Professional Documents
Culture Documents
11
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
Current financial situation of Korea:
Solid enough to absorb impact from outside
42
46
Statistical Appendices
49
US
Amid a gradual recovery with the improvement of economic indicators, the US economy grew
2.5 percent (annualized q-o-q) in the third quarter, an increase from the previous quarter.
The growth was led by a significant increase in personal consumption, which climbed 2.4
percent in the third quarter after a rise of 0.7 percent in the second quarter, with consumption
of durable goods increasing 4.1 percent from the previous months drop of 5.3 percent.
However, a considerable amount of the growth was a result of temporary factors such as the
normalization of car production, which had dropped due to the Japanese earthquake and its
impact on component supply chains.
Contribution of car to personal expenditures (q-o-q, percentage point)
-0.74 (Q2, 2011)
-0.08 (Q3)
0.34 (Q3)
0.3 (May)
0.0 (Jun)
1.1 (Jul)
0.0 (Aug)
0.2 (Sep)
0.2 (Aug)
0.6 (Sep)
0.2 (May)
-0.2 (Jun)
0.9 (Jul)
In October, the Federal Open Market Committee revised downward its 2011 growth forecast
to the 1.6 to 1.7 percent range, after predicting 2.7 to 2.9 percent in June, although it
estimated that there was a slight recovery in growth in the third quarter with an
improvement in temporary factors that had restricted growth.
The Federal Reserve said it would continue current policies such as Operation Twist and the
freezing of the benchmark interest rate, and mentioned the possibility of additional
quantitative easing such as the acquisition of mortgage-backed securities if needed.
(Percentage change from previous period)
2009
20111
2010
Aug
Sep
2.5
0.7
2.4
Annual
Annual
Q2
Q3
Q4
Q1
Q2
Q3
Real GDP 2
-3.5
3.0
3.8
2.5
2.3
0.4
1.3
-1.9
2.0
2.9
2.6
3.6
2.1
-17.8
4.4
18.6
11.3
8.7
2.1
10.3
16.3
-16.0
14.6
22.8
-27.7
2.5
-2.4
4.2
2.4
Industrial production
-11.2
5.3
1.7
1.6
0.8
1.2
0.1
1.3
0.0
0.2
-1.7
3.8
0.8
0.9
1.4
1.5
1.0
1.2
0.2
0.6
5.2
-4.5
7.5
-25.1
13.8
8.2
-4.9
-0.1
8.4
-3.0
Unemployment rate3
9.3
9.6
9.6
9.6
9.6
8.9
9.1
9.1
9.1
9.1
-0.3
1.6
-0.1
0.4
0.7
1.3
1.0
0.8
0.4
0.3
Retail sales
Consumer prices
1. Preliminary
November 2011
3. Seasonally adjusted
1-1
1-2
1-3
Economic Bulletin
China
Chinas economy slightly slowed down in the third quarter, growing 9.1 percent year-on-year.
Exports grew at a slower pace in line with the slowdown of the global economy, but the
robust growth of domestic demand, including consumer goods sales, continued.
Consumer price inflation slightly eased year-on-year to 6.1 percent in September.
(Percentage change from same period in previous year)
Q2
20111
Q3
Aug
9.5
9.1
14.9
13.9
13.8
13.5
13.8
24.5
32.5
27.0
28.0
28.1
28.0
2009
Annual
Annual
Q2
Q3
Q4
Q1
9.1
10.3
10.3
9.6
9.8
9.7
Industrial production2
11.0
15.7
16.0
13.5
13.3
30.5
24.5
25.5
24.5
Real GDP
2010
Sep
15.5
23.3
23.8
23.9
22.0
17.1
18.2
17.2
17.0
17.7
-16.0
31.3
40.9
32.2
24.9
26.4
22.0
20.5
24.5
17.1
Consumer prices2
-0.7
3.3
2.9
3.5
4.7
4.9
5.7
6.3
6.2
6.1
Producer prices2
-5.4
5.5
6.8
4.5
5.7
7.0
6.9
7.1
7.3
6.5
Retail sales
Exports
1. Preliminary
2. Quarterly change: average of monthly change
Source: China National Bureau of Statistics
Japan
Japans economy is rebounding from the shock of the Great East Japan earthquake, but the
increase of uncertainties in the global economy such as from the European financial crisis and
the strong yen are a burden to growth.
On October 21, the Japanese government approved a package of measures to ease the
burden on companies from the strength of the yen and to take advantage of the strong yen.
(Percentage change from previous period)
2009
Annual
Real GDP
Industrial production
Retail sales (y-o-y)
Exports (y-o-y)
Consumer prices (y-o-y)
1. Preliminary
2010
20111
Q3
Aug
Sep
Q3
Q4
Q1
Q2
0.5
0.8
-0.3
-0.9
-0.5
0.7
-1.1
-0.1
-2.0
-4.0
4.0
0.6
-4.0
Annual
Q2
-6.3
4.0
-21.9
16.4
-2.3
2.5
3.7
3.2
-0.4
-3.0
-1.7
-2.6
-1.2
-33.1
24.4
33.2
17.8
10.0
2.4
-8.0
2.8
2.3
-1.4
-0.7
-0.9
-0.8
0.1
-1.4
-0.9
0.2
0.0
Source: Japan's Statistics Bureau and Statistics Centre, Ministry of Economy, Trade and Industry, Ministry of Finance
Eurozone
With a comprehensive agreement to resolve the European financial crisis, the European
Central Bank on November 3 lowered the benchmark interest rate by 25 basis points to
1.25 percent .
At the EU summit on October 26, the regions leaders agreed on the reduction of Greeces
debt, expansion of the European Financial Stability Facility (EFSF), and increased injection of
capital into European banks.
(Percentage change from previous period)
Real GDP
Industrial production
Retail sales
Exports (y-o-y)
Consumer prices (y-o-y)
1. Preliminary
Source: Eurostat
November 2011
2009
Annual
Annual
Q2
Q3
Q4
Q1
Q2
20111
Q3
Aug
Sep
-4.1
1.8
0.9
0.4
0.3
0.8
0.2
-14.7
7.4
2.4
1.0
1.8
0.9
0.2
1.5
2010
-2.4
0.8
0.2
0.2
0.3
-0.1
-0.3
0.1
-18.1
20.1
22.3
22.8
21.8
21.5
13.4
12.1
0.3
1.6
1.5
1.7
2.0
2.5
2.8
2.5
3.0
1-4
1-5
1-6
Economic Bulletin
2. Private consumption
Private consumption (advanced estimates) rose 0.6 percent quarter-on-quarter and 2.2
percent year-on-year in the third quarter of 2011.
(Percentage change from same period in previous year)
2010 1
2009
Private consumption
q-o-q
Annual
Q3
Q4
Annual
0.0
0.4
5.6
1.4
0.9
20111
Q1
Q2
Q3
Q4
Q1
Q2
Q3
4.1
6.6
3.5
3.6
2.9
2.8
3.0
2.2
0.5
0.7
1.4
0.3
0.4
0.9
0.6
1. Preliminary
2. National accounts
Source: The Bank of Korea
Retail sales in September fell 3.2 percent from August, reflecting the effect of sales related to
Chuseok holidays during the previous month.
On a year-on-year basis, sales of durable goods, semi-durable goods and non-durable goods
all rose, but the growth of overall sales slowed down.
(Percentage change from same period in previous year)
2009
Automobiles
- Semi-durable goods
- Non-durable goods4
20111
2010
Annual
Annual
Q2
Q3
Q4
Q1
Q2
Q31
Aug1
Sep1
2.7
6.6
4.9
7.5
5.1
5.1
5.7
4.4
5.2
2.8
-0.1
3.3
0.8
1.1
0.2
2.3
-0.2
-3.2
8.2
14.9
5.6
17.0
10.6
12.9
17.5
10.4
12.2
6.4
21.8
11.1
-2.1
12.0
0.1
10.2
13.0
8.3
6.7
7.3
1.3
6.8
6.2
6.6
11.1
6.1
5.6
3.9
3.8
4.2
1.2
2.2
3.3
3.0
-0.7
0.8
-0.4
2.0
2.6
1.3
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
With drops in sales related to Chuseok holidays, sales at department stores fell 8.0 percent
from the previous months rise of 7.6 percent, and those at nonstore retailers decreased 7.8
percent following a jump of 8.1 percent, while sales of large discounters and specialized
retailers went down 2.9 percent and 2.4 percent, respectively.
On a year-on-year basis, sales of department stores, large discounters, specialized retailers
and nonstore retailers all slowed down.
(Percentage change from same period in previous year)
- Department stores
- Large discounters
- Specialized retailers
- Nonstore retailers
20111
2010
2009
Annual
Annual
Q2
Q3
Q4
Q1
Q2
Q31
Aug1
Sep1
4.3
8.8
9.2
7.4
10.5
11.5
9.7
6.5
7.6
5.3
-2.2
4.4
4.1
7.6
0.8
3.5
5.1
2.3
3.0
0.3
3.0
5.6
1.8
7.3
4.2
4.3
4.9
3.9
3.8
1.8
8.7
15.6
17.9
11.4
13.5
11.5
9.2
9.3
15.4
6.7
1. Preliminary
2. Specialized retailers are defined as stores carrying a few (1 to 3) specialized items.
Source: Statistics Korea
November 2011
2-1
Private consumption
Source: The Bank of Korea (national accounts)
2-2
2-3
Economic Bulletin
Considering advanced indicators, retail sales in October may slightly recover month-on-month.
Credit card use rose 17.4 percent year-on-year in October, staying on a sharp upward track,
although slightly slowing down from the previous month.
Sales of cars and those at department stores, both of which are susceptible to market
situations, slowed down from the unease in financial markets, while sales at large
discounters, which are less susceptive, rose 5.6 percent year-on-year.
However, the slump in gasoline sales continued, as the price rose significantly due to the
appreciation of the won.
Gasoline prices (won per liter)
1,956 (4th week of Sep 2011)
19.8 (Jun)
16.6 (Jul)
19.8 (Aug)
19.7 (Sep)
17.4 (Oct1)
8.2 (Jun)
8.5 (Jul)
8.3 (Aug)
6.5 (Sep)
2.0 (Aug)
-1.1 (Sep)
3.8 (Oct1)
2.7 (Jun)
4.9 (Jul)
5.6 (Oct1)
-3.4 (Jun)
9.2 (Jul)
-0.3 (Aug)
1.0 (Sep)
-1.4 (Oct1)
6.0 (Jun)
6.1 (Jul)
3.7 (Aug)
3.8 (Sep)
-8.8 (Oct1)
Domestic and external uncertainties are expected to limit the increase of retail sales even
though other conditions related to consumption such as employment and inflation have
been improving.
Employment (y-o-y, thousand)
379 (Apr 2011)
355 (May)
472 (Jun)
335 (Jul)
490 (Aug)
264 (Sep)
4.1 (May)
4.4 (Jun)
4.7 (Jul)
5.3 (Aug)
4.3 (Sep)
3.9 (Oct)
The consumer sentiment index recovered to the benchmark level of 100, but it is improving
at a slow pace.
Consumer sentiment index (CSI, base=100)
98 (Mar 2011)
10
November 2011
100 (Apr)
104 (May)
102 (Jun)
102 (Jul)
99 (Aug)
99 (Sep)
100 (Oct)
2-4
2-5
2-6
Economic Bulletin
11
3. Facility investment
Facility investment (advanced estimates of GDP) in the third quarter of 2011 fell 0.4 percent
quarter-on-quarter, and rose 1.4 percent year-on-year.
(Percentage change from same period in previous year)
2009
Facility investment
q-o-q
- Machinery
- Transportation equipment
2010
20111
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Q2
Q3
-9.8
25.0
29.1
30.5
26.6
15.9
11.7
7.5
1.4
2.8
7.9
5.6
-1.0
-1.1
3.9
-0.4
-13.5
30.8
30.0
35.3
38.9
20.5
13.9
9.0
2.8
6.7
24.2
15.6
-6.6
0.6
3.2
2.0
1. Preliminary
2. National accounts
Source: The Bank of Korea
Facility investment in September slipped 2.0 percent month-on-month and 4.2 percent yearon-year, as investment in both machinery and transportation equipment decreased.
However, the index is projected to be in good shape given leading indicators such as facility
investment adjustment pressure and manufacturing operation ratio staying positive. Still,
continuing uncertainties triggered by Europes debt crisis and worsening corporate
investment sentiment are likely to limit gains.
(Percentage change from same period in previous year)
2009
Facility investment
20111
2010
Annual
Annual
Q3
Q4
Q1
Q2
Q31
Jul
Aug1
Sep1
-9.4
25.1
29.3
13.6
6.6
4.8
-3.5
-3.0
-3.4
-4.2
q-o-q, m-o-m
7.2
-5.4
-0.2
3.0
-0.9
-5.9
1.8
-2.0
- Machinery
-12.6
30.5
37.4
17.1
6.8
7.0
-3.6
-2.8
-5.4
-2.5
4.6
4.3
-0.1
-1.2
5.6
-5.7
-3.2
-4.2
8.8
-11.9
-10.3
11.2
-0.2
11.3
19.5
8.2
1.3
-4.4
6.0
3.4
- Transportation equipment
Domestic machinery orders
q-o-q, m-o-m
-3.6
4.1
3.6
3.9
-9.4
-16.4
1.0
-4.2
- Public
62.4
-37.9
-71.7
31.4
-10.3
82.0
5.6
44.9
8.0
-20.4
- Private
-18.2
21.8
22.0
7.8
22.7
3.1
1.0
-7.0
5.9
5.7
-16.6
40.4
40.0
26.3
8.0
10.5
9.2
12.5
11.3
3.3
-3.5
8.8
1.8
5.3
2.6
-0.3
-0.1
-2.4
0.7
1.7
-3.7
9.5
3.4
4.6
4.1
1.6
1.2
-0.6
1.1
3.2
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
November 2011
Jun
Jul
Aug
Sep
Oct
Nov
102
103
103
100
98
96
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 third quarter of 2011 rose 2.2
percent quarter-on-quarter, and dropped 4.2 percent year-on-year.
(Percentage change from same period in previous year)
20101
2009
20111
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Q2
Q3
3.4
-1.4
4.3
-2.3
-3.1
-2.9
-11.9
-6.8
-4.2
2.0
-4.2
-0.8
-1.0
-6.7
1.6
2.2
- Building construction
-2.3
-2.9
4.5
-5.1
-6.3
-2.8
-11.3
-3.7
11.6
0.5
4.0
1.0
1.7
-2.9
-12.7
-10.4
Construction investment
q-o-q
The value of construction completion (constant) in September declined 1.7 percent year-onyear due to a drop in civil engineering works, but increased 3.8 percent month-on-month.
(Percentage change from same period in previous year)
2009
20111
2010
Annual
Annual
Q3
Q4
Q1
1.6
-3.3
-6.8
-4.3
-12.6
Q2
Q31
-6.6
-8.6
Jul
Aug1
Sep1
-14.6
-9.4
-1.7
-4.3
-1.6
-4.6
3.5
-6.1
-16.5
0.9
3.8
- Building construction
-6.4
-7.1
-12.3
-8.5
-15.2
-8.41
-8.1
-14.31
-10.6
0.9
16.1
2.2
1.9
1.2
-9.2
-4.31
-9.3
-14.91
-7.8
-5.3
5.0
-18.7
-3.6
-40.2
-12.8
-3.3
0.9
-34.6
75.4
-5.0
q-o-q, m-o-m
-1.4
-22.9
12.8
9.8
8.2
-30.4
65.8
-25.5
-14.2
-9.9
-1.3
-46.4
-9.7
-4.0
8.6
-41.8
87.7
4.1
44.3
-29.5
-7.0
-29.9
-17.0
-1.5
-11.0
-26.7
50.7
-22.4
-12.9
19.3
-14.3
18.1
21.5
3.8
58.7
31.4
87.8
59.2
q-o-q, m-o-m
- Building construction
- Civil engineering works
Building permit area
1. Preliminary
Source: Statistics Korea, the Ministry of Land, Transport and Maritime Affairs
2009
Unsold houses
2010
2011
Dec
Dec
Jul
Aug
Sep
123,000
89,000
70,000
69,000
68,000
Yet, the trend needs to be tracked closely, since leading indicators such as construction
orders turned negative and business sentiment of construction industries remains weak.
2011
14
November 2011
Jun
Jul
Aug
Sep
Oct
Nov
80.4
76.8
64.1
74.0
72.2
69.0
4-1
Construction investment
Source: The Bank of Korea (national accounts)
4-2
4-3
Economic Bulletin
15
43.3 (2010)
By regional category, exports to Japan (up 25.5%), the ASEAN countries (up 21.8%), China
(up 14.9%) and the Middle East (up 15.7%) posted a double-digit growth, while those to the
EU (down 20.1%) and the US (down 3.4%) decreased due to the global debt concerns.
By business category, exports of petroleum products (up 29.0%), automobiles (up 18.9%),
and steel products (up 20.5%) stayed on an upward track, while those of semiconductors
(down 4.3%) and LCDs (down 2.2%) remained negative.
(US$ billion)
2009
Exports
(y-o-y, %)
Average daily exports
Imports
(y-o-y, %)
Average daily imports
2010
2011
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Sep
Oct1
363.53
466.38
101.08
120.24
116.32
128.75
131.00
142.72
141.57
46.83
47.36
-13.9
28.3
35.8
33.1
22.7
23.8
29.6
18.7
21.7
18.8
9.3
1.16
1.70
1.51
1.76
1.72
1.79
1.99
2.08
2.05
2.13
2.10
323.08
425.21
98.16
105.63
105.70
115.73
123.73
134.38
134.97
45.27
43.07
-25.8
31.6
37.4
42.8
24.6
24.6
25.9
27.2
22.3
29.3
16.4
11.6
1.46
0.47
1.54
1.57
1.61
1.87
1.96
2.05
2.06
1.91
1. Preliminary
Source: Korea Customs Service
Aug
Sep
Oct
344.6
331.3
318.4
310.8
1,059
1,073
1,119
1,155
The current account surplus (preliminary) in October was US$4.29 billion, posting a monthon-month increase.
(US$ billion)
2009
Trade balance
1. Preliminary
Source: Korea Customs Service
16
November 2011
2010
2011
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Sep
Oct1
40.45
41.17
2.93
14.61
10.62
13.02
7.26
8.33
6.60
1.56
4.29
5-1
5-2
5-3
Trade balance
Source: Korea Customs Service & Ministry of Knowledge Economy (export and import trend)
Economic Bulletin
17
Jul
Aug1
Sep1
Q3
Sep
Q2
Q3
1.1
0.6
0.0
-0.1
-0.4
-1.9
1.1
(y-o-y)
16.2
10.9
2.9
7.2
5.1
3.9
4.7
6.8
- Manufacturing
16.7
11.2
2.8
7.4
5.1
3.8
4.7
7.0
ICT
Annual
Production (q-o-q, m-o-m)
Mining and
manufacturing
activity2
2011
1
25.2
19.1
13.5
10.5
5.5
3.4
2.7
10.4
Automobiles
23.1
11.3
-3.1
12.1
16.2
11.8
22.8
15.2
Shipment
14.4
9.9
2.4
7.2
4.9
3.1
4.2
7.5
- Domestic demand
11.5
6.6
-2.2
3.8
2.5
1.0
2.6
3.9
- Exports
18.2
14.5
8.6
11.6
8.0
5.7
6.2
11.8
Inventory4
17.4
19.1
19.1
10.0
10.4
9.8
11.8
10.4
81.2
81.2
81.2
81.4
81.3
82.1
80.4
81.3
7.2
7.8
7.4
5.8
3.9
4.4
3.6
3.8
1. Preliminary
2. Including mining, manufacturing, electricity, and gas industry
3. Information and Communications Technology
4. End-period
Source: Statistics Korea
2.03 (Jun)
1.89 (Jul)
1.90 (Aug)
2.13 (Sep)
2.11 (Oct)
438 (Jun)
392 (Jul)
320 (Aug)
374 (Sep)
18
November 2011
101.9 (Jun)
101.4 (Jul)
100.8 (Aug)
415 (Oct)
6-1
Industrial production
Source: Statistics Korea (industrial activity trend)
6-2
6-3
Inventory
Source: Statistics Korea (industrial activity trend)
Economic Bulletin
19
Real estate & renting declined 1.8 percent month-on-month and 3.5 percent year-on-year,
continuing the downward trend.
(Percentage change from same period in previous year)
Weight
2009
2010
Annual Annual
Q3
Q4
Q1
Q2
Q31
Aug1
Sep1
4.2
2.3
3.2
2.7
3.3
4.2
4.9
3.8
100.0
1.8
21.8
-0.4
5.7
5.6
5.0
4.7
4.0
4.8
3.4
4.7
2.4
- Transportation services
9.0
-6.6
12.0
14.3
10.1
10.0
7.2
3.5
4.2
4.7
4.0
7.7
-1.4
1.2
0.7
1.3
1.7
-0.6
1.9
1.3
1.0
0.4
8.4
0.9
1.9
0.4
2.2
3.6
3.9
3.4
5.2
5.9
5.7
3.9
2011
Q2
15.3
7.8
4.6
2.5
1.4
8.2
7.2
8.2
8.9
11.0
8.0
6.3
5.3
-8.6
-2.4
-15.9
-24.2
-17.7
-11.5
-3.3
-3.0
-3.5
4.8
1.2
-0.5
2.1
-3.9
-1.3
-3.6
-1.4
3.8
3.7
7.5
- Business services
2.9
-3.0
7.5
8.1
7.6
8.6
5.7
5.5
2.7
2.3
1.0
- Educational services
10.8
2.1
2.0
1.4
0.5
3.1
1.1
0.2
2.0
2.7
1.3
6.0
10.4
8.8
11.0
8.6
4.6
6.2
5.0
5.1
5.0
5.7
2.9
-0.5
-0.4
-0.1
-0.4
2.7
2.4
1.2
2.1
1.0
2.2
- Membership organizations
3.8
-2.1
4.3
6.0
5.0
4.5
2.9
2.4
1.5
1.1
1.3
0.4
3.7
5.1
6.0
1.7
6.4
0.0
-3.1
0.2
7.1
-0.8
1. Preliminary
Source: Statistics Korea
Service activity is expected to improve in October as a low base effect from the previous
month is removed when the index was affected by Chuseok holidays, and with stabilizing
financial markets.
20
November 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 September increased by 264,000 from a year earlier
to 24,320,000 and the employment rate (seasonally adjusted) stayed flat year-on-year to
59.1 percent.
By status of workers, the number of regular workers (up 547,000) continued to increase.
Meanwhile, daily workers (down 213,000) and unpaid family business employees (down
98,000) temporarily plummeted due to Chuseok holidays. As the employment survey was
carried out from September 11 to 17, working days and working hours were affected by
Chuseok holidays, which fell in the survey week.
By industry, services (up 434,000) such as health & welfare (up 120,000), and professional,
scientific & technical services (up 88,000) led the upward trend. Meanwhile, employment in
manufacturing (down 48,000) and construction (down 50,000) accelerated the decline as a
result of fewer workings days due to Chuseok holidays.
2009
Annual
Number of employed (million)
2010
Q4
Annual
Q1
Q2
2011
Q3
Q4
Sep
Q1
Q2
Q3
Aug
Sep
23.51 23.63 23.83 23.04 24.17 24.12 23.99 24.05 23.46 24.57 24.48 24.50 24.32
58.6
58.7
58.7
57.0
59.6
59.3
58.9
59.1
57.4
59.9
59.5
59.6
59.1
(seasonally adjusted)
58.6
58.5
58.7
58.3
58.9
58.9
58.6
58.7
58.8
59.2
59.1
59.5
58.6
-72
-6
323
132
433
369
358
249
423
402
363
490
264
-34
110
405
296
518
414
393
307
451
39
414
529
323
-126
-49
191
61
172
262
269
252
228
112
-12
-28
-48
- Construction
-91 -107
33
-61
44
92
57
49
-3
-41
-35
-1
-50
- Services
179
261
200
-38 -116
- Wage workers
247
385
Regular workers
383
22
- Manufacturing
Temporary workers
313
325
83
80
32
224
331
472
572
434
-82 -164
-85
-45
-35
-58
-28
-51
-38
-59
517
371
623
541
532
416
519
421
392
462
275
515
697
651
766
671
699
611
605
621
572
559
547
105
-34
-37
42
-26 -114
-45
-88 -137
-76
-91
-60
-63 -104
-6
-213
Daily workers
-53 -151
- Non-wage workers
-96
-19
-29
-28
-11
Self-employed workers
-39
34
53
88
31
89
181
117
188
207
212
161
266
221
208
267
181
- Female
-103
-94
142
15
245
163
146
88
157
181
155
223
83
- 15 to 29
-127
-77
-43
-12
-58
-44
-57
-58
-49
-74
-1
39
- 30 to 39
-173 -149
-4
-42
-13
21
17
-7
-34
-13
-83
-93
-104
- Male
- 40 to 49
-24
-46
29
-21
48
40
50
26
77
59
46
61
12
- 50 to 59
198
230
294
251
342
295
287
262
286
294
270
300
241
54
37
47
-44
114
57
60
26
143
137
131
182
114
- 60 or more
Source: Statistics Korea
22
November 2011
8-1
8-2
8-3
Economic Bulletin
23
2009
2010
Annual
Q4
889
817
119
60
31
80
25
- Male
Annual
Q1
2011
Q2
Q3
Q4
Sep
868
873
808
857 1,028
222
-75
-13
-10
32
-7
83
-47
-48
-16
920 1,130
Q1
Q2
Q3
Aug
Sep
865
786
762
758
-101
-3
-88
-69
-100
-40
-70
-32
-48
-37
-39
- Female
40
36
38
139
-29
35
72
-32
29
-40
-32
-61
3.6
3.3
3.7
4.7
3.5
3.5
3.3
3.4
4.2
3.4
3.1
3.0
3.0
(Seasonally adjusted)
3.6
3.5
3.7
4.3
3.5
3.6
3.4
3.7
3.9
3.4
3.2
3.1
3.2
- 15 to 29
8.1
7.6
8.0
9.5
7.7
7.6
7.1
7.2
8.8
7.9
6.7
6.3
6.3
- 30 to 39
3.6
3.3
3.5
3.9
3.6
3.5
3.2
3.5
4.0
3.5
3.2
3.4
3.1
- 40 to 49
2.4
2.3
2.5
2.9
2.3
2.5
2.2
2.7
2.5
2.1
2.0
2.0
2.0
- 50 to 59
2.5
2.2
2.5
3.2
2.1
2.3
2.3
2.3
2.7
2.0
2.1
2.0
2.2
- 60 or more
1.6
1.5
2.8
5.8
2.1
2.0
1.9
1.9
4.5
2.3
2.1
1.8
2.2
The economically inactive population in September was up 294,000 from a year earlier to
16,070,000. Meanwhile, the labor force participation rate fell 0.2 percentage points year-onyear to 61.0 percent.
The number of workers quitting jobs due to rest, time-off and leisure (up 202,000),
housework (up 248,000), and childcare (up 25,000) increased, while those who quit jobs
due to education (down 50,000) and old age (down 32,000) decreased.
2009
Annual
2011
2010
Q4
Annual Q1
Q2
Q3
Q4
Sep
Q1
Q2
Q3
Aug
Sep
Economically inactive population (million) 15.70 15.83 15.84 16.25 15.49 15.66 15.96 15.77 16.39 15.56 15.85 15.86 16.07
Labor force participation rate (%)
60.6
60.7
61.0
59.8
61.8
61.5
60.8
61.2
59.9
62.0
61.5
61.4
61.0
(seasonally adjusted)
60.6
60.6
61.0
61.0
61.0
61.1
60.8
60.9
61.1
61.3
61.0
61.3
60.6
447
456
143
166
146
128
133
199
138
66
191
47
294
-44
-16
17
19
25
143
- Childcare
40
- Housework
148
235
201
237
175
203
189
229
130
27
78
248
- Education
31
-36
12
-74
23
46
55
54
-16
-39
-78 -125
-50
- Old age
88
92
80
193
59
43
25
28 -103
-58
-22
-12
-32
123
123
-56 -187
-27
15
-27
68
163
193
162
202
24
November 2011
241
8-4
Employment rate
Source: Statistics Korea (employment trend)
8-5
Unemployment rate
Source: Statistics Korea (employment trend)
8-6
Economic Bulletin
25
9. Financial market
9.1 Stock market
The Korean stock price index in October rose 7.9 percent month-on-month to 1,909 points
from the previous months 1,770 points. Due to weak investment sentiment affected by
spreading concerns over a possible Greek default, the Korean stock market fell to 1,667
points on October 5, showing high volatility.
The index rose rapidly thereafter, boosted by the European Central Banks decision on
October 6 to inject liquidity, measures agreed at the EU summit in Brussels on October 26 to
resolve Europes debt problems, and the improvement in US GDP growth in the third quarter.
Foreign investors shifted to a net-buying position of 1.2 trillion won from the previous
months net-selling position of 1.4 trillion won.
(End-period, point, trillion won)
KOSPI
Sep 2011
Oct 2011
1,769.7
1,909.0
Market capitalization
1,001.9
1,081.8
6.4
32.9
KOSDAQ
Change
Sep 2011
Oct 2011
Change1
+139.4 (+7.9%)
449.7
490.7
+41.0 (+9.1%)
+79.9 (+8.0%)
93.2
102.0
+8.8 (+9.5%)
6.7
+0.3 (+4.5%)
2.19
3.04
+0.8 (+38.8%)
33.1
+0.2 (+0.6%)
9.9
9.1
-0.8 (-7.8%)
2008
2009
2010
2011
Dec
Dec
Dec
Dec
Sep
Oct
Change1
Won/Dollar
936.1
1,259.5
1,164.5
1,134.8
1,178.1
1,110.0
+2.2
Won/100 Yen
828.6
1,396.8
1,264.5
1,393.6
1,539.0
1,398.0
-0.3
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
November 2011
9-1
Stock prices
9-2
9-3
Economic Bulletin
27
2007
2008
2009
2010
Dec
Dec
Dec
Dec
Dec
Aug
Sep
2011
Oct
Change1
4.60
5.02
3.02
2.01
2.51
3.27
3.28
3.26
-2
CD (91 days)
4.86
5.82
3.93
2.88
2.80
3.59
3.58
3.57
-1
4.92
5.74
3.41
4.44
3.38
3.49
3.55
3.51
-4
5.29
6.77
7.72
5.56
4.27
4.23
4.36
4.35
-1
5.00
5.78
3.77
4.98
4.08
3.62
3.66
3.63
-3
M1
M2
Lf
2008
2009
Annual
Annual
2010
Annual
Q1
2011
Q2
Q3
Q4
May
Jun
Jul
Aug
4
Aug1
422.64
-1.8
16.3
11.8
14.5
10.7
10.8
11.2
7.4
5.4
3.8
5.4
14.3
10.3
8.7
9.4
9.5
8.6
7.4
3.7
3.0
3.2
4.04
1,719.44
4.6
2,230.24
11.9
7.9
8.2
8.5
9.1
8.2
7.1
4.4
4.1
5.5
In September, bank deposits grew at a faster pace, helped by solid growth in time deposits,
a shift to net issuance of bank debentures, and decelerated decline in instant access account
deposits. Meanwhile, asset management company (AMC) deposits showed slower growth. It
was attributable to the deceleration of growth in equity-type funds and MMF compared to
the previous month, affected by banks fund withdrawals.
(Monthly change, end-period, trillion won)
2009
Annual
2010
Sep
Annual
2011
Sep
Jul
Aug
Sep
Sep1
Bank deposits
54.8
16.5
36.9
-3.3
7.1
3.9
6.8
1,085.9
AMC deposits
-27.6
-18.3
-16.7
-2.0
0.6
4.4
3.0
1,309.1
28
November 2011
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
Q3
Aug
Sep1
Current account
32.79
28.21
0.26
8.86
9.93
9.16
2.61
5.49
7.17
0.29
3.10
- Goods balance
37.87
41.90
4.79
12.24
12.54
12.34
5.84
7.66
7.47
0.37
2.37
- Service balance
-6.64
-11.23
-4.20
-1.87
-2.96
-2.20
-2.54
-0.80
-1.20
-0.58
0.07
- Income balance
2.28
0.77
0.55
-1.01
1.30
-0.07
0.39
-0.82
1.31
0.70
0.54
- Current transfers
-0.71
-3.23
-0.87
-0.50
-0.95
-0.91
-1.08
-0.55
-0.42
-0.20
0.12
1. Preliminary
Source: The Bank of Korea
-3.96 (May)
-3.25 (Jun)
-2.47 (Jul)
-1.69 (Aug)
-4.50 (Sep1)
1. Preliminary
The direct investment account accelerated the outflow to US$2.10 billion from the previous
months outflow of US$1.04 billion due to increasing overseas direct investment by locals.
The portfolio investment account shifted to an inflow of US$1.77 billion from the previous months
outflow of US$2.92 billion as the net inflow of debt securities investment funds continued
while the net outflow of foreign investor funds for equity securities investment decreased.
The financial derivatives account decelerated the outflow to US$150 million from the
previous months US$1.87 billion. Meanwhile, the other investment account shifted to an
outflow of US$17.09 billion from the previous months inflow of US$4.64 billion as local
banks investment in short term overseas funds increased.
The current account in October is expected to maintain a surplus, helped by a continuing
goods account surplus.
30
November 2011
Economic Bulletin
31
4.0 (Jul)
4.2 (Aug)
4.3 (Sep)
4.2 (Oct)
10.0 (Aug)
14.0 (Sep)
(%)
2010
2011
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Month-on-Month
0.2
-0.6
0.6
0.9
0.8
0.5
0.0
0.0
0.2
0.7
0.9
0.1
-0.2
Year-on-Year
4.1
3.3
3.5
4.1
4.5
4.7
4.2
4.1
4.4
4.7
5.3
4.3
3.9
1.9
1.8
2.0
2.6
3.1
3.3
3.2
3.5
3.7
3.8
4.0
3.9
3.7
(m-o-m)
0.0
0.1
0.3
0.6
0.7
0.3
0.2
0.5
0.3
0.3
0.3
0.2
-0.2
4.8
3.6
3.9
4.7
5.2
4.9
4.1
3.8
4.3
4.8
5.2
3.8
3.2
The prices of most agricultural, livestock & fishery products fell (down 3.6%, m-o-m) as
supply chains stabilized, but those of chili powder rose as a result of small harvest.
Prices of agricultural, livestock & fishery products in October (m-o-m, %)
Radish (-50.6), spinach (-42.9), Chinese cabbage (-38.3), pork (-12.3), mackerel (-10.2), egg (-7.5), rice (4.4),
chili powder (10.4)
Industrial product prices stabilized overall (down 0.1%, m-o-m), despite strength in oil
product and processed food prices.
Rents continued to rise (up 0.4%, m-o-m) due to strong demand for rental housing. Price
increases in personal services, which include dining out costs, have regained stability, rising
0.1 percent month-on-month.
Month-on-Month (%)
Contribution (%p)
Total
Agricultural,
livestock & fishery
products
-0.2
-3.6
0.1
-3.3
0.4
0.5
0.1
-0.16
-0.35
0.03
-0.05
0.03
0.08
0.03
Industrial
products
Oil
products
Housing
rents
Public
utility
Personal
services
Year-on-Year (%)
3.9
-1.7
7.6
29.1
4.9
1.1
3.2
Contribution (%p)
3.90
-0.17
2.35
0.37
0.37
0.18
1.11
32
November 2011
11-1 Prices
Source: Statistics Korea (consumer prices, core inflation) & The Bank of Korea (producer prices)
Economic Bulletin
33
2009
2010
Annual
Annual
Annual
2011
Apr
May
Jun
Jul
Aug
Sep
Oct
Dubai crude
94.3
61.9
78.1
115.8
108.0
107.5
110.2
105.0
105.7
103.5
Brent crude
97.5
61.7
79.7
123.3
114.3
114.0
116.8
110.0
111.5
109.1
WTI crude
99.9
61.9
79.5
110.0
101.3
96.3
97.3
86.3
85.6
86.5
Due to the belated effect of the weakening won, domestic oil product prices rose despite
lower international oil prices.
Won/dollar exchange rate in October
1,081 (Jun 2011)
1,060 (Jul)
1,073 (Aug)
1,119 (Sep)
1,155 (Oct)
(Won/liter, period average)
2008
2009
2010
2011
Annual
Annual
Annual
Apr
May
Jun
Jul
Aug
Sep
Oct
Gasoline prices
1,692
1,601
1,710
1,951
1,938
1,915
1,935
1,946
1,945
1,978
Diesel prices
1,614
1,397
1,503
1,793
1,773
1,736
1,754
1,758
1,746
1,772
Prices of international commodities decreased in October, due to recession fears led by the
European financial crisis and poor economic indicators of major countries.
Despite production disruptions caused by strikes at copper mines in Indonesia and Peru,
non-ferrous metal prices fell due to concerns about lower demand, as the chinese economy
might slow down.
Prices of non-ferrous metals in October (m-o-m, %)
Electrolytic copper (-12.1), nickel (-7.5), aluminum (-5.6), tin (-3.8)
International grain prices fell due to expectations of increased production and inventories.
World grain production/inventory outlook for 2011~12 (USDA, Oct)
Production: 2.278 billion tons (up 0.5%, m-o-m)
Inventories: 459 million tons (up 3.7%, m-o-m)
Reuters index*
(Period average)
2008
2009
Annual
Annual
Annual
2010
Apr
May
Jun
Jul
Aug
Sep
Oct
2,536
2,079
2,553
3,246
3,128
3,143
3,145
3,038
2,978
2,781
34
November 2011
2011
Economic Bulletin
35
2011
2.3
1.6
2.5
0.6
1.1
1.3
1.2
Seoul
3.2
2.6
-2.2
0.2
0.3
0.1
0.0
-0.1 -0.1 -0.2 -0.1 -0.1 -0.1 -0.04 -0.04 -0.05 -0.02
Gangnam2
-1.9
3.9
-1.8
0.2
0.4
0.2
0.0
-0.1 -0.2 -0.2 -0.1 -0.1 -0.2 -0.07 -0.06 -0.06 -0.04
Gangbuk3
9.4
0.9
-2.7
0.1
0.2
0.1
0.0
0.0 -0.1 -0.1 -0.1 -0.1 0.0 -0.01 -0.02 -0.03 -0.00
2.9
0.7
-2.9
0.1
0.3
0.3
0.1
0.0
5 metropolitan cities
1.0
2.8
8.7
1.2
2.0
2.3
2.4
2.2
1.4
1.4 1.0
3. Northern Seoul
0.7
Nationwide
1. Weekly trends
1.0
Jul
0.6
1.6
0.7
1.4
0.7 0.5
Nationwide apartment rental prices in October were up 1.1 percent, decelerating from the
previous months 1.8 percent. Price increases moderated in Seoul (up 1.0%, m-o-m),
Gyeonggi Province (up 1.1%, m-o-m) and the Seoul metropolitan area (up 1.1%, m-o-m).
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (0.5), Seocho (0.7), Songpa (1.1), Gangdong (2.4)
2011
Nationwide
Seoul
Gangnam
4.5
8.8
1.1
2.0
2.3
1.6
1.1
0.8
1.0
1.5
1.8
1.1
8.1
7.4
1.1
2.1
1.8
0.7
0.3
0.5
1.1
1.7
2.2
1.0
8.8
1.3
1.9
1.4
0.6
0.3
0.6
1.2
1.7
2.1
0.9
0.5
5.4
5.6
1.0
2.4
2.3
0.8
0.4
0.2
1.0
1.8
2.3
1.2
-0.4
5.6
7.2
1.0
2.1
2.4
1.2
0.5
0.5
0.9
1.6
2.0
1.1
3.9 12.0
1.3
2.1
2.2
2.2
1.9
1.3
1.0
1.3
1.4
1.1
5 metropolitan cities
1. Weekly trends
0.8
Gangbuk3
Seoul metropolitan area
Aug Sep
-1.8
-3.6 10.4
Jul
1.6
3. Northern Seoul
Apartment sales transactions in September decreased 2.1 percent from the previous
months 44,049 to 43,118. The transactions were up 28.0 percent from 33,685 a year earlier.
2010
2011
Annual Annual Annual Annual Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Nationwide
38
39
44
40
32
36
November 2011
31
34
41
54
63
45
52
59
56
48
47
Jul
43
Aug Sep
44
43
Economic Bulletin
37
0.10 (May)
0.10 (Jun)
0.10 (Jul)
0.10 (Aug)
0.09 (Sep)
Land prices in areas excluding the Seoul metropolitan area rose 0.11 percent month-onmonth in September, continuing the upward trend since October 2010.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.07 (Apr 2011)
0.09 (May)
0.09 (Jun)
0.10 (Jul)
0.09 (Aug)
0.11 (Sep)
2007 2008
2009
2010
Q4
2011
Annual Q3
Q4
Jan
Feb
Mar
Apr
May Jun
Jul
Aug
Sep
Nationwide
3.88
-0.31 0.96
0.88 0.94
1.05 -0.05
0.10
0.10
0.10
0.10
0.09
0.09
Seoul
5.88
-1.00 1.40
1.30 0.81
0.53 -0.25
0.12
0.09
0.07
0.07
0.05
0.05
Gyeonggi
4.22
-0.26 1.22
1.13 1.36
1.49 -0.08
0.11
0.12
0.14
0.15
0.15
0.13
Incheon
4.86
1.37 1.99
1.16 1.70
1.43 -0.10
0.06
0.06
0.06
0.05
0.06
0.05
Nationwide land transactions in September recorded 181,000 land lots, down 7.7 percent from
the previous month and up 24.6 percent from 145,000 a year earlier. Land transactions were
3.6 percent more than the most recent five-year September average of 188,000 land lots.
Monthly land transactions decreased significantly in areas such as Busan (down 14.6%),
Gwangju (down 12.9%), Daejeon (down 12.5%), and South Gyeongsang Province (down 17.6%).
2007 2008
2009
2010
2011
Annual 1 Annual1 Annual1 Nov Dec Annual 1 Sep Nov Dec Jan
Nationwide
Jul
Aug Sep
208
208
203
207
241
187
145
208
257
191
176
244
226
212
207
196
196
181
Seoul
33
26
22
19
21
16
11
18
24
18
17
23
19
18
18
15
17
16
Gyeonggi
49
45
46
48
58
41
32
45
58
46
38
52
46
43
40
40
39
39
Incheon
13
13
10
11
12
11
13
11
13
10
11
1. Monthly average
Source: Korea Land & Housing Corporation
38
November 2011
Economic Bulletin
39
The year-on-year leading composite index fell 0.4 percentage points from the previous month.
Among the components of the leading composite index, liquidity in the financial institutions
rose from the previous month, but eight other components, including the composite stock
price index and value of machinery orders received, dropped.
Components of the leading composite index in September (m-o-m)
Liquidity in the financial institutions (0.8%), indicator of inventory cycle (0.0%p), spreads between long &
short term interest rates (-0.1%p), net terms of trade (-0.4%), value of capital goods imports (-1.5%),
consumer expectations index (-2.0p), ratio of job openings to job seekers (-2.2%p), composite stock price
(-4.7%), value of construction orders received (-5.2%), value of machinery orders received (-7.2%)
2011
Feb
Industrial output (m-o-m, %)
Mar
Apr
May
Jun1
Jul1
Aug1
Sep1
-4.7
2.8
-1.3
1.7
1.7
-1.6
-0.2
-0.1
(y-o-y, %)
0.1
3.4
3.2
4.4
4.0
3.1
4.4
4.6
0.1
0.4
-0.3
0.8
0.8
0.7
0.4
-0.4
100.6
100.6
99.9
100.2
100.6
100.9
100.9
100.1
-0.2
0.0
-0.7
0.3
0.4
0.3
0.0
-0.8
-0.2
-0.3
-0.4
0.5
0.5
0.5
0.1
-0.2
2.3
1.6
1.0
1.3
1.7
2.0
1.9
1.5
-0.7
-0.7
-0.6
0.3
0.4
0.3
-0.1
-0.4
40
November 2011
Economic Bulletin
41
Policy Issues
Current Financial Situation of Korea:
Solid Enough to Absorb Impact from Outside
With mounting concern over the spread of the European crisis and a subsequent global crisis
that may follow, it would be necessary to examine the financial situation of Korea, for
whether the country can absorb external shocks or not will depend on its financial capability
as well as fiscal soundness.
Current situation
1) Fiscal situation
Koreas fiscal situation have shown better-than-expected improvement since it overcame the
2008 global financial crisis, backed by tightly controlled expenditures and rising tax revenues.
* Expenditure increase (annual, %): 6.5 (average between 2005 and 2007), 10.8 (2008), 14.8 (2009),
-3.0 (2010), 5.5 (2011)
* Tax revenue increase (annual, %): 11.1 (average between 2005 and 2007), 3.6 (2008), -1.7 (2009),
8.0 (2010), 10.1 (2011)
The country has posted relatively fast fiscal recovery compared to major economies.
(percentage to GDP)
42
November 2011
2011-2015, plan
2009
outcome
2010
outcome
2011
2012
2013
2014
2015
-4.1
-1.1
-2.0
-1.0
0.0
0.2
0.3
33.8
33.4
35.1
32.8
31.3
29.6
27.9
2010): -8.2
-1.1 (Korea)
2010): 90.9
33.4 (Korea)
2) Current situation compared with that when the Asian financial crisis broke out
With sustained efforts to reform the economy after the Asian financial crisis, the Korean
economy has considerably improved.
Corporate financial soundness has been significantly improved as excessive borrowing has
been removed, while corporate governance that fits the global standard has taken root in
line with increased accounting transparency.
* Corporate borrowing ratio (debt to capital, %): 424.6 (1997), 129.8 (2008), 114.8 (2010)
* Corporate capital ratio (capital to total asset, %): 19.0 (1997), 43.5 (2008), 46.6 (2010)
As a result of persistent efforts to reform the financial industry and to impose more efficient
and effective supervision on it, the financial sector has begun to appear in good shape.
* Banks BIS capital ratio (%): 7.04 (1997), 12.3 (2008), 14.6 (2010), 14.4 (2011 as of June)
* Banks nonperforming loan (%): 5.8 (1997), 1.14 (2008), 1.90 (2010), 1.73 (2011 as of June)
Koreas foreign exchange reserves have significantly increased thanks to the current account
surplus, while reliance on short-term foreign debt has decreased. The countrys sovereign
credit rating has also steadily improved.
* Foreign reserves (US$ billion): 20.4 (1997), 201.2 (2008), 291.6 (2010), 311.0 (2011 as of October)
* Short-term foreign debt (%): 38.1 (1997), 47.2 (2008), 37.5 (2010), 37.6 (2011 as of September)
* Sovereign credit rating (S&P): AA- (1997), B+ (December 1997), BB+ (February 1998), BBB- (January
1999), BBB (November 1999), BBB+ (November 2001), A- (July 2002), A (July 2005)
More flexible and efficient regulations concerning labor-management relations have been
adopted, resulting in increased productivity and less disputes. Such regulations include
allowing multiple unions in one work place, setting up a presidential committee to help
improve work environment, and approving labor force adjustment through cuts or
reassignment.
* Labor-management disputes: 98 (1997), 108 (2008), 86 (2010), 22 (2011 as of June)
* Working days lost due to disputes (thousand): 445 (1997), 809 (2008), 511 (2010), 183 (2011 as of June)
Efforts to efficiently run public firms such as through a performance-based pay system and
privatization have produced a positive outcome. Between 1998 and 2002, eight public
firms and their 50 subsidiaries completed M&As, while 22 government-run companies
were merged or rearranged. Seven public firms have been privatized and 36 rearranged
under the current administration.
Economic Bulletin
43
Koreas bond market has steadily grown, as the fiscal and foreign exchange conditions have
been in good shape and long-term investors such as Asian central banks have increased.
* Net foreign bond investment (US$ billion): -13.4 (September-December 2008), 1.5 (August-October 2011)
Still, there are remaining uncertainties in the global economy. The Korean government will
always be prepared for the possibility of sudden capital movements.
4) Currency swaps with Asian countries expanded
As a way to respond to external uncertainties, Korea has recently expanded currency swap
agreements with Japan and China, from the equivalent of US$13 billion to 70 billion for the wonyen swap agreement and from US$26 billion to 56 billion for the won-yuan swap agreement.
In addition to efforts to enhance foreign liquidity capacity, the Korean government will
continue to pursue stronger fundamentals for the economy, through such efforts as to keep
corporate and household debt under control, carry out restructuring fit to each industry, and
boost the financial soundness of financial and foreign exchange sectors. In particular, the
government prioritizes achieving fiscal balance in 2013.
A+ with Stable
Koreas sound fiscal conditions and balance of payments situation as well as its economys
fast recovery are behind the upgrade, according to Fitch. Moderate public debt and longstanding fiscal prudence are both key rating strengths, along with rising foreign reserves and
44
November 2011
decreasing reliance on short-term debt, said the rating agency, adding that high
competitiveness of the countrys exporters and its flexible foreign exchange system have
offset the risks posed by the volatile global economic and financial environment. Still, high
levels of household debt and export-dependency, along with a heavy external debt
refinancing burden in 2012 could have a negative influence on the economy.
The upgrading of the sovereign credit rating is expected to raise ratings of the countrys
financial institutions, as well as improve borrowing conditions for corporations and banks. In
addition, it is likely to positively affect the countrys equity and bond markets by boosting
foreign investor confidence in the Korean economy.
To spend budget more wisely, the government will continue to evaluate fiscal projects and
rearrange similar projects. As of the end of 2010, evaluation was completed on 482 projects,
out of which 132, or 27.4 percent, were put under budget cut.
To achieve fiscal balance as planned, the total expenditure increase will be strictly controlled
3 percentage points below the total revenue increase until fiscal balance is reached. The
government will keep predicting the long-term fiscal outlook and improve statistical
methods used in fiscal management.
Economic Bulletin
45
Economic
News Briefing
46
November 2011
Economic Bulletin
47
Change in Rank
Starting a Business
24
59
+35
26
27
+1
Getting Electricity
11
-2
Registering Property
71
74
+3
Protecting Investors
79
74
-5
Paying Taxes
38
40
+2
10
+6
Getting Credit
+2
Resolving Insolvency
13
13
48
November 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
49
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
III
4.2
3.4
3.4
-8.6
1.0
-2.6
9.8
7.2
6.0
2.5
2.8
2.5
-2.2
-1.1
-1.6
-11.9
-6.8
-4.2
11.7
7.5
1.4
P: Preliminary
Source: The Bank of Korea
50
November 2011
Economic Bulletin
51
2. Production, shipment and inventory See graphs 6-1, 6-3, 7-1, 7-2 & 7-3
(constant prices, 2005 = 100)
Period
2009
2010
Production
index
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
II
III
143.6
151.2
146.1
10.6
7.2
5.1
138.7
144.8
139.2
11.9
7.2
4.9
137.4
142.7
148.6
10.3
10.0
10.4
123.1
127.0
126.7
2.7
3.3
4.2
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
151.5
152.3
148.7
142.9
146.7
13.6
9.0
9.1
6.9
8.2
6.6
3.9
4.7
6.8
141.4
125.2
149.6
144.6
144.4
145.4
135.9
136.5
141.2
14.9
10.2
10.7
7.3
8.2
5.9
3.1
4.2
7.5
135.4
137.1
137.4
137.3
140.2
142.7
147.2
150.4
148.6
13.0
11.2
10.3
8.7
7.9
10.0
9.8
11.8
10.4
124.1
116.9
128.2
125.2
127.4
128.4
127.0
126.8
126.2
4.7
0.2
3.1
3.0
3.3
3.5
3.8
4.9
3.8
2011
1
2
3
4
5
6
7
8P
9P
P: Preliminary
Source: Statistics Korea
52
November 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
II
III
132.7
133.8
134.6
6.8
5.8
3.9
99.9
105.3
99.5
2.6
-0.3
-0.1
83.1
81.4
81.3
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
5
6
7
8P
9P
132.2
132.5
133.4
133.8
133.7
133.9
134.2
134.4
135.1
7.0
6.9
6.5
6.6
5.7
5.1
4.4
3.6
3.8
102.5
89.5
107.8
104.6
104.7
106.6
102.8
96.9
98.9
5.6
1.2
1.0
-1.4
0.9
-0.4
-2.4
0.7
1.7
84.8
82.2
82.4
80.4
81.3
82.5
82.1
80.4
81.3
P: Preliminary
Source: Statistics Korea
Economic Bulletin
53
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
II
III
122.7
125.7
125.6
5.1
5.7
4.4
167.9
176.2
175.0
12.9
17.5
10.4
112.2
120.8
104.4
6.1
5.6
3.9
112.0
112.4
120.1
0.8
-0.4
2.0
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
125.8
127.1
122.8
127.0
10.6
-0.8
5.2
5.1
6.3
5.8
5.3
5.2
2.8
165.9
154.2
183.5
167.4
176.4
184.9
184.6
173.3
167.1
14.0
9.1
15.3
15.8
20.0
17.0
12.6
12.2
6.4
120.4
101.6
114.6
121.5
127.0
114.0
107.5
93.6
112.2
11.1
2.0
5.0
7.4
5.2
4.3
3.9
3.8
4.2
118.9
104.3
112.7
108.7
116.3
112.2
117.6
119.4
123.2
9.4
-7.0
0.1
-1.5
0.3
0.1
2.2
2.6
1.3
2011
1
2
3
4
5
6
7
8
9
10
11
12
1
2
3
4
5
6
7
8P
9P
P: Preliminary
Source: Statistics Korea
54
November 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
II
III
120.8
117.8
120.7
1.9
-1.8
-1.1
134.9
134.6
136.5
-1.3
-3.5
-1.9
115.2
111.0
114.4
3.6
-1.0
-0.6
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
5
6
7P
8P
9P
10
129.6
105.9
127.0
118.6
115.7
119.1
120.0
121.2
120.9
-
4.8
-4.0
4.4
-1.6
-1.5
-2.2
-1.6
0.6
-2.2
-
133.0
125.6
146.1
133.1
131.4
139.4
141.9
132.3
135.2
-
-2.2
-3.2
1.1
-1.7
-2.9
-5.6
-2.5
-1.2
-2.0
-
128.2
98.0
119.4
112.7
109.4
110.9
111.2
116.8
115.1
-
7.9
-4.5
6.3
-1.7
-0.9
-0.4
-1.1
1.4
-2.3
-
108
105
98
100
104
102
102
99
99
100
Economic Bulletin
55
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
ll
III
6,627
6,760
5,735
471
732
401
6,156
6,029
5,334
3,744
3,684
3,119
128.5
144.1
134.2
133.1
148.4
123.8
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
5
6
7
8P
9P
2,115
2,070
2,442
1,965
2,171
2,624
2,000
1,812
1,922
116
122
233
102
142
487
152
115
134
1,156
1,148
1,440
1,158
1,190
1,336
1,027
1,007
1,085
125.7
113.9
145.8
132.5
146.1
154.1
134.9
136.0
131.7
127.6
123.6
148.1
138.3
150.9
156.0
135.9
124.5
126.0
11.2
-37.9
32.3
25.1
22.5
2010
2,000
1,948
2,209
1,869
2,029
2,137
1,848
1,698
1,788
Y-o-Y change (%)
21.8
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
ll
III
19.5
8.2
1.3
-10.3
82.0
5.6
22.7
3.1
1.0
28.7
3.4
3.1
6.6
4.8
-3.5
14.1
2.9
-5.4
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
18.5
-4.4
6.0
3.4
-31.5
14.0
-6.3
-19.6
23.4
205.2
44.9
8.0
-20.4
25.1
27.0
17.1
8.6
-2.2
4.0
-7.0
5.8
5.7
14.6
30.4
41.0
9.8
-10.5
13.2
-3.9
12.2
2.3
22.2
1.0
0.5
-0.3
10.3
4.7
-3.0
-3.4
-4.2
17.8
20.4
6.5
-0.8
7.1
2.5
-1.9
-6.3
-8.1
1
2
3
4
5
6
7
8P
9P
P: Preliminary
Source: Statistics Korea
56
November 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
ll
llI
19,067
23,898
21,411
7,288
9,304
7,836
10,857
13,195
12,464
15,796
24,473
19,259
4,053
6,067
6,396
10,743
16,821
12,176
2010
1
2
3
4
5
6
7
8
9
10
11
12
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
9,410
6,793
6,908
7,710
2,415
2,047
2,827
2,721
2,189
3,765
2,441
2,524
2,870
3,476
2,991
4,391
3,981
4,226
4,989
4,044
4,051
4,369
4,658
4,959
7,179
6,459
6,753
11,260
4,892
7,269
7,098
1,295
1,396
1,362
1,413
1,861
2,793
1,735
1,505
3,156
2,697
2,445
5,601
4,452
4,428
7,941
3,042
5,503
3,631
2.7
8.5
-18.7
-43.7
2.8
2011
1
2
3
4
5
6
7
8P
9P
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
ll
llI
-6.2
-0.8
-2.7
-2.4
1.9
0.7
-9.4
-5.3
-5.3
-12.8
-3.3
0.9
-49.1
-11.9
-6.1
18.2
0.5
6.8
2010
1
2
3
4
5
6
7
8
9
10
11
12
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
4.7
-8.8
-3.4
4.2
7.0
-11.1
-2.8
3.5
-0.8
2.9
-9.3
2.6
9.0
-12.5
-17.3
0.0
-10.7
-6.9
1.1
-8.5
-7.3
0.0
-33.9
-16.7
13.7
-2.7
-22.5
13.3
-34.6
75.4
-5.0
-46.3
-35.7
-59.6
-22.7
11.3
-17.6
-55.5
13.4
99.3
-36.9
9.5
117.0
-0.1
-33.4
41.1
-9.3
103.9
-32.2
2011
1
2
3
4
5
6
7
8P
9P
P: Preliminary
Source: Statistics Korea
Economic Bulletin
57
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
9
10
11
130.1
129.8
129.4
129.0
129.5
130.2
130.8
130.9
130.6
-
3.0
2.4
1.6
1.1
1.3
1.7
2.0
1.9
1.5
-
135.1
135.3
135.8
135.5
136.6
137.7
138.6
139.2
138.7
-
100.8
100.6
100.5
99.9
100.3
100.6
100.9
100.9
100.1
-
99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
-
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
Period
Leading
index
(2005=100)
2007 1
2
3
4
5
6
7
8
9
10
11
12
58
November 2011
9. Balance of payments (I) See graphs 5-1, 5-2, 5-3, 10-1 & 10-2
(million US$)
Period
2009
2010P
Current
balance
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
I
II
III
2,610.3
5,492.2
7,169.5
5,842.7
7,661.0
7,471.3
127,691.2
142,722.8
141,672.5
121,848.5
135,061.8
134,201.2
-2,538.0
-796.0
-1,198.2
387.9
-824.8
1,314.9
-1,082.3
-548.0
-418.5
2009
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
7
8
9
154.7
1,126.1
1,329.5
1,277.6
2,183.9
2,030.7
3,773.6
292.6
3,103.3
1,557.9
1,530.8
2,754.0
3,327.6
1,633.8
2,699.6
4,728.0
371.5
2,371.8
42,662.8
37,228.3
47,800.4
47,879.4
47,149.8
47,693.6
48,555.9
45,634.9
47,481.7
41,104.9
35,697.2
45,046.4
44,551.8
45,516.0
44,994.0
43,827.9
45,263.4
45,109.9
-1,640.9
-569.1
-328.0
-178.8
15.5
-632.7
-690.9
-577.9
70.6
703.7
542.6
-858.4
-1,581.9
517.3
239.8
72.3
699.6
543.0
-466.0
-378.2
-238.1
-289.3
17.3
-276.0
-335.8
-200.6
117.9
P: Preliminary
Source: The Bank of Korea & Korea Customs Service
Economic Bulletin
59
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
2,035.4
8,108.4
730.3
-542.9
-1,490.7
6,251.6
-1,432.5
-19,031.3
-181.4
-111.9
235.5
-3,479.2
-2,618.0
6,326.1
143.8
1,315.8
1,490.1
-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
-3,246.0
-2,469.2
-1,690.6
-4,499.8
-1,725.4
-1,635.1
-1,335.8
-7.38.8
-1,254.7
-2,144.6
327.1
-1,036.4
-2,098.3
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
569.3
-363.3
524.3
-206.2
165.1
-501.8
526.6
-1,868.6
-148.7
1,773.3
5,126.9
-648.6
-145.9
-821.7
-464.9
-6,581.0
4,638.4
-17,088.7
-120.7
-32.7
-28.0
-33.6
-49.9
-28.4
13.8
41.5
180.2
-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
1,127.3
870.1
-1,853.6
-1,672.3
1,772.8
1,215.3
-1,304.4
1,398.0
1,396.5
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
II
III
-2,754.1
-6,808.0
-8,659.6
-4,696.3
-4,138.1
-2,807.6
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
7
8
9
2009
P: Preliminary
Source: The Bank of Korea
60
November 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
8
9
10
118.9
119.8
120.4
120.4
120.4
120.6
121.4
122.5
122.6
122.4
123.8
125.1
123.1
125.7
125.1
125.3
127.0
129.1
129.6
128.6
115.8
116.4
116.6
116.9
117.3
117.5
117.8
118.1
118.1
118.4
119.7
120.5
122.0
122.4
122.3
121.9
122.4
122.8
122.9
122.9
122.7
123.9
125.8
126.2
126.0
125.5
126.0
126.7
126.9
126.9
108.6
110.6
113.5
111.8
110.2
109.4
108.0
109.4
113.1
114.7
156.1
160.9
166.5
167.6
163.9
163.2
161.4
162.1
168.1
169.5
2009
2010
2.8
2.9
3.4
4.6
2.4
4.2
116.3
117.1
117.4
117.6
118.2
118.6
119.0
119.4
119.6
119.4
Y-o-Y change (%)
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
8
9
10
4.1
4.5
4.7
4.2
4.1
4.4
4.7
5.3
4.3
3.9
7.1
7.8
7.9
6.4
5.9
6.5
7.4
8.5
6.4
5.3
2.2
2.5
2.5
2.5
2.8
2.9
3.0
3.1
2.8
3.0
2.6
3.1
3.3
3.2
3.5
3.7
3.8
4.0
3.9
3.7
6.2
6.6
7.3
6.8
6.2
6.2
6.5
6.6
5.7
5.6
7.7
8.2
9.1
8.4
7.6
7.6
8.0
8.2
7.0
7.0
4.9
5.6
9.1
7.7
3.3
-0.4
-1.3
1.8
5.8
9.2
14.1
16.9
19.6
19.0
13.2
10.5
9.8
10.0
14.0
16.0
Economic Bulletin
61
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
8
9
24,114
24,431
24,918
25,240
25,480
25,592
25,473
25,257
25,076
23,196
23,336
23,846
24,303
24,661
24,752
24,636
24,495
24,318
4,148
4,149
4,122
4,108
4,137
4,135
4,079
4,031
4,014
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
18,739
3.0
18,595
3.0
Y-o-Y change (%)
16,832
16,856
17,065
17,357
17,626
17,720
17,667
17,510
17,378
10,305
10,390
10,543
10,618
10,708
10,716
10,718
10,710
10,764
4,848
4,781
4,782
4,928
5,064
5,132
5,137
5,031
5,047
1,680
1,684
1,740
1,812
1,854
1,872
1,811
1,769
1,567
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
8
9
0.1
1.6
2.2
1.5
1.5
1.7
1.0
1.7
0.7
1.4
2.1
2.0
1.6
1.5
1.9
1.4
2.0
1.1
5.7
6.7
5.1
2.9
2.5
2.9
1.0
-0.7
-1.2
1.2
1.4
1.1
1.4
1.3
2.1
1.9
3.1
2.1
3.3
3.5
2.7
2.1
2.2
3.1
2.5
2.7
1.6
6.1
6.2
6.2
6.1
6.3
6.2
6.0
5.5
5.4
-0.3
-1.2
-3.9
-4.3
-3.0
-0.6
-1.5
-1.8
-1.2
-2.6
1.6
1.5
-1.3
-5.1
-3.4
-4.9
-0.3
-11.9
62
November 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
8
9
10
2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
2.9
3.1
3.4
3.4
3.5
3.5
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
3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
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
Economic Bulletin
63
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
7
8
9
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
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
Y-o-Y change (%)
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
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
2009
2010
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
7
8
9
13.0
13.3
11.2
13.9
8.8
12.8
10.6
12.4
10.9
12.6
11.5
11.6
9.6
7.4
5.4
3.8
5.4
5.1
6.5
5.0
4.3
3.9
3.7
3.0
3.2
4.0
4.2
6.6
5.2
4.7
4.5
4.4
4.0
4.6
5.5
5.7
64
November 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
8
9
10
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
1,120.1
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
1,356.6
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
1,356.3
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
1,514.0
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
1,495.4
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
-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
8
9
10
-3.6
-2.6
-2.1
-3.9
-10.0
-10.9
-11.3
-9.9
3.3
-2.0
-1.6
-3.4
-1.3
-2.7
-6.8
-10.8
-12.2
-9.0
-4.1
2.8
5.4
6.3
9.4
10.7
1.3
-2.1
-1.2
-0.7
12.7
4.8
8.7
5.4
9.6
9.2
5.4
0.7
-3.2
0.8
5.2
10.0
-6.2
-1.3
3.0
7.6
5.1
5.8
-2.9
2.7
2.9
-0.4
-8.1
-3.8
1.8
4.5
6.2
5.0
-1.6
1.0
1.6
1.6
2009
2010
Economic Bulletin
65
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)