Professional Documents
Culture Documents
Republic of Korea
Economic Bulletin
The Green Book : Current Economic Trends
Overview
2. Private consumption
3. Facility investment
12
4. Construction investment
14
16
18
20
8. Employment
22
9. Financial markets
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
26
30
32
36
40
Policy Issues
Outcomes of government plans to further develop the
service sector
42
46
Statistical Appendices
51
US
US economic growth slowed down to 0.4 percent (annualized q-o-q) in the first quarter of
2011 and 1.3 percent in the second quarter.
Comparison between preliminary and revised GDP growth rate
Preliminary: -0.7 (Q2 2009) 1.6 (Q3) 5.0 (Q4) 3.7 (Q1 2010) 1.7 (Q2) 2.6 (Q3) 3.1 (Q4) 1.9 (Q1 2011)
Revised: -0.7 (Q2 2009) 1.7 (Q3) 3.8 (Q4) 3.9 (Q1 2010) 3.8 (Q2) 2.5 (Q3) 2.3 (Q4) 0.4 (Q1 2011)
Industrial production increased 0.2 percent month-on-month in June and retail sales gained 0.1
percent, but in July the ISM manufacturing index and the consumer sentiment index both fell.
ISM manufacturing index (base=50)
61.4 (Feb 2011)
61.2 (Mar)
60.4 (Apr)
53.5 (May)
55.3 (Jun)
50.9 (July)
69.8 (Apr)
74.3 (May)
71.5 (Jun)
63.7 (July)
67.5 (Mar)
Housing prices continued to fall in May with a drop of 0.1 percent month-on-month based on
the S&P/Case-Shiller Home Price Index, and in June existing home sales fell 0.8 percent
while new home sales slipped 1.0 percent.
S&P/Case-Shiller Home Price Index (m-o-m, %)
-0.3 (Jan 2011)
-0.3 (Feb)
-0.6 (Mar)
0.4 (Apr)
-0.1 (May)
The recovery of the labor market lost steam in June as non-farm payrolls only climbed by
18,000 month-on-month, and the unemployment rate rose to 9.2 percent.
Non-farm payrolls (q-o-q, thousand)
68 (Jan 2011)
235 (Feb)
194 (Mar)
217 (Apr)
25 (May)
18 (Jun)
(Percentage change from previous period)
2009
20111
2010
May
Jun
1.3
2.1
0.1
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Q2
Real GDP 2
-3.5
3.0
3.9
3.8
2.5
2.3
0.4
-1.9
2.0
2.7
2.9
2.6
3.6
-17.8
4.4
6.0
18.6
11.3
8.7
2.1
6.3
-16.0
14.6
-15.3
22.8
-27.7
2.5
-2.4
3.8
Industrial production
-11.2
5.3
2.0
1.7
1.6
0.8
1.2
0.2
-0.1
0.2
-7.0
6.4
2.1
1.0
0.9
3.0
2.5
1.1
-0.1
0.1
5.2
-4.5
-12.3
7.5
-25.1
13.8
8.2
-5.4
-3.8
-0.8
Unemployment rate3
9.3
9.6
9.7
9.6
9.6
9.6
8.9
9.1
9.1
9.2
-0.3
1.6
0.3
-0.1
0.4
0.7
1.3
0.4
0.2
-0.2
Retail sales
Consumer prices
1. Preliminary
August 2011
3. Seasonally adjusted
1-1
1-2
1-3
Economic Bulletin
China
The solid growth of Chinas industrial production continued amid rising inflationary pressure
as consumption and investment increased. Consumer prices climbed month-on-month in
June to 6.4 percent from 5.3 percent in the previous month, as food prices rose following a
spike in pork prices.
Food prices (y-o-y, %)
10.3 (Jan 2011)
11.0 (Feb)
11.7 (Mar)
11.5 (Apr)
11.7 (May)
14.4 (Jun)
2010
Q2
Q3
Q4
Q1
20111
Q2
May
11.9
10.3
9.6
9.8
9.7
9.5
15.7
19.6
16.0
13.5
13.3
14.9
13.9
13.3
15.1
30.5
24.5
26.4
25.5
24.5
24.5
32.5
27.0
34.0
27.0
15.5
23.3
23.7
23.8
23.9
22.0
17.1
18.2
16.9
17.7
-16.0
31.3
28.7
40.9
32.2
24.9
26.4
22.0
19.4
17.9
Consumer prices2
-0.7
3.3
2.2
2.9
3.5
4.7
4.9
5.7
5.5
6.4
Producer prices2
-5.4
5.5
5.2
6.8
4.5
5.7
7.0
6.9
6.8
7.1
2009
Annual
Annual
9.1
10.3
Industrial production2
11.0
Real GDP
Exports
Jun
1. Preliminary
2. Quarterly change: average of monthly change
Source: China National Bureau of Statistics
Japan
Japans production and retail sales grew in June, while its exports slowed down a decline,
showing the countrys gradual recovery from the major earthquake earlier this year. The
Bank of Japan on July 11 revised downward its economic growth forecast for 2011 from 0.6
percent to 0.4 percent, but maintained its 2.9 percent growth forecast for 2012.
(Percentage change from previous period)
Real GDP
Industrial production
Retail sales (y-o-y)
Exports (y-o-y)
Consumer prices (y-o-y)
1. Preliminary
2009
Annual
Annual
-6.3
4.0
-21.9
20111
May
Apr
Q1
2010
Q2
Q3
Q4
Q1
1.5
0.5
0.8
-0.3
-0.9
16.4
7.4
0.7
-1.1
-0.1
-2.0
1.6
5.7
3.9
-2.3
2.5
3.8
3.7
3.2
-0.4
-3.0
-4.8
-1.3
1.2
-33.1
24.4
43.2
33.2
17.8
10.0
2.4
-12.4
-10.3
-1.6
-1.4
-0.7
-1.2
-0.9
-0.8
0.1
0.0
0.3
0.3
0.2
Jun
Source: Japan's Statistics Bureau and Statistics Centre, Ministry of Economy, Trade and Industry, Ministry of Finance
Eurozone
Consumer prices rose 2.7 percent in June, exceeding the European Central Banks target of
2.0 percent for the seventh consecutive month, as the eurozone recovery lost momentum.
The European Banking Authority said on July 15 that its EU-wide stress test found that eight
banks fell below the 5 percent Core Tier 1 Ratio threshold, and the total capital shortfall
would be 2.5 billion euros.
(Percentage change from previous period)
Real GDP
Industrial production
Retail sales
Exports (y-o-y)
Consumer prices (y-o-y)
1. Preliminary
August 2011
Source: Eurostat
2009
Annual
Annual
-4.0
1.7
-14.9
20111
May
Apr
Q1
2010
Q2
Q3
Q4
Q1
0.4
1.0
0.3
0.3
0.8
7.1
2.4
2.4
1.0
1.7
1.1
0.2
0.1
-2.2
0.7
0.4
0.1
0.4
0.3
-0.2
0.7
-1.1
-18.1
20.1
12.9
22.3
22.8
21.8
21.2
15.0
20.9
0.3
1.6
1.1
1.5
1.7
2.0
2.5
2.8
2.7
2.7
Jun
-
1-4
1-5
1-6
Economic Bulletin
2. Private consumption
Private consumption (advanced estimates) increased 1.0 percent quarter-on-quarter and 3.1
percent year-on-year in the second quarter of 2011.
(Percentage change from same period in previous year)
2010 1
2009
Private consumption
(Seasonally adjusted) 3
1. Preliminary
2. National accounts
Source: The Bank of Korea
20111
Annual
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
Q2
0.0
-1.1
0.4
5.6
4.1
6.6
3.5
3.6
2.9
2.8
3.1
3.7
1.4
0.9
0.5
0.7
1.4
0.3
0.4
1.0
Retail sales in June climbed 1.3 percent month-on-month and 5.6 percent year-on-year, helped
by a 3.8 percent improvement in sales of durable goods including a 6.1 percent rise in car sales,
while sales of non-durable goods such as gasoline dropped 0.4 percent month-on-month.
On a year-on-year basis, sales of durable and semi-durable goods expanded 17.2 percent
and 4.9 percent, respectively, while those of non-durable goods declined 0.7 percent.
(Percentage change from same period in previous year)
2009
2010
2011
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Q2
2.7
6.6
9.7
4.9
7.5
5.1
5.1
5.6
May1
Jun1
6.3
5.6
0.6
-0.1
3.3
0.8
1.1
0.1
1.1
1.3
8.2
14.9
29.6
5.6
17.0
10.6
12.9
17.7
20.0
17.2
21.8
11.1
48.9
-2.1
12.0
0.1
10.2
13.0
13.0
12.2
1.3
6.8
2.5
6.2
6.6
11.1
6.1
5.9
5.2
4.9
1.2
2.2
3.2
3.3
3.0
-0.7
0.8
-0.6
0.3
-0.7
1. Preliminary
2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
3. Semi-durable goods: Clothing, footwear, etc.
4. Non-durable goods: Food, medicine, cosmetics, fuel, tobacco, etc.
Source: Statistics Korea
Sales at large discounters and non-store retailers declined 1.4 percent and 1.0 percent
month-on-month, respectively, while those at department stores and specialized retailers
climbed 1.7 percent and 1.5 percent, each. On a year-on-year basis, all sales categories of
department stores, large discounters, specialized retailers and non-store retailers continued
to gain ground.
(Percentage change from same period in previous year)
2010
2009
- Department stores
- Large discounters
- Specialized retailers
- Nonstore retailers
Annual
Q1
Q2
Q3
Q4
Q1
Q21
May1
Jun1
4.3
8.8
7.5
9.2
7.4
10.5
11.5
9.7
8.0
7.4
-2.2
4.4
5.4
4.1
7.6
0.8
3.5
5.1
4.3
3.7
3.0
5.6
9.7
1.8
7.3
4.2
4.3
4.8
5.8
5.9
8.7
15.6
20.1
17.9
11.4
13.5
11.5
9.6
11.4
7.1
1. Preliminary
2. Specialized retailers are defined as stores carrying a few (1 to 3) specialized items.
Source: Statistics Korea
August 2011
2011
Annual
2-1
Private consumption
Source: The Bank of Korea (national accounts)
2-2
2-3
Economic Bulletin
Sales of consumer goods are expected to grow considering a recovery in employment, which
raises purchasing power, and indicators showing positive trends.
Employment (y-o-y, thousands)
331 (Jan 2011)
469 (Feb)
469 (Mar)
379 (Apr)
355 (May)
472 (Jun)
The consumer sentiment index exceeded the benchmark of 100 and the consumer spending
plan maintained its comparatively high level.
Consumer Sentiment Index (CSI, base=100)
108 (Jan 2011)
105 (Feb)
98 (Mar)
100 (Apr)
104 (May)
102 (Jun)
102 (Jul)
112 (Feb)
109 (Mar)
110 (Apr)
110 (May)
109 (Jun)
109 (Jul)
Advanced indicators of department store sales and those of large discounters as well as car
sales had been rising. Gasoline sales increased as demand jumped ahead of the end of
temporary price cuts by local oil refiners.
Credit card use (y-o-y, %)
10.8 (Feb 2011)
13.1 (Mar)
16.3 (Apr)
21.1 (May)
19.8 (Jun)
16.6 (Jul)
13.1 (Mar)
15.1 (Apr)
8.7 (May)
8.2 (Jun)
7.7 (Jul)
2.4 (May)
2.7 (Jun)
3.9 (Jul)
-2.6 (May)
-3.4 (Jun)
1.9 (Mar)
4.6 (Apr)
-2.4 (Mar)
-4.7 (Apr)
9.9 (Jul)
8.4 (Mar)
3.0 (Apr)
3.7 (May)
6.0 (Jun)
6.1 (Jul)
32.1 (Mar)
30.0 (Apr)
28.1 (May)
27.2 (Jun)
1. Preliminary
Source: Ministry of Knowledge Economy
The Credit Finance Association
Korea National Oil Corporation
The Korea Customs Service
Korea Automobile Manufacturers Association
Ministry of Strategy and Finance (for July data)
The consumer sales increase in July might be limited, considering reduced outdoor activities
due to bad weather conditions, including torrential rains and the rainy season.
Although global uncertainties have abated with the recent stabilization of oil prices and
easing of concerns over the European financial crisis, they may affect consumer sentiment
when they resurface.
Dubai crude (US$/barrel)
92.5 (Jan 2011)
10
August 2011
100.2 (Feb)
108.5 (Mar)
115.8 (Apr)
108.0 (May)
107.5 (Jun)
110.2 (Jul)
2-4
2-5
2-6
Economic Bulletin
11
3. Facility investment
Facility investment (advanced estimates of GDP) in the second quarter of 2011 increased 4.0
percent quarter-on-quarter and 7.6 percent year-on-year.
(Percentage change from same period in previous year)
20101
2009
Facility investment
q-o-q
- Machinery
- Transportation equipment
20111
Annual
Q4
Annual
Q1
Q2
Q3
Q4
Q1
Q2
-9.8
12.2
25.0
29.1
30.5
26.6
15.9
11.7
7.6
7.8
2.8
7.9
5.6
-1.0
-1.1
4.0
-13.5
10.1
30.8
30.0
35.3
38.9
20.5
13.9
2.8
19.1
6.7
24.2
15.6
-6.6
0.6
3.2
1. Preliminary
2. National accounts
Source: The Bank of Korea
Facility investment in June rose 0.5 percent month-on-month and 4.3 percent year-on-year,
thanks to the rise in investment in transportation equipment. Facility investment is projected
to see a moderate rise given stable corporate confidence and leading indicators showing
positive signs, but ongoing external uncertainties surrounding the European debt crisis and
the possibility of a US slowdown is likely to limit the gain.
(Percentage change from same period in previous year)
2009
20111
2010
Annual
Annual
Q2
Q3
Q4
Q1
-9.4
25.1
29.5
29.3
13.6
6.7
7.2
-12.6
30.5
37.1
4.6
4.3
2.8
-10.3
11.2
- Public
- Private
Q21
Apr
May1
Jun1
6.6
4.6
-0.6
10.1
4.3
-5.4
-0.2
2.8
-5.4
14.1
0.5
37.4
17.1
6.8
6.8
5.1
10.9
4.7
-0.1
-1.2
5.6
-5.7
-26.5
6.5
2.7
24.7
-0.2
11.3
19.5
8.9
6.6
-0.8
20.4
15.2
-3.6
4.1
3.6
4.5
-6.4
8.5
11.9
62.4
-37.9
-42.2
-71.7
31.4
-10.3
82.1
-19.6
23.4
205.5
-18.2
21.8
35.5
22.0
7.8
22.7
3.9
8.6
-2.2
6.1
-16.6
40.4
51.3
40.0
26.3
8.0
10.5
3.5
26.9
3.3
-3.5
8.8
10.8
1.8
5.3
2.6
-0.2
-1.4
1.1
-0.4
-3.7
9.5
12.1
3.4
4.6
4.1
1.5
0.5
2.6
1.4
Facility investment
q-o-q
- Machinery
- Transportation equipment
Domestic machinery orders
q-o-q
Machinery imports
1. Preliminary
2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, the Korea International Trade Association (machinery imports data)
2011
12
August 2011
Mar
Apr
May
Jun
Jul
Aug
104
102
103
102
103
103
3-1
3-2
3-3
Machinery imports
Source: Korea International Trade Association (KITA)
Economic Bulletin
13
4. Construction investment
Construction investment (advanced estimates of GDP) in the second quarter of 2011 fell 0.4
percent quarter-on-quarter and 8.6 percent year-on-year.
(Percentage change from same period in previous year)
20101
2009
20111
Annual
Q4
Annual
Q1
Q2
Q3
Q4
Q1
Q2
3.4
4.0
-1.4
4.3
-2.3
-3.1
-2.9
-11.9
-8.6
0.7
2.0
-4.2
-0.8
-1.0
-6.7
-0.4
- Building construction
-2.3
2.4
-2.9
4.5
-5.1
-6.3
-2.8
-11.3
11.6
5.6
0.5
4.0
1.0
1.7
-2.9
-12.7
Construction investment2
q-o-q
1. Preliminary
2. National accounts
Source: The Bank of Korea
The value of construction completion (constant) in June increased 14.3 percent month-onmonth thanks to a rise in both building construction and civil engineering works, but fell 1.5
percent year-on-year due to a drop in building construction.
(Percentage change from same period in previous year)
2009
20111
2010
Annual
Annual
Q2
Q3
Q4
Q11
Q21
Apr1
May1
Jun1
1.6
-3.3
-4.3
-6.8
-4.3
-12.6
-6.6
-10.1
-9.2
-1.5
-3.1
-4.3
-1.6
-4.6
3.6
-9.1
3.8
14.3
- Building construction
-6.4
-7.1
-7.7
-12.3
-8.5
-15.2
-8.1
-10.0
-12.0
-2.9
16.1
2.2
0.6
1.9
1.2
-9.2
-4.6
-10.2
-5.4
0.4
5.0
-18.7
-6.7
-3.6
-40.2
-12.8
-3.3
-2.7
-22.5
13.3
0.2
-1.4
-22.9
12.8
9.8
-9.9
-5.4
37.0
-14.2
-9.9
55.3
-1.3
-46.4
-9.7
-4.0
2.4
-20.5
8.3
44.3
-29.5
-49.7
-7.0
-29.9
-17.0
-1.5
-12.8
-28.4
22.1
-12.9
19.3
47.4
-14.3
18.1
21.5
3.8
0.7
3.5
7.8
1. Preliminary
Source: Statistics Korea, the Ministry of Land, Transport and Maritime Affairs
Construction investment slightly improved in June, with construction orders and other
leading indicators turning positive. Still, it is uncertain whether this trend will continue since
investment sentiment of construction companies has yet to recover and July and August are
traditional off-season particularly due to heavy rain.
2011
14
August 2011
Mar
Apr
May
Jun
Jul
80.5
59.1
74.6
80.4
76.8
4-1
Construction investment
Source: The Bank of Korea (national accounts)
4-2
4-3
Economic Bulletin
15
Exports
(y-o-y, %)
Average daily exports
Imports
(y-o-y, %)
Average daily imports
2010
2011
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Q2
Jun
Jul1
363.53
466.38
101.08
120.24
116.32
128.75
131.00
143.82
47.76
51.45
-13.9
28.3
35.8
33.1
22.7
23.8
29.6
19.6
13.6
27.3
1.30
1.70
1.51
1.76
1.72
1.79
1.99
2.10
2.08
2.19
323.08
425.21
98.16
105.63
105.70
115.73
123.64
134.44
44.94
44.22
-25.8
31.6
37.4
42.8
24.6
24.6
25.9
27.3
27.4
24.8
11.6
1.46
0.47
1.54
1.57
1.61
1.87
1.96
1.95
1.88
1. Preliminary
Source: Korea Customs Service
Mar
Apr
May
Jun
Jul1
105.0
114.2
116.5
114.0
111.8
1. Preliminary
Source: Korea Customs Service
The current account balance in July posted a record high surplus of US$7.22 billion.
(US$ billion)
2009
Trade Balance
1. Preliminary
Source: Korea Customs Service
16
August 2011
2010
2011
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Q2
Jun
Jul1
40.45
41.17
2.93
14.61
10.62
13.02
7.37
9.37
2.82
7.22
5-1
5-2
5-3
Trade balance
Source: Korea Customs Service & Ministry of Knowledge Economy (export and import trend)
Economic Bulletin
17
Mining and
manufacturing
activity2
Apr
May1
Jun1
Q2
Jun
Q1
Q2
4.2
1.2
6.1
-0.1
-1.7
1.6
0.7
Annual
Production (q-o-q, m-o-m)
2011
1
(y-o-y)
16.2
18.8
16.5
10.6
7.1
6.9
8.1
6.4
- Manufacturing
16.7
19.3
16.9
10.9
7.3
7.1
8.3
6.4
ICT 3
25.2
26.7
22.3
14.3
10.5
12.4
12.4
7.0
Automobiles
23.1
32.1
25.0
16.1
12.1
8.3
10.7
17.0
Shipment
14.4
15.9
13.9
11.9
7.0
7.3
8.1
5.6
- Domestic demand
11.5
13.3
10.2
7.2
3.5
2.2
5.3
3.0
- Exports
18.2
19.5
19.4
18.4
11.7
14.5
11.7
9.0
17.4
17.5
17.5
10.3
9.9
8.7
8.1
9.9
81.2
82.3
83.1
83.1
81.4
80.4
81.4
82.5
7.2
7.2
7.5
6.8
5.8
6.6
5.7
5.0
Inventory
Mining and manufacturing production is expected to stay on a recovery track with favorable
export situations, unless external situations significantly aggravate.
Exports (y-o-y, %)
16.5 (Feb 2011)
28.8 (Mar)
23.6 (Apr)
22.0 (May)
13.6 (Jun)
27.3 (Jul)
However, with a possibility that the recovery of major economies might slow down as is
shown in the OECD leading indicators, it is necessary to keep a close watch on how the
global economic situation will develop.
OECD leading indicators (base=100)
102.8 (Jan 2011)
18
August 2011
102.9 (Feb)
102.9 (Mar)
102.8 (Apr)
102.5 (May)
6-1
Industrial production
Source: Statistics Korea (industrial activity trend)
6-2
6-3
Inventory
Source: Statistics Korea (industrial activity trend)
Economic Bulletin
19
2009
2010
Annual Annual
2011
Q1
Q2
Q3
Q4
Q1
Q2
May1
Jun1
100.0
1.8
3.9
6.2
4.2
2.3
3.2
2.7
3.4
3.4
3.6
21.8
-0.4
5.7
7.4
5.6
5.0
4.7
4.0
4.8
5.7
4.7
- Transportation services
9.0
-6.6
12.0
14.1
14.3
10.1
10.0
7.2
3.2
3.1
2.8
7.7
-1.4
1.2
1.2
0.7
1.3
1.7
-0.6
1.8
3.0
1.5
8.4
0.9
1.9
1.0
0.4
2.2
3.6
3.9
3.0
1.6
5.6
15.3
7.8
4.6
6.7
2.5
1.4
8.2
7.2
8.9
9.0
8.6
6.3
5.3
-8.6
11.5
-2.4
-15.9
-24.2
-17.7
-11.2
-12.7
-4.0
4.8
1.2
-0.5
0.8
2.1
-3.9
-1.3
-3.6
-1.6
-1.2
-4.9
- Business services
2.9
-3.0
7.5
5.3
8.1
7.6
8.6
5.7
5.2
4.6
4.5
10.8
2.1
2.0
3.2
1.4
0.5
3.1
1.1
0.2
-0.8
0.7
6.0
10.4
8.8
11.7
11.0
8.6
4.6
6.2
5.0
5.6
4.8
2.9
-0.5
-0.4
-3.9
-0.1
-0.4
2.7
2.4
1.1
-0.7
1.3
- Membership organizations
3.8
-2.1
4.3
1.6
6.0
5.0
4.5
2.9
2.1
2.4
1.8
0.4
3.7
5.1
6.7
6.0
1.7
6.4
0.0
-3.1
3.3
-9.1
- Educational services
1. Preliminary
Source: Statistics Korea
20
August 2011
es
usin ty m
ess ana
sup gem
port ent
serv &
ices
Edu
cati
ona
l se
rvic
es
Hea
lthc
are
&s
ocia
l we
Ente
serv lfare
rtai
ices
nme
nt, c
ultu
ral &
sp
Me
serv orts
& o mbersh
ices
ther ip o
pers rgan
ona izat
l se ions
rvic , re
es
pair
Sew
mat erage
eria
,
w
ls re aste
cove ma
ry & nage
rem men
edi t,
acti ation
vitie
s
Prof
& re
ntin
g
ess
iona
l
,
tech scie
nica ntif
Bus
l se ic &
ines
rvic
s fa
es
cili
b
rvic
ns
rant
ion
atio
e se
tate
ranc
l es
insu
stau
unic
& re
omm
els
ex
tail
rtat
& re
spo
ale
Tran
oles
&c
Rea
l&
tion
ncia
rma
Fina
Info
Hot
Wh
7-3
l ind
7-2
Tota
7-1
Service industry
Economic Bulletin
21
8. Employment
The number of workers on payroll in June increased by 472,000 from a year earlier, while the
employment rate (seasonally adjusted) rose by 0.5 percentage points year-on-year to 60.3
percent. On a month-on-month basis, the number of workers on payroll rose by 48,000
(seasonally adjusted), continuing to increase for the fifth consecutive month.
By industry, employment in manufacturing (up 118,000) and services (up 436,000) continued
to grow.
Hiring in manufacturing continued to climb on the back of strong exports, maintaining a rapid
increase pace of more than 100,000 for the 16th consecutive month for the first time since
November 2000.
The service sector continued to expand employment with increasing health & welfare (up
186,000), professional, scientific & technical services (up 74,000) and business assistance (up
82,000). In addition, wholesale & retail sales (up 96,000) and transportation services (up
79,000) contributed to the increase.
By status of workers, the number of regular workers (up 627,000) continued to increase.
Meanwhile, non-wage workers (down 17,000) including temporary workers (down 159,000),
daily workers (down 99,000) and self-employed workers (down 53,000) continued to decline.
2009
Annual
Number of employed (million)
Q3
2010
Q4
Annual
Jun
Q1
2011
Q2
Q3
Q4
May Jun
Q1
Q2
23.51 23.75 23.63 23.83 24.28 23.04 24.17 24.12 23.99 24.66 24.75 23.46 24.57
58.6
59.1
58.7
58.7
59.8
57.0
59.6
59.3
58.9
60.1
60.3
57.4
59.9
(seasonally adjusted)
58.6
58.7
58.5
58.7
58.8
58.3
58.9
58.9
58.6
59.2
59.3
58.8
59.2
-72
-1
-6
323
314
132
433
369
358
355
472
423
402
-34
24
110
405
353
296
518
414
393
382
501
451
39
-126 -143
- Manufacturing
-49
191
181
61
172
262
269
101
118
228
112
- Construction
33
67
-61
44
92
57
-27
-42
-3
-41
- Services
179
261
261
200
126
313
325
83
80
260
436
224
331
-38
-25 -116
-82
-39 -164
-85
-45
-35
27
-29
-28
- Wage workers
247
356
385
517
457
371
623
541
532
372
527
519
421
Regular workers
383
386
515
697
750
651
766
671
699
630
627
605
621
22
125
105
-34 -116
-37
42
-33
-88 -137
Temporary workers
Daily workers
- Non-wage workers
Self-employed workers
-53
-99
-66
-63
-17
-55
-96
-19
-85 -106
-49
-53 -115
-39
31
34
89
181
109
117
188
207
212
171
265
266
221
-103
-34
-94
142
205
15
245
163
146
184
207
157
181
- 15 to 29
-127 -123
-77
-43
-86
-12
-58
-44
-57
-98
-52
-49
-74
- 30 to 39
-4
-27
-42
-13
21
17
-15
-7
-34
-13
- Male
- Female
- 40 to 49
-24
-30
-46
29
24
-21
48
40
50
64
73
77
59
- 50 to 59
198
211
230
294
332
251
342
295
287
274
306
286
294
54
109
37
47
70
-44
114
57
60
129
152
143
137
- 60 or more
Source: Statistics Korea
22
August 2011
8-1
8-2
8-3
Economic Bulletin
23
2009
2010
Annual
Q3
Q4
Annual
Jun
889
886
817
920
119
134
60
31
- Male
80
95
25
- Female
40
39
36
Q1
2011
Q2
Q3
Q4
May
Jun
Q1
878 1,130
868
873
808
819
-83
222
-75
-13
-10
26
-38
-101
-3
-7
-51
83
-47
-48
-16
-10
-59
-70
-32
38
-32
139
-29
35
36
21
-32
29
839 1,028
Q2
865
3.6
3.6
3.3
3.7
3.5
4.7
3.5
3.5
3.3
3.2
3.3
4.2
3.4
(Seasonally adjusted)
3.6
3.7
3.5
3.7
3.5
4.3
3.5
3.6
3.4
3.3
3.3
3.9
3.4
- 15 to 29
8.1
8.1
7.6
8.0
8.3
9.5
7.7
7.6
7.1
7.3
7.6
8.8
7.9
- 30 to 39
3.6
3.5
3.3
3.5
3.4
3.9
3.6
3.5
3.2
3.2
3.4
4.0
3.5
- 40 to 49
2.4
2.4
2.3
2.5
2.2
2.9
2.3
2.5
2.2
2.0
2.1
2.5
2.1
- 50 to 59
2.5
2.5
2.2
2.5
2.0
3.2
2.1
2.3
2.3
2.1
1.9
2.7
2.0
- 60 or more
1.6
1.6
1.5
2.8
2.0
5.8
2.1
2.0
1.9
2.2
2.2
4.5
2.3
The economically inactive population in June was up 26,000 from a year earlier to
15,440,000. Meanwhile, the labor force participation rate (seasonally adjusted) rose 0.4
percentage points year-on-year to 62.4 percent.
The number of workers quitting jobs due to rest, time-off and leisure (up 125,000) increased,
while those who quit jobs due to old age (down 34,000), housework (down 19,000),
childcare (down 15,000) and education (down 14,000) decreased.
2009
Annual
Q3
2011
2010
Q4
Annual
Jun
Q1
Q2
Q3
Q4
May
Jun
Q1
Q2
Economically inactive population (million) 15.70 15.53 15.83 15.84 15.42 16.25 15.49 15.66 15.96 15.52 15.44 16.39 15.56
Labor force participation rate (%)
60.6
61.3
60.7
61.0
62.0
59.8
61.8
61.5
60.8
62.1
62.4
59.9
62.0
(seasonally adjusted)
60.6
60.9
60.6
61.0
61.0
61.0
61.0
61.1
60.8
61.3
61.3
61.1
61.3
447
374
456
143
264
166
146
128
133
89
26
138
66
40
19
-11
-15
-44
-16
- Housework
148
100
235
201
246
237
175
203
189
34
-19
130
27
- Education
31
11
-36
12
29
-74
23
46
55
-65
-14
-16
-39
- Old age
88
105
92
80
53
193
59
43
25
-60
-34 -103
-58
123
94
123
-56
45 -187
-27
15
-27
188
125
163
- Childcare
24
August 2011
15 -125
241
8-4
Employment rate
Source: Statistics Korea (employment trend)
8-5
8-6
Economic Bulletin
25
9. Financial market
9.1 Stock market
The Korean stock price index rose 1.5 percent month-on-month in June, shifting to a rise for
the first time in three months. Although the Korean stock market mixed due to concerns over
financial stability of the US and Europe, the shares rose after the announcement of the
second rescue package for Greece. The index then fell to wrap up the month to a minimal
increase, weighed down by uncertainties over the US debt negotiations.
Foreign investors turned to a net-buying position of 1.2 trillion won in July from the previous
months net-selling of 0.7 trillion won.
(End-period, point, trillion won)
KOSPI
KOSDAQ
June 2011
July 2011
Change1
June 2011
July 2011
Change1
2,100.7
2,133.2
+32.5 (+1.5%)
479.6
536.1
+56.5 (+11.8%)
Market capitalization
1,183.5
1,203.6
+20.1 (+1.7%)
98.2
109.8
+11.6 (+11.8%)
6.56
6.60
+0.03 (+0.5%)
1.22
2.10
+0.89 (+73.1%)
32.2
32.1
-0.1 (-0.3%)
10.9
10.4
-0.5 (-4.3%)
2008
2009
2010
2011
Dec
Dec
Dec
Dec
Jun
Jul
Change1
Won/Dollar
936.1
1,259.5
1,164.5
1,134.8
1,067.7
1,054.5
7.6
Won/100 Yen
828.6
1,396.8
1,264.5
1,393.6
1,328.2
1,360.3
2.4
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.
26
August 2011
9-1
Stock prices
9-2
9-3
Economic Bulletin
27
2006
2007
2008
2009
2010
2011
Dec
Dec
Dec
Dec
Dec
May
Jun
Jul
Change1
4.60
5.02
3.02
2.01
2.51
3.03
3.28
3.27
-1
CD (91 days)
4.86
5.82
3.93
2.88
2.80
3.46
3.57
3.59
+2
4.92
5.74
3.41
4.44
3.38
3.59
3.76
3.85
+9
5.29
6.77
7.72
5.56
4.27
4.33
4.49
4.54
+5
5.00
5.78
3.77
4.98
4.08
3.87
4.01
4.02
+1
M1
2008
2009
Annual
Annual
Annual
Q1
2010
Q2
Q3
Q4
Feb
Mar
2011
Apr
May
May1
-1.8
16.3
11.8
14.5
10.7
10.8
11.2
11.5
11.6
9.6
7.4
424.0
M2
14.3
10.3
8.7
9.4
9.5
8.6
7.4
5.0
4.3
3.9
3.7
1,690.5
Lf 3
11.9
7.9
8.2
8.5
9.1
8.2
7.1
5.2
4.7
4.5
4.44
2,175.64
In June, bank deposits increased while asset management company (AMC) deposits turned
to a decrease.
While growth in time deposits decelerated due to increased fiscal spending by regional
governments, instant access account deposits significantly increased, owing to short-term
excess corporate cash inflows.
Among asset management company (AMC) deposits, money market funds (MMF) plunged
due to withdrawals of funds by banks, affected by banks BIS rate management at the halfyear point. Bond-type funds also decreased due to worries over interest rate hike.
(Monthly change, end-period, trillion won)
2009
2010
Annual
May
Bank deposits
54.8
AMC deposits
-27.6
28
August 2011
2011
Jun
Jun1
Annual
May
Apr
May
10.0
36.9
18.6
12.5
-0.4
6.7
1,068.2
-2.3
-16.7
4.2
-3.2
4.1
-1.9
1,301.0
9-4
Interest rates
Source: The Bank of Korea
9-5
9-6
Economic Bulletin
29
2010
2011
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Q2
May
Jun1
Current account
32.79
28.21
0.26
8.86
9.93
9.16
2.72
6.45
2.18
2.99
- Goods balance
37.87
41.90
4.79
12.24
12.54
12.34
5.95
8.62
1.63
3.66
- Service balance
-6.64
-11.23
-4.20
-1.87
-2.96
-2.20
-2.54
-0.80
0.02
-0.63
- Income balance
2.28
0.77
0.55
-1.01
1.30
-0.07
0.39
-0.82
0.52
0.24
- Current transfers
-0.71
-3.23
-0.87
-0.50
-0.95
-0.91
-1.08
-0.55
0.02
-0.28
The capital and financial account (preliminary) in June accelerated the outflow to US$4.64
billion from the previous months US$3.96 billion.
Capital & financial account balance (US$ billion)
-1.28 (Jan 2011)
-2.00 (Feb)
0.52 (Mar)
0.39 (Apr)
-3.96 (May)
-4.64 (Jun)
The direct investment account accelerated the outflow to US$2.14 billion from the previous
months outflow of US$1.25 billion due to increasing overseas direct investment by locals.
The portfolio investment account registered a net outflow of US$1.4 billion from the previous
months outflow of US$1.14 billion due to flight to safety assets affected by worries over
Greek debt restructuring.
The financial derivatives account turned to an outflow of US$50 million from the previous
months inflow of US$170 million. Meanwhile, the other investment account expanded the
outflow to US$1.86 billion from the previous months outflow of US$820 million due to local
banks increased overseas borrowing.
Despite the widening service account deficit due to overseas travel during summer vacation,
the current account surplus in July is expected to increase, helped by the expanding goods
account surplus.
30
August 2011
Economic Bulletin
31
Aug
Sep
2011
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Month-on-Month (%)
0.3
0.3
1.1
0.2
-0.6
0.6
0.9
0.8
0.5
0.0
0.0
0.2
0.7
Year-on-Year (%)
2.6
2.6
3.6
4.1
3.3
3.5
4.1
4.5
4.7
4.2
4.1
4.4
4.7
1.7
1.8
1.9
1.9
1.8
2.0
2.6
3.1
3.3
3.2
3.5
3.7
3.8
(m-o-m)
0.2
0.2
0.3
0.0
0.1
0.3
0.6
0.7
0.3
0.2
0.5
0.3
0.3
2.7
2.6
4.1
4.8
3.6
3.9
4.7
5.2
4.9
4.1
3.8
4.3
4.8
Prices of agricultural products, such as fruits and vegetables, showed strong growth, while
those of grain and livestock mostly held steady, either rising or falling slightly.
Prices of agricultural, livestock & fishery products in July (m-o-m, %)
Lettuce (94.4), spinach (71.8), Chinese cabbage (63.9), chicken (8.9), mackerel (3.0), rice (0.1), bean (0.1), pork
(-0.5), beef (-0.7), egg (-3.9)
Prices of industrial products continued to rise (0.6%, m-o-m), due to the increase in the
prices of oil products and processed food.
Despite the price freeze in public utility charges imposed by the central government, overall
public service charges rose (0.4%, m-o-m), as a result of higher municipal public utility
charges such as metro bus fees (up 3.0%, m-o-m) and subway fees (up 0.3%, m-o-m). Price
increases in personal services, which include the cost of dining out, slowed (up 0.2%, m-o-m).
Month-on-Month (%)
Total
Agricultural,
livestock & fishery
products
0.7
4.0
0.6
Industrial
products
Oil
products
Housing
rents
Public
utility
Personal
services
1.5
0.3
0.4
0.2
Contribution (%p)
0.66
0.37
0.18
0.09
0.02
0.05
0.06
Year-on-Year (%)
4.7
11.2
6.3
13.6
4.2
1.5
3.3
Contribution (%p)
4.75
0.99
1.99
0.81
0.38
0.24
1.16
32
August 2011
11-1 Prices
Source: Statistics Korea (consumer prices, core inflation) & The Bank of Korea (producer prices)
Economic Bulletin
33
80.91 (May)
80.72 (Jun)
77.79 (Jul)
(US$/barrel, period average)
2008
2009
Annual
Annual
2011
2010
Annual
Dec
Feb
Mar
Apr
May
Jun
Jul
Dubai crude
94.3
61.9
78.1
88.9
100.2
108.5
115.8
108.0
107.5
110.2
Brent crude
97.5
61.7
79.7
91.8
103.9
114.6
123.3
114.3
114.0
116.8
WTI crude
99.9
61.9
79.5
89.2
89.7
103.0
110.0
101.3
96.3
97.3
Domestic oil product prices increased due to higher international oil prices and the
termination of the gasoline price discount by local refineries.
(Won/liter, period average)
2008
2009
Annual
Annual
Annual
Dec
Feb
Mar
Apr
2011
May
Jun
Jul
Gasoline prices
1,692
1,601
1,710
1,771
1,850
1,939
1,951
1,938
1,915
1,935
Diesel prices
1,614
1,397
1,503
1,570
1,652
1,756
1,793
1,773
1,736
1,754
2010
International grain prices rose due to lower than expected stocks and concerns over a bad
harvest caused by heat waves in the US.
United States Department of Agriculture (USDA)s report (released on July 12)
US corn stocks were estimated to be 870 million bushels, down 130 million from the original market
expectation of 1 billion bushels.
Reuters index*
(Period average)
2008
2009
2010
Annual
Annual
Annual
Dec
Feb
Mar
Apr
May
Jun
Jul
2,536
2,079
2,553
3,119
3,323
3,221
3,246
3,128
3,143
3,145
34
August 2011
2011
Economic Bulletin
35
2010
Annual
Jan
Feb
Mar
Apr
2011
May
Jun
Jul
0.6
0.13
Nationwide
2.1
2.3
1.6
2.5
0.6
1.1
1.3
1.2
1.0
0.7
Seoul
3.6
3.2
2.6
-2.2
0.2
0.3
0.1
0.0
-0.1
-0.1
Gangnam2
0.5
-1.9
3.9
-1.8
0.2
0.4
0.2
0.0
-0.1
-0.2
Gangbuk3
8.3
9.4
0.9
-2.7
0.1
0.2
0.1
0.0
0.0
-0.1
4.0
2.9
0.7
-2.9
0.1
0.3
0.3
0.1
0.0
-0.1
5 metropolitan cities
-0.6
1.0
2.8
8.7
1.2
2.0
2.3
2.4
2.2
1.6
1. Weekly trends
3. Northern Seoul
1.4
0.31
0.14
0.16
0.35 0.34
0.14
0.29
Nationwide apartment rental prices in July were up 1.0 percent, accelerating the upward pace
from the previous months 0.8 percent. Price increases picked up the pace in Seoul (up 1.1%, mo-m), the Seoul metropolitan area (up 0.9%, m-o-m) and Gyeonggi Province (up 1.0%, m-o-m).
Apartment rental price increases in major districts in Seoul (m-o-m, %)
Gangnam (2.3), Seocho (1.2), Songpa (1.0), Gangdong (2.4)
Annual Annual
Annual Annual
Nationwide
1.9
0.8
Seoul
2.2
0.5
Gangnam2
Gangbuk
2007 2008
2010
2011
Jan
Feb
Mar
Apr
May
Jun
Jul
4.5
8.8
1.1
2.0
2.3
1.6
1.1
0.8
1.0
0.27
0.29 0.29
0.29
-1.8
8.1
7.4
1.1
2.1
1.8
0.7
0.3
0.5
1.1
0.33
0.35 0.33
0.36
-3.6
10.4
8.8
1.3
1.9
1.4
0.6
0.3
0.6
1.2
0.31
0.32 0.34
0.43
4.6
0.5
5.4
5.6
1.0
2.4
2.3
0.8
0.4
0.2
1.0
0.35
0.39 0.32
0.28
2.1
-0.4
5.6
7.2
1.0
2.1
2.4
1.2
0.5
0.5
0.9
0.28
0.28 0.28
0.31
5 metropolitan cities
1.1
1.6
3.9
12.0
1.3
2.1
2.2
2.2
1.9
1.3
1.0
0.23
0.26 0.31
0.27
1. Weekly trends
3. Northern Seoul
Apartment sales transactions in June decreased 2.5 percent from the previous months
48,077 to 46,885. The transactions were up 54.0 percent from 30,454 a year earlier.
2008
2009
2010
38
39
44
36
July 2011
40
30
Jul
32
Aug Sep
31
34
2011
Oct
Nov
Dec
Jan
Feb
Mar
41
54
63
45
52
59
Apr May
56
48
Jun
47
Economic Bulletin
37
0.10 (Feb)
0.12 (Mar)
0.11 (Apr)
0.10 (May)
0.10 (Jun)
Land prices in areas excluding the Seoul metropolitan area rose 0.09 percent month-onmonth in June, continuing the upward trend from October 2010.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.07 (Jan 2011)
0.07 (Feb)
0.08 (Mar)
0.07 (Apr)
0.09 (May)
0.09 (Jun)
2007 2008
2009
2010
Q3
Q4
Annual
Q1
Q2
2011
Q3
Q4
Jan
Feb
Mar
Apr
May Jun
Nationwide
3.88
-0.31 0.96
0.35 0.88
0.94 1.05
0.09
0.09
0.11
0.10
0.10
0.10
Seoul
5.88
-1.00 1.40
0.68 1.30
0.81 0.53
0.12
0.12
0.15
0.12
0.09
0.07
Gyeonggi
4.22
-0.26 1.22
0.37 1.13
1.36 1.49
0.08
0.08
0.10
0.11
0.12
0.14
Incheon
4.86
1.37 1.99
0.53 1.16
1.70 1.43
0.06
0.06
0.06
0.06
0.06
0.06
Nationwide land transactions in June recorded 207,000 land lots, down 1.9 percent from the
previous month and up 13.2 percent from 183,000 a year earlier. Land transactions were 0.8
percent lower than the most recent five-year June average of 209,000 land lots.
Month-on-month land transactions continued to decrease in areas such as Incheon (down
19.8%), Ulsan (down 17.9%), Gyeonggi Province (down 5.3%), and South Chungcheong
(down 8.6%).
Nationwide
2008
2009
2010
2011
Nov
Oct
Nov Dec
Jan
Feb
Mar
Apr
May
Jun
208
208
203
212
207
241
187
183
181
208
257
191
176
244
226
212
207
Seoul
33
26
22
25
19
21
16
13
14
18
24
18
17
23
19
18
18
Gyeonggi
49
45
46
52
48
58
41
42
40
45
58
46
38
52
46
43
40
Incheon
13
13
10
14
11
12
11
13
11
13
10
38
August 2011
Economic Bulletin
39
The cyclical indicator of the coincident composite index rose for the second consecutive
month (up 0.3p) in June.
All eight components of the coincident composite index, including the volume of imports and
value of construction completion, rose from the previous month.
Components of coincident composite index in June (m-o-m)
Volume of imports (2.9%), value of construction completion (2.8%), wholesale & retail sales index (0.6%),
service activity index (0.4%), mining & manufacturing production index (0.2%), number of non-farm payroll
employment (0.2%), domestic shipment index (0.1%), manufacturing operation ratio index (0.0%)
The year-on-year leading composite index in June improved for the second consecutive
month (up 0.4%p, m-o-m), due to improvements in machinery and construction orders.
Among components of the leading composite index, six factors, including the value of
construction orders received and the value of machinery orders received, rose while four other
factors, such as the indicator of inventory cycle and ratio of job opening to job seekers, dropped.
Components of the leading composite index in June (m-o-m)
Value of construction orders received (6.0%), value of machinery orders received (4.6%), consumer
expectations index (2.2p), value of capital goods imports (1.3%), composite stock price index (0.2%), liquidity
in the financial institutions (0.2%), spreads between long & short term interest rates (-0.1%p), net terms of
trade index (-0.3%), ratio of job openings to job seekers (-1.3%p), indicator of inventory cycle (-1.7%p)
2010
2011
Nov
Dec
0.9
2.8
3.2
(y-o-y, %)
5.4
5.0
8.4
Jan
Mar1
Apr1
May1
Jun1
-4.7
2.8
-1.3
1.8
1.9
0.1
3.4
3.2
4.5
4.2
Feb
0.2
0.8
1.5
0.1
0.4
-0.3
0.8
0.8
99.5
99.8
100.8
100.6
100.6
99.9
100.3
100.6
(m-o-m, p)
-0.1
0.3
1.0
-0.2
0.0
-0.7
0.4
0.3
0.2
0.5
0.6
-0.2
-0.3
-0.3
0.4
0.5
2.8
2.9
3.0
2.3
1.6
1.0
1.3
1.7
-0.5
0.1
0.1
-0.7
-0.7
-0.6
0.3
0.4
(m-o-m, %p)
1. Preliminary
40
August 2011
Economic Bulletin
41
Policy Issues
Outcomes of Government Plans to Further Develop the
Service Sector
Background
Service industries are one of the main drivers of Koreas sustainable growth, as they are at
the heart of boosting domestic demand and creating jobs. The Korean government has
announced 13 packages of 695 plans between 2008 and 2010 to nurture the service sector.
The government measures also include financial support and tax incentives for R&D
investment in the service sector, and the forming of think-tanks to support the development
of the service sector.
42
August 2011
Economic Bulletin
43
5. Logistics
The government has supported third party logistics companies by providing consulting
services as well as tax incentives. 33 companies have been beneficiaries of those supports,
and received three years of consulting services from 2008 to 2010. A total of 205.3 billion
won worth logistics contracts have been made with third party logistics companies, resulting
in the saving of 23 billion won in logistics costs.
License certificates have replaced temporary license plates as for cars for export, saving time
and efforts to put the plates on the cars and resulting in the saving of 1.2 billion won a year.
6. Social security services/ business support services
Social security services have been expanded from 4 services in 2007 to 10 services in 2010
including daycare and pre-pregnancy check-ups, with electronic vouchers available to all
registered service providers.
Government orders for software have been required to be made separately so that smalland-medium sized enterprises (SMEs) have more chances. Intellectual rights for developed
software have been jointly owned by the companies and the government. Meanwhile,
between 2004 and 2010, 102 universities have been funded with 3.6 billion won of
government support for educating design majors based on market needs.
7. Professional service market
Deregulation on professional services such as patent and law corporations and pharmacies
has been pursued. Establishing limited corporations by patent and law corporations has
been sought, and related bills are to be brought to the National Assembly in November,
2011, with bills concerning the establishment of pharmacies corporations pending in the
National Assembly. Less tight requirements of professional carriers for establishing those
firms have also been deliberated, and three lawyers with more than 5 years of experience
can establish law corporations instead of five lawyers with more than 10 years of experience,
if the related bill is passed.
8. Support for service industries
Service industries have been given expanded supports equivalent to those given to SMEs
including tax incentives, government guarantees and other financial supports. Soap operas,
performances, and games as well as films were made eligible for governments guarantees
given to cultural export products in 2009.
Future tasks
The government will continue to make efforts for for-profit hospital related bills to be passed
in the National Assembly. It will also enact new regulations and revise regulations if they are
44
August 2011
needed to develop medical services: At present law enactment concerning healthcare services
and medical bonds, and law revision to facilitate remote treatment are under active discussion.
To attract more foreign educational institutions, the Special Free Economic Zone Act needs
to be revised so that the institutions surplus can be remitted outside the country. The
government will renew its efforts for the revised bills to be passed in the August National
Assembly, and a new package containing plans to further attract foreign educational
institutions will be announced in the third quarter of 2011.
For fair and competitive broadcasting industries, changes in acts regulating broadcasting
advertising system will continue to be sought, along with law revision to provide a fair
ground to outsourced producing companies.
Guidelines for government R&D support in the service sector will be released in March 2012,
and government certification for qualified service businesses will be expanded with
improved practicality.
Economic Bulletin
45
Economic
News Briefing
46
August 2011
2009
20111
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
0.1
(-4.2)2
2.5
(-2.1)
3.4
(1.0)
0.2
(6.3)
2.1
(8.5)
1.4
(7.5)
0.6
(4.4)
0.5
(4.7)
1.3
(4.2)
0.8
(3.4)
1.1
0.0
3.7
0.0
-3.1
-2.5
-2.5
0.2
-4.5
8.2
(0.9)
-3.4
8.4
9.7
-1.1
4.2
4.0
2.3
0.1
3.1
1.5
(7.3)
Construction
3.5
1.3
-1.4
0.5
1.4
-0.1
-1.2
-3.2
-6.1
0.3
(-9.7)
Services3
0.4
1.0
1.1
0.9
1.5
0.2
0.3
1.1
1.2
0.1
(2.7)
-0.3
3.7
1.4
0.9
0.5
0.7
1.4
0.3
0.4
1.0
(3.1)
2.6
0.8
0.1
-1.1
3.6
0.3
-0.1
-0.4
1.7
0.9
(2.2)
-10.2
6.7
9.1
7.8
2.8
7.9
5.6
-1.0
-1.1
4.0
(7.6)
3.9
2.4
-1.2
0.7
2.0
-4.2
-0.8
-1.0
-6.7
-0.4
(-8.6)
Goods exports4
-2.1
13.3
5.4
-1.7
3.0
7.4
2.5
3.0
4.6
1.5
(12.1)
Goods imports4
-6.1
8.1
7.8
-0.4
4.8
7.1
3.6
-0.7
3.1
3.1
(10.0)
0.8
4.8
1.9
1.2
1.6
1.2
0.5
0.3
-0.3
-0.1
(0.4)
GDP
Agriculture, forestry and fishery
Manufacturing
Private consumption
Government consumption
Facility investment
Construction investment
Economic Bulletin
47
Revision bill of the Financial Investment Services and Capital Markets Act
The Financial Investment Services and Capital Markets Act (FSCMA) was established in 2007
to promote autonomy and innovation in capital markets. Since the FSCMA took effect in
February 2009, however, initially expected effects such as the creation of globally
competitive investment banks (IBs) were not brought about due to the global financial crisis.
Against this backdrop, the Korean government drafted a revision bill of the FSCMA and made
public for 20 days from July 27 to August 16.
Key revisions to the FSCMA are as follows: First, to nurture leading investment banks,
securities companies that meet certain criteria will be qualified as investment banks or
comprehensive financial investment services providers; Second, to further develop asset
management business, asset management companies will be required to further protect
investors rights by exercising their voting rights in accordance with investors interests and
simplifying the procedures for mergers between small funds; Third, to promote competition
and efficiency in the market structure, a license system will be introduced to allow new stock
exchanges or an alternative trading system (ATS); Fourth, to diversify listed companies
funding tools, listed companies will be allowed to issue contingent securities and warrants.
In addition, to help general meetings of shareholders to properly function, the shadow
voting system will be abolished in 2015, and regulations on the granting of a Power of
Attorney will be amended; and Fifth, to strengthen regulations on unfair trading practices,
price manipulation using unlisted securities or OTC derivatives will be punished with
criminal charges if underlying assets of such products are listed securities while acts of
market abuse such as scalping will be subject to administrative sanctions.
48
August 2011
Total FDI
Growth rate
20071
20081
20091
20101
20111
3,369
4,548
4,644
4,333
5,365
-31.5
34.9
2.1
-6.7
23.8
Economic Bulletin
49
recently, due to the implementation of stricter criteria on redeemability. The FSC report
stated that the Sunshine Loans program should simplify lending procedures in order to
accommodate more loan recipients.
Sunshine Loans
2~4.5%
10~13%
6~14%
Total amount
loaned
Average loan
amount per
borrower
Financial resources
Lending goal
Eligibility criteria
Aggregate
Performance
50
August 2011
Statistical
Appendices
Tables & Figures
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 completion 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
Economic Bulletin
51
1. National accounts
(year-on-year change, %, chained 2005 year prices)
Real GDP
Period
2003
2004
2005
2006
2007
2008
2009
2010P
Final
consumption
expenditure
Agri., fores.
& fisheries
Manufacturing
2.8
4.6
4.0
5.2
5.1
2.3
0.3
6.2
-5.4
9.1
1.3
1.5
4.0
5.6
3.2
-4.3
5.4
10.0
6.2
8.1
7.2
2.8
-1.5
14.6
0.5
1.0
4.6
5.1
5.1
2.0
1.2
3.9
Construction
Facilities
4.4
2.1
1.9
3.4
4.2
-1.9
-1.0
7.0
8.5
1.3
-0.4
0.5
1.4
-2.8
3.4
-1.4
-1.5
3.8
5.3
8.2
9.3
-1.0
-9.8
25.0
2003
I
II
III
IV
3.5
1.8
2.0
3.9
0.7
-1.6
-9.6
-8.0
5.4
3.1
4.3
8.5
2.0
0.3
0.0
-0.4
5.1
4.7
2.8
5.0
8.2
8.4
8.3
9.0
2.9
-0.7
-5.8
-2.2
2004
I
II
III
IV
5.2
5.9
4.8
2.7
8.2
7.6
8.3
11.6
10.9
12.9
10.4
6.2
-0.1
1.3
1.0
1.8
2.3
4.9
3.1
-1.4
5.3
4.2
1.2
-3.5
-0.6
6.4
7.7
1.8
2005
I
II
III
IV
2.7
3.4
4.5
5.1
0.4
4.8
3.8
-3.1
4.8
3.9
6.7
9.3
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
I
II
III
IV
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
I
II
III
IV
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
I
II
III
IV
5.5
4.4
3.3
-3.3
7.8
4.6
4.3
6.5
8.9
8.3
5.3
-9.4
4.3
3.0
2.4
-1.7
-0.6
0.6
2.1
-8.7
-2.5
-0.5
0.4
-7.7
2.8
2.0
5.3
-13.3
2009
I
II
III
IV
-4.2
-2.1
1.0
6.3
2.5
0.0
5.0
5.0
-13.6
-7.1
1.8
13.1
-2.2
0.7
1.5
4.8
-7.5
-3.0
-1.0
6.2
1.6
4.3
3.2
4.0
-21.9
-18.1
-9.4
12.2
2010P
I
II
III
IV
8.5
7.5
4.4
4.7
0.9
-2.2
-7.3
-6.7
22.2
17.8
9.8
11.1
5.9
3.4
3.4
3.0
12.5
6.8
6.8
3.4
4.3
-2.3
-3.1
-2.9
29.1
30.5
26.6
15.9
2011P
I
II
4.2
3.4
-8.6
0.9
9.8
7.3
2.5
2.9
-2.2
-2.2
-11.9
-8.6
11.7
7.6
P: Preliminary
Source: The Bank of Korea
52
August 2011
Economic Bulletin
53
2. Production, shipment and inventory See graphs 6-1, 6-3, 7-1, 7-2 & 7-3
(constant prices, 2005 = 100)
Period
Production
index
2009
2010
Y-o-Y
change (%)
Shipment
index
Y-o-Y
change (%)
Inventory
index
Y-o-Y
change (%)
Service
production
index
Y-o-Y
change (%)
119.7
139.1
-0.1
16.2
116.7
133.5
-1.4
14.4
115.5
135.6
-7.8
17.4
118.3
122.9
1.8
3.9
2009
I
II
III
IV
103.5
118.7
125.3
131.2
-15.1
-5.4
4.9
16.8
102.6
116.6
120.7
126.9
-14.4
-5.2
2.3
12.9
115.9
110.4
113.0
115.5
-6.2
-17.0
-14.3
-7.8
112.9
118.0
118.9
123.4
-1.1
1.1
2.4
4.8
2010
I
II
III
IV
129.8
141.0
139.0
146.6
25.4
18.8
10.9
11.7
124.0
135.1
132.7
142.0
20.9
15.9
9.9
11.9
124.6
127.7
134.6
135.6
7.5
17.5
19.1
17.4
119.9
122.9
121.6
127.3
6.2
4.2
2.3
3.2
2011
I
IIP
143.6
151.0
10.6
7.1
138.7
144.6
11.9
7.0
137.4
142.6
10.3
9.9
123.1
127.1
2.7
3.4
2009
1
2
3
4
5
6
7
8
9
10
11
12
94.4
100.7
115.3
117.2
116.1
122.7
124.6
117.8
133.4
128.1
130.7
134.8
-25.3
-9.4
-10.1
-7.4
-8.2
-0.6
1.0
1.4
12.1
1.2
18.5
34.8
93.7
100.3
113.8
115.6
113.8
120.5
120.1
113.6
128.3
124.0
126.6
130.1
-23.1
-8.7
-10.7
-7.4
-7.9
0.0
-1.2
-1.0
9.1
-0.2
15.3
26.2
123.9
117.7
115.9
112.3
111.5
110.4
111.5
112.0
113.0
112.4
113.6
115.5
0.1
-5.2
-6.2
-9.8
-13.3
-17.0
-15.7
-15.1
-14.3
-16.4
-14.6
-7.8
112.1
109.9
116.7
117.1
117.6
119.2
117.9
117.0
121.8
119.3
119.3
131.6
-1.6
0.0
-1.4
0.9
-0.2
2.6
1.2
1.6
4.5
2.3
4.2
7.7
2010
1
2
3
4
5
6
7
8
9
10
11
12
129.3
119.1
141.1
140.0
140.0
142.9
143.1
136.5
137.3
145.3
145.3
149.2
37.0
18.3
22.4
19.5
20.6
16.5
14.8
15.9
2.9
13.4
11.2
10.7
123.1
113.6
135.2
134.7
133.4
137.3
135.7
131.0
131.4
140.8
141.4
143.9
31.4
13.3
18.8
16.5
17.2
13.9
13.0
15.3
2.4
13.5
11.7
10.6
119.8
123.3
124.6
126.3
129.9
129.7
134.1
134.5
134.6
133.5
132.8
135.6
-3.3
4.8
7.5
12.5
16.5
17.5
20.3
20.1
19.1
18.8
16.9
17.4
118.5
116.7
124.4
121.5
123.3
124.0
122.4
120.9
121.6
123.2
123.8
134.9
5.7
6.2
6.6
3.8
4.8
4.0
3.8
3.3
-0.2
3.3
3.8
2.5
146.9
129.8
154.0
149.7
151.4
152.0
13.6
9.0
9.1
6.9
8.1
6.4
141.4
125.2
149.6
144.6
144.2
145.0
14.9
10.2
10.7
7.3
8.1
5.6
135.4
137.1
137.4
137.3
140.4
142.6
13.0
11.2
10.3
8.7
8.1
9.9
124.1
116.9
128.2
125.2
127.5
128.5
4.7
0.2
3.1
3.0
3.4
3.6
2011
1
2
3
4
5P
6P
P: Preliminary
Source: Statistics Korea
54
August 2011
Period
Y-o-Y
change (%)
Operation
ratio index
(2005=100)
Y-o-Y
change (%)
Average
operation
ratio (%)
119.3
127.9
3.5
7.2
93.8
102.1
-3.5
8.8
74.4
81.2
Production
capacity index
(2005=100)
2009
2010
2009
I
II
III
IV
117.0
118.0
120.1
122.2
2.8
2.5
3.5
5.0
81.7
95.3
97.8
100.3
-17.7
-7.6
2.4
10.1
67.0
74.3
77.8
78.4
2010
I
II
III
IV
124.3
126.5
129.5
131.3
6.2
7.2
7.8
7.4
97.4
105.6
99.6
105.6
19.2
10.8
1.8
5.3
80.4
82.3
81.2
80.8
2011
I
IIP
132.7
133.8
6.8
5.8
99.9
105.4
2.6
-0.2
83.1
81.4
2009 1
2
3
4
5
6
7
8
9
10
11
12
116.9
116.9
117.1
117.7
117.7
118.5
119.3
119.8
121.1
121.6
121.9
123.1
2.7
2.7
2.8
3.0
2.0
2.4
3.1
3.3
4.2
4.6
4.8
5.5
73.7
79.8
91.6
94.1
93.3
98.4
98.8
91.0
103.6
99.1
100.5
101.2
-28.6
-10.8
-12.8
-10.1
-9.7
-2.8
-1.0
-1.3
9.6
-4.8
12.4
27.0
63.7
67.3
70.0
72.5
73.7
76.6
77.7
76.4
79.3
77.8
78.0
79.3
2010 1
2
3
4
5
6
7
8
9
10
11
12
123.6
123.9
125.3
125.5
126.5
127.4
128.6
129.7
130.1
130.8
131.1
132.1
5.7
6.0
7.0
6.6
7.5
7.5
7.8
8.3
7.4
7.6
7.5
7.3
97.1
88.4
106.7
106.1
103.8
107.0
105.3
96.2
97.2
106.6
105.4
104.9
31.8
10.8
16.5
12.8
11.3
8.7
6.6
5.7
-6.2
7.6
4.9
3.6
79.3
80.5
81.5
81.7
82.1
83.1
82.7
79.7
81.2
79.7
80.5
82.2
2011 1
2
3
4
5P
6P
132.2
132.5
133.4
133.8
133.7
133.8
7.0
6.9
6.5
6.6
5.7
5.0
102.5
89.5
107.8
104.6
104.9
106.6
5.6
1.2
1.0
-1.4
1.1
-0.4
84.8
82.2
82.4
80.4
81.4
82.5
P: Preliminary
Source: Statistics Korea
Economic Bulletin
55
4. Consumer goods sales index See graphs 2-2, 2-3, 2-4 & 2-5
(constant prices, 2005 = 100)
Period
2009
2010
Consumer
goods
sales
index
Y-o-Y
change (%)
Durable
goods
Y-o-Y
change (%)
Semi-durable
goods
Y-o-Y
change (%)
Non-durable
goods
Y-o-Y
change (%)
113.6
121.1
2.7
6.6
136.8
157.2
8.2
14.9
106.3
113.5
1.3
6.8
111.3
113.7
1.2
2.2
2009
I
II
III
IV
106.5
113.4
111.9
122.4
-4.5
1.5
2.8
10.9
114.7
142.0
135.5
155.1
-11.7
5.9
7.7
34.1
103.1
107.7
94.3
120.2
-0.5
0.5
0.3
4.5
107.7
109.2
114.3
113.9
-1.4
0.4
1.8
4.0
2010
I
II
III
IV
116.8
118.9
120.3
128.6
9.7
4.9
7.5
5.1
148.7
149.9
158.5
171.6
29.6
5.6
17.0
10.6
105.7
114.4
100.5
133.6
2.5
6.2
6.6
11.1
111.1
112.8
117.7
113.1
3.2
3.3
3.0
-0.7
2011
I
IIP
122.7
125.6
5.1
5.6
167.9
176.4
12.9
17.7
112.2
121.1
6.1
5.9
112.0
112.1
0.8
-0.6
2009 1
2
3
4
5
6
7
8
9
10
11
12
108.5
101.2
109.7
108.6
117.0
114.6
110.8
106.7
118.2
120.6
119.6
127.1
-2.9
-5.7
-4.9
-4.2
1.7
7.6
1.1
0.5
6.8
9.9
9.8
12.8
104.1
116.0
124.0
123.9
144.0
158.0
138.2
122.5
145.9
144.8
153.5
167.1
-18.9
-1.5
-13.6
-10.9
5.9
24.3
-1.8
0.8
26.6
16.9
41.0
46.1
103.6
97.1
108.5
109.3
113.3
100.4
95.4
86.5
101.1
116.1
121.8
122.6
-0.8
-0.7
0.0
0.7
1.1
-0.5
-2.3
0.3
3.1
4.0
1.2
8.4
114.8
99.2
109.2
106.8
113.1
107.6
110.8
112.9
119.3
116.6
109.2
116.0
5.5
-8.5
-1.2
-2.5
0.7
3.0
4.4
0.8
0.4
9.4
1.4
1.5
2010
115.8
114.2
120.3
116.5
121.2
118.9
120.7
116.7
123.5
125.5
127.8
132.6
6.7
12.8
9.7
7.3
3.6
3.8
8.9
9.4
4.5
4.1
6.9
4.3
145.5
141.3
159.2
144.6
147.0
158.1
164.0
154.4
157.0
165.2
172.1
177.4
39.8
21.8
28.4
16.7
2.1
0.1
18.7
26.0
7.6
14.1
12.1
6.2
108.4
99.6
109.1
113.1
120.7
109.3
103.5
90.2
107.7
130.0
133.4
137.3
4.6
2.6
0.6
3.5
6.5
8.9
8.5
4.3
6.5
12.0
9.5
12.0
108.7
112.1
112.6
110.4
116.0
112.1
115.1
116.4
121.6
111.1
111.9
116.2
-5.3
13.0
3.1
3.4
2.6
4.2
3.9
3.1
1.9
-4.7
2.5
0.2
128.1
113.3
126.6
122.4
128.8
125.6
10.6
-0.8
5.2
5.1
6.3
5.6
165.9
154.2
183.5
167.4
176.4
185.3
14.0
9.1
15.3
15.8
20.0
17.2
120.4
101.6
114.6
121.5
127.0
114.7
11.1
2.0
5.0
7.4
5.2
4.9
118.9
104.3
112.7
108.7
116.3
111.3
9.4
-7.0
0.1
-1.5
0.3
-0.7
2011
1
2
3
4
5
6
7
8
9
10
11
12
1
2
3
4
5P
6P
P: Preliminary
Source: Statistics Korea
56
August 2011
Period
2009
2010
Domestic consumer
goods shipment index
(2005=100)
Y-o-Y
change (%)
Durable
goods
Y-o-Y
change (%)
Non-durable
goods
Y-o-Y
change (%)
Consumer
sentiment index
116.4
122.0
1.4
4.8
135.1
139.6
6.5
3.3
108.9
115.0
-0.9
5.6
2009
I
II
III
IV
107.7
114.8
119.9
123.3
-8.3
-0.8
5.4
10.2
113.4
139.9
139.4
147.8
-14.9
2.5
13.3
29.2
105.3
104.7
112.0
113.4
-5.2
-2.5
1.7
2.2
2010
I
II
III
IV
118.5
119.9
122.0
127.6
10.0
4.4
1.8
3.5
136.7
139.5
139.2
142.9
20.5
-0.3
-0.1
-3.3
111.2
112.1
115.1
121.6
5.6
7.1
2.8
7.2
2011
I
IIP
120.8
117.9
1.9
-1.7
134.9
134.7
-1.3
-3.4
115.2
111.1
3.6
-0.9
2009 1
2
3
4
5
6
7
8
9
10
11
12
107.6
103.8
111.7
112.6
113.5
118.4
119.0
110.9
129.7
121.7
118.5
129.6
-14.2
-2.5
-7.4
-6.0
-1.9
6.0
1.0
-0.7
15.8
1.7
10.7
18.8
99.0
115.5
125.7
120.6
140.7
158.4
146.3
125.8
146.1
139.5
146.7
157.1
-25.3
-6.2
-12.8
-16.4
2.8
23.3
8.9
6.1
25.8
9.2
32.2
50.5
111.0
99.0
106.0
109.3
102.6
102.3
108.0
104.9
123.1
114.5
107.2
118.6
-9.4
-0.8
-4.6
-0.7
-4.3
-2.6
-2.8
-3.7
11.6
-1.8
1.7
6.8
84
85
84
98
105
106
109
114
114
117
113
113
2010 1
2
3
4
5
6
7
8
9
10
11
12
123.7
110.3
121.6
120.5
117.5
121.8
121.9
120.5
123.6
129.3
128.3
125.3
15.0
6.3
8.9
7.0
3.5
2.9
2.4
8.7
-4.7
6.2
8.3
-3.3
136.0
129.7
144.5
135.4
135.3
147.7
145.6
133.9
138.0
145.7
144.7
138.4
37.4
12.3
15.0
12.3
-3.8
-6.8
-0.5
6.4
-5.5
4.4
-1.4
-11.9
118.8
102.6
112.3
114.6
110.4
111.4
112.4
115.2
117.8
122.8
121.8
120.1
7.0
3.6
5.9
4.8
7.6
8.9
4.1
9.8
-4.3
7.2
13.6
1.3
113
111
110
110
111
112
112
110
109
108
110
109
2011 1
2
3
4
5P
6P
7
129.6
105.9
127.0
118.6
115.8
119.3
-
4.8
-4.0
4.4
-1.6
-1.4
-2.1
-
133.0
125.6
146.1
133.1
131.3
139.7
-
-2.2
-3.2
1.1
-1.7
-3.0
-5.4
-
128.2
98.0
119.4
112.7
109.6
111.1
-
7.9
-4.5
6.3
-1.7
-0.7
-0.3
-
108
105
98
100
104
102
102
Economic Bulletin
57
2010
Estimated
facility investment
index
(2005=100)
Domestic
machinery
shipment
excluding ship
(2005=100)
Total
Public
Private
23,360
2,330
21,030
12,279
133.2
135.0
Manufacturing
2010
I
ll
III
IV
5,544
6,247
5,662
5,908
525
402
380
1,023
5,019
5,845
5,282
4,885
2,910
3,564
3,026
2,779
120.5
137.5
139.1
135.6
116.7
144.2
136.2
142.8
2011
I
llP
6,627
6,804
471
732
6,156
6,072
3,744
3,673
128.5
143.8
133.1
147.3
2010 1
2
3
4
5
6
7
8
9
10
11
12
1,767
1,641
2,135
1,843
2,189
2,214
2,092
1,710
1,860
1,719
1,770
2,418
169
107
249
127
115
160
105
106
169
101
102
820
1,598
1,534
1,886
1,716
2,074
2,055
1,987
1,604
1,691
1,618
1,668
1,599
1,008
880
1,022
1,054
1,329
1,180
1,068
897
1,061
964
981
834
103.7
112.8
145.1
132.9
132.4
147.2
139.1
140.8
137.5
130.8
134.7
141.2
108.3
102.7
139.1
139.4
140.9
152.2
138.6
132.8
137.1
134.8
136.7
156.9
2011 1
2
3
4
5P
6P
2,115
2,070
2,442
1,965
2,172
2,667
116
122
233
102
142
488
2,000
1,948
2,209
1,869
2,030
2,180
1,156
1,148
1,440
1,158
1,191
1,324
125.7
113.9
145.8
132.5
145.8
153.5
127.6
123.6
148.1
138.3
149.6
154.0
11.2
-37.9
32.3
25.1
22.5
2010
2010
I
ll
III
IV
10.3
24.7
-0.2
11.3
-43.7
-42.2
-71.7
31.4
22.6
35.5
22.0
7.8
45.6
58.5
27.4
4.5
30.0
29.5
29.3
13.6
18.1
25.7
27.4
18.4
2011
I
llP
19.5
8.9
-10.3
82.1
22.7
3.9
28.7
3.1
6.6
4.6
14.1
2.1
2010 1
2
3
4
5
6
7
8
9
10
11
12
11.8
-2.0
20.6
27.2
56.3
2.6
-16.5
26.6
2.3
9.9
-9.2
34.9
-27.1
-79.4
37.2
39.0
19.6
-68.6
-90.2
48.9
-15.5
20.8
-76.5
213.9
18.5
32.8
18.7
26.4
59.1
24.4
38.7
25.3
4.5
9.3
10.0
4.3
39.4
66.8
36.7
57.1
101.1
28.8
41.8
37.1
9.6
13.2
4.2
-3.7
26.3
23.7
38.3
32.5
28.4
27.7
31.5
41.2
17.1
21.6
13.1
7.4
27.6
5.2
22.1
24
32.1
21.8
28.1
36.9
18.8
25
19.5
12.4
2011
19.7
26.1
14.4
6.6
-0.8
20.4
-31.5
14.0
-6.3
-19.6
23.4
205.5
25.1
27.0
17.1
8.6
-2.2
6.1
14.6
30.4
41.0
9.8
-10.4
12.2
22.2
1.0
0.5
-0.3
10.1
4.3
17.8
20.4
6.5
-0.8
6.2
1.2
1
2
3
4
5P
6P
P: Preliminary
Source: Statistics Korea
58
August 2011
Period
Type of order
Private
Public
Private
35,163
52,777
88,675
29,013
54,628
Public
92,238
2010
Type of order
Domestic
construction
orders received
(total)
Value of
construction
completion
(total)
2010
I
ll
llI
lV
20,329
24,082
22,005
25,823
7,467
9,129
7,784
10,784
11,977
13,931
13,160
13,708
18,110
25,295
19,095
26,175
7,955
6,890
6,814
7,355
9,087
16,737
11,406
17,399
2011
I
llP
19,067
23,884
7,288
9,274
10,857
13,204
15,796
24,473
4,053
6,067
10,743
16,821
6,496
6,145
7,687
7,354
7,741
8,986
7,453
7,150
7,401
7,356
8,041
10,426
2,257
2,303
2,908
2,628
2,841
3,660
2,690
2,460
2,634
2,856
3,278
4,650
3,972
3,614
4,391
4,460
4,537
4,934
4,419
4,370
4,371
4,135
4,401
5,173
7,043
4,752
6,314
6,636
8,717
9,941
7,475
4,145
7,475
4,415
7,551
14,209
2,410
2,170
3,375
1,829
1,672
3,388
3,903
1,327
1,584
1,185
2,023
4,146
4,274
2,232
2,582
4,456
6,652
5,629
3,351
2,698
5,355
3,111
5,217
9,071
6,157
5,277
7,634
7,053
7,435
9,396
2,415
2,047
2,827
2,721
2,189
3,734
3,476
2,991
4,391
3,981
4,226
4,997
4,658
4,959
7,179
6,459
6,753
11,260
1,295
1,396
1,362
1,413
1,861
2,793
2,697
2,445
5,601
4,452
4,428
7,941
2.7
8.5
-18.7
-43.7
2.8
2010
2011
1
2
3
4
5
6
7
8
9
10
11
12
1
2
3
4
5P
6P
2010
2010
I
ll
llI
lV
6.3
2.0
-0.4
3.3
13.8
5.5
-1.1
15.9
3.8
2.6
1.0
-4.8
-1.6
-6.7
-3.6
-40.2
-14.9
-61.9
-22.0
-52.1
8.0
105.4
13.2
34.4
2011
I
llP
-6.2
-0.8
-2.4
1.6
-9.4
-5.2
-12.8
-3.3
-49.1
-11.9
18.2
0.5
7.2
0.8
10.5
-1.0
7.3
0.2
6.7
6.5
-11.8
0.9
-0.5
8.2
5.1
12.9
22.2
-0.1
9.6
6.7
14.0
1.4
-14.6
10.5
17.1
18.6
9.6
-3.5
5.3
1.0
7.8
-0.3
3.9
11.2
-9.8
-4.8
-9.4
-0.5
20.2
-4.6
-16.5
-14.1
17.4
-16.9
25.6
-12.5
-18.1
-58.8
-48.7
-22.5
-11.5
-22.2
-11.9
-68.7
-62.9
-56.0
23.5
-26.2
-58.0
-75.0
-61.4
-22.8
49.2
8.0
-25.8
178.8
138.3
49.8
38.3
-5.0
11.4
-45.7
-41.2
-23.9
-5.2
-14.1
-0.7
-4.1
-4.0
4.6
7.0
-11.1
-2.8
3.5
-0.8
2.0
-12.5
-17.3
0.0
-10.7
-6.9
1.3
-33.9
-16.7
13.7
-2.7
-22.5
13.3
-46.3
-35.7
-59.6
-22.7
11.3
-17.6
-36.9
9.5
117.0
-0.1
-33.4
41.1
2010
2011
1
2
3
4
5
6
7
8
9
10
11
12
1
2
3
4
5P
6P
P: Preliminary
Source: Statistics Korea
Economic Bulletin
59
Y-o-Y
change (%)
Coincident
index
(2005=100)
Cycle of
coincident
index
(2005=100)
BSI (results)
BSI (prospects)
109.1
110.0
110.4
111.0
111.2
112.0
112.8
113.6
114.2
115.2
116.1
116.7
5.4
5.8
5.8
5.9
5.7
6.1
6.4
6.7
6.7
7.1
7.5
7.4
110.9
111.3
111.9
112.4
113.0
113.8
114.6
115.3
115.6
116.4
117.2
118.3
101.4
101.4
101.4
101.5
101.6
101.9
102.2
102.4
102.2
102.5
102.7
103.2
85.6
87.5
109.4
105.8
104.1
100.2
95.8
94.4
101.5
108.3
106.0
98.9
96.5
93.4
112.3
107.7
110.9
105.6
99.3
102.5
111.8
116.3
112.4
103.4
2008 1
2
3
4
5
6
7
8
9
10
11
12
116.3
115.6
115.1
114.9
114.8
114.2
113.5
113.3
113.1
112.5
111.3
110.5
6.5
5.1
4.0
3.2
2.5
1.4
0.2
-0.4
-0.9
-1.7
-3.1
-3.9
119.3
119.6
119.9
119.9
120.0
119.8
119.8
120.0
120.3
120.3
118.8
116.1
103.7
103.5
103.4
102.9
102.6
102.0
101.5
101.3
101.1
100.6
99.0
96.4
95.2
95.6
101.1
101.7
98.1
79.1
80.8
83.1
76.8
64.6
53.7
52.4
103.0
94.8
102.1
98.1
104.7
95.3
83.2
80.8
98.3
84.9
63.7
55.0
2009 1
2
3
4
5
6
7
8
9
10
11
12
110.8
112.2
113.4
115.3
117.3
119.9
121.5
122.5
123.4
124.6
126.4
127.2
-3.6
-2.4
-1.3
0.5
2.6
5.4
7.2
8.4
9.4
10.4
11.7
12.0
114.1
114.1
115.3
117.1
118.1
120.4
121.7
122.7
123.5
124.4
125.2
125.8
94.3
93.9
94.5
95.5
96.0
97.4
98.0
98.4
98.7
98.9
99.2
99.2
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
127.5
127.0
127.1
126.9
127.3
127.7
128.4
128.8
128.8
128.4
128.7
129.3
11.6
10.4
9.6
8.6
7.7
6.8
6.2
5.4
4.5
3.3
2.8
2.9
126.6
127.8
128.8
129.6
130.5
131.4
132.4
132.6
132.2
131.8
132.1
133.1
99.5
100.0
100.3
100.5
100.8
101.0
101.4
101.1
100.4
99.6
99.5
99.8
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
130.1
129.8
129.4
129.0
129.5
130.2
-
3.0
2.4
1.6
1.1
1.3
1.7
-
135.1
135.3
135.8
135.5
136.6
137.7
-
100.8
100.6
100.5
99.9
100.3
100.6
-
99.1
92.2
107.8
98.4
98.9
99.6
96.2
-
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
Period
Leading
index
(2005=100)
2007 1
2
3
4
5
6
7
8
9
10
11
12
60
August 2011
9. Balance of payments (I) See graphs 5-1, 5-2, 5-3, 10-1 & 10-2
(million US$)
Current
balance
Period
2009
2010P
Goods
trade
balance
Exports
32,790.5
28,213.6
37,866.0
41,904.0
Imports
Services
trade
balance
Income
trade
balance
Current
transfers
358,189.7
464,286.9
320,323.7
422,383.1
-6,640.5
-11,229.4
2,276.7
768.4
-711.7
-3.229.4
2009
I
II
III
IV
4,543.3
11,557.4
8,613.2
8,076.6
2,819.2
13,553.3
10,914.6
10,578.9
73,334.9
87,038.0
95,485.2
102,331.6
70,515.7
73,484.7
84,570.6
91,752.7
-26.0
-1,291.4
-2,663.3
-2,659.8
393.9
-151.1
948.6
1,085.3
1,356.2
-553.4
-586.7
-927.8
2010P
I
II
III
IV
263.3
8,857.9
9,931.1
9,161.3
4,785.4
12,240.4
12,542.3
12,335.9
101,354.5
117,585.0
118,257.3
127,090.1
96,569.1
105,344.7
105,715.1
114,754.2
-4,201.1
-1,873.1
-2,954.6
-2,200.6
546.5
-1,006.5
1,296.1
-67.6
-867.4
-502.9
-952.7
-906.4
2011P
2,610.3
5,842.7
127,691.2
121,848.5
-2,538.0
387.9
-1,082.3
1
2
3
4
5
6
7
8
9
10
11
12
-1,800.2
2,579.8
3,763.7
3,511.2
3,153.8
4,892.4
4,054.8
1,300.2
3,258.2
3,202.9
4,165.0
708.7
-2,441.3
1,766.2
3,494.3
4,255.5
3,822.6
5,475.2
5,021.2
1,920.5
3,972.9
3,546.1
4,851.1
2,181.7
21,910.3
24,179.6
27,245.0
28,832.5
27,228.8
30,976.7
32,688.5
29,001.4
33,795.3
33,474.6
34,055.5
34,801.5
24,351.6
22,413.4
23,750.7
24,577.0
23,406.2
25,501.5
27,667.3
27,080.9
29,822.4
29,928.5
29,204.4
32,619.8
-98.9
-64.1
137.0
-15.8
-555.6
-720.0
-1,241.2
-761.3
-660.8
-505.9
-643.6
-1,510.3
502.7
366.2
-475.0
-835.1
205.0
479.0
366.3
367.9
214.4
336.2
272.5
476.6
237.3
511.5
607.4
106.6
-318.2
-341.8
-91.5
-226.9
-268.3
-173.5
-315.0
-439.3
2010 P 1
2
3
4
5
6
7
8
9
10
11
12
-571.8
-363.1
1,198.2
529.0
3,998.9
4,330.0
4,457.9
1,975.7
3,497.5
5,112.5
1,934.4
2,114.4
996.7
586.3
3,202.4
3,740.1
3,658.4
4,841.9
5,268.9
2,826.0
4,447.4
5,484.9
3,170.8
3,680.2
31,806.6
31,119.7
38,428.2
39,186.7
38,250.1
40,148.2
41,130.1
37,903.4
39,223.8
42,012.2
41,939.6
43,138.3
30,809.9
30,533.4
35,225.8
35,446.7
34,591.7
35,306.3
35,861.3
35,077.4
34,776.4
36,527.3
38,768.8
39,458.1
-1,651.8
-1,270.7
-1,278.6
-1,268.9
147.4
-751.6
-859.3
-902.5
-1,192.8
-749.9
-304.5
-1,146.2
414.6
497.4
-365.6
-1,452.5
219.8
226.2
352.3
518.7
425.1
657.1
-690.2
-34.5
-331.3
-176.1
-360.0
-489.7
-26.7
13.5
-304.0
-466.5
-182.2
-279.6
-241.7
-385.1
2011P 1
2
3
4
5
6
154.7
1,126.1
1,329.5
1,277.6
2,183.9
2,987.8
1,557.9
1,530.8
2,754.0
3,327.6
1,633.8
3,656.0
42,662.8
37,228.3
47,800.4
47,879.4
47,149.8
48,693.6
41,104.9
35,697.2
45,046.4
44,551.8
45,516.0
45,037.6
-1,640.9
-569.1
-328.0
-178.8
15.5
-632.4
703.7
542.6
-858.4
-1,581.9
517.3
239.8
-466.0
-378.2
-238.1
-289.3
17.3
-275.6
2009
P: Preliminary
Source: The Bank of Korea & Korea Customs Service
Economic Bulletin
61
Errors and
omissions
289.6
-174.2
-68,666.4
-27,094.5
1,860.7
-2,882.1
6,917.1
-7,914.9
-251.1
3,287.8
382.3
25.8
-103.9
-14.6
-9,017.4
-19,541.8
-23,492.6
-16,614.6
-175.0
1,379.4
-1,636.0
2,292.3
746.6
-983.9
-388.6
618.5
16.7
-7,076.3
-4,725.3
-5,443.2
-175.6
27.1
31.1
-56.8
-8,595.1
-5,600.2
-10,411.5
-2,487.7
-108.0
241.1
-2,251.5
-763.7
-1,379.1
730.3
6,251.6
-181.4
-3,479.2
143.8
-643.0
-1,095.1
-1,039.8
-695.3
-855.9
-480.8
-1,644.2
-865.9
-795.6
-749.1
-2,855.1
-3,228.2
4,715.2
122.8
-2,053.4
6,879.7
4,157.3
4,890.2
8,470.1
4,004.4
8,752.4
5,829.4
2,992.6
967.0
473.2
-771.2
-2,358.9
274.1
1,279.7
-954.8
-155.1
-870.3
-25.5
-509.1
614.2
-89.3
2,644.7
-1,255.7
5,528.1
-4,669.7
1,818.3
-5,063.5
-3,538.9
2,696.1
591.7
-1,429.4
712.9
4,004.3
61.9
195.6
124.8
60.3
-16.5
-18.0
3.4
-29.4
-77.9
6.9
-56.4
34.9
-4,488.6
-1,260.0
-3,268.8
-5,444.1
-10,248.6
-3,849.1
-5,573.6
-7,095.2
-10,823.8
-7,965.8
-5,637.4
-3,011.4
-963.2
1,483.8
-695.6
83.9
711.9
583.6
-1,616.6
860.1
-879.5
1,614.1
64.2
614.0
-686.4
1,398.3
-867.2
641.8
-5,611.5
-4,129.3
-3,528.4
-1,421.7
-2,729.5
-5,869.7
-2,191.7
-336.2
-1,070.2
-613.7
-623.6
-1,163.6
-571.7
-828.8
-1,773.0
-1,184.2
-3,260.2
-5,393.9
-1,286.8
-1,610.0
118.0
2,484.0
7,557.6
5,792.1
747.2
559.1
8,592.4
1,061.0
4,378.7
7,447.3
2,227.2
-2,412.2
241.8
549.3
-44.5
80.6
-854.8
-209.7
-297.3
61.3
-152.6
0.4
106.9
511.2
7,076.7
-1,692.8
-5,367.2
5,343.4
-12,116.8
-302.9
-4,029.4
93.3
-789.2
-5,216.8
-1,494.4
1,268.0
-70.0
-43.2
-62.4
-120.5
101.3
46.3
-0.2
57.9
-26.6
-48.1
-25.3
16.6
-6,982.7
714.7
-2,327.1
-9,290.2
7083.3
-3393.3
-6020.9
-1,511.0
-2,879.6
-2,658.6
-1,719.3
1,890.2
1,258.2
-1,035.2
-331.0
-1,170.8
1,612.6
-200.7
-929.5
-554.0
-768.2
757.2
257.3
-1,778.2
-1,282.0
-1,996.2
524.1
394.7
-3,956.7
-4,642.2
-1,725.4
-1,635.1
-1,335.8
-7.38.8
-1,254.7
-2,144.6
904.6
-3,004.0
720.3
4,575.0
-1,140.1
-1,399.5
569.3
-363.3
524.3
-206.2
165.1
-501.8
1,773.3
5,126.9
-648.6
-145.9
-821.7
-1,861.1
-120.7
-32.7
-28.0
-33.6
-49.9
-28.4
-2,683.1
-2,088.0
1,291.9
-3,055.8
-855.4
1,293.2
1,127.3
870.1
-1,853.6
-1,672.3
1,772.8
1,654.4
Period
Capital &
financial
account
Direct
investment
Portfolio
investment
Financial
derivative
2009
2010P
-34,651.2
-25,331.5
-14,948.0
-19,379.7
49,727.7
38,552.4
-3,093.0
-7.4
2,038.9
-17,228.1
I
II
III
IV
-4,368.3
-12,936.8
-6,977.2
-10,368.9
-2,777.9
-2,032.0
-3,305.7
-6,832.4
2,784.6
15,927.2
21,226.9
9,789.0
-2,656.9
599.0
-1,050.9
15.8
2010P I
II
III
IV
-155.3
-9,099.0
-7,679.6
-8,397.6
-2,307.5
-2,564.1
-6,217.4
-8,290.7
10,159.6
7,098.4
14,032.1
7,262.3
2011P I
-2,754.1
-4,696.3
2009 1
2
3
4
5
6
7
8
9
10
11
12
2,763.4
-4,063.6
-3,068.1
-3,595.1
-3,865.7
-5,476.0
-2,438.2
-2,160.3
-2,378.7
-4,817.0
-4,229.2
-1,322.7
2010 P 1
2
3
4
5
6
7
8
9
10
11
12
2011P 1
2
3
4
5
6
2009
P: Preliminary
Source: The Bank of Korea
62
August 2011
Capital transfers
Other
& acquisition of
investment non-financial
assets
Consumer prices
Period
All Items
Commodity
Service
Core
All items
Commodity
Export
Import
2009
2010
112.8
116.1
113.6
118.8
112.2
114.3
112.5
114.5
110.9
115.1
111.9
117.0
109.2
106.4
137.7
145.0
2009 7
8
9
10
11
12
113.0
113.4
113.5
113.2
113.4
113.8
113.9
114.5
114.6
113.9
114.2
115.0
112.5
112.7
112.7
112.8
112.9
113.0
112.7
112.8
112.9
113.0
113.2
113.3
111.1
111.7
111.8
110.9
111.3
111.9
112.1
112.9
113.0
111.8
112.5
113.1
109.0
109.3
107.3
104.0
104.3
105.1
136.6
139.5
136.8
135.3
137.9
138.6
2010 1
2
3
4
5
6
7
8
9
10
11
12
114.2
114.6
115.0
115.6
115.7
115.5
115.9
116.3
117.6
117.8
117.1
117.8
115.6
116.1
116.9
118.1
118.1
117.6
118.3
119.0
121.8
122.1
120.4
121.9
113.3
113.6
113.8
114.0
114.1
114.2
114.4
114.6
114.9
115.0
114.9
115.0
113.4
113.6
113.7
113.9
114.2
114.4
114.6
114.8
115.1
115.1
115.2
115.6
112.7
113.0
113.7
114.6
115.2
114.8
114.9
115.2
116.3
116.4
116.7
117.8
113.9
114.5
115.3
116.4
117.1
116.6
116.7
117.1
118.6
118.6
118.9
120.5
103.5
104.7
104.0
103.8
106.7
109.9
109.4
107.4
106.9
105.0
106.3
109.6
136.9
137.6
139.2
140.9
144.7
147.6
147.0
147.4
147.4
146.1
149.2
156.1
2011 1
2
3
4
5
6
7
118.9
119.8
120.4
120.4
120.4
120.6
121.4
123.8
125.1
123.1
125.7
125.1
125.3
127.0
115.8
116.4
116.6
116.9
117.3
117.5
117.8
116.3
117.1
117.4
117.6
118.2
118.6
119.0
119.7
120.5
122.0
122.4
122.3
121.9
122.4
122.7
123.9
125.8
126.2
126.0
125.5
126.0
108.6
110.6
113.5
111.8
110.2
109.4
108.0
156.1
160.9
166.5
167.6
163.9
163.2
161.4
2009
2010
2.8
2.9
3.4
4.6
2.4
4.2
3.6
1.8
-0.2
3.8
-0.5
4.6
-0.2
-2.6
-4.1
5.3
2009 7
8
9
10
11
12
1.6
2.2
2.2
2.0
2.4
2.8
0.9
2.0
2.2
2.0
3.5
4.4
2.2
2.2
2.1
2.0
1.8
1.8
3.2
3.1
2.7
2.6
2.5
2.2
3.8
-3.0
-2.6
-3.1
-0.4
1.8
-5.1
-4.0
-3.4
-4.2
-0.7
2.0
-2.7
-1.1
-7.2
-16.5
-13.4
-8.6
-12.9
-7.0
-10.8
-15.3
-7.5
-1.4
2010 1
2
3
4
5
6
7
8
9
10
11
12
3.1
2.7
2.3
2.6
2.7
2.6
2.6
2.6
3.6
4.1
3.3
3.5
4.7
3.6
3.2
3.8
4.0
3.8
3.9
3.9
6.3
7.2
5.4
6.0
2.0
2.2
1.8
1.8
1.9
1.9
1.7
1.7
2.0
2.0
1.8
1.8
2.1
1.9
1.5
1.5
1.6
1.7
1.7
1.8
1.9
1.9
1.8
2.0
2.8
2.4
2.6
3.2
4.6
4.6
3.4
3.1
4.0
5.0
4.9
5.3
3.2
2.7
2.9
3.8
5.5
5.5
4.1
3.7
5.0
6.1
5.7
6.5
-6.9
-10.2
-12.2
-6.7
0.4
1.5
0.3
-1.7
-0.4
1.0
1.9
4.3
-0.9
-4.1
-4.3
5.1
11.3
8.0
7.5
5.7
7.8
8.1
8.2
12.7
2011 1
2
3
4
5
6
7
4.1
4.5
4.7
4.2
4.1
4.4
4.7
7.1
7.8
7.9
6.4
5.9
6.5
7.4
2.2
2.5
2.5
2.5
2.8
2.9
3.0
2.6
3.1
3.3
3.2
3.5
3.7
3.8
6.2
6.6
7.3
6.8
6.2
6.2
6.5
7.7
8.2
9.1
8.4
7.6
7.6
8.0
4.9
5.6
9.1
7.7
3.3
-0.4
-1.3
14.1
16.9
19.6
19.0
13.2
10.5
9.8
Economic Bulletin
63
Unemployment (%)
Regular
Temporary
Daily
24,394
24,748
23,506
23,829
3,836
4,028
17,998
18,214
3.6
3.7
16,454
16,971
9,390
10,086
5,101
5,068
1,963
1,817
2009 7
8
9
10
11
12
24,756
24,525
24,630
24,655
24,625
24,063
23,828
23,620
23,805
23,856
23,806
23,229
3,802
3,761
3,810
3,858
3,855
3,872
18,210
18,048
18,155
18,130
18,267
18,104
3.7
3.7
3.4
3.2
3.3
3.5
16,589
16,479
16,687
16,690
16,790
16,555
9,383
9,472
9,606
9,628
9,603
9,632
5,255
5,117
5,151
5,170
5,256
5,074
1,952
1,890
1,931
1,892
1,931
4,860
2010 1
2
3
4
5
6
7
8
9
10
11
12
24,082
24,035
24,382
24,858
25,099
25,158
25,232
24,863
24,911
25,004
24,847
24,538
22,865
22,867
23,377
23,924
24,306
24,280
24,301
24,005
24,054
24,172
24,109
23,684
3,924
3,886
3,924
3,991
4,036
4,017
4,040
4,058
4,062
4,098
4,139
4,156
17,796
17,762
18,047
18,285
18,499
18,422
18,489
18,175
18,216
18,264
18,340
18,272
5.0
4.9
4.1
3.8
3.2
3.5
3.7
3.3
3.4
3.3
3.0
3.5
16,297
16,282
16,617
16,994
17,255
17,193
17,228
17,048
17,103
17,178
17,300
17,154
9,712
9,786
9,926
10,011
10,078
10,089
10,107
10,151
10,217
10,280
10,334
10,347
4,860
4,838
4,976
5,147
5,223
5,165
5,215
5,122
5,106
5,089
5,069
4,999
1,725
1,657
1,714
1,836
1,953
1,938
1,905
1,775
1,780
1,809
1,898
1,808
2011 1
2
3
4
5
6
7
24,114
24,431
24,918
25,240
25,480
25,592
25,473
23,196
23,336
23,846
24,303
24,661
24,752
24,636
4,148
4,149
4,122
4,108
4,137
4,135
4,079
18,007
3.8
18,019
4.5
18,244
4.3
18,536
3.7
18,731
3.2
18,812
3.3
18,844
3.3
Y-o-Y change (%)
16,832
16,856
17,065
17,357
17,626
17,720
17,667
10,305
10,390
10,543
10,618
10,708
10,716
10,718
4,848
4,781
4,782
4,928
5,064
5,132
5,137
1,680
1,684
1,740
1,812
1,854
1,872
1,811
2009
2010
0.2
1.5
-0.3
1.4
-3.2
5.0
0.5
1.2
1.5
3.1
4.3
7.4
0.4
-0.7
-7.4
-7.4
2009 7
8
9
10
11
12
0.3
0.6
0.7
0.3
0.2
0.1
-0.3
0.0
0.3
0.0
0.0
-0.1
-4.3
-3.5
-3.0
-2.2
-1.1
-0.4
0.7
1.0
1.1
0.7
1.0
0.9
1.4
2.3
2.9
2.3
2.5
2.3
3.6
4.0
5.1
5.4
5.4
6.2
1.8
3.0
2.7
2.7
3.7
-0.2
-9.1
-6.7
-6.5
-11.7
-12.0
-9.3
2010 1
2
3
4
5
6
7
8
9
10
11
12
1.6
1.6
1.3
1.6
1.8
0.9
1.9
1.3
1.1
1.4
0.9
2.0
0.0
0.5
1.2
1.7
2.5
1.3
2.0
1.6
1.0
1.3
1.3
2.0
0.8
1.2
2.9
3.8
4.9
4.7
6.2
7.9
6.6
6.2
7.4
7.3
0.8
1.3
2.0
2.2
2.7
0.9
1.5
0.7
0.3
0.7
0.4
0.9
1.5
2.1
3.4
3.9
4.7
2.7
3.9
3.5
2.5
2.9
3.0
3.6
6.7
6.4
8.2
8.5
8.2
8.0
7.7
7.2
6.4
6.8
7.6
7.4
-2.4
-0.5
0.7
1.9
2.9
-2.2
-0.8
0.1
-0.9
-1.6
-3.6
-1.5
-12.4
-12.6
-12.6
-11.5
-6.6
-8.4
-2.4
-6.1
-7.8
-4.4
-1.7
-2.2
2011 1
2
3
4
5
6
7
0.1
1.6
2.2
1.5
1.5
1.7
1.0
1.4
2.1
2.0
1.6
1.5
1.9
1.4
5.7
6.7
5.1
2.9
2.5
2.9
1.0
1.2
1.4
1.1
1.4
1.3
2.1
1.9
3.3
3.5
2.7
2.1
2.2
3.1
2.5
6.1
6.2
6.2
6.1
6.3
6.2
6.0
-0.3
-1.2
-3.9
-4.3
-3.0
-0.6
-1.5
-2.6
1.6
1.5
-1.3
-5.1
-3.4
-4.9
64
August 2011
Stock
Period
Call rate
(1 day)
CD
(91 days)
Corporate bonds
(3 years, AA-)
Treasury bonds
(3 years)
Treasury bonds
(5 years)
KOSPI
(end-period)
2007 1
2
3
4
5
6
7
8
9
10
11
12
4.6
4.6
4.6
4.7
4.6
4.5
4.7
4.9
5.0
5.0
5.0
5.0
4.9
5.0
4.9
5.0
5.0
5.0
5.1
5.2
5.3
5.3
5.4
5.7
5.3
5.3
5.2
5.3
5.5
5.6
5.8
5.7
5.9
6.0
6.2
6.7
5.0
4.9
4.8
4.9
5.1
5.2
5.4
5.3
5.4
5.4
5.5
5.9
5.0
4.9
4.8
5.0
5.1
5.4
5.4
5.3
5.4
5.5
5.6
5.9
1,360.20
1,417.30
1,452.60
1,542.24
1,700.91
1,743.60
1,933.27
1,873.24
1,946.48
2,064.95
1,906.00
1,897.10
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
6.6
6.3
6.1
5.9
6.2
6.7
7.0
7.1
7.5
8.0
8.6
8.4
5.4
5.1
5.2
5.0
5.3
5.7
6.0
5.8
5.8
5.1
5.0
4.0
5.5
5.1
5.2
5.0
5.4
5.8
6.0
5.8
5.8
5.2
5.2
4.3
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
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
2.7
2.8
2.9
3.0
3.0
3.2
3.3
2.9
3.1
3.4
3.4
3.5
3.5
3.6
4.5
4.7
4.5
4.5
4.4
4.4
4.5
3.7
3.9
3.7
3.7
3.7
3.7
3.8
4.3
4.4
4.1
4.1
4.0
3.9
4.0
2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
Economic Bulletin
65
Period
(billion won)
Reserve money
M1
M2
Lf
2009
2010
61,739.6
67,585.1
357,344.1
399,412.3
1,508,550.4
1,639,675.1
1,937,336.0
2,096,534.8
2009 7
8
9
10
11
12
59,420.2
60,570.3
59,650.3
63,681.7
61,154.5
62,633.2
363,421.4
361,012.4
367,070.3
371,531.7
370,979.7
376,977.3
1,512,822.5
1,524,879.7
1,535,279.8
1,551,319.5
1,564,175.8
1,570,027.1
1,940,223.0
1,956,130.6
1,972,408.5
1,990,372.5
2,000,503.6
2,014,950.4
2010 1
2
3
4
5
6
7
8
9
10
11
12
65,054.7
66,563.8
65,643.6
64,274.7
67,835.1
66,250.8
66,958.2
67,318.7
70,266.5
69,905.0
69,476.8
71,472.9
381,218.2
387,858.6
386,015.4
388,174.7
394,880.2
400,132.8
403,785.1
400,882.5
403,413.5
405,000.1
414,912.8
425,673.9
1,574,215.8
1,595,403.8
1,607,896.1
1,621,176.9
1,630,904.7
1,647,981.2
1,653,057.5
1,653,907.2
1,659,400.1
1,669,376.6
1,679,909.9
1,682,871.9
2,019,563.5
2,041,164.1
2,056,233.7
2,069,616.1
2,084,007.4
2,104,724.0
2,111,672.2
2,113.052.7
2,123.558.2
2,134,385.4
2,145,901.5
2,154,538.9
2011 1
2
3
4
5
6
73,540.8
75,432.1
73,012.7
73,206.1
73,828.5
74,705.5
429,368.1
432,482.8
430,936.6
425,420.5
423,994.7
421,885.3
1,676,448.8
1,674,390.5
1,677,475.9
1,684,792.3
1,690,543.0
1,697,204.2
2,152,814.0
2,148,254.1
2,152,736.5
2,163,485.7
2,175,557.3
2,189,729.2
18.1
9.5
16.3
11.8
10.3
8.7
7.9
8.2
2009 7
8
9
10
11
12
17.4
16.5
11.9
20.2
12.7
5.6
18.5
18.5
19.5
19.6
17.3
16.4
9.7
10.0
10.0
10.5
9.7
9.3
7.7
8.0
7.7
7.8
7.6
8.1
2010 1
2
3
4
5
6
7
8
9
10
11
12
1.6
5.6
0.0
4.7
12.9
11.3
12.7
11.1
17.8
9.8
13.6
14.1
15.0
15.9
12.6
10.8
10.9
10.5
11.1
11.0
10.2
9.0
11.8
12.9
9.3
9.4
9.3
9.4
9.3
9.7
9.3
8.5
8.1
7.6
7.4
7.2
8.1
8.6
8.8
9.0
8.9
9.3
8.8
8.0
7.7
7.2
7.3
6.9
2011 1
2
3
4
5
6
13.0
13.3
11.2
13.9
8.8
12.8
12.6
11.5
11.6
9.6
7.4
5.4
6.5
5.0
4.3
3.9
3.7
3.0
6.6
5.2
4.7
4.5
4.4
4.0
66
August 2011
/US$
/100
/Euro
Period
End-period
Average
End-period
Average
End-period
Average
2009
2010
1,167.6
1,138.9
1,276.4
1,156.3
1,262.8
1,397.1
1,363.1
1,320.6
1,674.3
1,513.6
1,774.4
1,532.9
2009 7
8
9
10
11
12
1,240.5
1,244.9
1,188.7
1,200.6
1,167.4
1,167.6
1,264.0
1,238.4
1,219.2
1,175.3
1,164.2
1,166.5
1,299.2
1,332.8
1,318.8
1,312.6
1,348.3
1,262.8
1,338.1
1,304.3
1,332.4
1,300.8
1,304.4
1,300.8
1,745.9
1,779.1
1,734.3
1,781.3
1,751.7
1,674.3
1,778.8
1,776.3
1,774.2
1,742.9
1,736.6
1,703.7
2010 1
2
3
4
5
6
7
8
9
10
11
12
1,156.5
1,158.4
1,130.8
1,115.5
1,200.2
1,210.3
1,187.2
1,189.1
1,142.0
1,126.6
1,157.3
1,138.9
1,138.8
1,157.1
1,137.6
1,117.1
1,163.1
1,212.3
1,207.3
1,179.9
1,167.0
1,123.4
1,126.2
1,147.6
1,287.0
1,299.3
1,217.7
1,186.8
1,318.5
1,364.6
1,370.0
1,406.0
1,363.3
1,390.7
1,373.4
1,397.1
1,248.3
1,281.7
1,255.8
1,195.3
1,265.2
1,333.6
1,377.7
1,380.2
1,384.2
1,371.1
1,366.6
1,376.7
1,614.6
1,569.2
1,518.2
1,479.3
1,474.2
1,475.4
1,552.4
1,505.9
1,556.0
1,569.3
1,518.3
1,513.6
1,627.5
1,584.5
1,544.9
1,501.7
1,460.7
1,480.9
1,540.3
1,523.3
1,518.7
1,559.6
1,541.3
1,515.4
2011 1
2
3
4
5
6
7
1,114.3
1,127.9
1,107.2
1,072.3
1,080.6
1,078.1
1,052.6
1,120.1
1,118.1
1,122.5
1,086.8
1,083.5
1,081.3
1,059.5
1,356.6
1,380.7
1,331.9
1,313.8
1,335.6
1,335.7
1,353.2
1,356.3
1,351.0
1,376.2
1,304.8
1,333.6
1,342.8
1,333.4
1,514.0
1,549.5
1,563.5
1,591.2
1,549.7
1,560.5
1,507.9
1,495.4
1,524.6
1,572.6
1,569.4
1,551.3
1,555.4
1,515.4
-7.1
-2.5
15.8
-9.4
26.6
-3.1
-5.7
-9.6
10.4
-13.6
2009 7
8
9
10
11
12
23.0
15.1
0.1
-7.0
-21.3
-7.1
24.0
18.9
7.9
-11.4
-16.2
-15.1
39.3
34.9
15.3
0.5
-13.2
-9.4
40.2
36.9
25.6
-2.0
-9.1
-13.5
11.1
11.9
1.6
7.0
-8.4
-5.7
10.7
13.1
9.0
-1.3
-1.8
-7.7
2010 1
2
3
4
5
6
7
8
9
10
11
12
-15.5
-23.6
-17.9
-17.2
-5.7
-5.8
-4.3
-4.5
-3.9
-6.2
-0.9
-2.5
-15.4
-19.1
-22.2
-16.8
-7.6
-3.9
-4.5
-4.7
-4.3
-4.4
-3.3
-1.6
-15.4
-15.7
-13.9
-14.2
0.3
2.1
5.4
5.5
3.4
5.9
1.9
10.6
-16.1
-17.1
-16.0
-11.9
-3.0
2.2
3.0
5.8
3.9
5.4
4.8
5.8
-8.7
-18.7
-16.4
-17.2
-16.8
-18.5
-11.1
-15.4
-10.3
-11.9
-13.3
-9.6
-9.3
-13.4
-18.9
-15.2
-15.0
-16.2
-13.4
-13.8
-14.4
-10.5
-11.2
-11.1
2011 1
2
3
4
5
6
7
-3.6
-2.6
-2.1
-3.9
-10.0
-10.9
-11.3
-1.6
-3.4
-1.3
-2.7
-6.8
-10.8
-12.2
5.4
6.3
9.4
10.7
1.3
-2.1
-1.2
8.7
5.4
9.6
9.2
5.4
0.7
-3.2
-6.2
-1.3
3.0
7.6
5.1
5.8
-2.9
-8.1
-3.8
1.8
4.5
6.2
5.0
-1.6
2009
2010
Economic Bulletin
67
Editor-in-Chief
Hong Nam-Ki (MOSF)
Editorial Board
Kim Young-Min (MOSF)
Shim Jae-Hak (KDI)
Lee Sung-Shin (KDI)
Coordinators
Kim Dae-Hyun (MOSF)
Cho Hyun-Joo (KDI)
Editors
Cho Eun-Hyung (MOSF)
Eli Horn (MOSF)
Lee Ji-Youn (KDI)