and inclusive
development. ICT convergence industries, and R&D in leading, creative and
convergence industries will be developed, which will create jobs and improve
competitiveness. Inclusive growth will also be promoted by building a scaffold for
SMEs.
2) Improving social welfare
Improving social welfare and security will be one of investment priorities of the
2014 budget guidelines. The current universal welfare systems will be revised
into tailored welfare systems, which will be designed to provide essential support
according to recipients life cycle. Welfare systems will also be improved to
encourage work and provide education which helps develop creativity. Security
will be improved as the government will increase investment in eradicating the
worst four crimes.
3) Promoting cultural activities
The 2014 budgets will prioritize developing the Korean culture, while increasing
opportunities for socially vulnerable groups to enjoy cultural activities. The
Policy Issues | 57
government will help expand the spread of Korean art and culture to the world,
and support for the enjoyment of different cultural events and programs will be
provided according to different age groups.
4) Founding a basis for reunification
National security and diplomatic capabilities will also be enhanced through the
2014 budget guidelines. Strategic partnerships with neighboring countries will
be expanded. North Korean defectors will receive increased support, which is
designed to help them more easily assimilate into Korean society, and inter-Korean
exchanges will also get increased support to prepare for reunification.
3. Fiscal management
Fiscal resources will be managed more efficiently and transparently, and the budget
plan will prioritize improving social welfare, increasing project performance and
promoting corporation.
The tax base will be broadened when tax breaks expire according to schedule and
by legitimatizing the shadow economy. Spending will be restructured through
zero-based budgeting. Total public sector debts will be calculated to increase fiscal
transparency and monitor potential fiscal risks. Fiscal projects will be more strictly
evaluated in terms of performance, similar or overlapping investments will be
adjusted, and the results will be reflected in the budget.
58 | Policy Issues
20121
2011
Q1
2
20131
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
GDP
1.3
(4.3)2
0.8
(3.5)2
0.8
(3.6)2
0.4
(3.4)2
0.8
(2.8)2
0.3
(2.4)2
0.0
(1.6)2
0.3
(1.5)2
0.9
(1.5)2
-1.2
3.0
-4.8
10.0
-6.5
0.2
-2.6
7.9
-4.5
Manufacturing
Construction
3.1
1.1
1.4
-0.2
1.6
-0.2
-0.3
0.2
1.4
-3.0
1.8
1.5
0.1
-1.4
-1.8
0.9
-2.0
3.7
Services3
0.9
0.3
0.5
0.6
1.1
0.5
0.3
0.4
0.7
Private consumption
0.7
0.6
0.1
-0.2
0.8
0.4
0.7
0.8
-0.3
Government consumption
0.5
1.1
1.0
-0.8
3.5
-0.1
0.8
-0.6
1.3
Facility investment
-2.0
4.0
-1.8
-3.6
10.4
-7.8
-5.2
-1.8
3.0
Construction investment
-2.6
1.7
-0.4
0.1
-1.5
-1.3
0.7
-1.2
2.5
2.2
1.7
2.2
-2.2
3.9
-0.3
1.9
-1.1
3.2
0.6
2.3
1.0
-2.8
4.3
-1.8
1.8
-0.8
2.5
GDI
-0.3
0.7
0.5
0.5
-0.1
1.2
1.2
0.0
1.0
(trillion won, %)
2012
Total revenues
343.5
372.6
360.8
360.8
Change
(B-A)
-
Total expenditures
325.4
342.0
349.0
349.0
Fiscal balance
-14.3
-4.7
-23.4
-23.4
National debt
445.2
464.6
480.4
480.3
-0.2
Statistical Appendices
1. National accounts
2. Production, shipment and inventory
3. Production capacity and operation ratio
4. Consumer goods sales index
5. Consumer goods shipment index and consumer sentiment index
6. Machinery orders received, domestic machinery shipment
and estimated facility investment index
7. Value of construction completed and domestic construction orders received
8. Composite indices of business cycle indicators and BSI
9. Balance of payments (I)
10. Balance of payments (II)
11. Prices
12. Employment
13. Financial indicators
14. Monetary indicators
15. Exchange rates
Statistical Appendices | 65
1.
National accounts
Real GDP
Manufacturing
Final
consumption
expenditure
Construction
Facilities
4.0
5.2
5.1
2.3
0.3
6.3
3.7
2.0
Agri., fores.
& fisheries
1.3
1.5
4.0
5.6
3.2
-4.4
-2.1
-0.6
6.2
8.1
7.2
2.8
-1.5
14.7
7.3
2.2
4.6
5.1
5.1
2.0
1.2
4.1
2.3
2.2
1.9
3.4
4.2
-1.9
-1.0
5.8
-1.0
-1.7
-0.4
0.5
1.4
-2.8
3.4
-3.7
-4.7
-2.2
5.3
8.2
9.3
-1.0
-9.8
25.7
3.6
-1.9
Period
2005
2006
2007
2008
2009
2010
2011
2012P
2005
2.7
3.4
4.5
5.1
0.4
4.8
3.8
-3.1
4.8
3.9
6.7
9.3
2.7
4.7
5.9
4.9
-0.3
1.8
1.5
3.9
-3.1
0.9
-0.3
0.3
3.4
2.8
4.1
10.8
2006
6.1
5.1
5.0
4.6
3.9
-0.3
-1.4
4.2
9.4
9.1
8.7
5.4
5.8
4.9
4.6
5.1
3.8
0.1
4.0
5.7
1.9
-4.2
-0.5
5.1
7.2
8.0
12.0
5.7
2007
4.5
5.3
4.9
5.7
1.6
7.0
8.2
-0.7
4.5
7.2
6.3
10.2
5.1
5.4
5.3
4.7
7.3
5.7
1.5
3.1
4.4
2.0
-0.2
0.4
12.6
13.0
4.0
8.0
2008
5.5
4.4
3.3
-3.3
7.8
4.6
4.3
6.5
8.9
8.3
5.3
-9.4
4.3
3.0
2.4
-1.7
-0.6
0.6
2.1
-8.7
-2.5
-0.5
0.4
-7.7
2.8
2.0
5.3
-13.3
2009
-4.2
-2.1
1.0
6.3
2.5
0.0
5.0
5.0
-13.6
-7.1
1.8
13.1
-2.2
0.7
1.5
4.8
-7.5
-3.0
-1.0
6.2
1.6
4.3
3.2
4.0
-21.9
-18.1
-9.4
12.2
2010
8.7
7.6
4.5
4.9
-0.1
-2.2
-7.8
-5.9
22.4
17.6
9.5
11.0
6.1
3.6
3.5
3.0
11.2
5.8
5.6
2.3
1.8
-4.7
-4.9
-5.2
29.6
32.0
26.3
16.9
2011
4.3
3.5
3.6
3.4
-9.7
-2.6
-5.8
7.1
10.3
7.4
6.4
5.5
2.8
2.8
2.4
1.3
-1.4
0.4
-1.4
-1.8
-10.0
-4.7
-3.6
-1.7
10.5
7.7
1.1
-3.6
2012P
2.8
2.4
1.6
1.5
-0.4
-1.8
0.3
-0.5
4.1
2.7
0.9
1.3
2.1
1.6
2.1
2.8
3.7
-2.6
-2.5
-4.2
-0.4
-3.1
-0.3
-4.2
8.8
-3.5
-6.9
-5.2
2013P
1.5
0.2
1.1
1.6
-4.5
0.7
-11.5
P: Preliminary
Source: The Bank of Korea
66 | Statistical Appendices
2.
Production, shipment and inventory
(constant prices, 2010=100)
Production index
Period
2010
2011
2012
100.0
105.9
106.8
Y-o-Y change
(%)
16.3
5.9
0.8
Shipment index
100.0
105.6
106.4
Y-o-Y change
(%)
14.3
5.6
0.8
Inventory index
104.6
120.2
124.1
Y-o-Y change
(%)
18.0
14.9
3.2
100.0
103.2
104.8
Y-o-Y change
(%)
3.8
3.2
1.6
2010
93.9
101.2
98.7
106.2
26.3
18.7
9.7
12.6
93.9
101.1
98.6
106.4
22.0
15.6
9.0
11.8
97.2
98.2
100.7
104.6
9.3
15.9
16.2
18.0
96.8
100.5
99.8
103.8
5.4
4.7
2.2
3.4
2011
102.6
107.4
103.9
109.7
9.3
6.1
5.3
3.3
103.3
106.6
103.1
109.2
10.0
5.4
4.6
2.6
104.7
110.0
112.7
120.2
7.7
12.0
11.9
14.9
99.5
103.4
103.2
106.7
2.8
2.9
4.5
2.8
2012
106.3
108.6
102.9
109.6
3.6
1.1
-1.0
-0.1
106.3
108.1
102.6
108.4
2.9
1.4
-0.5
-0.7
117.8
115.2
114.6
124.1
12.5
4.7
1.7
3.2
102.1
104.9
104.7
107.6
2.6
1.5
1.5
0.8
2013
104.5
-1.7
104.3
-1.9
121.6
3.2
102.8
0.7
2010
1
2
3
4
5
6
7
8
9
10
11
12
94.1
86.0
101.6
101.2
100.2
102.3
102.2
96.6
97.4
105.3
105.6
107.6
38.7
18.9
22.6
20.2
20.1
16.0
14.1
14.1
1.6
14.4
12.4
11.1
93.8
85.9
102.0
101.5
99.4
102.4
101.1
97.2
97.5
105.4
106.2
107.6
33.5
14.2
19.5
17.1
16.5
13.3
12.3
14.1
1.3
13.3
11.9
10.3
97.2
98.7
97.2
98.3
99.2
98.2
101.0
101.2
100.7
101.8
102.0
104.6
2.3
9.3
9.3
14.1
16.0
15.9
18.1
17.8
16.2
18.1
17.0
18.0
95.2
93.8
101.5
98.8
101.2
101.6
99.5
98.1
98.9
100.5
100.6
110.2
4.4
4.9
7.0
3.7
5.7
4.7
3.8
3.0
-0.2
3.5
3.6
2.9
2011
1
2
3
4
5
6
7
8
9
10
11
12
105.3
91.8
110.6
106.8
107.1
108.3
105.9
101.5
104.4
109.7
109.3
110.1
11.9
6.7
8.9
5.5
6.9
5.9
3.6
5.1
7.2
4.2
3.5
2.3
105.8
93.3
110.8
106.8
106.0
107.0
104.0
101.2
104.2
109.1
108.2
110.3
12.8
8.6
8.6
5.2
6.6
4.5
2.9
4.1
6.9
3.5
1.9
2.5
104.6
102.8
104.7
105.8
108.6
110.0
111.8
112.2
112.7
115.6
117.9
120.2
7.6
4.2
7.7
7.6
9.5
12.0
10.7
10.9
11.9
13.6
15.6
14.9
100.1
94.2
104.1
102.1
103.5
104.7
103.1
103.1
103.3
104.2
103.7
112.3
5.1
0.4
2.6
3.3
2.3
3.1
3.6
5.1
4.4
3.7
3.1
1.9
2012
1
2
3
4
5
6
7
8
9
10
11
12
101.9
105.8
111.2
106.4
110.4
108.9
105.6
99.4
103.6
107.6
111.6
109.7
-3.2
15.3
0.5
-0.4
3.1
0.6
-0.3
-2.1
-0.8
-1.9
2.1
-0.4
102.6
105.8
110.6
105.9
109.6
108.9
104.8
98.5
104.6
106.6
109.5
109.0
-3.0
13.4
-0.2
-0.8
3.4
1.8
0.8
-2.7
0.4
-2.3
1.2
-1.2
119.4
117.5
117.8
116.6
118.4
115.2
115.8
119.5
114.6
115.5
120.4
124.1
14.1
14.3
12.5
10.2
9.0
4.7
3.6
6.5
1.7
-0.1
2.1
3.2
100.5
100.0
105.9
102.7
105.9
106.0
104.7
103.8
105.9
104.6
105.2
113.1
0.4
6.2
1.7
0.6
2.3
1.2
1.6
0.7
2.2
0.4
1.4
0.7
2013
1
2P
3P
109.7
95.9
107.9
7.7
-9.4
-3.0
107.9
96.8
108.1
5.2
-8.5
-2.3
127.8
122.8
121.6
7.0
4.5
3.2
101.8
100.1
106.6
1.3
0.1
0.7
P: Preliminary
Source: Statistics Korea
Statistical Appendices | 67
3.
Production capacity and operation ratio
Period
2010
2011
2012
100.0
104.9
107.2
Average operation
ratio (%)
80.3
80.2
78.1
2010
97.8
99.5
100.7
102.0
7.6
8.5
7.9
7.4
95.7
102.7
97.6
104.0
18.3
8.9
0.8
4.8
79.4
80.6
80.4
80.9
2011
103.6
104.7
105.2
106.1
5.9
5.2
4.5
4.0
97.6
103.1
97.3
101.3
2.0
0.4
-0.3
-2.6
81.4
80.4
80.4
78.8
2012
106.8
107.1
107.2
107.5
3.1
2.3
1.9
1.3
96.9
100.3
92.8
97.9
-0.7
-2.7
-4.6
-3.4
79.6
79.0
76.2
77.8
2013
108.0
1.1
93.0
-4.0
77.3
2010
1
2
3
4
5
6
7
8
9
10
11
12
97.3
97.6
98.5
99.0
99.4
100.0
100.4
100.6
101.1
101.7
101.9
102.4
7.1
7.4
8.2
8.2
8.7
8.6
8.3
8.1
7.4
7.6
7.6
7.0
95.9
87.1
104.0
103.3
101.3
103.6
103.1
94.4
95.2
104.3
103.5
104.2
31.4
10.2
14.7
10.9
9.7
6.3
5.4
4.8
-7.2
6.3
4.0
4.0
78.1
79.9
80.2
80.5
80.4
80.9
81.7
79.6
80.0
79.8
80.4
82.5
2011
1
2
3
4
5
6
7
8
9
10
11
12
103.2
103.4
104.2
104.6
104.6
104.9
105.1
105.2
105.4
106.0
106.1
106.2
6.1
5.9
5.8
5.7
5.2
4.9
4.7
4.6
4.3
4.2
4.1
3.7
100.3
87.0
105.4
102.3
102.8
104.3
100.4
94.4
97.2
102.4
101.6
99.9
4.6
-0.1
1.3
-1.0
1.5
0.7
-2.6
0.0
2.1
-1.8
-1.8
-4.1
82.5
80.3
81.3
79.6
80.2
81.3
80.9
80.0
80.4
79.7
78.9
77.7
2012
1
2
3
4
5
6
7
8
9
10
11
12
106.7
106.8
106.9
107.0
107.1
107.2
106.9
107.4
107.3
107.4
107.6
107.6
3.4
3.3
2.6
2.3
2.4
2.2
1.7
2.1
1.8
1.3
1.4
1.3
91.8
96.5
102.3
98.2
102.0
100.8
96.8
87.9
93.8
97.7
100.3
95.8
-8.5
10.9
-2.9
-4.0
-0.8
-3.4
-3.6
-6.9
-3.5
-4.6
-1.3
-4.1
79.7
80.4
78.7
79.0
79.5
78.4
77.8
74.0
76.7
77.0
78.0
78.4
2013
1
2P
3P
107.9
108.0
108.0
1.1
1.1
1.0
97.9
84.4
96.6
6.6
-12.5
-5.6
78.6
77.6
75.7
P: Preliminary
Source: Statistics Korea
68 | Statistical Appendices
4.
Consumer goods sales index
(constant prices, 2010=100)
Consumer goods sales index
Durable goods
Period
2010
2011
2012
100.0
104.5
106.9
Y-o-Y change
(%)
6.7
4.5
2.3
Semi-durable goods
100.0
110.6
116.5
Y-o-Y change
(%)
14.8
10.6
5.3
100.0
103.7
102.6
Y-o-Y change
(%)
6.7
3.7
-1.1
Non-durable goods
100.0
102.1
104.4
Y-o-Y change
(%)
2.2
2.1
2.3
2010
95.6
98.7
99.7
106.1
8.9
5.4
8.0
5.0
94.5
96.0
101.0
108.5
29.5
6.2
17.0
9.8
93.5
100.3
90.9
115.3
3.0
5.7
9.4
8.9
97.0
99.2
102.9
100.9
2.4
3.4
2.4
0.8
2011
100.7
104.8
103.7
108.9
5.3
6.2
4.0
2.6
105.4
112.2
111.4
113.3
11.5
16.9
10.3
4.4
98.3
105.5
94.2
116.7
5.1
5.2
3.6
1.2
99.6
101.2
104.4
103.3
2.7
2.0
1.5
2.4
2012
103.5
106.3
106.4
111.6
2.8
1.4
2.6
2.5
110.0
115.5
118.8
121.8
4.4
2.9
6.6
7.5
98.0
104.4
90.9
117.1
-0.3
-1.0
-3.5
0.3
102.9
102.8
107.5
104.3
3.3
1.6
3.0
1.0
2013
103.7
0.2
111.3
1.2
100.0
2.0
101.7
-1.2
2010
1
2
3
4
5
6
7
8
9
10
11
12
95.0
93.3
98.4
96.6
100.7
98.7
100.1
96.2
102.7
104.0
105.3
109.1
6.1
11.7
8.7
7.8
4.4
4.3
9.5
9.3
5.3
4.5
6.7
4.0
92.8
90.4
100.3
92.7
94.6
100.7
104.0
98.2
100.7
105.4
108.3
111.9
40.0
22.5
27.1
17.5
3.2
0.1
18.2
25.9
8.4
14.3
10.8
5.2
95.0
88.5
96.9
99.7
105.0
96.2
92.7
83.4
96.5
113.6
114.9
117.4
4.1
3.4
1.4
3.5
5.2
8.7
10.2
9.4
8.3
11.0
7.1
8.7
96.0
96.8
98.2
97.1
101.6
98.8
101.6
100.9
106.3
99.1
99.6
104.0
-4.9
11.0
2.3
3.5
2.2
4.4
4.3
1.7
1.4
-4.3
3.8
2.1
2011
1
2
3
4
5
6
7
8
9
10
11
12
105.4
92.8
103.9
102.5
107.3
104.7
104.2
100.9
106.0
107.4
107.2
112.0
10.9
-0.5
5.6
6.1
6.6
6.1
4.1
4.9
3.2
3.3
1.8
2.7
104.0
97.8
114.5
106.4
112.6
117.5
117.0
109.7
107.6
109.0
116.3
114.5
12.1
8.2
14.2
14.8
19.0
16.7
12.5
11.7
6.9
3.4
7.4
2.3
104.9
90.0
99.8
105.6
109.9
100.9
96.2
86.2
100.1
116.1
111.9
122.1
10.4
1.7
3.1
5.9
4.7
4.9
3.8
3.4
3.7
2.2
-2.6
4.0
106.3
91.7
100.8
99.4
103.6
100.5
101.8
103.4
107.9
102.7
100.9
106.4
10.7
-5.3
2.6
2.4
2.0
1.7
0.2
2.5
1.5
3.6
1.3
2.3
2012
1
2
3
4
5
6
7
8
9
10
11
12
107.5
97.9
105.0
102.9
110.0
105.9
108.0
102.0
109.1
109.0
111.5
114.2
2.0
5.5
1.1
0.4
2.5
1.1
3.6
1.1
2.9
1.5
4.0
2.0
107.7
107.9
114.4
107.8
118.1
120.5
126.2
114.3
115.9
117.1
123.0
125.3
3.6
10.3
-0.1
1.3
4.9
2.6
7.9
4.2
7.7
7.4
5.8
9.4
103.6
91.0
99.3
103.7
110.4
99.2
96.0
80.7
96.0
113.5
117.8
119.9
-1.2
1.1
-0.6
-1.8
0.5
-1.7
-0.2
-6.4
-4.1
-2.2
5.3
-1.8
109.2
96.3
103.1
100.2
106.0
102.1
105.0
105.8
111.7
103.2
103.3
106.5
2.7
5.0
2.3
0.8
2.3
1.6
3.1
2.3
3.5
0.5
2.4
0.1
2013
1
2P
3P
104.6
99.6
106.8
-2.7
1.7
1.7
112.0
106.7
115.3
4.0
-1.1
0.8
101.4
91.8
106.9
-2.1
0.9
7.7
102.6
99.8
102.8
-6.0
3.6
-0.3
P: Preliminary
Source: Statistics Korea
Statistical Appendices | 69
5.
Consumer goods shipment index and consumer sentiment index
Domestic consumer goods shipment index (2010=100)
Durable goods
Period
2010
2011
2012
100.0
109.2
101.1
Y-o-Y
change (%)
5.2
0.9
0.2
Non-durable goods
100.0
100.2
98.5
Y-o-Y
change (%)
4.0
0.2
-1.7
100.0
101.2
102.3
Y-o-Y
change (%)
5.8
1.2
1.1
Consumer
sentiment
index
-
2010
96.6
96.9
100.6
106.0
9.8
3.3
2.8
5.3
95.6
97.7
101.2
105.5
18.4
-1.9
2.0
0.3
96.9
96.5
100.4
106.2
6.0
6.2
3.3
7.9
2011
100.8
97.9
101.2
103.8
4.3
1.0
0.6
-2.1
99.5
100.7
100.8
99.9
4.1
3.1
-0.4
-5.3
101.4
96.7
101.4
105.4
4.6
0.2
1.0
-0.8
2012
100.0
99.7
100.9
103.9
-0.8
1.8
-0.3
0.1
97.4
98.9
96.0
101.7
-2.1
-1.8
-4.8
1.8
101.2
100.1
103.0
104.8
-0.2
3.5
1.6
-0.6
2013
99.2
-0.8
98.0
0.6
99.6
-1.6
2010
1
2
3
4
5
6
7
8
9
10
11
12
101.5
90.1
98.1
97.3
95.2
98.1
100.5
99.8
101.4
106.7
106.1
105.3
15.5
6.3
7.5
5.8
2.7
1.4
3.4
10.2
-4.3
7.4
9.6
-0.5
96.0
91.2
99.7
95.2
95.4
102.4
105.5
97.7
100.3
106.0
106.5
104.1
36.2
10.9
11.4
10.9
-4.7
-9.2
1.3
9.1
-3.6
6.7
2.0
-6.9
103.8
89.6
97.4
98.2
95.1
96.2
98.4
100.8
101.9
106.9
105.9
105.8
7.7
4.3
5.9
3.5
6.8
8.3
5.0
10.7
-4.6
7.6
13.8
2.8
115
113
112
112
112
114
114
112
111
110
113
112
2011
1
2
3
4
5
6
7
8
9
10
11
12
108.6
88.7
105.2
98.2
96.1
99.3
99.7
102.1
101.8
105.0
102.1
104.2
7.0
-1.6
7.2
0.9
0.9
1.2
-0.8
2.3
0.4
-1.6
-3.8
-1.0
100.9
92.6
105.1
97.3
99.3
105.4
104.2
98.1
100.0
100.3
98.6
100.9
5.1
1.5
5.4
2.2
4.1
2.9
-1.2
0.4
-0.3
-5.4
-7.4
-3.1
111.9
87.1
105.2
98.6
94.7
96.7
97.8
103.8
102.6
107.0
103.6
105.7
7.8
-2.8
8.0
0.4
-0.4
0.5
-0.6
3.0
0.7
0.1
-2.2
-0.1
111
109
110
102
105
103
103
99
99
101
105
100
2012
1
2
3
4
5
6
7
8
9
10
11
12
100.2
97.9
101.9
98.7
101.9
98.6
101.6
98.5
102.7
103.7
104.2
103.7
-7.7
10.4
-3.1
0.5
6.0
-0.7
1.9
-3.5
0.9
-1.2
2.1
-0.5
92.2
98.0
102.1
93.6
100.2
102.9
105.1
87.5
95.4
98.4
101.0
105.7
-8.6
5.8
-2.9
-3.8
0.9
-2.4
0.9
-10.8
-4.6
-1.9
2.4
4.8
103.7
97.9
101.9
100.9
102.7
96.7
100.1
103.1
105.8
105.9
105.6
102.8
-7.3
12.4
-3.1
2.3
8.4
0.0
2.4
-0.7
3.1
-1.0
1.9
-2.7
98
102
102
106
106
101
100
101
99
100
100
99
2013
1
2P
3P
4
104.0
92.8
100.8
-
3.8
-5.2
-1.1
-
96.8
94.0
103.3
-
5.0
-4.1
1.2
-
107.0
92.2
99.7
-
3.2
-5.8
-2.2
-
102
102
104
102
6.
Machinery orders received, domestic machinery shipment and estimated
facility investment index
Domestic machinery orders received excluding ship
(billion won, constant value)
Period
2012
Private
Total
Public
21,789
2,142
19,647
Manufacturing
10,482
Estimated
facility investment
index
(2005=100)
Domestic
machinery shipment
excluding ship
(2010=100)
136.4
98.8
2012
6,310
5,391
5,079
5,004
810
285
579
468
5,500
5,106
4,500
4,536
3,055
2,765
2,320
2,339
144.5
145.7
128.1
127.4
103.4
104.6
90.9
96.4
2013
5,814
426
5,388
2,925
123.7
83.5
2012
1
2
3
4
5
6
7
8
9
10
11
12
1,933
2,541
1,836
1,845
1,830
1,716
1,835
1,516
1,729
1,545
1,689
1,771
52
695
63
56
39
190
310
169
100
86
127
255
1,881
1,846
1,773
1,789
1,791
1,526
1,525
1,347
1,629
1,458
1,562
1,516
1,158
1,036
860
927
988
850
779
689
852
733
833
773
139.4
146.8
147.4
143.1
145.9
148.1
140.4
118.2
125.7
119.7
124.4
138.1
95.0
106.0
109.1
104.1
103.8
105.8
96.4
87.8
88.6
92.7
93.8
102.6
2013
1
2P
3P
1,864
1,727
2,223
139
163
123
991
855
1,079
117.5
119.7
133.8
81.1
77.5
92.0
-13.4
-11.0
-25.9
-2.0
-5.3
2012
1,724
1,564
2,100
Y-o-Y change (%)
-13.6
2012
-1.1
-19.8
-10.4
-21.5
126.1
-59.7
86.7
-54.6
-8.7
-15.1
-16.0
-15.1
-19.0
-27.3
-26.6
-31.4
10.7
-2.7
-8.2
-6.9
4.4
-5.0
-10.7
-9.4
2013
-7.9
-47.4
-2.0
-4.2
-14.4
-19.2
2012
1
2
3
4
5
6
7
8
9
10
11
12
-0.8
25.1
-23.6
-4.4
-14.4
-35.4
-9.4
-13.8
-8.1
-20.8
-26.4
-17.0
-22.2
829.0
-70.9
-10.3
-72.8
-62.2
135.5
105.9
3.5
-72.3
-75.8
31.2
0.0
-5.7
-18.9
-4.3
-10.2
-29.1
-19.5
-19.7
-8.7
-11.0
-11.6
-21.8
3.9
-12.3
-41.7
-22.4
-19.1
-38.7
-25.1
-32.7
-22.4
-24.3
-25.0
-42.0
10.3
27.3
-1.7
2.8
-3.3
-7.0
-0.4
-15.6
-8.6
-3.5
-10.8
-6.3
1.0
16.5
-2.5
-0.3
-6.8
-7.6
-6.9
-12.2
-13.1
-8.5
-8.4
-11.2
2013
1
2P
3P
-3.6
-32.0
21.1
169.8
-76.5
95.4
-8.3
-15.3
18.4
-14.4
-17.5
25.4
-15.7
-18.5
-9.2
-14.6
-26.9
-15.7
P: Preliminary
Source: Statistics Korea
Statistical Appendices | 71
7.
Value of construction completed and domestic construction orders received
(current prices, billion won)
Period
Value of
construction
completion
(total)
2012
Type of order
Public
Private
Domestic
construction
orders received
(total)
Type of order
Public
Private
88,031
33,578
50,260
86,821
26,103
57,202
2012
19,106
22,203
21,135
25,587
7,385
8,813
7,499
9,881
10,795
12,333
12,584
14,548
21,772
25,136
17,665
22,248
5,531
5,602
5,478
9,492
15,549
18,515
11,632
11,506
2013
20,072
6,932
12,388
12,589
4,211
8,107
2012
1
2
3
4
5
6
7
8
9
10
11
12
5,742
5,979
7,385
6,789
7,225
8,189
6,970
6,508
7,658
7,298
8,030
10,259
2,106
2,358
2,921
2,625
2,839
3,349
2,337
2,292
2,870
2,574
2,974
4,333
3,339
3,371
4,086
3,875
4,066
4,393
4,254
3,907
4,423
4,432
4,742
5,375
7,244
8,122
6,406
6,033
7,215
11,887
6,450
5,120
6,195
5,501
7,232
9,516
1,796
2,165
1,390
1,448
1,072
3,082
2,284
1,341
1,852
1,962
2,148
5,382
5,100
5,812
4,636
4,097
6,034
8,385
3,886
3,738
4,008
3,507
4,743
3,255
2013
1
2P
3P
6,258
6,217
7,597
2,065
2,341
2,527
3,424
4,304
4,861
1,306
1,280
1,625
1,970
2,955
3,181
-4.0
-4.4
3,948
3,650
4,790
Y-o-Y change (%)
-2.7
-8.9
-8.8
-7.5
2012
2012
-0.9
-7.7
-1.3
-5.1
0.9
-5.1
-2.4
-8.7
-2.1
-7.5
-0.1
-1.0
33.3
-0.7
-13.6
-33.1
34.3
-11.2
-18.4
-17.3
40.0
4.9
-9.6
-43.1
2013
5.1
-6.1
14.8
-42.2
-23.9
-47.9
2012
1
2
3
4
5
6
7
8
9
10
11
12
-7.2
12.2
-4.8
-5.4
-2.9
-13.3
3.2
-5.6
-1.5
-8.3
2.2
-7.9
-13.6
16.3
2.3
-4.3
1.8
-10.9
-1.7
-6.8
0.9
-11.3
-6.2
-8.8
-4.3
10.1
-8.8
-4.7
-4.3
-12.5
4.8
-4.7
-0.3
-5.1
10.5
-6.2
47.5
99.1
-12.8
-10.1
0.9
3.7
23.1
-32.4
-19.7
-26.6
-20.0
-43.0
50.2
53.7
0.3
1.4
-43.3
3.0
23.1
-10.9
-44.7
-15.3
-28.1
-12.9
75.6
131.7
-18.6
-11.5
27.3
1.3
25.6
-35.4
0.4
-29.7
-19.2
-65.2
2013
1
2P
3P
9.0
4.0
2.9
-2.0
-0.7
-13.5
18.3
8.3
17.2
-52.7
-47.0
-24.1
-33.9
-40.9
16.9
-61.4
-49.2
-31.4
P: Preliminary
Source: Statistics Korea
72 | Statistical Appendices
8.
Composite indices of business cycle indicators and BSI
Period
Leading index
(2010=100)
Coincident index
(2010=100)
Cycle of
coincident index
(2010=100)
BSI
(results)
BSI
(prospects)
2009
1
2
3
4
5
6
7
8
9
10
11
12
87.4
88.2
88.7
90.5
91.9
93.6
94.3
95.0
95.9
96.9
98.2
98.8
88.5
88.5
89.2
90.3
90.8
92.3
93.1
93.7
94.3
95.3
96.0
96.5
95.3
95.0
95.4
96.1
96.4
97.5
98.0
98.3
98.6
99.2
99.6
99.7
58.1
62.4
89.0
93.7
100.9
96.6
98.5
96.0
110.5
107.5
103.8
104.8
52.0
66.0
76.1
86.7
103.8
100.2
98.7
99.8
117.0
116.5
109.0
105.9
2010
1
2
3
4
5
6
7
8
9
10
11
12
99.2
99.1
99.0
99.0
99.6
100.1
100.7
100.8
101.0
100.5
100.5
100.5
97.0
97.7
98.4
99.1
99.8
100.3
100.9
101.1
101.1
101.0
101.4
102.2
99.9
100.2
100.5
100.8
101.1
101.2
101.4
101.1
100.7
100.2
100.2
100.6
99.2
98.7
113.1
108.9
111.9
109.4
105.0
98.6
104.1
104.3
103.5
102.1
103.1
102.3
116.2
111.2
113.4
108.9
107.3
100.7
111.1
113.1
107.1
104.2
2011
1
2
3
4
5
6
7
8
9
10
11
12
101.3
101.6
101.7
101.3
101.6
102.0
102.6
102.9
103.2
103.3
103.4
103.7
103.5
103.6
104.0
104.0
104.7
105.3
105.9
106.5
106.5
107.0
106.9
107.4
101.4
101.1
101.1
100.7
100.9
101.1
101.2
101.4
101.0
101.0
100.6
100.5
99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
93.0
90.1
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
94.8
2012
1
2
3
4
5
6
7
8
9
10
11
12
104.4
105.4
105.7
106.2
106.3
107.4
108.0
108.1
108.0
108.3
109.1
109.9
107.4
108.2
108.3
108.6
108.7
109.1
109.7
109.6
110.1
110.0
110.7
111.3
100.2
100.5
100.2
100.0
99.7
99.7
99.8
99.3
99.3
98.9
99.1
99.2
88.6
92.2
101.4
97.5
95.7
90.4
82.1
84.4
89.3
88.9
82.2
87.0
88.3
91.0
106.1
98.4
104.7
98.3
89.7
82.7
99.5
97.0
92.5
82.0
2013
1
2
3
3
4
110.1
110.4
110.7
-
111.8
112.3
112.3
-
99.2
99.3
98.9
-
85.0
83.0
101.3
94.1
-
85.7
86.7
104.4
101.5
99.8
9.
Balance of payments (I)
(million US$)
Current balance
Goods trade balance
Period
2010
2011
2012
29,393.5
26,068.2
43,138.5
40,082.5
31,660.0
38,337.7
Exports
461,444.9
551,765.4
552,565.3
Imports
421,362.4
520,105.4
514,227.6
Services trade
balance
Income trade
Balance
Current transfers
-8,626.0
-5,849.5
2,676.2
1,015.9
2,890.9
4,885.5
-3,078.9
-2,633.2
-2,760.9
2010
67.8
10,734.7
10,121.7
8,469.3
4,296.2
12,307.0
11,566.2
11,913.1
100,951.1
117,120.4
116,756.4
126,617.0
96,654.9
104,813.4
105,190.2
114,703.9
-4,067.7
-200.0
-1,787.5
-2,570.8
595.6
-901.4
1,289.2
32.5
-756.3
-470.9
-946.2
-905.5
2011
2,610.3
5,492.2
6,896.0
11,506.8
5,842.7
7,661.0
7,197.7
10,248.9
127,691.2
142,722.8
141,393.5
140,756.8
121,848.5
135,061.8
134,195.8
130,507.9
-2,538.0
-796.0
-1,198.2
154.8
387.9
-824.8
1,314.9
1,577.8
-1,082.3
-548.0
-418.5
-474.7
2012
2,559.9
11,188.8
14,561.7
14,828.1
2,612.4
8,520.5
13,341.2
13,863.6
134,627.6
138,784.9
137,086.0
142,066.8
132,015.2
130,264.4
123,744.8
128,203.2
-648.4
2,312.7
654.4
357.5
1,487.6
821.4
1,041.3
1,535.2
-891.7
-465.8
-475.2
-928.2
2013
10,023.1
9,391.0
137,368.8
127,977.8
-482.9
1,375.0
-260.0
2010
1
2
3
4
5
6
7
8
9
10
11
12
-599.5
-549.2
1,216.5
724.5
4,923.1
5,087.1
4,779.0
1,668.5
3,674.2
5,489.1
2,024.4
955.8
891.0
633.2
2,772.0
3,333.9
3,625.4
5,347.7
4,934.9
2,224.0
4,407.3
5,403.2
3,241.2
3,268.7
31,782.7
31,111.0
38,057.4
38,740.1
38,083.5
40,296.8
40,473.4
37,186.1
39,096.9
42,008.4
41,822.0
42,786.6
30,891.7
30,477.8
35,285.4
35,406.2
34,458.1
34,949.1
35,538.5
34,962.1
34,689.6
36,605.2
38,580.8
39,517.9
-1,596.2
-1,495.3
-976.2
-561.5
932.8
-571.3
-219.6
-630.1
-937.8
-352.6
-201.2
-2,017.0
456.5
549.9
-410.8
-1,514.5
390.0
223.1
359.9
540.2
389.1
654.2
-775.6
153.9
-350.8
-237.0
-168.5
-533.4
-25.1
87.6
-296.2
-465.6
-184.4
-215.7
-240.0
-449.8
2011
1
2
3
4
5
6
7
8
9
10
11
12
154.7
1,126.1
1,329.5
1,277.6
2,183.9
2,030.7
3,773.6
292.6
2,829.8
4,132.9
4,564.6
2,809.3
1,557.9
1,530.8
2,754.0
3,327.6
1,633.8
2,699.6
4,728.0
371.5
2,098.2
3,547.2
3,997.2
2,704.5
42,662.8
37,228.3
47,800.4
47,879.4
47,149.8
47,693.6
48,555.9
45,634.9
47,202.7
46,451.7
46,656.2
47,648.9
41,104.9
35,697.2
45,046.4
44,551.8
45,516.0
44,994.0
43,827.9
45,263.4
45,104.5
42,904.5
42,659.0
44,944.4
-1,640.9
-569.1
-328.0
-178.8
15.5
-632.7
-690.9
-577.9
70.6
2.8
357.2
-205.2
703.7
542.6
-858.4
-1,581.9
517.3
239.8
72.3
699.6
543.0
643.5
445.6
488.7
-466.0
-378.2
-238.1
-289.3
17.3
-276.0
-335.8
-200.6
118.0
-60.6
-243.5
-178.7
2012
1
2
3
4
5
6
7
8
9
10
11
12
-968.8
557.3
2,971.4
1,734.0
3,574.9
5,879.9
6,144.3
2,504.3
5,913.1
5,781.7
6,906.2
2,140.2
-1,624.0
1,310.1
2,926.3
1,750.8
1,715.9
5,053.8
5,340.6
2,514.0
5,486.6
5,168.9
6,777.4
1,917.3
41,383.8
45,863.0
47,380.8
45,820.3
46,162.8
46,801.8
46,620.5
42,895.6
47,569.9
48,144.1
49,636.8
44,285.9
43,007.8
44,552.9
44,454.5
44,069.5
44,446.9
41,748.0
41,279.9
40,381.6
42,083.3
42,975.2
42,859.4
42,368.6
-128.8
-1,219.3
699.7
549.7
1,593.0
170.1
593.3
-262.2
323.3
378.3
-51.6
30.8
1,191.7
613.4
-317.5
-422.0
341.6
901.8
401.9
435.5
203.9
521.9
374.3
639.0
-407.7
-146.9
-337.1
-144.5
-75.6
-245.7
-191.5
-183.0
-100.7
-287.4
-193.9
-446.9
2013P
1
2
3
2,331.7
2,712.9
4,978.5
2,617.7
2,562.9
4,210.4
47,163.0
42,218.6
47,987.2
44,545.3
39,655.7
43,776.8
-927.1
-461.0
905.2
968.4
628.9
-222.3
-327.3
-17.9
85.2
P: Preliminary
Source: The Bank of Korea
74 | Statistical Appendices
10.
Balance of payments (II)
(million US$)
Capital & financial account
Period
2010
2011
2012
Direct
investment
Portfolio
investment
Financial
derivative
Other
investment
-27,478.5
-26,778.0
-43,619.1
-22,184.3
-16,410.0
-18,628.1
42,479.8
13,109.3
10,114.8
828.9
-1,031.3
3,075.2
-21,414.4
-8,468.6
-26,897.7
Errors and
omissions
-1,915.0
709.8
480.6
2010
743.2
-8,818.0
-9,103.9
-10,299.8
-2,873.4
-2,898.6
-6,617.3
-9,795.0
11,725.9
7,207.0
15,659.9
7,887.0
829.9
-882.1
-241.4
1,122.5
-191.2
-6,727.8
-7,519.0
-6,976.4
-179.8
20.3
-8.2
-50.2
-8,568.2
-5,536.8
-10,377.9
-2,487.7
-811.0
-1,916.7
-1,017.8
1,830.5
2011
-2,754.1
-6,808.0
-8,320.9
-20,931.2
-4,696.3
-4,138.1
-2,807.6
-2,980.7
-1,379.1
2,035.4
8,108.4
-5,338.8
730.3
-542.9
-1,490.7
1,086.4
6,251.6
-1,432.5
-18,692.6
-11,733.2
-181.4
-111.9
235.5
106.8
-3,479.2
-2,618.0
6,326.1
-2,071.7
143.8
1,315.8
1,424.9
6,103.1
2012
-1,377.1
-7,968.0
-13,342.8
-20,931.2
-7,203.3
-3,015.2
-5,428.9
-2,980.7
15,156.1
-5,481.3
5,778.8
-5,338.8
1,355.0
-65.3
699.1
1,086.4
-4,232.7
-581.2
-10,350.6
-11,733.2
134.3
284.3
76.7
106.8
-6,586.4
890.7
-4,118.0
-2,071.7
-1,182.8
-3,220.8
-1,218.9
6,103.1
2013
-10,923.6
-4,065.9
-5,769.9
1,418.9
1,272.1
152.0
-3,930.8
900.5
2010
1
2
3
4
5
6
7
8
9
10
11
12
-1,176.7
2,454.3
-534.4
1,044.1
-5,831.6
-4,030.5
-3,182.5
-615.0
-5,306.4
-4,519.4
-3,996.0
-1,784.4
-936.1
-549.9
-1,387.4
-1,102.5
-677.6
-1,118.5
-1,758.4
-1,139.5
-3,719.4
-6,893.6
-1,119.5
-1,781.9
171.9
2,771.5
8,782.5
6,093.5
1,073.0
40.5
8,698.4
1,650.2
5,311.3
8,528.1
2,243.9
-2,885.0
230.0
593.4
6.5
126.2
-799.8
-208.5
-227.3
124.6
-138.7
366.2
251.4
504.9
6,410.8
-912.6
-5,689.4
5,337.6
-12,610.7
545.3
-3,633.0
-25.7
-3,860.3
-3,814.4
-3,627.2
465.2
-70.6
-46.1
-63.1
-120.5
100.2
40.6
-0.5
12.0
-19.7
-47.1
-25.3
22.2
-6,982.7
598.0
-2,183.5
-9,290.2
7,083.3
-3,329.9
-6,261.7
-1,236.6
-2,879.6
-2,658.6
-1,719.3
1,890.2
1,776.2
-1,905.1
-682.1
-1,768.6
908.5
-1,056.6
-1,596.5
-1,053.5
1,632.2
-969.7
1,971.6
828.6
2011
1
2
3
4
5
6
7
8
9
10
11
12
-1,282.0
-1,996.2
524.1
394.7
-3,956.7
-3,246.0
-2,469.2
-1,690.6
-4,161.1
-4,391.9
-6,191.9
-3,497.8
-1,725.4
-1,635.1
-1,335.8
-738.8
-1,254.7
-2,144.6
327.1
-1,036.4
-2,098.3
-1,132.2
-2,077.1
-842.7
904.6
-3,004.0
720.3
4,575.0
-1,140.1
-1,399.5
9,258.3
-2,923.0
1,773.1
3,919.1
39.8
-2,411.4
569.3
-363.3
524.3
-206.2
165.1
-501.8
526.6
-1,868.6
-148.7
108.5
-379.9
-160.6
1,773.30
5,126.9
-648.6
-145.9
-821.7
-464.9
-6,581.0
4,638.4
-16,750.0
2,784.7
-6.2
10.1
-120.7
-32.7
-28.0
-33.6
-49.9
-28.4
13.8
41.5
180.2
109.7
98.1
0.0
-2,683.1
-2,088.0
1,291.9
-3,055.8
-855.4
1,293.2
-6,014.0
-542.5
12,882.6
-10,181.7
-3,866.6
-93.2
1,127.3
870.1
-1,853.6
-1,672.3
1,772.8
1,215.3
-1,304.4
1,398.0
1,331.3
259.0
1,627.3
688.5
2012
1
2
3
4
5
6
7
8
9
10
11
12
1,305.6
-920.3
-1,762.4
157.7
-2,897.4
-5,228.3
-7,840.1
-605.0
-4,897.7
-7,259.3
-9,838.2
-3,833.7
-2,013.3
-3,572.6
-1,617.4
-940.4
-1,382.0
-692.8
-1,443.6
-1,607.1
-2,378.2
-975.0
-1,336.2
-669.5
7,737.0
6,115.2
1,303.9
-2,213.3
-937.1
-2,330.9
2,529.2
580.9
2,668.7
-4,657.2
-3,875.8
3,194.2
434.2
214.1
706.7
320.5
-390.4
4.6
267.1
68.3
363.7
-135.3
612.6
609.1
-2,190.4
-1,526.1
-516.2
2,667.4
-1,600.9
-1,647.7
-7,625.3
1,464.0
-4,189.3
-15.5
-2,683.7
-9,034.0
-1.7
36.0
100.0
102.3
144.2
37.8
36.3
8.0
32.4
-6.1
5.8
107.1
-2,660.2
-2,186.8
-1,739.4
221.2
1,268.8
-599.3
-1,603.8
-1,119.2
-1,395.0
-1,470.2
-2,560.9
1,959.4
-336.8
363.0
-1,209.0
-1,891.7
-677.5
-651.6
1,695.8
-1,899.3
-1,015.4
1,477.6
2,932.0
1,693.5
2013P
1
2
3
-910.3
-3,269.1
-6,744.2
-1,417.7
-777.8
-1,870.4
-4,374.3
1,993.5
-3,389.1
586.9
686.9
145.1
4,643.9
-3,218.3
-153.5
48.5
37.8
65.7
-397.6
-1,991.2
-1,542.0
-1,421.4
556.2
1,765.7
P: Preliminary
Source: The Bank of Korea
Statistical Appendices | 75
11.
Prices
(2010=100)
Consumer Prices
Producer prices
Period
All Items
2011
2012
Commodity
Service
Core
All Items
Commodity
Export
Import
104.0
106.3
105.7
108.9
102.7
104.2
103.2
104.9
106.7
107.5
108.7
108.9
100.2
97.9
111.6
110.8
2011
1
2
3
4
5
6
7
8
9
10
11
12
102.2
102.9
103.3
103.4
103.6
103.8
104.3
105.0
104.9
104.7
104.8
105.2
103.4
104.4
104.9
104.6
104.7
105.0
105.9
107.1
107.1
106.6
106.8
107.3
101.2
101.7
102.1
102.4
102.6
102.8
103.1
103.3
103.1
103.2
103.3
103.5
101.4
102.1
102.4
102.6
103.0
103.4
103.7
103.8
103.7
103.6
103.9
104.3
104.3
105.1
106.3
107.0
107.3
107.1
107.2
107.4
107.4
107.3
107.0
107.1
105.7
106.7
108.3
109.1
109.5
109.1
109.3
109.5
109.6
109.4
108.9
109.0
98.7
100.7
103.7
102.3
100.5
99.3
97.4
98.1
101.0
102.2
99.5
99.4
106.3
109.3
113.2
113.9
111.5
110.9
109.5
109.8
113.6
114.8
113.1
113.3
2012
1
2
3
4
5
6
7
8
9
10
11
12
105.7
106.1
106.0
106.0
106.2
106.1
105.9
106.3
107.0
106.9
106.5
106.7
107.9
108.5
109.2
108.9
109.2
108.8
107.9
108.8
110.4
109.8
108.9
109.0
103.9
104.2
103.5
103.7
103.9
104.0
104.2
104.4
104.4
104.6
104.6
104.8
104.6
104.7
104.3
104.4
104.6
104.9
104.9
105.1
105.2
105.2
105.3
105.5
107.7
108.4
108.9
109.0
108.4
107.1
106.6
107.2
107.6
106.8
106.1
105.8
109.5
110.5
111.2
111.1
110.3
108.4
107.6
108.6
109.2
107.8
106.8
106.4
100.4
100.0
100.6
101.0
100.2
98.8
97.5
97.5
97.6
95.6
92.9
92.3
114.4
115.0
116.9
115.6
113.5
109.4
108.5
110.3
111.1
107.4
104.3
103.2
2013
1
2
3
4
107.3
107.6
107.4
107.3
109.8
110.2
110.3
109.8
105.2
105.5
105.1
105.3
106.0
106.7
106.3
105.9
106.8
107.8
107.1
106.6
92.2
94.4
94.7
95.2
102.3
105.1
104.3
104.4
4.0
2.2
5.7
3.0
105.9
106.1
105.9
105.9
Y-o-Y change (%)
2.7
3.2
1.5
1.6
6.7
0.7
8.7
0.2
0.2
-2.4
11.6
-0.7
2011
2012
2011
1
2
3
4
5
6
7
8
9
10
11
12
3.4
3.9
4.1
3.8
3.9
4.2
4.5
4.7
3.8
3.6
4.2
4.2
5.2
5.9
6.1
5.0
5.2
5.8
6.4
6.8
5.0
4.5
6.0
5.7
2.0
2.3
2.6
2.7
2.7
2.9
2.9
3.0
2.7
2.8
2.7
2.8
2.1
2.6
3.0
3.0
3.2
3.5
3.6
3.5
3.3
3.2
3.5
3.6
6.8
7.4
8.2
8.1
7.5
7.2
7.0
6.9
6.3
5.8
5.1
4.3
9.1
9.8
10.7
10.6
9.7
9.3
9.1
8.9
8.0
7.4
6.5
5.3
0.8
1.6
5.1
3.4
-0.9
-4.8
-6.0
-2.7
1.0
5.3
2.0
-1.0
11.7
14.5
17.7
17.4
11.7
8.6
7.6
8.0
11.9
14.5
10.7
6.1
2012
1
2
3
4
5
6
7
8
9
10
11
12
3.4
3.1
2.6
2.5
2.5
2.2
1.5
1.2
2.0
2.1
1.6
1.4
4.4
3.9
4.1
4.1
4.3
3.6
1.9
1.6
3.1
3.0
2.0
1.6
2.7
2.5
1.4
1.3
1.3
1.2
1.1
1.1
1.3
1.4
1.3
1.3
3.2
2.5
1.9
1.8
1.6
1.5
1.2
1.3
1.4
1.5
1.3
1.2
3.2
3.1
2.4
1.9
1.0
0.0
-0.6
-0.1
0.2
-0.5
-0.9
-1.2
3.6
3.6
2.7
1.9
0.7
-0.7
-1.5
-0.9
-0.4
-1.4
-1.9
-2.3
1.7
-0.7
-3.0
-1.2
-0.3
-0.5
0.1
-0.7
-3.4
-6.5
-6.6
-7.2
7.7
5.2
3.3
1.5
1.8
-1.3
-0.9
0.5
-2.2
-6.4
-7.9
-9.0
2013
1
2
3
4
1.5
1.4
1.3
1.2
1.8
1.6
1.0
0.8
1.3
1.2
1.5
1.5
1.2
1.3
1.5
1.4
-1.6
-1.6
-2.4
-2.8
-2.5
-2.5
-3.7
-4.0
-8.1
-5.6
-5.9
-5.7
-10.6
-8.6
-10.8
-9.7
12.
Employment
Economically active persons (thous.)
Period
2011
2012
Wage workers
25,099
25,501
S.O.C &
service
18,595
19,033
Status of Worker
Unemployment (%)
Regular
Temporary
Daily
3.4
3.2
17,397
17,712
10,661
11,097
4,990
4,988
1,746
1,627
2011
1
2
3
4
5
6
7
8
9
10
11
12
24,114
24,431
24,918
25,240
25,480
25,592
25,473
25,257
25,076
25,409
25,318
24,880
23,196
23,336
23,846
24,303
24,661
24,752
24,636
24,495
24,318
24,673
24,589
24,125
4,148
4,149
4,122
4,108
4,137
4,135
4,079
4,031
4,014
4,044
4,054
4,071
18,007
18,019
18,244
18,536
18,731
18,812
18,844
18,739
18,595
18,856
18,921
18,833
3.8
4.5
4.3
3.7
3.2
3.3
3.3
3.0
3.0
2.9
2.9
3.0
16,832
16,856
17,065
17,357
17,626
17,720
17,667
17,510
17,378
17,608
17,650
17,496
10,305
10,390
10,543
10,618
10,708
10,716
10,718
10,710
10,764
10,796
10,838
10,824
4,848
4,781
4,782
4,928
5,064
5,132
5,137
5,031
5,047
5,094
5,047
4,986
1,680
1,684
1,740
1,812
1,854
1,872
1,811
1,769
1,567
1,718
1,765
1,686
2012
1
2
3
4
5
6
7
8
9
10
11
12
24,585
24,825
25,210
25,653
25,939
25,939
25,901
25,623
25,755
25,787
25,652
25,139
23,732
23,783
24,265
24,758
25,133
25,117
25,106
24,859
25,003
25,069
24,941
24,402
4,034
4,060
4,018
4,027
4,071
4,084
4,114
4,111
4,153
4,188
4,218
4,183
18,631
18,599
18,870
19,103
19,292
19,248
19,265
19,040
19,125
19,128
19,088
19,010
3.5
4.2
3.7
3.5
3.1
3.2
3.1
3.0
2.9
2.8
2.8
2.9
17,184
17,225
17,421
17,679
17,935
17,932
17,911
17,734
17,862
17,958
17,941
17,763
10,769
10,807
10,899
10,957
11,064
11,157
11,153
11,203
11,291
11,302
11,281
11,282
4,868
4,877
4,997
5,095
5,153
5,094
5,081
4,935
4,961
4,964
4,960
4,875
1,547
1,542
1,525
1,627
1,718
1,681
1,676
1,595
1,610
1,692
1,700
1,606
2013
1
2
3
4
24,901
24,973
25,397
25,928
24,054
23,984
24,514
25,103
4,189
4,139
4,141
4,192
17,581
17,493
17,743
18,145
11,292
11,336
11,510
11,616
4,791
4,725
4,769
4,892
1,498
1,431
1,465
1,636
1.4
1.6
1.7
1.8
1.6
0.3
18,810
3.4
18,736
4.0
18,989
3.5
19,303
3.2
Y-o-Y change (%)
2.1
2.4
-
2.5
1.8
5.7
4.1
-1.5
0.0
-3.9
-6.9
2011
2012
2011
1
2
3
4
5
6
7
8
9
10
11
12
0.1
1.6
2.2
1.5
1.5
1.7
1.0
1.7
0.7
1.6
1.9
1.4
1.4
2.1
2.0
1.6
1.5
1.9
1.4
2.0
1.1
2.1
2.0
1.9
5.7
6.7
5.1
2.9
2.5
2.9
1.0
-0.7
-1.2
-1.3
-2.1
-2.1
1.2
1.4
1.1
1.4
1.3
2.1
1.9
3.1
2.1
3.2
3.2
3.1
3.3
3.5
2.7
2.1
2.2
3.1
2.5
2.7
1.6
2.5
2.0
2.0
6.1
6.2
6.2
6.1
6.3
6.2
6.0
5.5
5.4
5.0
4.9
4.6
-0.3
-1.2
-3.9
-4.3
-3.0
-0.6
-1.5
-1.8
-1.2
0.1
-0.4
-0.3
-2.6
1.6
1.5
-1.3
-5.1
-3.4
-4.9
-0.3
-11.9
-5.0
-7.0
-6.7
2012
1
2
3
4
5
6
7
8
9
10
11
12
2.0
1.6
1.2
1.6
1.8
1.4
1.7
1.4
2.7
1.5
1.3
1.0
2.3
1.9
1.8
1.9
1.9
1.5
1.9
1.5
2.8
1.6
1.4
1.1
-2.8
-2.1
-2.5
-2.0
-1.6
-1.2
0.8
2.0
3.5
3.6
4.0
2.8
3.5
3.2
3.4
3.1
3.0
2.3
2.2
1.6
2.8
1.4
0.9
0.9
2.1
2.2
2.1
1.9
1.8
1.2
1.4
1.3
2.8
2.0
1.7
1.5
4.5
4.0
3.4
3.2
3.3
4.1
4.1
4.6
4.9
4.7
4.1
4.2
0.4
2.0
4.5
3.4
1.8
-0.7
-1.1
-1.9
-1.7
-2.5
-1.7
-2.2
-7.9
-8.5
-12.3
-10.2
-7.4
-10.2
-7.5
-9.8
2.7
-1.5
-3.6
-4.7
2013
1
2
3
4
1.3
0.6
0.7
1.1
1.4
0.8
1.0
1.4
3.9
1.9
3.1
4.1
1.0
0.7
0.6
1.0
2.3
1.6
1.8
2.6
4.9
4.9
5.6
6.0
-1.6
-3.1
-4.6
-4.0
-3.1
-7.1
-4.0
0.6
13.
Financial indicators
(period average)
Yields(%)
Period
Stock
2008
1
2
3
4
5
6
7
8
9
10
11
12
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.2
5.2
4.9
4.0
3.3
5.8
5.3
5.3
5.4
5.4
5.4
5.5
5.8
5.8
6.0
5.6
4.7
Corporate bonds
(3 years, AA-)
6.6
6.3
6.1
5.9
6.2
6.7
7.0
7.1
7.5
8.0
8.6
8.4
2009
1
2
3
4
5
6
7
8
9
10
11
12
2.4
2.1
1.8
1.8
1.9
1.9
1.9
2.0
2.0
2.0
2.0
2.0
3.2
2.7
2.5
2.4
2.4
2.4
2.4
2.5
2.6
2.8
2.8
2.8
7.3
7.1
6.1
5.7
5.2
5.2
5.5
5.7
5.6
5.6
5.4
5.4
3.4
3.8
3.7
3.8
3.8
4.1
4.1
4.4
4.4
4.5
4.3
4.2
4.0
4.6
4.5
4.4
4.5
4.7
4.6
4.9
4.9
4.9
4.8
4.8
1,162.11
1,063.03
1,206.26
1,369.40
1,395.89
1,390.07
1,577.29
1,591.85
1,673.14
1,580.69
1,555.60
1,682.77
2010
1
2
3
4
5
6
7
8
9
10
11
12
2.0
2.0
2.0
2.0
2.0
2.0
2.2
2.3
2.3
2.3
2.4
2.5
2.9
2.9
2.8
2.5
2.5
2.5
2.6
2.6
2.7
2.7
2.7
2.8
5.4
5.3
5.0
4.7
4.5
4.7
4.8
4.7
4.4
4.1
4.2
4.2
4.3
4.2
3.9
3.8
3.7
3.8
3.9
3.7
3.5
3.2
3.4
3.3
4.8
4.8
4.5
4.4
4.4
4.4
4.5
4.3
3.9
3.7
4.0
4.0
1,602.43
1,594.58
1,692.85
1,741.56
1,641.25
1,698.29
1,759.33
1,742.75
1,872.81
1,882.95
1,904.63
2,051.00
2011
1
2
3
4
5
6
7
8
9
10
11
12
2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3
3.3
2.9
3.1
3.4
3.4
3.5
3.5
3.6
3.6
3.6
3.6
3.6
3.6
4.5
4.7
4.5
4.5
4.4
4.4
4.5
4.2
4.2
4.3
4.2
4.2
3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4
3.4
4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
3.5
3.5
2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
1,880.11
1,769.65
1,909.03
1,847.51
1,825.74
2012
1
2
3
4
5
6
7
8
9
10
11
12
3.3
3.3
3.3
3.3
3.3
3.3
3.1
3.0
3.0
2.8
2.8
2.8
3.6
3.5
3.5
3.5
3.5
3.5
3.3
3.2
3.1
2.9
2.9
2.9
4.2
4.3
4.4
4.3
4.0
3.9
3.6
3.4
3.3
3.3
3.3
3.3
3.4
3.4
3.6
3.5
3.4
3.3
3.0
2.8
2.8
2.8
2.8
2.9
3.5
3.6
3.7
3.6
3.5
3.4
3.1
2.9
2.9
2.9
2.9
3.0
1,955.79
2,030.25
2,014.04
1,981.99
1,843.47
1,854.01
1,881.99
1,905.12
1,996.21
1,912.06
1,932.90
1,997.05
2013
1
2
3
4
2.8
2.8
2.7
2.8
2.9
2.8
2.8
2.8
3.2
3.1
3.0
2.9
2.8
2.7
2.6
2.6
2.9
2.8
2.7
2.6
1,961.94
2,026.49
2,004.89
1,963.95
CD (91 days)
Treasury bonds
(3 years)
5.4
5.1
5.2
5.0
5.3
5.7
6.0
5.8
5.8
5.1
5.0
4.0
Treasury bonds
(5 years)
5.5
5.1
5.2
5.0
5.4
5.8
6.0
5.8
5.8
5.2
5.2
4.3
KOSPI
(end-period)
1,624.68
1,711.62
1,703.99
1,825.47
1,852.02
1,674.92
1,594.67
1,474.24
1,448.06
1,113.06
1,076.07
1,124.47
14.
Monetary indicators
(billion won)
Period
Reserve money
2011
2012
M1
M2
Lf
75,232.0
82,131.1
425,675.1
441,963.6
1,708,984.5
1,798,625.7
2,208,170.4
2,379,518.7
2011
1
2
3
4
5
6
7
8
9
10
11
12
73,540.8
75,432.1
73,012.7
73,206.1
73,828.5
74,705.5
74,069.7
75,642.3
77,942.2
76,944.6
76,617.3
77,842.5
429,368.1
432,482.8
430,936.6
425,420.5
423,994.7
421,885.3
418,973.1
422,649.3
425,196.4
421,480.1
423,111.9
432,602.2
1,676,448.8
1,674,390.5
1,677,475.9
1,684,792.3
1,690,543.0
1,697,204.2
1,705,451.5
1,719,437.8
1,729,531.1
1,742,645.4
1,753,296.4
1,756,597.4
2,152,814.0
2,148,254.1
2,152,736.5
2,163,485.7
2,175,557.3
2,189,729.2
2,208,624.3
2,230,191.9
2,243,675.6
2,263,627.7
2,279,234.1
2,288,816.9
2012
1
2
3
4
5
6
7
8
9
10
11
12
81,635.4
81,655.3
79,068.0
80,641.8
80,547.7
81,804.0
81,555.7
82,369.1
82,958.7
85,078.6
82,956.5
85,302.7
439,352.9
437,193.9
440,075.4
437,445.3
438,795.3
441,611.0
441,760.6
439,573.2
440,034.3
444,477.8
445,463.9
457,778.9
1,757,058.7
1,762,988.4
1,773,172.9
1,777,114.7
1,784,220.5
1,796,981.5
1,807,289.2
1,817,134.9
1,819,290.1
1,822,420.9
1,830,280.3
1,835,556.7
2,292,213.5
2,302,065.8
2,341,626.9
2,349,723.2
2,357,701.0
2,377,071.3
2,393,737.7
2,405,239.9
2,415,263.5
2,424,000.4
2,440,062.8
2,455,962.9
2013
1
2
3
85,839.3
88,855.7
89,523.5
464,914.5
472,239.6
472,430.1
Y-o-Y change (%)
6.6
3.8
1,841,128.1
1,857,135.0
1,862,405.5
2,469,789.3
2,488,539.0
2,500,262.8
4.2
5.2
5.3
7.8
2011
2012
11.3
9.2
2011
1
2
3
4
5
6
7
8
9
10
11
12
13.0
13.3
11.2
13.9
8.8
12.8
10.6
12.4
10.9
10.1
10.3
8.9
12.6
11.5
11.6
9.6
7.4
5.4
3.8
5.4
5.1
4.1
2.0
1.6
6.5
5.0
4.3
3.9
3.7
3.0
3.2
4.0
4.2
4.4
4.4
4.4
6.6
5.2
4.7
4.5
4.4
4.0
4.6
5.5
5.7
6.1
6.2
6.2
2012
1
2
3
4
5
6
7
8
9
10
11
12
11.0
8.3
8.3
10.2
9.1
9.5
10.1
8.9
6.4
10.6
8.3
9.6
2.3
1.1
2.1
2.8
3.5
4.7
5.4
4.0
3.5
5.5
5.3
5.8
4.8
5.3
5.7
5.5
5.5
5.9
6.0
5.7
5.2
4.6
4.4
4.5
6.5
7.2
8.8
8.6
8.4
8.5
8.4
7.8
7.6
7.1
7.1
7.3
2013
1
2
3
5.1
8.8
13.2
5.8
8.0
7.4
4.8
5.3
5.0
7.7
8.1
6.8
15.
Exchange rates
/US$
/100
/Euro
Period
2011
2012
End-period
Average
End-period
Average
End-period
Average
1,153.3
1,071.1
1,108.1
1,126.9
1,485.2
1,247.5
1,391.3
1,413.1
1,494.1
1,416.3
1,541.4
1,448.2
2011
1
2
3
4
5
6
7
8
9
10
11
12
1,114.3
1,127.9
1,107.2
1,072.3
1,080.6
1,078.1
1,052.6
1,071.7
1,179.5
1,104.5
1,150.3
1,153.3
1,120.1
1,118.1
1,122.5
1,086.8
1,083.5
1,081.3
1,059.5
1,073.2
1,118.6
1,155.5
1,132.3
1,147.5
1,356.6
1,380.7
1,331.9
1,313.8
1,335.6
1,335.7
1,353.2
1,396.8
1,536.6
1,458.0
1,475.7
1,485.2
1,356.3
1,351.0
1,376.2
1,304.8
1,333.6
1,342.8
1,333.4
1,391.4
1,456.5
1,508.2
1,460.0
1,473.4
1,514.0
1,549.5
1,563.5
1,591.2
1,549.7
1,560.5
1,507.9
1,547.3
1,601.4
1,562.7
1,532.9
1,494.1
1,495.4
1,524.6
1,572.6
1,569.4
1,551.3
1,555.4
1,515.4
1,538.7
1,542.4
1,584.0
1,536.6
1,511.0
2012
1
2
3
4
5
6
7
8
9
10
11
12
1,125.0
1,126.5
1,137.8
1,134.2
1,177.8
1,153.8
1,136.2
1,134.6
1,118.6
1,094.1
1,084.7
1,071.1
1,145.9
1,123.4
1,125.9
1,135.6
1,154.3
1,165.5
1,143.4
1,131.7
1,124.8
1,106.9
1,087.5
1,077.0
1,473.1
1,399.2
1,380.7
1,412.0
1,489.1
1,453.8
1,453.6
1,444.0
1,441.1
1,374.5
1,320.6
1,247.5
1,488.7
1,433.7
1,364.1
1,393.9
1,447.1
1,469.1
1,446.4
1,438.4
1,438.6
1,400.9
1,344.0
1,288.1
1,478.2
1,516.3
1,513.4
1,501.7
1,456.6
1,435.0
1,393.1
1,419.6
1,444.3
1,418.3
1,407.3
1,416.3
1,477.2
1,486.0
1,487.1
1,495.6
1,478.6
1,462.3
1,407.0
1,402.8
1,446.0
1,436.0
1,395.9
1,411.4
2013
1
2
3
4
1,082.7
1,085.4
1,112.1
1,108.1
1,065.4
1,086.7
1,102.2
1,121.8
1,196.8
1,166.4
1,161.1
1,148.4
1,469.3
1,425.8
1,425.2
1,451.3
1,415.7
1,452.3
1,427.5
1,459.6
1.3
-7.1
-4.2
1.7
1,188.5
1,176.2
1,180.1
1,132.0
Y-o-Y change (%)
6.3
-16.0
5.4
1.6
-1.3
-5.2
0.6
-6.0
2011
2012
2011
1
2
3
4
5
6
7
8
9
10
11
12
-3.6
-2.6
-2.1
-3.9
-10.0
-10.9
-11.3
-9.9
3.3
-2.0
-0.6
1.3
-1.6
-3.4
-1.3
-2.7
-6.8
-10.8
-12.2
-9.0
-4.1
2.8
0.5
0.0
5.4
6.3
9.4
10.7
1.3
-2.1
-1.2
-0.7
12.7
4.8
7.4
6.3
8.7
5.4
9.6
9.2
5.4
0.7
-3.2
0.8
5.2
10.0
6.8
7.0
-6.2
-1.3
3.0
7.6
5.1
5.8
-2.9
2.7
2.9
-0.4
1.0
-1.3
-8.1
-3.8
1.8
4.5
6.2
5.0
-1.6
1.0
1.6
1.6
-0.3
-0.3
2012
1
2
3
4
5
6
7
8
9
10
11
12
1.0
-0.1
2.8
5.8
9.0
7.0
7.9
5.9
-5.2
-0.9
-5.7
-7.1
2.3
0.5
0.3
4.5
6.5
7.8
7.9
5.5
0.6
-4.2
-4.0
-6.1
8.6
1.3
3.7
7.5
11.5
8.8
7.4
3.4
-6.2
-5.7
-10.5
-16.0
9.8
6.1
-0.9
6.8
8.5
9.4
8.5
3.4
-1.2
-7.1
-7.9
-12.6
-2.4
-2.1
-3.2
-5.6
-6.0
-8.0
-7.6
-8.3
-9.8
-9.2
-8.2
-5.2
-1.2
-2.5
-5.4
-4.7
-4.7
-6.0
-7.2
-8.8
-6.3
-9.3
-9.2
-6.6
2013
1
2
3
4
-3.8
-3.6
-2.3
-2.3
-7.0
-3.3
-2.1
-1.2
-19.3
-15.9
-14.5
-19.8
-19.6
-18.6
-14.9
-17.6
-0.6
-6.0
-5.8
-3.4
-4.2
-2.3
-4.0
-2.4
Editor-in-Chief
Koh Il-Dong (KDI)
Kim Yong-Jin (MOSF)
Editorial Board
Sohn Woong-Ki (MOSF)
Lee Seong-Pyo (KDI)
Lee In-Sook (KDI)
Coordinators
Kim Dae-Hyun (MOSF)
Lee Ji-Youn (KDI)
Editors
David Friedman (MOSF)
Joung Hye-Sun (MOSF)
Park Jin (KDI)
ISSN 2287-7266
Republic of Korea
ECONOMIC BULLETIN (Republic of Korea)
ECONOMIC
BULLETIN
03 The Green Book:
Current Economic Trends
47 Featured Issue
52 Policy Issues
MOSF/KDI
65 Statistical Appendices
Vol.35 No.5 May 2013
Vol.35 No.5
May 2013