Economic Bulletin (Vol. 34 No.6)

Vol. 34 | No.
Republic of Korea
Economic Bulletin
The Green Book : Current Economic Trends
Overview
1. External economic situation
2. Private consumption
3. Facility investment
12
4. Construction investment
14
5. Exports and imports
16
6. Mining and manufacturing production
18
7. Service sector activity
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
10. Balance of payments
30
11. Prices and international commodity prices

11.1 Prices
11.2 International oil and commodity prices
32
12. Real estate market

12.1 Housing market
12.2 Land market
36
13. Industrial output and composite indices of business cycle

indicators
40
Policy Issues
Governments efforts to root out predatory lending
42
Economic News Briefing
44
Statistical Appendices
49
The Green Book

Current Economic Trends
Overview
The Korean economy has seen employment steadily increase, inflation slightly slow down,
and real economic indicators improve, but volatility has increased in financial markets due to
external destabilizing factors.
Employment stayed in good shape in April, increasing by more than 400,000 mainly in the
service sector helped by full-time job increases. The unemployment rate fell to 3.5 percent
from 3.7 percent in the previous month.
Consumer prices in May increased 2.5 percent, staying within a 2 percent range for three
successive months with a 2.5 percent increase in April and 2.6 percent in March, backed by
core inflation which slowed down to 1.6 percent from 1.8 percent in the previous month and
a decrease in the prices of agricultural, livestock & fishery products and oil.
Mining and manufacturing production rose 0.9 percent month-on-month in April due to an
increase in pharmaceutical and machinery equipment production while service output was
0.2 percent up compared to the previous month, helped by an increase in hotels &
restaurants and wholesale & retail sales.
In April, retail sales climbed 1.0 percent month-on-month despite a slip in semi-durable and
non-durable goods sales, since durable goods sales rose led by strong automobile sales.
Facility investment in April rose 4.5 percent from a month before due to an increase in
machinery investment while construction investment dropped 5.2 percent compared to the
previous month due to a decrease in building construction and civil engineering works.
May exports fell 0.4 percent year-on-year due to a base effect, but the current account
balance continues to post a surplus of more than US$ 2.0 billion with US$ 2.40 billion in May
and US$ 2.12 billion a month earlier.
The cyclical indicator of the coincident composite index in April fell 0.2 points from a month
ago as the value of construction completion decreased. The leading composite index
remained unchanged from the previous month.
In May, Koreas stock prices and other financial indexes fluctuated, as anxieties surrounding the
eurozone crisis, especially in Greece and Spain, have spread into the global financial market.
In May, housing prices remained flat compared to the previous month, while rent prices
increased 0.2 percent, decelerating from the previous months 0.5 percent.
External uncertainties are mounting due to the possibility that the eurozone crisis may deteriorate
and that the US and other advanced economies may likely suffer an economic slowdown.
The Korean government will closely monitor any changes in domestic and global economic
situations and their subsequent outcomes, while reinforcing policy actions to improve the
economy and keep prices stable. At the same time, the government will accelerate efforts to
secure the livelihoods of citizens through job creation and stabilization of necessity prices,
and to promote economic restructuring.
Economic Bulletin
1. External economic situation

The US economy is steadily improving while the eurozone continues to struggle and
emerging economies growth is slowing down.
Uncertainties in the eurozone are increasing over the possibility of a Greek exit from the
eurozone, the poor condition of Spanish banks, and political uncertainties before scheduled
elections in major countries. After Greece failed to form a coalition government on May 6, a
general election was rescheduled for June 17. Spanish bond yields neared dangerous levels
at almost 7 percent, due to the bailout of Bankia, Spains fourth-biggest bank, and worries
over Spains ability to reach its fiscal target.
US
The US economy grew 1.9 percent (revised) in the first quarter of 2012, which is lower than
the advanced estimates of 2.2%, showing that the US is on a modest recovery track.
The ISM Manufacturing Index, which shows business sentiment, decreased but continued to
be in good shape, staying above the base level of 50.
ISM manufacturing index (base=50)
52.7 (Nov 2011)
53.9 (Dec)
54.1 (Jan 2012)
52.4 (Feb)
53.4 (Mar)
54.8 (Apr)
53.5 (May)
Private consumption is on the strong rise and the recent decline in oil prices helped improve
consumer confidence.
University of Michigan Consumer Sentiment Index (1964 = base 100, original)
64.1 (Nov 2011)
69.9 (Dec)
75.0 (Jan 2012)
75.3 (Feb)
76.2 (Mar)
76.4 (Apr)
79.3 (May)
US gasoline prices (average state price, US$ per gallon)

3.39 (Jan 2012)
3.64 (Feb)
3.84 (Mar)
3.76 (Apr)
3.56 (May)
There are expectations for housing market recovery as existing home sales and other
indicators increased, and housing prices rose for two months in a row.
Case-Shiller home price index (seasonally adjusted)
150.8 (Dec 2003)
203.4 (Dec 2006)
136.6 (Jan 2012)
136.8 (Feb)
136.9 (Mar)
However, with nonfarm payroll increases decelerating and the unemployment rate rising to
8.2 percent in May, concerns over the economic recovery are rising.
Non farm payroll employment increase (m-o-m, thousand)
223 (Dec 2011)
275 (Jan 2012)
259 (Feb)
143 (Mar)
77 (Apr)
69 (May)
(Percentage change from previous period)
20111
2010
20121
Annual
Q4
Annual
Q1
Q2
Q3
Q4
Q1
Feb
Mar
Apr
3.0
2.3
1.7
0.4
1.3
1.8
3.0
1.9
- Personal consumption expenditure
2.0
3.6
2.2
2.1
0.7
1.7
2.1
2.7
- Corporate fixed investment
4.4
8.7
8.6
2.1
10.3
15.7
5.2
1.9
-4.3
2.5
-1.4
-2.4
4.2
1.3
11.6
19.4
Industrial production
5.3
0.8
4.1
1.2
0.2
1.7
0.9
1.3
0.4
-0.6
1.1
Personal consumption expenditure
3.8
1.4
4.7
1.5
1.0
1.0
0.8
1.3
0.9
0.2
0.3
-3.4
13.5
2.5
9.0
-5.2
-0.2
3.1
4.6
-0.7
-2.8
3.4
9.6
9.6
9.0
8.9
9.1
9.1
8.7
8.3
8.3
8.2
8.1
1.6
0.7
3.1
1.3
1.0
0.8
0.2
0.3
0.4
0.3
0.0
Real GDP
- Housing construction investment
Existing home sales

Unemployment rate
Consumer prices
1. Preliminary
June 2012
2. Annualized rate (%)
3. Seasonally adjusted
Source: US Department of Commerce
1-1
US GDP (q-o-q, annualized rate)

Source: US Department of Commerce
1-2
US nonfarm payroll employment (m-o-m change)

Source: US Department of Labor
1-3
US federal funds rate and consumer prices

Source: US Federal Reserve Board & Department of Labor
Economic Bulletin
China
The Chinese economy slowed, as the global economic downturn hit Chinese exports while
industrial output and retail sales increases also decelerated.
However, the high consumer prices last year have recently stabilized.
(Percentage change from same period in previous year)
2010
Annual
2011
Q2
Q1
Annual
Q3
20121
Mar
Q1
Q4
Apr
Real GDP
10.3
9.2
9.7
9.5
9.1
8.9
8.1
Industrial production2
15.7
13.9
14.9
13.9
13.8
12.8
11.6
11.9
9.3
Fixed asset investment (accumulated)
24.5
25.1
32.5
27.0
28.0
28.0
21.3
21.3
20.5
Retail sales
18.4
17.1
17.1
18.2
17.3
17.5
14.9
15.2
14.1
Exports
4.9
31.3
20.3
26.4
22.0
20.5
14.3
7.6
8.9
Consumer prices2
3.3
5.4
5.1
5.7
6.3
4.6
3.8
3.6
3.4
Producer prices2
5.5
6.0
7.0
6.9
7.1
3.1
0.1
-0.3
-0.7
1. Preliminary
2. Quarterly change: average of monthly change
Japan
Source: China National Bureau of Statistics
Japans GDP in the first quarter grew 1.0 percent quarter-on-quarter, which is a 4.1 percent
increase when annualized, but April industrial production and retail sales slighty decelerated.
The current account deficit expanded compared to the previous month, and Fitch
downgraded Japans sovereign debt rating by two notches over the concerns of Japans high
level of public debt on May 22.
Real GDP
Retail sales (y-o-y)
Consumer prices (y-o-y)
Current account (billion yen)
1. Preliminary
2011
Q2
20121
Mar
2010
Annual
Annual
Q1
4.4
-0.7
-2.0
-0.3
1.9
0.0
1.0
16.4
-2.3
-1.5
-4.2
5.4
0.4
1.2
1.3
0.2
5.8
Q1
Q4
Q3
Apr
2.5
-1.2
-3.0
-1.7
-1.0
0.8
5.2
10.3
-0.7
-0.3
-0.5
-0.4
0.1
-0.3
0.3
0.5
0.4
6,635
-2,527
326
-1,258
-418
-1,178
-1,543
-87
-522
Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
Eurozone
The eurozone economy remains stagnant, with zero growth in the first quarter of 2012. In
March, industrial output decreased and the unemployment rate from March to April
recorded the highest since 1995.
Manufacturing PMI (base = 50)
46.4 (Nov 2011)
46.9 (Dec)
48.8 (Jan 2012)
49.0 (Feb)
47.7 (Mar)
45.9 (Apr)
45.1 (May)
10.8 (Jan 2012)
10.9 (Feb)
11.0 (Mar)
11.0 (Apr)
Unemployment rate (%)

10.5 (Oct 2011)
10.6 (Nov)
10.7 (Dec)

20121
Feb
Mar
Annual
2010
Q3
Q4
Annual
Q1
20111
Q2
Q3
Q4
Q1
Real GDP
1.8
0.4
0.3
1.5
0.7
0.1
0.1
-0.3
0.0
7.4
1.0
1.8
3.5
0.9
0.2
0.8
-1.9
-0.4
0.7
-0.3
Retail sales
Exports (y-o-y)
Consumer prices (y-o-y)
1. Preliminary
June 2012
Source: Eurostat
Apr
0.9
0.2
0.3
-0.6
-0.2
-0.4
0.3
-1.1
0.1
-0.2
0.3
20.1
22.8
21.8
12.7
21.5
13.0
9.4
8.3
8.5
11.0
4.4
1.6
1.7
2.0
2.7
2.5
2.8
2.7
2.9
2.7
2.7
2.7
2.6
1-4
Chinas GDP growth and fixed asset investment

Source: National Bureau of Statistics of China
1-5
Japans GDP growth and industrial production

Source: Cabinet Office & Ministry of Economy, Trade and Industry, Japan
1-6
Eurozone GDP growth and industrial production

Source: Eurostat
Economic Bulletin
2. Private consumption
Private consumption (advanced estimates of GDP) climbed 1.0 percent quarter-on-quarter
and 1.6 percent year-on-year in the first quarter of 2012.
20111
2010
Private consumption2
y-o-y
2012
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
4.4
0.7
0.7
1.2
0.4
2.3
0.6
0.8
6.9
3.9
3.9
3.0
2.9
3.0
Q4
Q11
0.2
-0.4
1.0
2.1
-1.1
1.6
1. Preliminary
2. National accounts
Source: The Bank of Korea
Retail sales in April rose 1.0 percent month-on-month and 0.4 percent year-on-year backed
by durable goods sales, despite a decrease in semi-durable and non-durable goods sales. In
particular, automobile sales rose month-on-month for two months in a row.
2010
Consumer goods sales

y-o-y
- Durable goods
Automobiles
- Semi-durable goods3
- Non-durable goods
2011
2012
Annual
Annual 1
Q1
Q2
Q3
Q4
Q11
Feb
Mar1
Apr1
6.7
4.3
1.5
0.1
1.6
-1.3
1.0
2.5
-2.6
1.0
5.4
5.7
4.7
1.9
2.0
5.4
0.1
0.4
14.8
10.8
4.3
-0.5
1.8
-2.4
3.0
-6.2
0.1
4.3
11.1
5.9
5.9
-4.9
3.6
-11.3
2.8
-5.0
2.9
5.8
6.8
4.2
0.8
0.7
1.2
-0.3
-0.3
4.3
-2.9
-1.8
2.2
1.1
0.2
0.0
2.1
-0.5
0.7
7.2
-4.6
-0.8
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
Department store and large discount store sales declined, while specialized retailer and
nonstore retailer sales increased.
2010
2011
Annual
Annual
- Department stores
8.8
- Large discounters
4.5
- Specialized retailers2
- Nonstore retailers
Q2
Q3
Q4
Q1
8.1
2.2
0.5
1.2
-0.6
-0.8
5.2
-1.9
-1.7
3.9
1.2
1.0
0.2
0.3
-1.2
7.7
-0.4
-4.5
5.7
3.3
1.3
-0.5
2.1
-3.1
1.5
1.8
-4.1
1.5
15.6
8.6
1.4
1.2
2.8
0.6
2.7
3.7
-4.8
2.5
1. Preliminary
2. Specialized retailers are defined as stores carrying a few (1 to 3) specialized items.
June 2012
2012
Q1
Feb
Mar1
Apr1
2-1
Private consumption
Source: The Bank of Korea (national accounts)
2-2
Consumer goods sales

Source: Statistics Korea (industrial activity trend)
2-3
Consumer goods sales by type

Economic Bulletin
Considering advanced indicators, May retail sales are expected to maintain an upward trend
as they did in April.
In May, car sales turned positive, increasing year-on-year, with the launch of new models.
Gasoline sales grew year-on-year due to decelerating oil prices and a base effect.
Gasoline prices (won per liter)
2,058 (May, 1st week)
2,053 (2nd week)
2,042 (3rd week)
2,023 (4th week)
2,009 (5th week)
Department store and discount store sales decreased 0.2 percent and 6.2 percent year-onyear, respectively, but department store sales fell at a slower pace than April.
(y-o-y, %)
2011
2012
Dec
Jan
Feb
Mar
Apr
May
18.4
11.2
24.9
14.5
18.3
15.3
- Large discounter sales
3.7
2.7
-6.4
3.2
-2.4
-6.2
- Department store sales
11.0
-4.1
2.9
1.6
-3.4
-0.2
4.1
7.6
4.4
4.1
5.6
6.2
-5.4
-19.9
5.5
-9.9
-6.8
0.7
- Credit card sales
- Domestic sales of gasoline

- Domestically made car sales
Sources: Credit Finance Association of Korea, Ministry of Knowledge Economy, Korea National Oil Corporation, Korea Customs Service, Korea Automobile
Manufacturers Association, Ministry of Strategy and Finance (for May data)
Retail sales are expected to keep increasing moderately backed by improving consumption,
but domestic and external uncertainties may limit any gains.
Continuing recovery in employment and slowing inflation contributed to improving
conditions related to consumption.
Payroll employment change (y-o-y, thousand)
479 (Nov 2011)
441 (Dec)
536 (Jan 2012)
447 (Feb)
419 (Mar)
455 (Apr)
Consumer prices (y-o-y, %)

4.2 (Nov 2011)
4.2 (Dec)
3.4 (Jan 2012)
3.1 (Feb)
2.6 (Mar)
2.5 (Apr)
2.5 (May)
Consumer sentiment is on a moderate rise, rising for the fourth consecutive month with the
May index hitting the highest since February 2011.
Consumer sentiment index (CSI, base=100)
100 (Oct 2011)
103 (Nov)
99 (Dec)
98 (Jan 2012)
100 (Feb)
101 (Mar)
104 (Apr)
105 (May)
New cars, smart phones and the London 2012 Olympics are likely to have a positive effect on
the recovery of consumption.
However, the recovery can be limited if the eurozone debt crisis worsens and the volatility of
financial market expands.
10
June 2012
2-4
Department store and discount store sales (current value)

Source: Ministry of Knowledge Economy (monthly retail sales)
2-5
Domestically-made automobile sales

Source: Korea Automobile Manufacturers Association (monthly automobile industry trend)
2-6
Consumer sentiment index

Economic Bulletin
11
3. Facility investment
Facility investment (advanced estimates of GDP) in the first quarter of 2012 increased 10.8
percent quarter-on-quarter and 9.1 percent year-on-year.
(Percentage change from previous quarter)
20111
2010
Annual
Facility investment
- Transportation equipment
Q4
Annual
Q1
Q2
Q3
Q4
Q1
25.7
4.6
-0.2
3.7
-1.6
4.7
-1.8
-4.3
10.8
26.3
16.9
10.3
7.7
1.2
-3.3
9.1
31.2
7.1
-1.4
4.1
-1.9
5.0
-2.5
-2.5
8.3
-4.7
4.9
1.9
-0.7
3.7
0.9
-11.2
y-o-y
- Machinery
Q3
20121
1. Preliminary
The facility investment index in April rose 4.5 percent month-on-month and 5.0 percent yearon-year, backed by an increase in machinery investment.
Improving business confidence is an optimistic sign, but machinery orders and other leading
indicators remained sluggish and uncertain external conditions may weigh down on the index.
2010
Facility investment index

y-o-y
- Machinery
- Transportation equipment
1. Preliminary
20121
2011
Annual
Annual
Q1
Q2
Q3
Q4
Q11
Feb
Mar1
Apr1
24.2
0.7
-1.9
3.6
-1.5
-5.0
11.3
-3.5
-7.0
4.5
5.4
5.7
-3.1
-4.7
9.4
24.4
1.5
5.0
29.4
1.7
-3.5
6.0
-2.2
-3.1
10.3
-6.6
-8.1
5.5
4.5
-4.1
6.1
-7.2
1.6
-12.9
14.7
19.8
-1.6
-0.5

2010
Domestic machinery orders

q-o-q, m-o-m
20121
2011
Annual
Annual
Q1
Q2
Q3
Q4
Q11
Feb
Mar1
Apr1
8.3
11.0
19.5
10.0
3.4
11.5
-2.4
21.8
-25.1
-7.0
9.2
-0.3
-5.4
8.8
-7.1
14.1
-32.8
21.4
- Public
-37.7
11.2
-10.5
81.1
6.1
-3.1
104.5
485.1
-43.0
-1.2
- Private
18.3
11.0
22.7
4.9
3.2
14.7
-10.8
-7.5
-23.2
-7.3
Machinery imports
40.4
7.1
8.1
10.6
9.3
1.0
15.2
38.9
-0.4
11.2
Manufacturing average operation ratio
80.9
79.9
82.2
79.9
79.6
78.0
79.9
81.0
78.1
79.3
8.9
1.6
3.6
1.1
1.0
0.8
0.8
11.5
-2.3
-2.6
Facility investment adjustment

pressure2
1. Preliminary
2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, Korea International Trade Association
2012
Business survey indices (base=100) for

facility investment projection in the manufacturing sector
12
June 2012
Jan
Feb
Mar
Apr
May
Jun
96
97
98
98
98
99
3-1
Facility investment by type

3-2
Machinery orders and estimated facility investment index (3-month average)

3-3
Machinery imports
Source: Korea International Trade Association (KITA)
Economic Bulletin
13
4. Construction investment
Construction investment (advanced estimates of GDP) in the first quarter of 2012 fell 0.7
percent quarter-on-quarter but rose 2.1 percent year-on-year.
20111
2010
Annual
Q3
Q4
Annual
-3.7
-0.9
-1.9
-5.0
-4.9
-5.2
- Building construction
-1.6
-1.0
0.1
-4.1
- Civil engineering works
-6.2
-0.8
-4.6
-6.0
Construction investment
y-o-y
Q1
20121
Q2
Q3
Q4
Q1
-4.4
3.5
-11.0
-4.2
-0.5
0.1
-0.7
-4.0
-2.1
2.1
-5.3
4.5
-1.1
-0.6
-3.2
2.3
0.3
1.0
1. Preliminary
The value of construction completion (constant) in April fell 5.2 percent month-on-month and
7.5 percent year-on-year due to a decrease in building construction and civil engineering works.
2010
Value of construction completion(constant)

y-o-y
20121
2011
Annual
Annual
Q1
Q2
Q3
Q4
Q11
Feb
Mar1
Apr1
-3.3
-6.7
-3.8
2.0
-4.3
5.7
-6.9
5.5
-1.4
-5.2
-12.6
-6.6
-8.4
-0.5
-3.7
9.0
-7.6
-7.5
-7.0
-8.4
-4.7
1.0
-3.7
4.9
-3.4
8.1
-5.9
-6.8
2.2
-4.5
-2.5
3.1
-5.1
6.6
-11.2
1.9
5.0
-3.2
1. Preliminary

2009
Construction orders (current value)

q-o-q, m-o-m
Building permit area
2011
2012
Annual
Annual
Q1
Q2
Q3
Q4
Q11
Feb
Mar1
Apr1
-17.7
4.0
-11.8
-1.7
1.5
22.4
36.6
100.4
-3.5
-4.4
12.5
11.7
3.3
-1.9
25.4
32.2
-40.6
-5.4
-8.9
10.9
-7.7
-2.5
9.8
40.6
31.3
42.5
-0.7
-3.2
-28.3
-6.6
-17.2
0.1
-11.0
-1.1
44.5
175.9
-8.4
-7.5
19.3
9.9
21.5
3.8
58.7
-14.8
8.7
23.8
13.5
-4.9
1. Preliminary
Sources: Statistics Korea, Ministry of Land, Transport and Maritime Affairs
Construction investment may decline given a decrease in leading indicators such as

construction orders and building permit areas, and also shrinking business sentiment.
2012
Business survey index (base=100)

for business outlook for construction companies
Source: Construction and Economy Research Institute of Korea
14
June 2012
Jan
Feb
Mar
Apr
May
Jun
64.0
64.4
73.7
81.7
74.5
72.6
4-1
4-2
Construction completion and housing construction

Source: Statistics Korea (construction completion)
Ministry of Land, Transport and Maritime Affairs (housing construction)
4-3
Leading indicators of construction investment

Source: Statistics Korea (construction orders)
Ministry of Land, Transport and Maritime Affairs (building construction permit area)
Economic Bulletin
15
5. Exports and imports

May exports decreased 0.4 percent (preliminary) year-on-year to US$47.16 billion.
Despite an increase in car parts, machinery and other major exports, year-on-year growth
turned negative due to a base effect. In May 2011, the average daily amount of exports
reached the highest of the year at US$2.15 billion, since exports to Japan soared following
Japans March 11 earthquake.
This year, average daily exports are on an upward trend, with May average daily exports at
US$2.10 billion, the same as a month ago.
Average daily exports (US$ billion)
1.88 (Jan 2012)
2.02 (Feb)
2.02 (Mar)
2.10 (Apr)
2.10 (May)
Exports of car parts (up 11.9%) and machinery (up 10.3%) grew year-on-year, but those of
mobile phones (down 35.7%) and vessels (down 17.4%) fell.
Mobile exports declined because overseas production expanded, while the fall in vessels
exports can be attributed to approaching delivery dates of orders placed in 2009 when the
global vessel market had been poor.
Vessel orders (US$ billion)
97.3 (2007)
70.0 (2008)
14.4 (2009)
34.3 (2010)
48.7 (2011)
Overseas production of mobile phones (%)

69.0 (Q1 2011)
76.6 (Q2)
81.0 (Q3)
80.1 (Q4)
(US$ billion)
2010
Exports
(y-o-y, %)
2011
2012
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Apr
May1
Jan-May1
466.38
555.21
130.99
142.69
141.24
140.37
134.86
46.20
47.16
225.64
19.6
19.0
29.6
18.7
21.4
9.0
3.0
-4.8
-0.4
0.6
1.70
2.01
1.98
2.08
2.03
1.98
1.97
2.10
2.10
2.02
425.21
524.41
123.91
134.29
134.92
131.26
133.36
44.08
44.76
220.97
(y-o-y, %)
31.6
23.3
26.1
27.2
27.7
13.4
7.6
-0.2
-1.2
4.4
Average daily imports
1.46
1.91
1.87
1.96
1.96
1.85
1.95
2.01
1.99
1.96
Average daily exports

Imports
1. Preliminary
Source: Korea Customs Service
Imports in May decreased 1.2 percent (preliminary) year-on-year to US$44.76 billion.

Imports were down year-on-year, since capital goods (down 13.6%), consumer goods (down
9.5%) and other commodities imports declined despite an increase in crude oil imports.
The trade balance (preliminary) in May posted a surplus of US$2.40 billion.
(US$ billion)
2010
Trade balance
1. Preliminary
Source: Korea Customs Service
16
June 2012
2011
2012
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Apr
May1
Jan-May1
41.17
30.80
7.08
8.40
6.30
9.16
1.50
2.12
2.40
6.02
5-1
Exports (customs clearance basis)

Source: Korea Customs Service & Ministry of Knowledge Economy (export and import trend)
5-2
Imports (customs clearance basis)

5-3
Trade balance
Economic Bulletin
17
6. Mining and manufacturing production

Mining and manufacturing production rose 0.9 percent month-on-month due to an increase
in the production of machinery equipment and pharmaceuticals but on a year-on-year basis,
it remained unchanged in April.
The production of machinery equipment (up 3.5%) and pharmaceuticals (up 14.7%)
increased month-on-month while semiconductors & parts (down 0.9%) and audio-visual
communication equipment (down 1.3%) fell month-on-month.
The manufacturing inventory-shipment ratio increased by 0.4 percentage points month-onmonth, as inventory increased 0.9 percent and shipments fell 0.5 percent.
The shipments of electronic equipment (up 7.4%) and processed metals (up 5.7%)
increased month-on-month, while those of automobiles (down 4.0%) and semiconductors &
parts (down 1.3%) declined.
The inventories of automobiles (up 5.8%) and machinery equipment (up 6.4%) climbed
month-on-month, while those of semiconductors & parts (down 1.7%) and electronic
equipment (down 3.6%) fell.
The average operation ratio of the manufacturing sector increased 1.2 percentage points to
79.3 percent.
(Percentage change from previous quarter or month)
20121
2011
Annual
Production (q-o-q, m-o-m)
Manufacturing Average operation ratio (%)

activity
Production capacity4
Q11
Feb
Mar1
Apr1
4.5
-0.1
-1.1
2.2
0.7
-2.9
0.9
10.4
5.0
6.8
3.8
14.4
0.7
0.0
4.6
0.1
-1.1
2.3
1.2
-3.1
0.8
7.0
10.6
5.3
7.0
4.2
15.2
0.7
0.0
6.7
3.9
-0.3
-1.3
2.5
0.8
-3.0
0.5
3.3
2.9
-2.0
-2.0
1.7
-0.1
-4.4
2.7
10.8
4.9
1.5
-0.6
3.6
1.9
-1.6
-1.8
20.8
0.4
9.3
0.8
-2.7
2.0
-2.1
0.9
79.9
82.2
78.0
79.4
79.9
81.0
78.1
79.3
5.4
7.0
4.5
6.9
3.4
3.7
3.0
2.6
- Domestic demand
Inventory
Apr
- Manufacturing (q-o-q, m-o-m)

Mining and
(y-o-y)
manufacturing
2
Shipment
activity
Q4
6.9
(y-o-y)
- Exports
Q1
1. Preliminary
2. Including mining, manufacturing, electricity, and gas industry
3. End-period
4. Percentage change from same period in previous year
Mining and manufacturing production is likely to see a moderate improvement driven by

major items, but a decline in some exports may limit the gain.
Semiconductor exports (US$ billion)
4.28 (Dec 2011)
3.77 (Jan 2012)
3.87 (Feb)
4.31 (Mar)
3.84 (Apr)
4.22 (May1)
3.11 (Feb)
3.08 (Mar)
3.12 (Apr)
3.23 (May1)
4.41 (Feb)
4.57 (Mar)
4.17 (Apr)
3.93 (May1)
Steel exports (US$ billion)

3.85 (Dec 2011)
2.95 (Jan 2012)
Automobile exports (US$ billion)

4.47 (Dec 2011)
1. Preliminary
18
June 2012
3.43 (Jan 2012)
6-1
6-2
Average manufacturing operation ratio

6-3
Inventory
Economic Bulletin
19
7. Service sector activity

Despite sluggish financial & insurance services and transportation services, service activity
in April rose 0.2 percent month-on-month helped by wholesale & retail sales and hotels &
restaurants. On a year-on-year basis, service activity expanded 1.0 percent.
Financial & insurance services decreased 0.3 percent from the previous month affected by a
small volume of stock transactions.
Average daily stock trading value (trillion won)
8.2 (Jan 2012)
9.8 (Feb)
7.6 (Mar)
6.9 (Apr)
Transportation services fell 0.3 percent from the previous month due to decreased freight
volume of water freight transportation.
Growth of water freight transportation (y-o-y, %)
-4.6 (Nov 2011)
-6.7 (Dec)
0.1 (Jan 2012)
6.2 (Feb)
-5.2 (Mar)
-7.4 (Apr)
Wholesale & retail sales (up 0.5%) and hotels & restaurants (up 0.7%) continued to rise for
two consecutive months.
Real estate & renting shifted to an increase, rising 3.1 percent month-on-month.
Weight
2010
2011
2012
Annual
Annual
Q1
Q2
Q3
Q4
100.0
3.9
3.3
1.6
0.2
1.3
-0.5
1.0
1.3
-0.9
0.2
- Wholesale & retail sales
21.8
5.7
3.8
1.4
1.4
0.7
-0.7
0.1
-2.0
0.2
0.5
- Transportation services
9.0
11.9
3.9
2.6
-1.6
1.0
-1.0
1.5
3.0
-2.6
-0.3
- Hotels & restaurants
7.7
1.2
-0.5
-0.4
1.0
-0.3
-1.5
-0.2
0.7
1.4
0.7
- Information & communications services
8.4
1.7
4.4
1.1
0.5
2.8
0.3
0.9
-0.2
-2.9
1.4
15.3
4.6
7.3
3.0
0.1
2.7
0.1
1.2
3.2
-3.4
-0.2
- Real estate & renting
6.3
-8.5
-10.2
3.3
-2.2
-0.3
-6.4
-0.2
7.0
-0.8
3.1
- Professional, scientific & technical services
4.8
-0.5
0.3
-1.5
2.0
1.0
1.4
1.9
1.3
0.3
-1.2
- Business services
2.9
7.5
4.3
0.8
0.9
0.2
0.4
1.7
-2.9
-0.8
1.1
10.8
2.0
2.4
0.2
-0.9
1.7
0.4
1.2
1.1
-1.5
0.4
- Healthcare & social welfare services
6.0
8.8
6.3
3.3
0.6
1.4
1.6
1.7
4.0
2.0
0.3
- Entertainment, cultural & sports services
2.9
-0.4
2.3
1.1
0.0
0.7
0.1
4.3
-3.1
5.7
-6.9
- Membership organizations
3.8
4.3
1.1
-0.3
1.1
-0.3
-2.1
-0.3
2.5
-0.1
-0.7
- Sewerage & waste management
0.4
5.1
0.0
0.1
-0.5
0.2
3.1
1.0
6.6
-2.5
4.4
Service activity index
- Financial & insurance services
- Educational services
Q1
Feb
Mar1
Apr1
1. Preliminary
Although financial & insurance services may remain sluggish, service activity in May is
expected to improve, helped by increasing retail sales.
20
June 2012
els
& re
serv
tail
ices
sale
sup y ma
port nag
serv eme
ices nt &
Edu
cati
ona
l se
rvic
es
Hea
l
serv thcare
ices & s
ocia
l we
lfar
e
Ente
r
serv tainm
ices ent
, cu
ltur
al &
spo
Me
rts
m
& o bersh
ther ip o
pers rgan
ona izat
l se ions
Sew
rvic , re
es
pair
mat erage,
e
w
r
i
acti als r aste
vitie eco
very manag
s
& re eme
med nt,
iatio
n
stau
rant
s
Info
r
serv m a t i o
ices n &
com
mun
icat
ions
Fina
ncia
l&
insu
ranc
e se
rvic
es
Rea
l es
tate
& re
ntin
g
Prof
ess
iona
l, sc
i
tech entific
nica &
Bus
l se
i
rvic
bus ness f
es
ines acil
it
s
Hot
ion
& re
rtat
ale
spo
oles
Tran
Wh
ex
7-3
l ind
7-2
Tota
7-1
Service industry
Source: Statistics Korea (service industry activity trend)
Wholesale and retail sales
April 2012 service industry by business
Economic Bulletin
21
8. Employment
The number of workers on payroll in April increased by 455,000 from a year earlier to
24,760,000 and the employment rate rose by 0.4 percentage points year-on-year to
59.7 percent.
Employment expanded in most industries except agriculture, forestry & fishery (down
29,000) and manufacturing (down 80,000).
In March, employment in agriculture, forestry & fishery decreased sharply due to deteriorating
weather conditions. However, the employment decreased at a slower pace in April.
Jobs in health & welfare (up 111,000) and education (up 84,000) sharply increased as
demands for social services expanded. Employment in traditional domestic demandoriented industries such as wholesale & retail sales (up 81,000) and transportation (up
53,000) also remained robust.
By status of workers, the number of regular workers (up 339,000) continued to rise and selfemployed workers (up 163,000) also maintained the upward trend.
2009
2010
Annual Annual
Number of employed (million)
Q3
2011
Q4
Annual Apr
Q1
2012
Q2
Q3
Q4
Mar
Apr
Q1
23.51 23.83 24.12 23.99 24.24 24.30 23.46 24.57 24.48 24.46 24.27 24.26 23.93
Employment rate (%)
58.6
58.7
59.3
58.9
59.1
59.3
57.4
59.9
59.5
59.4
58.6
59.7
57.8
(Seasonally adjusted)
58.6
58.7
58.9
58.7
59.1
59.0
58.8
59.1
59.1
59.2
59.4
59.4
59.3
Employment growth (y-o-y, thousand)
-72
323
369
358
415
379
423
402
363
474
419
455
467
(Excluding agriculture, forestry & fishery)
-34
405
414
393
440
367
451
399
414
497
512
484
498
-126
191
262
269
63
116
228
112
-12
-75 -104
- Manufacturing
-80 -102
- Construction
-91
33
92
57
-2
-57
-3
-41
-35
71
74
53
79
- Services
179
200
83
80
386
305
224
331
472
514
564
525
541
- Agriculture, forestry & fishery
-38
-82
-45
-35
-25
12
-28
-51
-23
-92
-29
-31
- Wage workers
247
517
541
532
427
364
519
421
392
374
356
322
360
Regular workers
383
697
671
699
575
607
605
621
572
500
356
339
413
22
-34
-26 -114
-88 -137
-76
-10
215
167
110
Temporary workers
-78 -220
Daily workers
-158 -146 -104
-53
-70
-24
- Non-wage workers
-319 -194 -172 -174
-11
16
-96
Self-employed workers
-259 -118 -130 -146
-63 -104 -115 -215 -185 -163

-19
-29
100
63
133
108
-16 -115
-39
34
125
125
163
149
31
181
207
212
238
227
266
221
208
257
178
245
238
- Female
-103
142
163
146
177
152
157
181
155
216
241
210
230
- 15 to 29
-127
-43
-44
-57
-35
-73
-49
-74
-1
-18
26
25
- 30 to 39
-173
-4
21
17
-47
-17
-34
-13
-83
-56
-95
-75
-65
- 40 to 49
-24
29
40
50
57
40
77
59
46
47
35
28
- 50 to 59
198
294
295
287
291
300
286
294
270
315
293
252
326
54
47
57
60
149
130
143
137
131
185
160
251
178
- Male
- 60 or more
22
June 2012
8-1
Number of employed and employment growth

Source: Statistics Korea (employment trend)
8-2
Share of employed by industry

8-3
Share of employed by status of workers

Economic Bulletin
23
With the number of unemployed persons in April decreasing by 41,000 year-on-year to

895,000, the unemployment rate dropped 0.2 percentage points year-on-year to 3.5 percent.
The youth unemployment rate in April declined 0.2 percentage points from the same month
of the previous year to 8.5 percent as the employment rate rose year-on-year for two
consecutive months despite the declining population of the age bracket.
2009
2010
Annual Annual
2011
Q3
Q4
Annual Apr
Number of unemployed (thousand)
889
920
873
808
855
Unemployment growth (y-o-y, thousand)
Q1
936 1,028
2012
Q2
Q3
Q4
Mar
Apr
Q1
865
786
740
945
895
947
119
31
-13
-10
-65
-101
-3
-88
-68 -128
-41
-82
- Male
80
-7
-48
-16
-48
-27
-70
-32
-48
-41
-72
-35
-54
- Female
40
38
35
-17
29
-32
29
-40
-27
-56
-6
-28
Unemployment rate (%)
3.6
3.7
3.5
3.3
3.4
3.7
4.2
3.4
3.1
2.9
3.7
3.5
3.8
(Seasonally adjusted)
3.6
3.7
3.6
3.4
3.4
3.6
3.8
3.4
3.2
3.1
3.4
3.4
3.5
- 15 to 29
8.1
8.0
7.6
7.1
7.6
8.7
8.8
7.9
6.7
7.1
8.3
8.5
8.2
- 30 to 39
3.6
3.5
3.5
3.2
3.4
3.9
4.0
3.5
3.2
2.9
3.4
3.3
3.2
- 40 to 49
2.4
2.5
2.5
2.2
2.1
2.3
2.5
2.1
2.0
1.9
2.4
2.1
2.4
- 50 to 59
2.5
2.5
2.3
2.3
2.1
2.1
2.7
2.0
2.1
1.8
2.5
2.3
2.3
- 60 or more
1.6
2.8
2.0
1.9
2.6
2.4
4.5
2.3
2.1
1.8
3.4
2.3
4.4
The economically inactive population in April was up 92,000 from a year earlier to
15,810,000. Meanwhile, the labor force participation rate stood at 61.9 percent, rising 0.3
percentage points year-0n-year.
The number of workers quitting jobs due to old age (up 173,000) and housework (up
163,000) increased while those who quit jobs due to education (down 82,000) and rest,
time-off and leisure (down 60,000) decreased.
2009
2011
2010
Annual Annual
Q3
Q4
Annual Apr
Q1
2012
Q2
Q3
Q4
Mar
Apr
Q1
Economically inactive population (million) 15.70 15.84 15.66 15.96 15.95 15.71 16.39 15.56 15.85 16.01 16.21 15.81 16.50
Labor force participation rate (%)
60.6
61.0
61.5
60.8
61.1
61.6
59.9
62.0
61.5
61.1
60.9
61.9
60.1
(seasonally adjusted)
60.6
61.0
61.1
60.8
61.1
61.2
61.1
61.2
61.0
61.1
61.5
61.5
61.4
Growth in economically inactive

population (y-o-y, thousand)
447
143
128
133
112
81
138
66
191
53
206
92
103
-
- Childcare
-5
-21
-44
-16
17
23
-9
- Housework
148
201
203
189
101
67
130
27
143
103
167
163
85
- Education
31
12
46
55
-51
-39
-16
-39
-78
-69
-42
-82
-28
- Old age
88
80
43
25
-45
-80 -103
-58
-22
91
173
76
123
-56
15
-27
182
175
163
193
131
129
-60
126
- Rest, time-off and leisure

24
June 2012
40 -125 -149 -107
241
8-4
Employment rate
8-5
Unemployment rate
8-6
Labor force participation rate

Economic Bulletin
25
9. Financial market
9.1 Stock market
The Korean stock price index in May dropped 7.0 percent to 1,844 points from the previous
months 1,982 points. The decline was due to weak investment sentiment caused by
eurozones political uncertainties.
Foreign investors expanded the net selling position, selling 4 trillion won, from the previous
months 3 billion won.
(End-period, point, trillion won)
KOSPI
KOSDAQ
Apr 2012
May 2012
Change
Apr 2012
Stock price index
1,982.0
1,843.5
-138.5 (-7.0%)
478.9
471.9
-7.0 (-1.5%)
Market capitalization
1,141.7
1,061.3
-80.4 (-7.0%)
103.2
99.4
-3.8 (-3.7%)
Average daily trade value
5.0
4.7
-0.3 (-6.0%)
1.95
1.61
-0.34 (-17.4%)
Foreign stock ownership
34.5
33.9
-0.6 (-1.7%)
7.79
7.80
+0.01 (+0.1%)
May 2012
Change1
1. Change from the end of the previous month

Souce: Korea Exchange
9.2 Exchange rate

The won/dollar exchange rate in May increased 50.3 won to wrap up the month at 1,180.3
won from 1,130.0 won at the end of April.
The won/dollar exchange rate in May fluctuated between 1,130 and 1,180 won due to the
result of Frances presidential election in which Francois Hollande beat incumbent Nicolas
Sarkozy, Greeces parliamentary election which resulted in the failure to form a coalition and
the decision to head to a second round of elections, and Spanish bank insolvency.
The won/100 yen exchange rate in April rose 88.0 won due to the weak Korean won and a
stronger yen/dollar exchange rate.
(End-period)
2008
2009
2010
2011
Dec
Dec
Dec
Dec
Apr
2012
May
Change1
Won/Dollar
1,259.5
1,164.5
1,134.8
1,151.8
1,130.0
1,180.3
-2.4
Won/100 Yen
1,396.8
1,264.5
1,393.6
1,481.2
1,410.4
1,498.4
-1.1
1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.
26
June 2012
9-1
Stock prices
9-2
Foreign exchange rate (month-end)
9-3
Recent foreign exchange rate
Economic Bulletin
27
9.3 Bond market

The 5-year Treasury bond yields dropped 13 basis points in May to 3.43 percent from the
previous months 3.56 percent. Yields on the Korea Treasury Bond (KTB) decreased due to a
significant fall in US Treasury bond yields and a flight to safety driven by worries over a
global economic slowdown.
(End-period)
Call rate (1 day)
2006
2007
2008
2009
2010
2011
2012
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
Change1
4.60
5.02
3.02
2.01
2.51
3.29
3.26
3.27
+1
CD (91 days)
4.86
5.82
3.93
2.88
2.80
3.55
3.54
3.54
Treasury bonds (3 yrs)
4.92
5.74
3.41
4.44
3.38
3.34
3.45
3.32
-13
Corporate bonds (3 yrs)
5.29
6.77
7.72
5.56
4.27
4.21
4.14
3.92
-22
Treasury bonds (5 yrs)
5.00
5.78
3.77
4.98
4.08
3.46
3.56
3.43
-13
1. Basis point, changes from the previous month
9.4 Money supply & money market

The M2 (monthly average) in March expanded 5.7 percent from a year earlier excluding cash
management accounts (CMAs), which were included in M2 since July 2009.
Although the private sector credit was hampered by sluggish bank lending, the month-onmonth M2 growth accelerated as money supply from the government sector increased due
to fiscal front loading.
(Percentage change from same period in previous year, average)
M12
2008
2009
2010
2011
2012
Annual
Annual
Annual
Q4
Annual
Q1
Q2
Q3
Q4
Feb
Mar
Mar1
-1.8
16.3
11.8
11.2
6.6
11.9
7.5
4.8
2.6
1.1
2.14
440.14
1,773.24
2,356.74
M2
14.3
10.3
8.7
7.4
4.2
5.3
3.5
3.8
4.4
5.3
5.7
Lf 3
11.9
7.9
8.2
7.1
5.3
5.5
4.3
5.3
6.2
7.2
8.84
1. Balance at end March 2012, trillion won

2. M1 excluding corporate MMFs and individual MMFs while including CMAs
3. Liquidity aggregates of financial institutions (mostly identical with M3)
4. Preliminary
Bank deposits in April turned negative as instant access deposits significantly decreased
due to value-added tax payments. Meanwhile, despite the net outflow of stock-type funds,
asset management company (AMC) deposits maintained an upward track helped by inflows
of corporate funds into money market funds (MMF).
(Monthly change, end-period, trillion won)
2009
Annual
2010
Annual
2011
Apr
2012
Annual
Apr
Mar
Apr
Apr1
Bank deposits
54.8
36.9
-3.4
58.9
12.5
15.2
-15.5
1,097.2
AMC deposits
-27.6
-16.7
-3.0
-16.6
-3.2
04.0
-01.8
1,305.3
1. Balance at end April 2012, trillion won
28
June 2012
9-4
Interest rates
9-5
Total money supply

9-6
Deposits in financial institutions

Economic Bulletin
29
10. Balance of payments

Koreas current account (preliminary) in April posted a surplus of US$1.78 billion.
Despite deteriorating overseas economic conditions such as the eurozone debt crisis, the
goods account posted a surplus helped by robust exports of cars and steel, although
decelerating from the previous months US$2.93 billion to US$1.8 billion.
The service account surplus narrowed to US$550 million from the previous months US$700
million as the construction services account surplus decreased albeit the improvement of
the transport and the travel accounts.
The primary income account deficit expanded to US$420 million from the previous months
US$320 million due to an increase of cross-border dividend payments by firms whose fiscal
year ended in December. The secondary income account deficit narrowed from the previous
months US$340 million to US$150 million due to decreased overseas remittance.
(US$ billion)
2010
2011
2012
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Mar
Apr
Current account
29.39
26.51
2.61
5.49
7.00
11.52
2.56
2.97
1.78
- Goods balance
40.08
30.95
5.84
7.66
7.20
10.25
2.62
2.93
1.80
- Service balance
-8.63
-4.38
-2.54
-0.80
-1.20
0.15
-0.65
0.70
0.55
- Income balance
1.02
2.46
0.39
-0.82
1.31
1.58
1.48
-0.32
-0.42
Current transfers
-3.08
-2.52
1.08
-0.55
-0.42
-0.47
-0.89
-0.34
-0.15
1. Preliminary
The capital and financial account (preliminary) in April posted a net inflow of US$120 million.
Capital & financial account balance (US$ billion)
1.31 (Jan 2012)
-0.92 (Feb)
-1.76 (Mar)
-1.37 (Q1 2012)
0.12 (Apr)
The direct investment account narrowed the net outflow to US$940 million from the
previous months US$1.62 billion due to slowdown in overseas direct investment.
The portfolio investment account turned to a net outflow of US$2.21 billion from the
previous months net inflow of US$1.30 billion as foreigners investment in Korean stock and
bonds shifted to a net outflow.
The financial derivatives account recorded a net inflow of US$320 million, down from the
previous months US$710 million. The other investment account shifted to a net inflow of
US$2.63 billion from a net outflow of US$520 million a month earlier as domestic banks
expanded the collection of loans.
The current account in May is expected to maintain a surplus, helped by an expanding goods
account surplus amid improvement in the balance of trade.
30
June 2012
10-1 Current account balance

Source: The Bank of Korea (balance of payments trend)
10-2 Travel balance

10-3 Capital & financial account balance

Economic Bulletin
31
11. Prices and international commodity prices

11.1 Prices
Consumer prices continued to climb at a moderate pace in May, rising 2.5 percent year-onyear and 0.2 percent month-on-month. Prices of agricultural, livestock & fishery products as
well as those of oil products fell by a small margin. Housing rents stabilized while personal
service prices excluding dining out costs rose slightly.
Core consumer prices, which exclude oil and agricultural products, rose 1.6 percent year-onyear and 0.2 percent month-on-month. Core consumer prices based on the OECD method,
which excludes food and energy, rose 1.5 percent year-on-year and 0.3 percent month-onmonth. Consumer prices for basic necessities, a barometer of perceived consumer prices,
were up 2.2 percent compared to the same month of the previous year.
Expected inflation fell for the fourth consecutive month, while the upward trend of import
prices decelerated considerably from the previous month.
Expected inflation (%)
4.2 (Oct 2011)
4.1 (Nov)
4.0 (Dec)
4.1 (Jan 2012)
4.0 (Feb)
3.9 (Mar)
3.8 (Apr)
3.7 (May)
Import price increases (y-o-y, %, won base)

7.1 (Dec 2011)
7.9 (Jan 2012)
5.2 (Feb)
3.5 (Mar)
1.7 (Apr)
Consumer price inflation
(%)
2011
May Jun
2012
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Month-on-Month
0.0
0.2
0.5
0.7
-0.1 -0.2
Year-on-Year
3.9
4.2
4.5
4.7
3.8
Consumer prices excluding oil and agricultural

products (y-o-y)
3.2
3.5
3.6
3.5
3.3
0.1
0.4
0.5
0.4
-0.1
0.0
0.2
3.6
4.2
4.2
3.4
3.1
2.6
2.5
2.5
3.2
3.5
3.6
3.2
2.5
1.9
1.8
1.6
Consumer prices excluding food and energy (y-o-y) 2.7
2.8
2.8
2.8
2.6
2.6
2.8
2.7
2.5
2.6
1.7
1.6
1.5
Consumer prices for basic necessities (y-o-y)
4.5
4.9
5.2
3.8
3.6
4.5
4.4
3.3
2.8
2.0
2.0
2.2
4.0
The prices of agricultural and fishery products rose, while those of livestock products declined.
Prices of agricultural, livestock & fishery products in May (m-o-m, %)
Cabbages (75.9), broccoli (38.0), spring onion (21.9), clam (6.9), seaweed (4.1), pork (-0.2), chicken (-6.2),
eggs (-4.7)
Manufactured product prices rose at a faster pace than the previous month. The prices of oil
products and cosmetics fell, while those of textiles and other manufactured products rose.
Housing rents stabilized, with the upward trend decelerating from the previous month.
Personal service prices excluding dining out costs rose slightly, as private tutoring costs, air
fares and group travel costs increased.
Consumer price inflation in major sectors

Total
Month-on-Month (%)
Agricultural,
Oil
livestock & fishery Manufactured
products products
products
Public
utilities
Housing
rents
Public
services
Personal
services
0.2
-0.1
0.4
-0.3
0.1
0.3
0.0
0.2
Contribution (%p)
0.19
-0.01
0.12
-0.02
0.00
0.03
0.0
0.06
Year-on-Year (%)
2.5
7.4
3.5
7.1
3.9
4.5
0.6
0.6
Contribution (%p)
2.51
0.58
1.13
0.42
0.19
0.42
0.08
0.19
32
June 2012
11-1 Prices
Source: Statistics Korea (consumer prices, core inflation) & The Bank of Korea (producer prices)
11-2 Consumer price inflation

Source: Statistics Korea (consumer price trend)
11-3 Contribution to consumer price inflation

Source: Statistics Korea (consumer price trend)
Economic Bulletin
33
11.2. International oil and commodity prices

International oil prices fell in May to a five-month low, while domestic oil product prices
continued to decline as well.
International oil prices fell for the third consecutive month amid stabilizing oil supplies and
fears of contagion from the European financial crisis, with the monthly average price dipping
below US$110 for the first time since January 2012.
Speculative trading in US oil futures dropped considerably due to a flight to safety prompted
by uncertainties in Europe, with contracts decreasing 27.8 percent from 333,000 in February
28 to 241,000 in May 22.
OPEC crude oil production in April increased by 410,000 barrels per day to 32 million barrels
per day, marking the seventh straight monthly rise in production from the group.
(US$/barrel, period average)
2009
2010
Annual
Annual
2011
Annual
Nov
2012
Dec
Jan
Feb
Mar
Apr
May
Dubai crude
61.9
78.1
106.0
107.9
105.5
109.5
116.2
122.5
117.3
107.3
Brent crude
61.7
79.7
111.1
110.5
107.7
111.0
119.3
124.9
120.0
109.7
WTI crude
61.9
79.5
95.1
97.3
98.7
100.4
97.41
106.3
103.4
94.7
Source: Korea National Oil Corporation
Domestic oil product prices have been declining since the third week of April, as a result of
falling international oil and oil product prices. International gasoline prices are reflected in
domestic oil product prices with a time lag of one or two weeks.
(Won/liter, period average)
2009
2010
2011
Annual
Annual
Annual
Jan
Feb
Mar
2012
Apr
May
Week 4
Week 5
Gasoline prices
1,600.7
1,710.4
1,929.3
1,955.1
1,986.5
2,030.0
2,058.7
2,035.8
2,023.2
2,008.7
Diesel prices
1,397.5
1,502.8
1,745.7
1,805.1
1,828.8
1,853.6
1,865.6
1,839.6
1,827.3
1,813.8
International commodity prices fell in May due to global uncertainties.

Non-ferrous metal prices continued to fall in May due to the European financial crisis and
concerns over slowing growth in China, with copper prices dropping for the third straight month.
Prices of non-ferrous metals in May (m-o-m, %)
Copper (-11.6), nickel (-9.3), zinc (-9.3), gold (-6.3), aluminum (-5.9)
Corn prices plunged amid expectations that the crop situation will improve as a result of
expanded planting areas in the US. Soybean prices also fell due to the euro crisis and the
weak dollar.
Prices of grain in May (m-o-m, %)
Corn (-15.9), soybeans (-10.8), raw sugar (-8.3), wheat (-0.6)
Reuters index*
(Period average)
2011
2010
Annual
Annual
Nov
Dec
Jan
Feb
Mar
Apr
May
2,079
2,553
3,062
2,770
2,732
2,832
2,935
2,968
2,969
2,912
* A weighted average index of 17 major commodities

Source: KOREA PDS
34
2012
2009
Annual
June 2012
11-4 International oil prices

11-5 International oil prices (Dubai crude) and import prices

Source: Korea National Oil Corporation & Korea Customs Service
11-6 International commodity prices

Source: Bloomberg (CRB) & The Bank of Korea (Reuters index)
* CRB demonstrates futures price index of 21 commodities listed on the US Commodity Transaction Market, including beans and other crops, crude oil and jewelry.
Economic Bulletin
35
12. Real estate market

12.1 Housing market
Nationwide apartment sales prices in May remained unchanged from the previous month.
Apartment sales prices in the Seoul metropolitan area declined for the seventh consecutive
month (down 0.3%, m-o-m).
Apartment sales prices continued to rise in areas excluding the Seoul metropolitan area, in
particular Ulsan (up 0.5%, m-o-m), Gwangju (up 0.8%, m-o-m) and North Gyeongsang
Province (up 0.9%, m-o-m). Apartment prices in 5 metropolitan cities and other cities
climbed 0.3 percent each.
Nationwide apartment sales prices
2009 2010
2011
Annual Annual Annual Nov
Nationwide
2012
Dec Jan-May Jan
Feb
Mar
Apr
May May 71 May 141 May 211 May 281
1.6
2.5
9.6
0.6
0.2
0.7
0.2
0.2
0.2
0.1
0.0
0.01
0.01 -0.01 -0.02
Seoul
2.6
-2.2
-0.4
-0.2
-0.2
-1.2
-0.2
-0.1
-0.2
-0.4
-0.3
-0.06
-0.05 -0.05 -0.07
Gangnam2
3.9
-1.8
-0.6
-0.3
-0.2
-1.6
-0.2
-0.2
-0.3
-0.6
-0.3
-0.07
-0.05 -0.06 -0.07
Gangbuk
0.9
-2.7
-0.2
-0.1
-0.1
-0.9
-0.1
-0.1
-0.2
-0.3
-0.2
-0.06
-0.06 -0.04 -0.07
Seoul metropolitan area
0.7
-2.9
0.4
-0.1
-0.1
-1.1
-0.2
-0.1
-0.2
-0.4
-0.3
-0.07
-0.05 -0.07 -0.07
5 metropolitan cities
2.8
8.7
20.3
1.2
0.5
2.5
0.5
0.5
0.6
0.6
0.3
0.08
0.08
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
0.03
0.03
Source: Kookmin Bank
Nationwide apartment rental prices climbed at a slower pace in May (up 0.2%, m-o-m).
Rental prices in the Seoul metropolitan area, which had increased in the previous month,
remained unchanged in May. Prices in Seoul declined 0.1 percent and prices in Gyeonggi
Province showed no change from April.
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (-0.3), Songpa (-0.2), Yangcheon (-0.3), Nowon (-0.3)
Nationwide apartment rental prices
2009 2010
2011
Annual Annual Annual Nov
Nationwide
Seoul
Gangnam2
Gangbuk
2012
Dec Jan-May Jan
Feb
Mar
Apr
0.5
4.5
8.8
16.2
0.7
0.1
2.0
0.3
0.4
0.6
8.1
7.4
13.4
0.3
-0.2
0.3
-0.1
0.2
0.2
10.4
8.8
12.5
0.1
-0.2
0.1
0.0
0.2
0.2
May May 71 May 141 May 211 May 281
0.2
0.05
0.06
0.04
0.03
0.0
-0.1
-0.04
-0.02
-0.01
0.00
-0.1
-0.1
-0.04
-0.02
-0.01
0.01
5.4
5.6
14.6
0.5
-0.1
0.6
-0.1
0.2
0.3
0.2
0.0
-0.05
-0.03
-0.01 -0.02
Seoul metropolitan area
5.6
7.2
13.9
0.2
-0.3
0.6
-0.1
0.3
0.3
0.1
0.0
-0.02
0.00
0.00
0.01
5 metropolitan cities
3.9
12.0
18.9
1.3
0.3
3.2
0.5
0.7
0.7
0.8
0.4
0.10
0.13
0.07
0.03
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Kookmin Bank
Apartment sales transactions in April decreased 3.3 percent from the previous months
46,636 to 45,079, and were down 30.8 percent from 65,139 a year earlier.
Apartment sales transactions
(Monthly average, thousand)
2009 2010
2011
Annual Annual Mar

Nationwide
53
48
72
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
65
59
55
51
51
50
55
55
77
18
39
47
45
Source: Ministry of Land, Transport and Maritime Affairs
36
June 2012
2012
12-1 Real estate prices

Source: Kookmin Bank (national housing price trend)
12-2 Weekly apartment sales prices and monthly transaction volume

Source: Kookmin Bank (weekly APT price trend) & Korea Land Corporation (monthly land trade trend)
12-3 Apartment prices by region

Source: Kookmin Bank (national housing price trend)
Economic Bulletin
37
12.2 Land market

Nationwide land prices in April rose for the 18th consecutive month (up 0.1%, m-o-m), but
were still 0.65 percent lower than the pre-crisis peak reached in October 2008.
Land prices in Seoul (up 0.10%, m-o-m), Gyeonggi Province (up 0.12%, m-o-m) and Incheon
(up 0.0.5%, m-o-m) rose at the same pace as the previous month.
Land price increases in Seoul metropolitan area (m-o-m, %)
0.08 (Nov 2011)
0.08 (Dec)
0.07 (Jan 2012)
0.07 (Feb)
0.11 (Mar)
0.11 (Apr)
Land prices in areas excluding the Seoul metropolitan area also continued the upward trend,
rising 0.14 percent month-on-month.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.13 (Nov 2011)
0.13 (Dec)
0.12 (Jan 2012)
0.13 (Feb)
0.14 (Mar)
Land prices by region

2007
0.14 (Apr)
2008
2009
2010
Annual Annual Annual Annual
Q3
2011
2012
Q4
Annual Sep
Oct
Nov
Dec Jan-Apr Jan
Feb
Mar
Apr
Nationwide
3.88
-0.31 0.96
1.05 -0.05
0.11
1.17
0.09
0.10
0.10
0.10
1.17
0.09
0.09
0.12
0.12
Seoul
5.88
-1.00 1.40
0.53 -0.25
0.39
0.97
0.05
0.04
0.04
0.04
0.97
0.03
0.05
0.10
0.10
Gyeonggi
4.22
-0.26 1.22
1.49 -0.08
0.07
1.47
0.13
0.13
0.13
0.13
1.47
0.11
0.11
0.12
0.12
Incheon
4.86
1.37
1.43 -0.10
0.02
0.66
0.05
0.05
0.05
0.05
0.66
0.04
0.04
0.13
0.05
1.99
Source: Korea Land & Housing Corporation
Nationwide land transactions in April were 182,000 land lots, down 2.3 percent from the
previous month and 13.8 percent from 212,000 a year earlier.
Monthly land transactions decreased in Gyeonggi Province (down 4.1%, m-o-m), Daejeon
(down 32.3%, m-o-m), Gangwon Province (down 11.5%, m-o-m), and North Jeolla Province
(down 11.9%, m-o-m).
Transactions of vacant land decreased 4.4 percent year-on-year at 82,000 lots, making up
44.9 percent of the total amount of transactions.
Land sales transactions
(Land lot, thousand)
2008 2009 2010

1
Nationwide
2011
2012
Annual Annual Annual Annual Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
208 226
212
207
196
196
181
200
209
256
129
165
187
182
208
203
187
Seoul
26
22
16
18
19
18
18
15
17
16
18
17
21
12
14
15
Gyeonggi
45
46
41
43
46
43
40
40
39
39
41
42
52
24
30
37
36
Incheon
13
10
10
11
13
10
11
11
1. Monthly average
Source: Korea Land & Housing Corporation
38
June 2012
12-4 Land and consumer prices since 1970s

Source: Korea Land Corporation (land prices) & Statistics Korea (consumer prices)
12-5 Land prices by region

Source: Korea Land Corporation (land price trend)
12-6 Land trade volume

Source: Korea Land Corporation (land trade trend)
Economic Bulletin
39
13. Industrial output and composite indices of business cycle

indicators
Industrial output in April remained unchanged from the previous month but increased 0.5
percent year-on-year. Output in mining & manufacturing (up 0.9%, m-o-m) and services (up
0.2%, m-o-m) rose, while output in construction (down 5.2%, m-o-m) and public
administration (down 1.0%, m-o-m) fell.
The cyclical indicator of the coincident composite index fell 0.2 points in April.
Three components of the coincident composite index, such as service activity, increased
while four others, including domestic shipment, declined.
Components of the coincident composite index in April (m-o-m)
Service activity (0.3%), wholesale & retail sales (0.2%), number of non-farm payroll employment (0.2%),
mining & manufacturing production (-0.5%), value of construction completion (-0.5%), value of imports
(-0.5%), domestic shipment (-0.6%)
The cyclical indicator of the leading composite index remained unchanged from the
previous month.
Three components of the leading composite index, including the consumer expectations
index, increased compared to the previous month while five components, such as the value
of construction orders received, were lower. The spreads between long & short term interest
rates stayed unchanged.
Components of the leading composite index in April (m-o-m)
Consumer expectations index (2.9p), KOSPI (1.8%), indicator of inventory cycle (0.9%p), spreads between
long & short term interest rates (0.0%p), ratio of job openings to job seekers (-0.2%p), ratio of export to
import prices (-0.3%), international commodity prices (-1.2%), domestic shipment of machinery (-2.7%),
value of construction orders received (-8.6%)
2011
Industrial output (m-o-m, %)
2012
Sep
Oct
Nov
Dec
Jan
Feb
Mar1
Apr1
0.1
-0.1
-0.3
0.1
1.0
1.3
-1.1
0.0
(y-o-y, %)
5.3
4.3
3.7
1.6
-1.0
8.7
0.4
0.5
Coincident composite index (m-o-m, %)
0.0
0.3
0.0
0.4
0.1
0.8
0.1
0.3
100.4
100.3
99.8
99.8
99.6
100.0
99.6
99.4
-0.5
-0.1
-0.5
0.0
-0.2
0.4
-0.4
-0.2
Cyclical indicator of coincident composite index

(m-o-m, p)
Leading composite index (m-o-m, %)
0.0
0.1
0.2
0.4
0.7
1.0
0.4
0.4
Cyclical indicator of leading composite index
99.4
99.2
99.0
99.0
99.2
99.8
99.8
99.8
(m-o-m, p)
-0.4
-0.2
-0.2
0.0
0.2
0.6
-0.1
0.0
1. Preliminary
40
June 2012
13-1 Cyclical indicator of coincident composite index

13-2 Leading composite index

13-3 Coincident and leading composite indices

Economic Bulletin
41
Policy Issues
Governments Efforts to Root Out Predatory Lending
Background
With financial institutions more carefully managing risks related to household loans,
financially vulnerable groups with bad credit history have found it more difficult to borrow
from banks and other mainstream financial institutions. Furthermore, savings banks, which
have been the main lenders for low and middle income classes, have become increasingly
reluctant to provide loans to those without appropriate collateral.
Those who do not have the means to borrow from financial institutions are forced to depend
on private lenders despite their high interest rates: 2,470,000 people borrowed about 8.6
trillion won from licensed private lenders alone. It is estimated that there are a large number
of financially vulnerable citizens turning to illegal lenders. The borrowing cost of illegal loans
is extremely expensive, with interest payment often deducted from the loan in the beginning.
The users of such predatory lenders are gradually put under the enormous pressure of paying
augmented interest in addition to repaying principles, and when they fail to make payments
in time, they usually suffer from harrying behavior of illegal financial predators.
However, despite continual harassment by predatory lenders in the case of payment
delinquency, the users of the lenders are reluctant to report to the authorities not only for
fear of retaliation but also because the private lenders are the only sources they can access
when in need of cash, as it is hard to borrow from financial institutions. Even those around
the victims of these predatory lenders advise them not to report, over the concern that they
may lose an easy access to cash. This has made it extremely difficult for the government to
impose adequate control on illegal lending.
42
June 2012
Crackdown on predatory lending

Although the Financial Supervisory Service has operated a reporting center for predatory
lending, efforts to curb illegal practices related to predatory lending has not been
satisfactory and the victims have not been supported properly due to the lack of expertise
and manpower. To prepare for full-scale crackdown by government authority on illegal
lending, the government has lowered the ceiling of legal interest rates for private lending,
while encouraging private lenders that have not already acquired a license to get one. In
addition, the government has prepared financial support for the users of illegal lending. As
the two measures, which are prerequisites to extensive crackdown, have been implemented
as planned, the government has declared full-scale control on illegal lending practices.
Governments efforts to save the financially vulnerable

The government has secured 3 trillion won as micro-credit financing to protect borrowers from
illegal lending. The governments financial support for the financially vulnerable includes loantransferring from high interest rate loans to low interest rate ones, lending living expenses to
those with a credit score lower than level 6, loaning capital to small self-employed
businesses and operating a committee to prevent heavy debtors from becoming credit
defaulters. Those who report illegal lending practices will be eligible for those government
programs, and may receive consultation to choose which program is best for them.
Legal assistance will also be available on request from the victims of illegal lending. As the
amount of interest exceeding the maximum interest rate stipulated by law, which is 39
percent per annum and 30 percent for unlicensed lenders, is legally invalid, the victims of
illegal lending practices are not obliged to pay the excessive amount. If they have already
paid, it can be offset against principles or future interest, or requested to be paid back if
there is nothing left to be balanced. Help will be available regarding the legal processes for
recollecting the exceed, with 181 experts including 86 lawyers assigned to the special legal
consulting program.
The government will more strictly deal with illegal lending practices as it will collect
excessive profits, impose a three year ban on illegal debt collection agencies, and increase
crackdown on illegal lenders by reinforcing police and judicial power related to investigating
the cases.
* This article was originally written by Young Jick Lee, Director of Financial Policy Divison at the Prime Ministers
Office, and translated into English by Ministry of Strategy and Finance.
Economic Bulletin
43
Economic
News Briefing
Korea grows 0.9% in Q1 (Preliminary)

Koreas real gross domestic product (GDP) expanded by 0.9 percent in the first quarter of
2012 compared to the previous quarter. It grew 2.8 percent from a year earlier.
On the production side, the manufacturing sector expanded by 2.0 percent while
construction fell 1.7 percent due to sluggish residential building construction and civil
engineering. Services grew by 1.1 percent, helped by information & communication,
education services, and health & social works.
On the expenditure side, private consumption grew by 1.0 percent led by increased
expenditures on durable goods. Facility investment rose by 10.3 percent while construction
investment fell by 1.2 percent. Exports of goods rose by 4.0 percent while imports of goods
grew by 4.0 percent.
Real gross national income (GNI) expanded by 0.2 percent, decelerating from the previous
quarter, as losses from trade in real terms expanded and offset the increase in real net factor
income from abroad.
44
June 2012
<GDP by production and expenditure*>

20111
2010
20121
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
1.4(7.6)
0.7(4.5)
0.6(4.9)
1.3(4.2)
0.8(3.5)
0.8(3.6)
0.3(3.3)
0.9(2.8)
-2.1
-2.1
-2.9
0.5
-3.0
4.5
-5.2
8.2
-5.6
Manufacturing
4.2
3.7
2.1
0.5
3.3
1.2
1.1
-0.3
2.0
Construction
0.5
-0.7
-1.8
-2.6
-4.3
1.8
2.8
-0.2
-1.7
Services
1.7
0.3
0.4
1.0
1.0
0.3
0.4
0.7
1.1
Private consumption
0.7
0.7
1.2
0.4
0.6
0.8
0.2
-0.4
1.0
Government consumption
3.0
0.3
-0.2
0.5
0.7
0.8
1.2
-0.8
3.4
Facility investment
4.4
7.3
4.6
-0.2
-1.6
4.7
-1.8
-4.3
10.3
1.0
-4.0
-0.9
-1.9
-4.4
3.5
-0.5
0.1
-1.2
Exports of goods
3.2
7.3
2.6
3.2
4.1
0.4
2.1
-2.7
4.2
Imports of goods
5.3
6.2
3.4
0.4
3.2
2.7
1.4
-3.6
4.0
Real gross national income (GNI)
1.6
1.4
0.1
0.0
0.0
0.7
0.6
1.0
0.2
Q1
2.2(8.7)
GDP
Agriculture, forestry and fishery
*Based on 2005 chained prices in seasonally adjusted terms

1. Preliminary
2. The number in the parenthesis represents percentage change from the same period of the previous year.
National financial settlement report for 2011

The Korean government has submitted the FY 2011 national financial settlement report to
the National Assembly on May 31, 2012. For the first time, the accrual-basis financial
statements were added to the latest national settlement report, enabling the management
of national assets and liabilities more comprehensively and systemically. Total revenues
were 270.5 trillion won, which were 9.3 trillion won more than the previous year and 6.4
trillion more than the planned amount. Total expenditures amounted to 258.9 trillion won,
up 10.3 trillion won year-on-year.
The consolidated fiscal account excluding social security funds was a deficit of 13.5 trillion
won, 1.1 percent of GDP while the consolidated fiscal account including social security funds
was a surplus of 18.6 trillion won, 1.5 percent of GDP. Meanwhile, the central governments
debt hit 402.8 trillion won, 32.6 percent of GDP while the debt including that of local
governments reached 420.7 trillion won.
Economic Bulletin
45
Korea will grow 3.3 percent in 2012, OECD says

The Korean economy will expand 3.3 percent this year, the Organization for Economic
Cooperation and Development (OECD) said in its semi-annual economic outlook report
released on May 22. The latest forecast is down from the 3.5 percent that was predicted in April
2012. The Paris-based organization cited external and domestic risks including the eurozone
crisis and rising household debt as a reason for downgrading Koreas growth prospect.
The OECD assessed that the Korean economy is rebounding from a slowdown in late 2011,
led by a recovery in exports as world trade gains momentum. Trade will also be stimulated
by the implementation of the Korea-US Free Trade Agreement beginning in 2012. Stronger
exports will in turn boost fixed investment and support private consumption, helping to
achieve output growth of 4 percent in 2013.
Korea ranked at 22nd in the IMDs World Competitiveness Report

According to the 2012 edition of the World Competitiveness Yearbook by International
Institute for Management Development (IMD), Koreas global competitiveness held steady
to rank 22nd among 59 countries. Korea was ranked 29th in 2007, 31st in 2008, 27th in 2009,
23rd in 2010, and 22nd in 2011. In this years report, Hong Kong topped the ranking, followed
by the US and Singapore. Korea ranked highest in long term unemployment rate (1st),
working hours (2nd), and secondary school enrollment (2nd). Meanwhile, immigration laws
(58th), corporate boards (56th), and direct investment abroad (55th) are areas Korea needs
improvement.
Overseas direct investment rises 18.7% in Q1

Koreas overseas direct investment (planned) in the first quarter of 2012 rose 18.7 percent
from a year earlier to US$10.98 billion, the Ministry of Strategy and Finance (MOSF)
announced on May 16. Investments in manufacturing (up 61.1%), finance & insurance (up
709.2%) and real estate & renting (up 356.9%) surged, offsetting declining investments in
the mining sector (down 38.4%).
Investments in Oceania declined, while those in Asia and Latin America increased. Koreas
top five destinations for overseas investment in the first quarter were the US (US$1.68
billion, down 15.3%), Australia (US$1.62 billion, down 55.9%), China (US$1.48 billion, up
46
June 2012
166.3%), the Philippines (US$0.86 billion, up 1,408.2%), and the Netherlands (US$0.73
billion, up 1,921.4%).
Despite the uncertainties stemming from the global financial crisis and high oil prices,
Koreas overseas direct investment for 2012 is forecast to retain an upward trend, backed by
the steady recovery of the global economy and continued investment in offshore resources
development projects.
Industries to spend 2 trillion won to reduce emissions

Koreas companies are planning to invest 2 trillion won this year in facilities that would help
reduce greenhouse gas emissions, taking part in efforts to achieve the nations carbon
reduction goals. 1.4 trillion won will be spent on building energy efficient facilities, 300
billion won on alternative energy facilities, and 140 billion won on waste heat recovery
systems. At a May 24 seminar chaired by the Ministry of Knowledge Economy (MKE) and
attended by representatives of major Korean companies and industry groups, the Ministry
promised prompt measures to encourage companies to make the necessary investments for
cutting emissions. The proposed measures include expanding tax incentives and financial
aid, as well as training experts in green management.
Government unveils plan to reduce oil consumption

In order to mitigate the effects of high oil prices on the Korean economy, the government
announced on May 23 various measures to reduce oil consumption. In the area of
transportation, the government will unveil stricter fuel efficiency and emissions standards
for cars, extend tax breaks for hybrid cars, and encourage the use of public transportation.
Meanwhile, in order to reduce oil consumption in the manufacturing industry, the
government will invest in energy saving initiatives and urge companies to switch to
alternative energy sources. Through these measures, the government aims to cut oil
consumption by 26 million barrels by 2015, thus reducing the share of oil in national energy
consumption from 40 percent in 2010 to 33 percent in 2015.
Economic Bulletin
47
Statistical
Appendices
Tables & Figures
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
(year-on-year change, %, chained 2005 year prices)
Real GDP
Period
2004
2005
2006
2007
2008
2009
2010
2011P
Gross fixed capital formation
Final
consumption
expenditure
Agri., fores.
& fisheries
Manufacturing
4.6
4.0
5.2
5.1
2.3
0.3
6.3
3.6
9.1
1.3
1.5
4.0
5.6
3.2
-4.4
-2.0
10.0
6.2
8.1
7.2
2.8
-1.5
14.7
7.2
1.0
4.6
5.1
5.1
2.0
1.2
4.1
2.2
Construction
Facilities
2.1
1.9
3.4
4.2
-1.9
-1.0
5.8
-1.1
1.3
-0.4
0.5
1.4
-2.8
3.4
-3.7
-5.0
3.8
5.3
8.2
9.3
-1.0
-9.8
25.7
3.7
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
2010
I
II
III
IV
8.7
7.6
4.5
4.9
-0.1
-2.2
-7.8
-5.9
22.4
17.6
9.5
11.0
6.1
3.6
3.5
3.0
11.2
5.8
5.6
2.3
1.8
-4.7
-4.9
-5.2
29.6
32.0
26.3
16.9
2011P
I
II
III
IV
4.2
3.5
3.6
3.3
-7.9
-1.9
-4.1
3.7
10.0
7.5
6.3
5.4
2.6
2.7
2.3
1.3
-2.1
0.7
-1.5
-1.8
-11.0
-4.2
-4.0
-2.1
10.3
7.7
1.2
-3.3
2012P
2.8
0.7
4.1
2.2
4.6
1.5
8.6
P: Preliminary
50
June 2012
Growth rate by economic activity
Growth rate by expenditure on GDP
Economic Bulletin
51
2. Production, shipment and inventory See graphs 6-1, 6-3, 7-1, 7-2 & 7-3
(constant prices, 2005 = 100)
Production
index
Period
2010
2011
Y-o-Y
change (%)
Shipment
index
Y-o-Y
change (%)
Inventory
index
Y-o-Y
change (%)
Service
production
index
Y-o-Y
change (%)
139.1
148.8
16.2
6.9
133.5
142.1
14.4
6.5
135.6
163.6
17.4
20.7
122.9
127.0
3.9
3.3
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
IV
143.6
151.2
146.1
154.0
10.6
7.2
5.1
5.0
138.7
144.8
139.3
146.4
11.9
7.2
5.0
3.3
137.4
142.7
149.0
163.6
10.3
10.0
10.7
20.7
123.1
126.8
127.1
130.8
2.8
3.2
4.5
2.7
149.1
3.8
142.5
3.0
159.1
16.0
126.2
2.5
2012
IP
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
2011
1
2
3
4
5
6
7
8
9
10
11
12
146.9
129.8
154.0
149.7
151.5
152.3
148.7
142.9
146.8
154.6
153.7
153.7
13.6
9.0
9.1
6.9
8.2
6.6
3.9
4.7
6.9
6.4
5.8
2.8
141.4
125.2
149.6
144.6
144.4
145.4
135.9
136.5
141.3
147.0
145.8
147.0
14.9
10.2
10.7
7.3
8.2
5.9
3.1
4.2
7.5
4.4
3.1
2.4
135.4
137.1
137.4
137.3
140.2
142.7
147.2
150.4
149.1
153.1
157.4
163.6
13.0
11.2
10.3
8.7
7.9
10.0
9.8
11.8
10.8
14.7
18.5
20.7
124.1
116.9
128.2
125.2
127.4
128.4
127.0
126.8
126.2
127.4
127.2
137.1
4.7
0.2
3.1
3.0
3.3
3.5
3.8
4.9
3.8
3.4
2.7
1.6
143.7
148.4
155.3
149.6
-2.1
14.4
0.7
0.0
137.2
141.7
148.6
142.7
-2.6
13.5
-0.4
-1.0
164.0
164.0
159.1
158.7
21.4
20.0
16.0
16.3
124.7
123.6
130.3
126.7
0.6
5.6
1.6
1.0
2012
1
2
3P
4P
P: Preliminary
52
June 2012
3. Production capacity and operation ratio See graph 6-2
Period
Y-o-Y
change (%)
Operation
ratio index
(2005=100)
Y-o-Y
change (%)
Average
operation
ratio (%)
128.7
135.7
7.9
5.4
101.7
100.5
8.4
-1.2
80.9
79.9
Production
capacity index
(2005=100)
2010
2011
2010
I
II
III
IV
124.9
127.3
130.4
132.1
6.8
7.9
8.6
8.1
97.1
105.3
99.3
105.0
18.8
10.5
1.5
4.7
80.3
81.9
80.6
80.8
2011
I
II
III
IV
133.7
135.2
136.0
138.1
7.0
6.2
4.3
4.5
99.0
103.7
98.0
101.4
2.0
-1.5
-1.3
-3.4
82.2
79.9
79.6
78.0
138.3
3.4
97.6
-1.4
79.9
2010 1
2
3
4
5
6
7
8
9
10
11
12
124.2
124.5
125.9
126.3
127.4
128.3
129.5
130.6
131.1
131.6
131.9
132.9
6.2
6.5
7.5
7.3
8.2
8.3
8.5
9.0
8.3
8.2
8.2
8.0
96.9
88.1
106.4
105.8
103.5
106.7
104.9
96.1
96.8
106.1
104.8
104.2
31.5
10.4
16.2
12.4
10.9
8.4
6.2
5.6
-6.6
7.1
4.3
3.0
79.2
80.5
81.2
81.7
81.7
82.2
81.7
80.4
79.7
79.5
80.5
82.3
2011 1
2
3
4
5
6
7
8
9
10
11
12
133.1
133.4
134.5
135.0
135.2
135.4
135.7
135.8
136.6
137.8
138.2
138.2
7.2
7.1
6.8
6.9
6.1
5.5
4.8
4.0
4.2
4.7
4.8
4.0
101.6
88.5
106.8
103.0
103.1
104.9
101.0
95.3
97.6
102.9
101.9
99.5
4.9
0.5
0.4
-2.6
-0.4
-1.7
-3.7
-0.8
0.8
-3.0
-2.8
-4.5
83.6
81.8
81.3
79.4
79.9
80.5
79.9
79.8
79.0
78.8
78.4
76.9
2012 1
2
3P
4P
138.2
138.3
138.5
138.5
3.8
3.7
3.0
2.6
92.6
97.6
102.6
98.9
-8.9
10.3
-3.9
-4.0
80.5
81.0
78.1
79.3
2012
IP
P: Preliminary
Economic Bulletin
53
4. Consumer goods sales index See graphs 2-2, 2-3, 2-4 & 2-5
(constant prices, 2005 = 100)
Consumer
goods
sales
index
Period
2010
2011
Y-o-Y
change (%)
Durable
goods
Y-o-Y
change (%)
Semi-durable
goods
Y-o-Y
change (%)
Non-durable
goods
Y-o-Y
change (%)
121.2
126.4
6.7
4.3
157.1
174.0
14.8
10.8
113.5
118.3
6.8
4.2
113.8
115.0
2.2
1.1
2010
I
II
III
IV
116.6
118.8
120.4
128.8
9.5
4.8
7.6
5.2
148.7
149.9
158.5
171.5
29.6
5.6
17.0
10.6
105.9
114.6
100.4
133.3
2.7
6.4
6.5
10.9
110.8
112.9
118.0
113.4
2.9
3.4
3.2
-0.4
2011
I
II
III
IV
122.9
125.6
126.0
131.2
5.4
5.7
4.7
1.9
167.3
175.9
175.6
177.3
12.5
17.3
10.8
3.4
112.0
120.3
104.5
136.5
5.8
5.0
4.1
2.4
112.4
112.2
120.1
115.3
1.4
-0.6
1.8
1.7
125.3
2.0
173.3
3.6
112.8
0.7
115.0
2.3
2012
IP
2010
1
2
3
4
5
6
7
8
9
10
11
12
115.5
113.9
120.3
116.5
121.2
118.8
120.8
116.6
123.9
125.8
127.8
132.9
6.5
12.5
9.7
7.3
3.6
3.7
9.0
9.3
4.8
4.3
6.9
4.6
145.5
141.4
159.2
144.5
147.1
158.0
163.9
154.4
157.1
165.3
171.9
177.3
39.8
21.9
28.4
16.6
2.2
0.0
18.6
26.0
7.7
14.2
12.0
6.1
108.4
99.7
109.6
113.6
120.9
109.2
103.4
90.1
107.6
129.8
133.0
137.0
4.6
2.7
1.0
3.9
6.7
8.8
8.4
4.2
6.4
11.8
9.2
11.7
108.2
111.7
112.6
110.5
116.0
112.1
115.4
116.3
122.3
111.7
111.9
116.7
-5.7
12.6
3.1
3.5
2.6
4.2
4.2
3.0
2.5
-4.2
2.5
0.6
2011
1
2
3
4
5
6
7
8
9
10
11
12
128.2
113.5
126.9
122.6
128.6
125.7
127.5
123.1
127.5
128.8
129.3
135.6
11.0
-0.4
5.5
5.2
6.1
5.8
5.5
5.6
2.9
2.4
1.2
2.0
164.9
153.7
183.2
167.0
175.8
184.9
185.5
173.3
167.9
169.8
183.0
179.0
13.3
8.7
15.1
15.6
19.5
17.0
13.2
12.2
6.9
2.7
6.5
1.0
120.1
101.7
114.1
120.9
126.4
113.7
107.5
93.4
112.6
134.7
130.2
144.6
10.8
2.0
4.1
6.4
4.5
4.1
4.0
3.7
4.6
3.8
-2.1
5.5
119.2
104.6
113.3
109.0
115.9
111.7
117.7
119.5
123.1
114.8
112.2
119.0
10.2
-6.4
0.6
-1.4
-0.1
-0.4
2.0
2.8
0.7
2.8
0.3
2.0
129.2
119.6
127.0
123.1
0.8
5.4
0.1
0.4
168.0
170.8
181.1
169.2
1.9
11.1
-1.1
1.3
119.4
104.2
114.9
119.2
-0.6
2.5
0.7
-1.4
121.9
108.4
114.7
110.4
2.3
3.6
1.2
1.3
2012
1
2
3P
4P
P: Preliminary
54
June 2012
5. Consumer goods shipment index and consumer sentiment index

See graph 2-6
Domestic consumer
goods shipment index
(2005=100)
Y-o-Y
change (%)
Period
2010
2011
Durable
goods
Y-o-Y
change (%)
Non-durable
goods
Y-o-Y
change (%)
Consumer
sentiment index
122.4
121.1
5.2
-1.1
140.5
135.4
4.0
-3.6
115.2
115.3
5.8
0.1
2010
I
II
III
IV
118.9
120.2
122.6
128.1
10.4
4.7
2.3
3.9
137.3
140.2
140.3
144.1
21.1
0.2
0.6
-2.5
111.4
112.2
115.5
121.7
5.8
7.2
3.1
7.3
2011
I
II
III
IV
121.3
117.9
121.7
123.3
2.0
-1.9
-0.7
-3.7
135.5
135.2
137.1
133.9
-1.3
-3.6
-2.3
-7.1
115.6
111.0
115.5
119.1
3.8
-1.1
0.0
-2.1
119.9
-1.2
135.4
0.1
113.6
-1.7
2010 1
2
3
4
5
6
7
8
9
10
11
12
124.2
110.7
121.7
120.8
117.6
122.2
122.4
121.3
124.1
129.7
128.7
125.9
15.4
6.6
9.0
7.3
3.6
3.2
2.9
9.4
-4.3
6.6
8.6
-2.9
136.5
130.2
145.1
136.0
136.2
148.4
146.7
134.7
139.6
146.7
145.8
139.9
37.9
12.7
15.4
12.8
-3.2
-6.3
0.3
7.1
-4.4
5.2
-0.6
-10.9
119.2
102.8
112.3
114.8
110.2
111.7
112.7
116.0
117.9
122.9
121.9
120.2
7.4
3.8
5.9
5.0
7.4
9.2
4.4
10.6
-4.2
7.3
13.7
1.3
113
111
110
110
111
112
112
110
109
108
110
109
2011 1
2
3
4
5
6
7
8
9
10
11
12
130.2
106.3
127.3
118.8
115.8
119.2
120.2
122.2
122.6
124.3
121.5
124.2
4.8
-4.0
4.6
-1.7
-1.5
-2.5
-1.8
0.7
-1.2
-4.2
-5.6
-1.4
134.0
126.1
146.5
133.7
132.0
139.9
142.5
132.9
136.0
132.5
131.4
137.8
-1.8
-3.1
1.0
-1.7
-3.1
-5.7
-2.9
-1.3
-2.6
-9.7
-9.9
-1.5
128.7
98.4
119.6
112.8
109.3
110.9
111.3
117.9
117.3
121.0
117.5
118.7
8.0
-4.3
6.5
-1.7
-0.8
-0.7
-1.2
1.6
-0.5
-1.5
-3.6
-1.2
108
105
98
100
104
102
102
99
99
100
103
99
2012 1
2
3P
4P
5
120.4
117.4
122.0
119.9
-
-7.5
10.4
-4.2
0.9
-
128.2
136.8
141.5
129.5
-
-4.3
8.5
-3.4
-3.1
-
117.2
109.6
114.1
116.0
-
-8.9
11.4
-4.6
2.8
-
98
100
101
104
105
2012
IP
Source: Statistics Korea & The Bank of Korea
Economic Bulletin
55
6. Machinery orders received, domestic machinery shipment

and estimated facility investment index See graph 3-2
Domestic machinery orders received
excluding ship (billion won, constant prices)
Period
Estimated
facility investment
index
(2005=100)
Domestic
machinery
shipment
excluding ship
(2005=100)
Total
Public
Private
25,240
2,599
22,641
13,848
133.1
134.2
6,445
6,676
5,703
6,416
470
728
404
998
5,975
5,948
5,300
5,418
3,695
3,677
3,109
3,367
126.7
144.5
133.3
127.9
127.8
147.3
128.4
133.2
6,292
960
5,332
2,982
138.6
130.5
2011 1
2
3
4
5
6
7
8
9
10
11
12
2,009
2,045
2,391
1,951
2,113
2,611
1,990
1,800
1,913
1,977
2,317
2,122
115
122
233
99
142
487
152
115
137
301
474
223
1,894
1,923
2,158
1,853
1,971
2,124
1,838
1,685
1,776
1,676
1,843
1,899
1,109
1,146
1,441
1,155
1,186
1,336
1,027
1,006
1,076
966
1,124
1,277
123.3
112.4
144.5
134.4
146.8
152.3
133.7
135.0
131.3
114.8
129.3
139.3
121.5
118.3
143.7
137.5
149.4
154.9
135.2
124.1
125.8
122.5
127.3
149.8
2012 1
2
3P
4P
2,012
2,490
1,790
1,815
115
712
133
98
1,897
1,778
1,657
1,718
1,131
1,013
838
938
129.3
139.8
146.6
141.1
119.7
132.5
139.2
133.3
2011
2011
2012
I
ll
III
IV
IP
Manufacturing
Y-o-Y change (%)

2011
11.0
11.2
11.0
12.8
0.7
1.4
19.5
10.0
3.4
11.5
-10.5
81.1
6.1
-3.1
22.7
4.9
3.2
14.7
26.8
3.1
3.1
21.0
5.4
5.7
-3.1
-4.7
9.2
3.6
-2.9
-3.7
-2.4
104.5
-10.8
-19.3
9.4
2.1
2011 1
2
3
4
5
6
7
8
9
10
11
12
15.6
28.0
16.2
9.0
-0.8
21.4
-1.7
6.8
6.1
18.0
33.9
-9.6
-32.1
14.0
-6.3
-22.3
23.4
205.2
44.9
8.0
-19.1
197.7
333.3
-72.8
20.7
29.0
19.3
11.4
-2.2
6.7
-4.3
6.7
8.8
6.4
13.7
24.3
9.8
29.8
40.9
9.4
-10.8
13.1
-3.9
12.0
2.5
0.0
13.6
54.4
19.4
-0.2
-0.2
2.2
11.7
3.5
-3.0
-2.9
-3.2
-10.9
-2.8
-1.0
11.5
14.1
4.0
0.2
8.5
2.2
-0.2
-3.5
-5.3
-4.7
-4.5
-2.0
2012 1
2
3P
4P
0.1
21.8
-25.1
-7.0
0.2
485.1
-43.0
-1.2
0.1
-7.5
-23.2
-7.3
2.0
-11.6
-41.8
-18.8
4.9
24.4
1.5
5.0
-1.5
12.0
-3.1
-3.1
2011
2012
I
ll
III
IV
IP
P: Preliminary
56
June 2012
7. Value of construction completion and domestic construction

orders received See graphs 4-2 & 4-3
(current prices, billion won)
Period
2012
2011
2012
Private
Public
Private
35,508
51,273
93,428
28,459
60,333
19,088
23,904
21,499
27,146
7,325
9,324
7,841
11,017
10,852
13,182
12,533
14,706
16,276
25,101
19,638
32,413
4,095
6,307
6,593
11,463
11,102
17,509
12,245
19,477
19,195
7,496
10,778
22,232
5,640
15,959
6,208
5,247
7,633
7,053
7,430
9,422
6,786
6,901
7,813
8,022
7,945
11,179
2,480
2,015
2,831
2,724
2,817
3,783
2,432
2,513
2,896
2,963
3,250
4,804
3,475
2,991
4,386
3,978
4,222
4,982
4,046
4,056
4,431
4,678
4,300
5,729
4,927
4,088
7,262
6,670
6,984
11,448
5,098
7,300
7,240
7,111
8,745
16,556
1,330
1,397
1,369
1,432
1,895
2,979
1,819
1,504
3,270
2,295
2,948
6,220
2,904
2,546
5,651
4,609
4,598
8,303
3,103
5,509
3,633
4,630
5,668
9,179
5,901
5,978
7,316
6,756
2,227
2,364
2,905
2,603
3,382
3,363
4,034
3,853
7,033
8,193
7,006
6,374
1,973
2,175
1,491
1,438
4,920
5,912
5,127
4,483
91,638
I
ll
llI
lV
IP
1
2
3
4
5
6
7
8
9
10
11
12
1
2
3P
4P
Type of order
Domestic
construction
orders received
(total)
Public
2011
2011
Type of order
Value of
construction
completion
(total)
Y-o-Y change (%)

2011
2011
2012
2011
2012
I
ll
llI
lV
IP
1
2
3
4
5
6
7
8
9
10
11
12
1
2
3P
4P
-0.7
1.0
-2.9
4.0
-2.5
9.5
-6.2
-0.7
-2.4
5.1
-2.1
2.2
0.5
2.5
-9.4
-5.4
-4.7
6.9
-11.8
-1.7
1.5
22.4
-49.2
-8.4
-3.1
54.2
20.2
3.8
6.7
11.3
0.6
2.3
-0.7
36.6
37.7
43.7
-4.5
-14.7
-0.8
-4.0
-4.0
4.7
-8.9
-3.4
5.3
8.8
-0.9
7.1
9.5
-12.6
-2.7
3.8
-0.8
3.3
-9.7
2.2
9.2
3.9
-0.1
3.4
-12.5
-17.2
-0.2
-10.7
-6.9
0.7
-8.3
-7.1
1.3
12.4
-2.3
10.4
-31.9
-16.0
14.2
0.1
-21.0
14.1
-32.8
72.8
-3.9
61.4
14.1
15.0
-46.6
-36.2
-59.6
-21.0
12.7
-12.2
-53.1
12.5
105.4
94.1
44.7
47.6
-33.3
10.7
119.0
3.0
-31.8
46.9
-8.4
101.8
-32.2
52.0
7.1
0.1
-5.0
13.9
-4.1
-4.2
-10.2
17.3
2.6
-4.4
-2.7
12.4
-8.0
-3.1
42.8
100.4
-3.5
-4.4
48.4
55.7
9.0
0.4
69.4
132.2
-9.3
-2.7
P: Preliminary
Economic Bulletin
57
8. Composite indices of business cycle indicators and BSI

See graphs 13-1, 13-2 & 13-3
Period
Leading
index
(2005=100)
Coincident
index
(2005=100)
Cycle of
coincident
index
(2005=100)
BSI (results)
BSI (prospects)
2008 1
2
3
4
5
6
7
8
9
10
11
12
115.8
115.3
114.7
114.4
113.9
113.0
112.3
112.8
113.7
114.4
114.5
114.9
119.9
120.4
120.7
120.8
120.8
120.4
120.3
120.6
121.1
121.1
120.1
118.1
103.1
103.0
102.9
102.6
102.1
101.4
100.9
100.7
100.7
100.3
99.1
97.1
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
115.5
116.6
117.4
119.7
121.5
123.7
124.6
125.6
126.7
128.5
130.1
131.0
116.7
116.7
117.7
119.2
120.0
122.0
123.0
123.8
124.7
125.8
126.8
127.5
95.6
95.2
95.6
96.4
96.7
97.7
98.3
98.5
98.8
99.2
99.6
99.7
58.1
62.4
89.0
93.7
100.9
96.6
98.5
96.0
110.5
107.5
103.8
104.8
52.0
66.0
76.1
86.7
103.8
100.2
98.7
99.8
117.0
116.5
109.0
105.9
2010 1
2
3
4
5
6
7
8
9
10
11
12
131.5
131.5
131.5
131.2
131.6
132.1
132.9
133.2
133.5
133.0
133.3
133.5
128.2
129.4
130.2
131.1
131.8
132.4
133.3
133.6
133.6
133.5
134.0
135.0
99.8
100.3
100.5
100.7
100.8
100.9
101.1
100.9
100.5
99.9
99.9
100.2
99.2
98.7
113.1
108.9
111.9
109.4
105.0
98.6
104.1
104.3
103.5
102.1
103.1
102.3
116.2
111.2
113.4
108.9
107.3
100.7
111.1
113.1
107.1
104.2
2011 1
2
3
4
5
6
7
8
9
10
11
12
134.6
134.8
134.7
134.3
134.8
135.7
136.4
136.6
136.6
136.8
137.1
137.7
136.7
137.1
137.6
137.5
138.2
139.1
140.0
140.7
140.7
141.1
141.1
141.7
101.1
100.9
100.8
100.3
100.4
100.6
100.8
100.9
100.4
100.3
99.8
99.8
99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
93.0
90.1
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
94.8
2012 1
2
3
4
5
6
138.7
140.1
140.7
141.2
-
141.9
143.1
143.2
143.6
-
99.6
100.0
99.6
99.4
-
88.6
92.2
101.4
97.5
95.7
-
88.3
91.0
106.1
98.4
104.7
98.3
Source: Statistics Korea & The Federation of Korean Industries
58
June 2012
9. Balance of payments (I) See graphs 5-1, 5-2, 5-3, 10-1 & 10-2
(million US$)
Current
balance
Period
2010
2011
Goods
trade
balance
Exports
29,393.5
26,505.3
40,082.5
30,950.3
Imports
Services
trade
balance
Income
trade
balance
Current
transfers
461,444.9
552,564.3
421,362.4
521,614.0
-8,626.0
-4,377.4
1,015.9
2,455.8
-3,078.9
-2,523.4
2010
I
II
III
IV
67.8
10,734.7
10,121.7
8,469.3
4,296.2
12,307.0
11,566.2
11,913.1
100,951.1
117,120.4
116,756.4
126,617.0
96,654.9
104,813.4
105,190.2
114,703.9
-4,067.7
-200.0
-1,787.5
-2,570.8
595.6
-901.4
1,289.2
32.5
-756.3
-470.9
-946.2
-905.5
2011
I
II
III
IV
2,610.3
5,492.2
6,896.0
11,506.8
5,842.7
7,661.0
7,197.7
10,248.9
127,691.2
142,722.8
141,393.5
140,756.8
121,848.5
135,061.8
134,195.8
130,507.9
-2,538.0
-796.0
-1,198.2
154.8
387.9
-824.8
1,314.9
1,577.8
-1,082.3
-548.0
-418.5
-474.7
2,559.9
2,612.4
134,627.6
132,015.2
-648.4
1,487.6
-891.7
2012
IP
2010
1
2
3
4
5
6
7
8
9
10
11
12
-599.5
-549.2
1,216.5
724.5
4,923.1
5,087.1
4,779.0
1,668.5
3,674.2
5,489.1
2,024.4
955.8
891.0
633.2
2,772.0
3,333.9
3,625.4
5,347.7
4,934.9
2,224.0
4,407.3
5,403.2
3,241.2
3,268.7
31,782.7
31,111.0
38,057.4
38,740.1
38,083.5
40,296.8
40,473.4
37,186.1
39,096.9
42,008.4
41,822.0
42,786.6
30,891.7
30,477.8
35,285.4
35,406.2
34,458.1
34,949.1
35,538.5
34,962.1
34,689.6
36,605.2
38,580.8
39,517.9
-1,596.2
-1,495.3
-976.2
-561.5
932.8
-571.3
-219.6
-630.1
-937.8
-352.6
-201.2
-2,017.0
456.5
549.9
-410.8
-1,514.5
390.0
223.1
359.9
540.2
389.1
654.2
-775.6
153.9
-350.8
-237.0
-168.5
-533.4
-25.1
87.6
-296.2
-465.6
-184.4
-215.7
-240.0
-449.8
2011
1
2
3
4
5
6
7
8
9
10
11
12
154.7
1,126.1
1,329.5
1,277.6
2,183.9
2,030.7
3,773.6
292.6
2,829.8
4,132.9
4,564.6
2,809.3
1,557.9
1,530.8
2,754.0
3,327.6
1,633.8
2,699.6
4,728.0
371.5
2,098.2
3,547.2
3,997.2
2,704.5
42,662.8
37,228.3
47,800.4
47,879.4
47,149.8
47,693.6
48,555.9
45,634.9
47,202.7
46,451.7
46,656.2
47,648.9
41,104.9
35,697.2
45,046.4
44,551.8
45,516.0
44,994.0
43,827.9
45,263.4
45,104.5
42,904.5
42,659.0
44,944.4
-1,640.9
-569.1
-328.0
-178.8
15.5
-632.7
-690.9
-577.9
70.6
2.8
357.2
-205.2
703.7
542.6
-858.4
-1,581.9
517.3
239.8
72.3
699.6
543.0
643.5
445.6
488.7
-466.0
-378.2
-238.1
-289.3
17.3
-276.0
-335.8
-200.6
118.0
-60.6
-243.5
-178.7
2012P 1
2
3
4
-968.8
557.3
2,971.4
1,776.6
-1,624.0
1,310.1
2,926.3
1,795.2
41,383.8
45,863.0
47,380.8
45,884.5
43,007.8
44,552.9
44,454.5
44,089.3
-128.8
-1,219.3
699.7
549.7
1,191.7
613.4
-317.5
-422.0
-407.7
-146.9
-337.1
-146.3
P: Preliminary
Source: The Bank of Korea & Korea Customs Service
Economic Bulletin
59
10. Balance of payments (II) See graph 10-3

(million US$)
Period
Capital &
financial
account
Direct
investment
Portfolio
investment
Financial
derivative
2010
2011
-27,478.5
-31,964.6
-22,184.3
-15,694.0
42,479.8
10,312.2
828.9
-1,735.3
-21,414.4
-11,084.9
Changes in
reserve
assets
Errors and
omissions
-217.9
150.0
-26,970.6
-13,912.6
-1,915.0
4,960.1
Capital transfers
Other
& acquisition of
investment non-financial
assets
2010
I
II
III
IV
743.2
-8,818.0
-9,103.9
-10,299.8
-2,873.4
-2,898.6
-6,617.3
-9,795.0
11,725.9
7,207.0
15,659.9
7,887.0
829.9
-882.1
-241.4
1,122.5
-191.2
-6,727.8
-7,519.0
-6,976.4
-179.8
20.3
-8.2
-50.2
-8,568.2
-5,536.8
-10,377.9
-2,487.7
-811.0
-1,916.7
-1,017.8
1,830.5
2011
I
II
III
IV
-2,754.1
-6,808.0
-8,320.9
-14,081.6
-4,696.3
-4,138.1
-2,807.6
-4,052.0
-1,379.1
2,035.4
8,108.4
1,547.5
730.3
-542.9
-1,490.7
-432.0
6,251.6
-1,432.5
-18,692.6
2,788.6
-181.4
-111.9
235.5
207.8
-3,479.2
-2,618.0
6,326.1
-14,141.5
143.8
1,315.8
1,424.9
2,574.8
-1,377.1
-7,203.3
15,156.1
1,355.0
-4,232.7
134.3
-6,586.4
-1,182.8
2010 1
2
3
4
5
6
7
8
9
10
11
12
-1,176.7
2,454.3
-534.4
1,044.1
-5,831.6
-4,030.5
-3,182.5
-615.0
-5,306.4
-4,519.4
-3,996.0
-1,784.4
-936.1
-549.9
-1,387.4
-1,102.5
-677.6
-1,118.5
-1,758.4
-1,139.5
-3,719.4
-6,893.6
-1,119.5
-1,781.9
171.9
2,771.5
8,782.5
6,093.5
1,073.0
40.5
8,698.4
1,650.2
5,311.3
8,528.1
2,243.9
-2,885.0
230.0
593.4
6.5
126.2
-799.8
-208.5
-227.3
124.6
-138.7
366.2
251.4
504.9
6,410.8
-912.6
-5,689.4
5,337.6
-12,610.7
545.3
-3,633.0
-25.7
-3,860.3
-3,814.4
-3,627.2
465.2
-70.6
-46.1
-63.1
-120.5
100.2
40.6
-0.5
12.0
-19.7
-47.1
-25.3
22.2
-6,982.7
598.0
-2,183.5
-9,290.2
7,083.3
-3,329.9
-6,261.7
-1,236.6
-2,879.6
-2,658.6
-1,719.3
1,890.2
1,776.2
-1,905.1
-682.1
-1,768.6
908.5
-1,056.6
-1,596.5
-1,053.5
1,632.2
-969.7
1,971.6
828.6
2011 1
2
3
4
5
6
7
8
9
10
11
12
-1,282.0
-1,996.2
524.1
394.7
-3,956.7
-3,246.0
-2,469.2
-1,690.6
-4,161.1
-4,391.9
-6,191.9
-3,497.8
-1,725.4
-1,635.1
-1,335.8
-7.38.8
-1,254.7
-2,144.6
327.1
-1,036.4
-2,098.3
-1,132.2
-2,077.1
-842.7
904.6
-3,004.0
720.3
4,575.0
-1,140.1
-1,399.5
9,258.3
-2,923.0
1,773.1
3,919.1
39.8
-2,411.4
569.3
-363.3
524.3
-206.2
165.1
-501.8
526.6
-1,868.6
-148.7
108.5
-379.9
-160.6
1,773.3
5,126.9
-648.6
-145.9
-821.7
-464.9
-6,581.0
4,638.4
-16,750.0
2,784.7
-6.2
-640.0
-120.7
-32.7
-28.0
-33.6
-49.9
-28.4
13.8
41.5
180.2
109.7
98.1
10.1
-2,683.1
-2,088.0
1,291.9
-3,055.8
-855.4
1,293.2
-6,014.0
-542.5
12,882.6
-10,181.7
-3,866.6
-93.2
1,127.3
870.1
-1,853.6
-1,672.3
1,772.8
1,215.3
-1,304.4
1,398.0
1,331.3
259.0
1,627.3
688.5
2012P 1
2
3
4
1,305.6
-920.3
-1,762.4
122.4
-2,013.3
-3,572.6
-1,617.4
-940.4
7,737.0
6,115.2
1,303.9
-2,213.3
434.2
214.1
706.7
320.5
-2,190.4
-1,526.1
-516.2
2,632.1
-1.7
36.0
100.0
102.3
-2,660.2
-2,186.8
-1,739.4
221.2
-336.8
363.0
-1,209.0
-1,899.0
2012
IP
P: Preliminary
60
June 2012
11. Prices See graphs 11-1, 11-2 & 11-3

Consumer prices
(2010=100)
Producer prices
(2005=100)
Export & import prices

(2005=100)
Period
All Items
Commodity
Service
Core
All items
Commodity
Export
Import
2010
2011
100.0
104.0
100.0
105.7
100.0
102.7
100.0
103.2
115.1
122.1
117.0
125.8
106.4
111.1
145.0
164.4
2010 1
2
3
4
5
6
7
8
9
10
11
12
98.8
99.0
99.2
99.6
99.7
99.6
99.8
100.3
101.1
101.1
100.6
101.0
98.3
98.6
98.9
99.6
99.5
99.2
99.5
100.3
102.0
102.0
100.8
101.5
99.2
99.4
99.5
99.7
99.9
99.9
100.2
100.3
100.4
100.4
100.6
100.7
99.3
99.5
99.4
99.6
99.8
99.9
100.1
100.3
100.4
100.4
100.4
100.7
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
11
12
102.2
102.9
103.3
103.4
103.6
103.8
104.3
105.0
104.9
104.7
104.8
105.2
103.4
104.4
104.9
104.6
104.7
105.0
105.9
107.1
107.1
106.6
106.8
107.3
101.2
101.7
102.1
102.4
102.6
102.8
103.1
103.3
103.1
103.2
103.3
103.5
101.4
102.1
102.4
102.6
103.0
103.4
103.7
103.8
103.7
103.6
103.9
104.3
119.7
120.5
122.0
122.4
122.3
121.9
122.4
122.8
122.9
122.9
122.6
122.9
122.7
123.9
125.8
126.2
126.0
125.5
126.0
126.7
126.9
126.9
126.5
127.0
108.6
110.6
113.5
111.8
110.2
109.4
108.0
109.4
113.1
114.7
112.0
112.4
156.1
160.9
166.5
167.6
163.9
163.2
161.4
162.1
168.1
169.5
166.8
167.2
2012 1
2
3
4
5
105.7
106.1
106.0
106.0
106.2
107.9
108.5
109.2
108.9
109.2
103.9
104.2
103.5
103.7
103.9
123.8
124.7
125.4
125.3
124.6
122.8
129.0
129.9
129.7
128.8
113.6
112.8
113.4
114.1
113.7
168.5
169.3
172.3
170.5
167.2
2010
2011
3.0
4.0
4.6
5.7
1.9
2.7
104.6
104.7
104.3
104.4
104.6
Y-o-Y change (%)
1.8
3.2
3.8
6.1
4.6
7.5
-2.6
4.4
5.3
13.4
2010 1
2
3
4
5
6
7
8
9
10
11
12
3.5
3.0
2.5
2.6
2.7
2.7
2.5
2.7
3.4
3.7
3.0
3.0
5.8
4.5
3.7
4.0
4.1
4.0
3.8
4.1
5.8
6.4
4.9
4.9
2.1
2.2
1.7
1.8
2.0
1.9
1.8
1.7
1.8
1.8
1.9
1.9
2.3
2.1
1.6
1.6
1.6
1.6
1.7
1.8
1.8
1.7
1.5
1.7
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
11
12
3.4
3.9
4.1
3.8
3.9
4.2
4.5
4.7
3.8
3.6
4.2
4.2
5.2
5.9
6.1
5.0
5.2
5.8
6.4
6.8
5.0
4.5
6.0
5.7
2.0
2.3
2.6
2.7
2.7
2.9
2.9
3.0
2.7
2.8
2.7
2.8
2.1
2.6
3.0
3.0
3.2
3.5
3.6
3.5
3.3
3.2
3.5
3.6
6.2
6.6
7.3
6.8
6.2
6.2
6.5
6.6
5.7
5.6
5.1
4.3
7.7
8.2
9.1
8.4
7.6
7.6
8.0
8.2
7.0
7.0
6.4
5.4
4.9
5.6
9.1
7.7
3.3
-0.4
-1.3
1.8
5.8
9.2
5.4
2.5
14.1
16.9
19.6
19.0
13.2
10.5
9.8
10.0
14.0
16.0
11.8
7.1
2012 1
2
3
4
5
3.4
3.1
2.6
2.5
2.5
4.4
3.9
4.1
4.1
4.3
2.7
2.5
1.4
1.3
1.3
3.2
2.5
1.9
1.8
1.6
3.4
3.5
2.8
2.4
1.9
4.2
4.1
3.3
2.8
2.2
4.6
2.1
-0.0
2.0
3.2
7.9
5.2
3.5
1.7
2.1
Economic Bulletin
61
12. Employment See graphs 8-1, 8-2 & 8-3

Wage workers (thous.)
Economically active persons (thous.)

Period
Employed persons (thous.)
Unemployment (%)
Regular
Temporary
Daily
All industry Manufacturing S.O.C&service

2010
2011
24,748
25,099
23,829
24,244
4,028
4,091
18,214
18,595
3.7
3.4
16,971
17,397
10,086
10,661
5,068
4,990
1,817
1,746
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
10
11
12
24,114
24,431
24,918
25,240
25,480
25,592
25,473
25,257
25,076
25,409
25,318
24,880
23,196
23,336
23,846
24,303
24,661
24,752
24,636
24,495
24,318
24,673
24,589
24,125
4,148
4,149
4,122
4,108
4,137
4,135
4,079
4,031
4,014
4,044
4,054
4,071
18,007
18,019
18,244
18,536
18,731
18,812
18,844
18,739
18,595
18,856
18,921
18,833
3.8
4.5
4.3
3.7
3.2
3.3
3.3
3.0
3.0
2.9
2.9
3.0
16,832
16,856
17,065
17,357
17,626
17,720
17,667
17,510
17,378
17,608
17,650
17,496
10,305
10,390
10,543
10,618
10,708
10,716
10,718
10,710
10,764
10,796
10,838
10,824
4,848
4,781
4,782
4,928
5,064
5,132
5,137
5,031
5,047
5,094
5,047
4,986
1,680
1,684
1,740
1,812
1,854
1,872
1,811
1,769
1,567
1,718
1,765
1,686
2012 1
2
3
4
24,585
24,825
25,210
25,653
23,732
23,783
24,265
24,758
4,034
4,060
4,018
4,027
18,631
3.5
18,599
4.2
18,870
3.7
19,103
3.5
Y-o-Y change (%)
17,184
17,225
17,421
17,679
10,769
10,807
10,899
10,957
4,868
4,877
4,997
5,095
1,547
1,542
1,525
1,627
2010
2011
1.5
1.4
1.4
1.7
5.0
1.6
1.2
2.1
3.1
2.5
7.4
5.7
-0.7
-1.5
-7.4
-3.9
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
10
11
12
0.1
1.6
2.2
1.5
1.5
1.7
1.0
1.7
0.7
1.6
1.9
1.4
1.4
2.1
2.0
1.6
1.5
1.9
1.4
2.0
1.1
2.1
2.0
1.9
5.7
6.7
5.1
2.9
2.5
2.9
1.0
-0.7
-1.2
-1.3
-2.1
-2.1
1.2
1.4
1.1
1.4
1.3
2.1
1.9
3.1
2.1
3.2
3.2
3.1
3.3
3.5
2.7
2.1
2.2
3.1
2.5
2.7
1.6
2.5
2.0
2.0
6.1
6.2
6.2
6.1
6.3
6.2
6.0
5.5
5.4
5.0
4.9
4.6
-0.3
-1.2
-3.9
-4.3
-3.0
-0.6
-1.5
-1.8
-1.2
0.1
-0.4
-0.3
-2.6
1.6
1.5
-1.3
-5.1
-3.4
-4.9
-0.3
-11.9
-5.0
-7.0
-6.7
2012 1
2
3
4
2.0
1.6
1.2
1.6
2.3
1.9
1.8
1.9
-2.8
-2.1
-2.5
-2.0
3.5
3.2
3.4
3.1
2.1
2.2
2.1
1.9
4.5
4.0
3.4
3.2
0.4
2.0
4.5
3.4
-7.9
-8.5
-12.3
-10.2
62
June 2012
13. Financial indicators See graphs 9-1 & 9-4

(period average)
Yields (%)
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)
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
11
12
2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3
3.3
2.9
3.1
3.4
3.4
3.5
3.5
3.6
3.6
3.6
3.6
3.6
3.6
4.5
4.7
4.5
4.5
4.4
4.4
4.5
4.2
4.2
4.3
4.2
4.2
3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4
3.4
4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
3.5
3.5
2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
1,880.11
1,769.65
1,909.03
1,847.51
1,825.74
2012 1
2
3
4
5
3.3
3.3
3.3
3.3
3.3
3.6
3.5
3.5
3.5
3.5
4.2
4.3
4.4
4.3
4.0
3.2
3.4
3.6
3.5
3.4
3.5
3.6
3.7
3.6
3.5
1,955.79
2,030.25
2,014.04
1,981.99
1,843.47
Economic Bulletin
63
14. Monetary indicators See graph 9-5

(period average)
Period
(billion won)
Reserve money
M1
M2
Lf
2010
2011
67,585.1
75,232.0
399,412.3
425,675.1
1,639,675.1
1,708,984.5
2,096,534.8
2,974,440.3
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
10
11
12
73,540.8
75,432.1
73,012.7
73,206.1
73,828.5
74,705.5
74,069.7
75,642.3
77,942.2
76,944.6
76,617.3
77,842.5
429,368.1
432,482.8
430,936.6
425,420.5
423,994.7
421,885.3
418,973.1
422,649.3
425,196.4
421,480.1
423,111.9
432,602.2
1,676,448.8
1,674,390.5
1,677,475.9
1,684,792.3
1,690,543.0
1,697,204.2
1,705,451.5
1,719,437.8
1,729,531.1
1,742,645.4
1,753,296.4
1,756,597.4
2,152,814.0
2,148,254.1
2,152,736.5
2,163,485.7
2,175,557.3
2,189,729.2
2,208,624.3
2,230,191.9
2,243,675.6
2,263,627.7
2,279,234.1
2,288,816.9
2012 1
2
3
4
81,635.4
81,655.3
79,068.0
80,641.8
439,352.9
437,193.9
440,075.4
437,445.3
Y-o-Y change (%)
1,757,058.7
1,762,988.4
1,773,172.9
1,777,114.7
2,292,213.5
2,302,065.8
2,341,626.9
2,349,723.2
2010
2011
9.5
11.3
11.8
6.6
8.7
4.2
8.2
9.4
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
10
11
12
13.0
13.3
11.2
13.9
8.8
12.8
10.6
12.4
10.9
10.1
10.3
8.9
12.6
11.5
11.6
9.6
7.4
5.4
3.8
5.4
5.1
4.1
2.0
1.6
6.5
5.0
4.3
3.9
3.7
3.0
3.2
4.0
4.2
4.4
4.4
4.4
6.6
5.2
4.7
4.5
4.4
4.0
4.6
5.5
5.7
6.1
6.2
6.2
2012 1
2
3
4
11.0
8.3
8.3
10.2
2.3
1.1
2.1
2.8
4.8
5.3
5.7
5.5
6.5
7.2
8.8
8.6
64
June 2012
15. Exchange rates See graphs 9-2 & 9-3
/US$
/100
/Euro
Period
End-period
Average
End-period
Average
End-period
Average
2010
2011
1,138.9
1,153.3
1,156.3
1,108.1
1,397.1
1,485.2
1,320.6
1,391.3
1,513.6
1,494.1
1,532.9
1,541.4
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
11
12
1,114.3
1,127.9
1,107.2
1,072.3
1,080.6
1,078.1
1,052.6
1,071.7
1,179.5
1,104.5
1,150.3
1,153.3
1,120.1
1,118.1
1,122.5
1,086.8
1,083.5
1,081.3
1,059.5
1,073.2
1,118.6
1,155.5
1,132.3
1,147.5
1,356.6
1,380.7
1,331.9
1,313.8
1,335.6
1,335.7
1,353.2
1,396.8
1,536.6
1,458.0
1,475.7
1,485.2
1,356.3
1,351.0
1,376.2
1,304.8
1,333.6
1,342.8
1,333.4
1,391.4
1,456.5
1,508.2
1,460.0
1,473.4
1,514.0
1,549.5
1,563.5
1,591.2
1,549.7
1,560.5
1,507.9
1,547.3
1,601.4
1,562.7
1,532.9
1,494.1
1,495.4
1,524.6
1,572.6
1,569.4
1,551.3
1,555.4
1,515.4
1,538.7
1,542.4
1,584.0
1,536.6
1,511.0
2012 1
2
3
4
5
1,125.0
1,126.5
1,137.8
1,134.2
1,177.8
1,145.9
1,123.4
1,125.9
1,135.6
1,154.3
1,473.1
1,399.2
1,380.7
1,412.0
1,489.1
1,488.7
1,433.7
1,364.1
1,393.9
1,447.1
1,478.2
1,516.3
1,513.4
1,501.7
1,456.6
1,477.2
1,486.0
1,487.1
1,495.6
1,478.6
-2.5
1.3
-9.4
-4.2
-3.1
5.4
-9.6
-1.3
-13.6
0.6
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
11
12
-3.6
-2.6
-2.1
-3.9
-10.0
-10.9
-11.3
-9.9
3.3
-2.0
-0.6
1.3
-1.6
-3.4
-1.3
-2.7
-6.8
-10.8
-12.2
-9.0
-4.1
2.8
0.5
0.0
5.4
6.3
9.4
10.7
1.3
-2.1
-1.2
-0.7
12.7
4.8
7.4
6.3
8.7
5.4
9.6
9.2
5.4
0.7
-3.2
0.8
5.2
10.0
6.8
7.0
-6.2
-1.3
3.0
7.6
5.1
5.8
-2.9
2.7
2.9
-0.4
1.0
-1.3
-8.1
-3.8
1.8
4.5
6.2
5.0
-1.6
1.0
1.6
1.6
-0.3
-0.3
2012 1
2
3
4
5
1.0
-0.1
2.8
5.8
9.0
2.3
0.5
0.3
4.5
6.5
8.6
1.3
3.7
7.5
11.5
9.8
6.1
-0.9
6.8
8.5
-2.4
-2.1
-3.2
-5.6
-6.0
-1.2
-2.5
-5.4
-4.7
-4.7
2010
2011
Y-o-Y change (%)

10.6
6.3
Economic Bulletin
65
Editor-in-Chief
Park Chun-Sup (MOSF)
Editorial Board
Kim Young-Min (MOSF)
Shim Jae-Hak (KDI)
Lee Sung-Shin (KDI)
Coordinators
Choi Jae-Hoon (MOSF)
Cho Hyun-Joo (KDI)
Editors
Cho Eun-Hyung (MOSF)
David Friedman (MOSF)
Kim Dae-Hyun (MOSF)
Lee Ji-Youn (KDI)
Useful Economy-related Websites

Ministry of Strategy and Finance
http://english.mosf.go.kr
Ministry of Knowledge Economy
http://www.mke.go.kr/language/eng
Financial Services Commission
http://www.fsc.go.kr/eng
Financial Supervisory Service
http://english.fss.or.kr
Fair Trade Commission
http://eng.ftc.go.kr
Ministry of Labor
http://english.molab.go.kr/english
The Bank of Korea
http://www.bok.or.kr/eng
Statistics Korea
http://kostat.go.kr/portal/english

Economic Bulletin (Vol. 34 No.6)

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Economic Bulletin (Vol. 34 No.6)

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Vol. 34 | No.

1. External economic situation

5. Exports and imports

6. Mining and manufacturing production

7. Service sector activity

10. Balance of payments

11. Prices and international commodity prices

12. Real estate market

13. Industrial output and composite indices of business cycle

Economic News Briefing

The Green Book

1. External economic situation

54.1 (Jan 2012)

75.0 (Jan 2012)

US gasoline prices (average state price, US$ per gallon)

203.4 (Dec 2006)

136.6 (Jan 2012)

275 (Jan 2012)

- Personal consumption expenditure

- Corporate fixed investment

Personal consumption expenditure

- Housing construction investment

Existing home sales

2. Annualized rate (%)

Source: US Department of Commerce

US GDP (q-o-q, annualized rate)

US nonfarm payroll employment (m-o-m change)

US federal funds rate and consumer prices

Fixed asset investment (accumulated)

2. Quarterly change: average of monthly change

Source: China National Bureau of Statistics

48.8 (Jan 2012)

10.8 (Jan 2012)

Unemployment rate (%)

(Percentage change from previous period)

Chinas GDP growth and fixed asset investment

Japans GDP growth and industrial production

Eurozone GDP growth and industrial production

Consumer goods sales

Consumer goods sales

Consumer goods sales by type

2,053 (2nd week)

2,042 (3rd week)

2,023 (4th week)

2,009 (5th week)

- Large discounter sales

- Department store sales

- Credit card sales

- Domestic sales of gasoline

536 (Jan 2012)

Consumer prices (y-o-y, %)

3.4 (Jan 2012)

Department store and discount store sales (current value)

Domestically-made automobile sales

Consumer sentiment index

Facility investment index

Source: Statistics Korea

(Percentage change from same period in previous year)

Domestic machinery orders

Manufacturing average operation ratio

Facility investment adjustment

Business survey indices (base=100) for

Facility investment by type

Machinery orders and estimated facility investment index (3-month average)