ISSN 2287-7266

Republic of Korea
ECONOMIC BULLETIN (Republic of Korea)

ECONOMIC
BULLETIN

03 The Green Book:
Current Economic Trends
47 Policy Issues

Campaign Pledge Funding Plan to Carry Out Park Geun-hye
Administration Agenda
Roadmap to Achieve 70% Employment

59 Economic News Briefing

‘Creative Economy Action Plan’ Announced
Korea Grows 0.8% in Q1
Government Announces Plan to Enhance SME Productivity
Deputy Prime Minister Holds IR Conference in London

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63 Statistical Appendices
Vol.35 No.6 June 2013

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| Economic Information and Education Center

Vol.35 No.6

June 2013

Republic of Korea
Vol.35 No.6

June 2013

Contents

Economic Bulletin
The Green Book: Current Economic Trends
Overview ......................................................................................................................... 03
1. External economic situation ..................................................................................... 04
2. Private consumption .................................................................................................. 09
3. Facility investment ..................................................................................................... 12
4. Construction investment ........................................................................................... 14
5. Exports and imports .................................................................................................. 17
6. Mining and manufacturing production .................................................................. 19
7. Service sector activity ................................................................................................ 22
8. Employment .............................................................................................................. 24
9. Financial markets ........................................................................................................ 28
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
10. Balance of payments ................................................................................................ 32
11. Prices and international commodity prices ......................................................... 35
11.1 Prices
11.2 International oil and commodity prices
12. Real estate market ................................................................................................... 40
12.1 Housing market
12.2 Land market
13. Composite indices of business cycle indicators .................................................. 45

Policy Issues
Campaign pledge funding plan to carry out Park Geun-hye administration
agenda ............................................................................................................................ 47
Roadmap to achieve 70% employment ..................................................................... 53

Economic News Briefing .......................................................................... 59
Statistical Appendices ................................................................................ 63

The Green Book
Current Economic Trends
Overview
The Korean economy has seen mining & manufacturing production and service output improve,
led by exports, real estate and construction investment, while inflation has remained stable.
However, consumption and facility investment have shown instability.
In April, the economy added 345,000 jobs year-on-year, an increase from 249,000 in the previous
month, while both the employment and unemployment rates slightly improved.
Consumer price inflation fell to 1.0 percent in May from 1.2 percent a year ago, staying stable in
the 1.0 percent range, due to a fall in agricultural and petroleum product prices.
Mining and manufacturing production rose by 0.8 percent month-on-month in April backed
by an increase in other transportation equipment and audio-visual communications equipment,
while service output increased by 0.2 percent, led by an improvement in real estate & renting and
professional, scientific & technical services.
Despite strong durable goods sales, retail sales fell 0.5 percent month-on-month in April, as semidurable and nondurable goods sales went down.
Facility investment in April fell 4.0 percent from the previous month due to a fall in transportation
equipment investment, while construction investment jumped by 9.4 percent as both building
construction and civil engineering works increased.
Exports went up by 3.2 percent year-on-year in May, led by strong IT related exports and exports
to China, despite a drop in steel and vessel exports and shipments to Japan. The trade balance
remained in the black at US$6.03 billion.
The cyclical indicator of the coincident composite index increased 0.2 points month-on-month in
April, and the leading composite index rose 0.1 points.
In May, stock prices rose in line with bullish global stock markets and as foreign capital flowed
in. The won weakened against the dollar, which strengthened due to improving US economic
indicators and the possibility that the Fed will taper its quantitative easing.
Housing prices grew at a faster rate in May, from 0.2 percent to 0.3 percent month-on-month,
while the upward trend in rental prices slowed down from 0.7 percent to 0.4 percent.
The Green Book | 3

Despite strong exports and improving construction investment, the Korean economy may continue
to grow slowly as consumption and facility investment remain weak amid lingering uncertainties
due to the struggling eurozone economy and risks from major countries’ loose monetary policies.
The Korean government will closely watch the global and domestic economic situations and
reinforce its monitoring of global and domestic markets, while continuing to pursue policies to
stimulate the economy.
At the same time, the government will focus on securing the lives of the low- and middle income
classes through job creation and by stabilizing the prices of necessities, while continuing to adopt
policies to improve the health of the economy.

1.

The global economic recovery continues, led by the US and China, but the pace
of the recovery is weak as the economic recession in the eurozone continues. The
OECD forecast the global economy would continue a ‘muted’ and ‘multiple speed’
recovery seen over the last four years, and downgraded its growth rate forecast for
2013 from 3.4 percent in November 2012 to 3.1 percent in May.

External
economic
situation

Real economic indicators continue to be stagnant due to fiscal austerity and
poor confidence, and there are worries that the eurozone recession will spread to
Germany and France as the crisis extends over a long period of time. The European
Central Bank (ECB) revised down its eurozone growth rate forecast for 2013 from
-0.5 percent in March to -0.6 percent in June.
Economic growth (q-o-q, %, Q3 2012 [ Q4 [ Q1 2013)

eurozone (-0.1 [ -0.6 [ -0.2), Germany (0.2 [ -0.7 [ 0.1), France (0.1 [ -0.2 [ -0.2)

World GDP growth
6

(%)

5
4
3
2
1
0
-1

2001

4 | The Green Book

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

The US economy grew 2.4 percent (revised, annualized q-o-q) in the first quarter of
2013, a 0.1 percentage point decrease from the advanced estimate of 2.5 percent,
and economic indicators since March have been somewhat mixed.

US

Growth in the first quarter of 2013 was marginally revised downward due
to decreases in inventory investment and government spending, despite an
improvement in consumption growth.
Contribution to growth rate (advanced estimates [ revised, %p)

2.24 [ 2.40 (private consumption), 0.22 [ 0.23 (business investment), 0.31 [ 0.30 (housing
investment), 1.03 [ 0.63 (inventory investment), -0.50 [ -0.21 (net exports), -0.80 [ -0.97
(government spending)

Industrial production turned negative in April, falling 0.5 percent month-onmonth, and the ISM manufacturing index, which forecasts corporate sentiment,
fell below its baseline of 50.
ISM Manufacturing Index (base=50)
51.6 (Sep 2012) [ 51.7 (Oct) [ 49.9 (Nov) [ 50.2 (Dec) [ 53.1 (Jan 2013) [ 54.2 (Feb) [
51.3 (Mar) [ 50.7 (Apr) [ 49.0 (May)

US GDP growth and industrial production
Source: US Department of Commerce & US Federal Reserve Board
10

(%)

8
6
4
2
0
-2
-4
-6
-8
-10
2001. Q1

2002. Q1

2003. Q1

2004. Q1

2005. Q1

2006. Q1

2007. Q1

2008. Q1

2009. Q1

2010. Q1

2011. Q1

GDP (q-o-q, annualized rate)

2012. Q1

2013. Q1

Industrial production (q-o-q)

Retail sales changed to positive, increasing by 0.1 percent, and consumer sentiment
greatly improved, posting its largest increase since July 2007.
University of Michigan Consumer Sentiment Index

78.3 (Sep 2012) [ 82.6 (Oct) [ 82.7 (Nov) [ 72.9 (Dec) [ 73.8 (Jan 2013) [ 77.6 (Feb) [
78.6 (Mar) [ 76.4 (Apr) [ 84.5 (May)

The housing market continued to recover as housing sales indicators improved
(In April existing home sales increased by 0.6 percent month-on-month, and new
home sales by 2.3 percent), and housing prices rose for 12 consecutive months.
Case-Shiller Home Price Index (q-o-q, %)

-0.4 (Q1 2012) [ 2.2 (Q2) [ 1.7 (Q3) [ 1.9 (Q4) [ 3.2 (Q1 2013)
1.1 (Jan 2013) [ 1.3 (Feb) [ 1.1 (Mar)
The Green Book | 5

New Home Sales (m-o-m, %)

-4.9 (Oct 2012) [ 9.0 (Nov) [ -0.5 (Dec) [ 15.7 (Jan 2013) [ -6.3 (Feb) [ 3.5 (Mar) [ 2.3 (Apr)

The employment market showed mixed signs as the unemployment rate in May
marginally increased from the previous month to 7.6 percent while the nonfarm
sector added 175,000 jobs, exceeding the forecast of 163,000.
Nonfarm payroll increase (m-o-m, thousand)
138 (Sep 2012) [ 160 (Oct) [ 247 (Nov) [ 219 (Dec) [ 148 (Jan 2013) [ 332 (Feb) [ 142
(Mar) [ 149 (Apr) [ 175 (May)
Nonfarm payroll increase in May by industry (Out of 175,000 jobs added, thousand)
178 (private sector): 0 (mining), -8 (manufacturing), 7 (construction), 179 (service)
-3 (public sector)

US nonfarm payroll growth and unemployment rate
Sourse : US Department of Labor
800

(thousand)

(%)

600

10

400

8

200
0

6

-200

4

-400
-600

2

-800
-1,000
2001. 1

12

0
2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

US nonfarm payroll growth (m-o-m, left)

2012. 1

2013. 1

Unemployment rate (right)

(Percentage change from previous period)

2011

2012

Annual Annual

2013¹

Q1

Q2

Q3

Q4

Q1

Jan

Feb

Mar

Apr

May

Real GDP²

1.8

2.2

2.0

1.3

3.1

0.4

2.4

-

-

-

-

-

- Personal consumption expenditure

2.5

1.9

2.4

1.5

1.6

1.8

3.4

-

-

-

-

-

- Corporate fixed investment

8.6

8.0

7.5

3.6

-1.8

13.2

2.2

-

-

-

-

-

- Housing construction investment

-1.4

12.1

20.5

8.5

13.5

17.6

12.1

-

-

-

-

-

Industrial production

4.1

3.8

1.4

0.6

0.0

0.6

1.1

-0.1

0.9

0.3

-0.5

-

Retail sales

8.0

5.0

1.7

-0.3

1.3

1.5

1.0

0.1

1.1

-0.3

0.1

-

Existing home sales

2.4

9.9

5.5

-2.0

5.1

3.3

0.8

1.0

0.8

-0.2

0.6

-

Unemployment rate³

9.0

8.1

8.3

8.2

8.1

7.8

7.7

7.9

7.7

7.6

7.5

7.6

Consumer prices

3.2

2.1

2.8

1.9

1.7

1.9

1.7

1.6

2.0

1.5

1.1

-

1. Preliminary
2. Annualized rate (%)
3. Seasonally adjusted
Source: US Department of Commerce

6 | The Green Book

Chinese economic growth fell below the market expectation to 7.7 percent in the
first quarter of 2013, and recent indicators have been mixed.

China

Exports and investment grew favorably, but weak consumption growth caused by
the cutting of lavish government spending, anticorruption policies and worries
about food product sanitation led to weaker than expected growth.
The Chinese economy is expected to gradually recover as the promotion of
urbanization boosts investment and quantitative easing begins to have effects,
but factors that constrain recovery remain, such as the lower than expected
manufacturing PMI* and excessive housing market regulations.
* The manufacturing PMI in April was 50.6, falling below market forecasts of 50.7 and below the
2005-2012 April average of 56.0.

(Percentage change from same period in previous year)

2011

2012¹

2013¹

Annual

Q3

Q4

Annual

Q1

Q2

Q3

Q4

Dec

Q1

Mar

Apr

9.3

9.1

8.9

7.8

8.1

7.6

7.4

7.9

-

7.7

-

-

Industrial production

13.9

13.8

12.8

10.1

11.6

9.5

9.1

10.0

10.3

9.5

8.9

9.3

Fixed asset investment (accumulated)

24.8

24.9

23.8

20.6

20.9

20.4

20.5

20.6

20.6

20.9

20.9

20.6

Retail sales

17.1

17.3

17.5

14.3

14.9

13.9

13.5

14.9

15.2

12.4

12.6

12.8

Exports

20.7

20.7

14.4

8.3

8.8

10.5

4.5

9.5

14.1

18.4

10.0

14.7

Consumer prices²

5.4

6.3

4.6

2.6

3.8

2.8

1.9

2.1

2.5

2.4

2.1

2.4

Producer prices²

6.0

7.1

3.1

-1.7

0.1

-1.4

-3.3

-2.3

-1.9

-1.7

-1.9

-2.6

Real GDP

1. Preliminary
2. Quarterly change: average of monthly change
Source: China National Bureau of Statistics

China’s GDP growth and fixed asset investment
Source: National Bureau of Statistics of China
18

(%)

(%)

70

16

60

14

50

12

40

10

30

8

20

6

10

4
2001. Q1

2002. Q1

2003. Q1

GDP (y-o-y, left)

2004. Q1

2005. Q1

2006. Q1

2007. Q1

2008. Q1

2009. Q1

2010. Q1

2011. Q1

2012. Q1

0
2013. Q1

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

The Green Book | 7

A recovery in the Japanese economy is manifesting, led by consumption and
exports, as the economy grew 0.9 percent in the first quarter of 2013, an increase
of 0.6 percent from 0.3 percent in the previous quarter.

Japan

However, recovery signs remain weak as corporate facilities investment continued
to fall, shedding 0.7 percent in the first quarter.
Deflation continued in April as consumer prices fell 0.7 percent despite import
prices increasing 9.5 percent month-on-month.
(Percentage change from previous period)

2011
Annual

Q3

2012¹
Q4

Annual

Q1

2013¹

Q2

Q3

Q4

Q1

Mar

Apr

Real GDP

-0.6

2.5

0.1

2.0

1.5

-0.2

-0.9

0.0

0.9

-

-

Industrial production

-2.4

4.3

-0.4

-0.3

1.2

-2.0

-4.2

-1.9

2.2

0.2

0.9

Retail sales

-1.2

0.5

-0.5

1.6

1.2

0.3

-0.9

-0.2

0.6

-1.5

0.7

Exports (y-o-y)

-2.7

0.5

-5.5

-2.8

-1.6

4.8

-8.2

-5.5

1.2

1.1

3.8

Consumer prices (y-o-y)

-0.2

0.0

-0.2

-0.1

0.5

-0.2

-0.3

-0.1

-0.6

-0.9

-0.7

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

Japan’s GDP growth and industrial production
Source: Japan’s Cabinet Office, Ministry of Economy, Trade and Industry
6

(%)

(%)

25
20

4

15
10

2

5
0

0

-5
-2

-10
-15

-4

-20
-6
2001. Q1

2002. Q1

2003. Q1

GDP (q-o-q, left)

Eurozone

2004. Q1

2005. Q1

2006. Q1

2007. Q1

2008. Q1

2009. Q1

2010. Q1

2011. Q1

2012. Q1

-25
2013. Q1

Industrial production (q-o-q, right)

The eurozone economic recession continues as the unemployment rate in April hit
a record high at 12.2 percent, and the manufacturing PMI fell below the baseline
of 50 for the 22nd consecutive month.
Unemployment rate (%)
11.4 (Jul 2012) [ 11.5 (Aug) [ 11.6 (Sep) [ 11.7 (Oct) [ 11.8 (Nov) [ 11.8 (Dec) [ 12.0 (Jan
2013) [ 12.1 (Feb) [ 12.1 (Mar) [ 12.2 (Apr) (youth unemployment: 24.4)
Manufacturing PMI (base = 50)
45.1 (Aug 2012) [ 46.1 (Sep) [ 45.4 (Oct) [ 46.2 (Nov) [ 46.1 (Dec) [ 47.9 (Jan 2013) [
47.9 (Feb) [ 46.8 (Mar) [ 46.7 (Apr) [ 48.3 (May)

8 | The Green Book

(Percentage change from previous period)

2011

2012

2013¹

Annual

Q4

Annual

Q1

Q2

Q3

Q4

Q1

Jan

Feb

Mar

Apr

1.4

-0.3

-0.5

0.0

-0.2

-0.1

-0.6

-0.2

-

-

-

-

Industrial production

3.5

-2.1

-2.4

-0.5

-0.5

0.4

-2.4

0.2

-0.6

0.3

1.0

-

Retail sales

-0.5

-1.2

-1.7

-0.3

-0.8

0.0

-1.5

0.3

0.9

-0.2

-0.1

-

Exports (y-o-y)

12.7

8.3

7.4

8.6

8.1

7.4

5.5

1.3

5.2

-1.1

0.1

-

2.7

2.9

2.1

2.7

2.7

2.5

2.3

1.9

2.0

1.8

1.7

1.2

Real GDP

Consumer prices (y-o-y)
1. Preliminary
Source: Eurostat

Eurozone’s GDP growth and industrial production
Source: Eurostat
3

(%)

(%)

10
8

2

6
4

1

2
0

0

-2
-1

-4
-6

-2

-8
-3
2001. Q1

2002. Q1

2003. Q1

2004. Q1

2005. Q1

2006. Q1

2007. Q1

2008. Q1

2009. Q1

2010. Q1

2011. Q1

GDP (q-o-q, left)

2.
Private
consumption

2012. Q1

-10
2013. Q1

Industrial production (q-o-q, right)

Private consumption in the first quarter of 2013 (preliminary GDP) fell 0.4 percent
quarter-on-quarter while increasing 1.5 percent year-on-year

(Percentage change from previous period)

2011
Private consumption²
(y-o-y)

2012¹

2013¹

Annual

Q1

Q2

Q3

Q4

Annual

Q1

Q2

Q3

Q4

Q1

2.4

0.7

0.6

0.1

-0.2

1.7

0.8

0.4

0.7

0.8

-0.4

-

3.2

3.1

2.1

1.2

-

1.3

1.0

1.7

2.7

1.5

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

The Green Book | 9

Retail sales in April fell 0.5 percent month-on-month as sales of semi-durable
goods, such as clothing, and nondurable goods, such as automobile fuel, fell,
despite an increase in durable goods sales, such as communications equipment
and computers. Year-on-year, the index increased 2.2 percent.
(Percentage change from previous period)

2011

20131

2012

Annual

Q1

Q2

Q3

Q4

Annual

Q1

Q2

Q3

Q4

Q1¹

Mar1

Apr1

4.5

1.4

0.8

0.5

0.0

2.3

1.0

0.3

1.2

0.4

-1.3

1.6

-0.5

-

5.3

6.2

4.0

2.6

-

2.8

1.4

2.6

2.5

0.1

1.7

2.2

- Durable goods²

10.6

3.8

0.5

0.7

-0.9

5.3

2.5

1.9

2.8

2.3

-4.5

-3.2

2.1

• Automobiles

7.0

5.2

-3.3

4.6

-11.3

2.4

2.4

9.4

-1.6

9.0

-9.0

4.1

-2.6

- Semi-durable goods³

3.7

0.9

1.4

1.7

-2.7

-1.1

-0.4

0.3

-1.1

1.7

1.0

5.5

-4.3

- Nondurable goods⁴

2.1

0.4

0.6

-0.1

1.6

2.3

0.9

-0.6

1.5

-1.1

-0.5

2.5

-0.1

Retail sales
(y-o-y)

1. Preliminary
2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
3. Semi-durable goods: Clothing, footwear, etc.
4. Nondurable goods: Food, medicine, cosmetics, fuel, tobacco, etc.
Source: Statistics Korea

There is a possibility that retail sales in May will somewhat improve compared to
April due to an increase in home appliances and seasonal clothing sales.
Domestic car sales turned negative due to poor sales of mid-sized and full-sized
sedans.
Department store sales turned positive in May as hotter-than-usual temperatures
spurred clothing sales, while sales at large discounters slowed a fall due to a rise in
home appliances sales and without a high base effect from a year ago, when the two
day monthly mandatory closure started.
Gasoline sales turned negative, for refinery facility repairs by some companies led
to a fall in sales volume, despite the domestic price of gasoline continuing to drop.
Gasoline prices (won/liter)

1,915 (5th week Apr), 1,915 (1st week May), 1,904 (2nd week), 1,898 (3rd week), 1,896 (4th week),
1,896 (5th week)

Credit card use rose at a slower pace compared to the previous month, but
maintained its positive trend.
(y-o-y, %)

2012
Oct

Nov

Credit card sales

9.2

14.2

Department store sales

-0.4

9.1

Large discount store sales

-6.6

-1.7

Domestic sales of gasoline

7.9

Domestic sales of cars

4.3

2013
Dec

Jan

Feb

Mar

Apr

7.1

6.2

3.4

5.6

4.5

May
3.6

-0.2

-8.2

1.7

7.5

-1.9

1.7

-5.0

-24.6

8.9

-4.4

-9.8

-4.4

3.7

-2.8

2.9

-8.0

7.6

6.5

-1.2

13.2

7.5

1.6

-13.5

-1.0

0.8

-1.9

Sources: Credit Finance Association of Korea, Ministry of Trade, Industry and Energy, Korea National Oil Corporation, Korea Automobile Manufacturers
Association, Ministry of Strategy and Finance (for May data)

10 | The Green Book

Private consumption
Source: The Bank of Korea (national accounts)
14

(%)

12
10
8
6
4
2
0
-2
-4
-6
2001. Q1

2002. Q1

2003. Q1

2004. Q1

2005. Q1

2006. Q1

2007. Q1

2008. Q1

2009. Q1

2010. Q1

Private consumption (y-o-y)

2011. Q1

2012. Q1

2013. Q1

Private consumption (q-o-q)

Retail sales
Source: Statistics Korea (industrial activity trend)
25

(%)

20
15
10
5
0
-5
-10
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Consumer goods sales (m-o-m)

Consumer goods sales (y-o-y)

Retail sales by type
Source: Statistics Korea (industrial activity trend)
50

(y-o-y, %)

40
30
20
10
0
-10
-20
-30
2001. 1

2002. 1
Durable goods

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

Semi-durable goods

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Nondurable goods

The Green Book | 11

3.

Facility investment (preliminary GDP) increased 2.6 percent quarter-on-quarter
and decreased 11.9 percent year-on-year in the first quarter of 2013.

Facility
investment

(Percentage change from previous quarter)

2011
Facility investment²
(y-o-y)

Annual

Q3

3.6
-

2012¹
Q2

2013¹

Q4

Annual

Q1

Q3

Q4

Q1

-1.8

-3.6

-1.9

10.4

-7.8

-5.2

-1.8

2.6

1.1

-3.6

-

8.8

-3.5

-6.9

-5.2

-11.9

- Machinery

4.2

-2.3

-1.8

-1.1

11.3

-8.5

-6.0

-3.2

1.1

- Transportation equipment

1.4

-0.1

-10.8

-5.0

6.7

-5.2

-1.7

3.7

7.8

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

Facility investment
Source: The Bank of Korea (national accounts)
(%)

40
30
20
10
0
-10
-20

-30
2001. Q1

2002. Q1

2003. Q1

2004. Q1

2005. Q1

2006. Q1

2007. Q1

2008. Q1

2009. Q1

2010. Q1

2011. Q1

Facility investment (q-o-q)

2012. Q1

2013. Q1

Facility investment (y-o-y)

Facility investment by type
Source: The Bank of Korea (national accounts)
50

(y-o-y, %)

40
30
20
10
0
-10
-20
-30
-40
2001. Q1

2002. Q1

2003. Q1

Transportation equipment

12 | The Green Book

2004. Q1

2005. Q1

2006. Q1

2007. Q1

2008. Q1

2009. Q1

2010. Q1

2011. Q1

2012. Q1

2013. Q1
Machinery

Facility investment declined 4.0 percent month-on-month in April, despite an
increase in machinery investment, due to poor equipment investment. The index
fell 12.4 percent year-on-year.
(Percentage change from previous quarter)

2011

2012

Annual Annual

Q1

2013¹

Q2

Q3

Q4

Q1¹

Feb

Mar¹

Apr¹

6.4

-5.0

-6.8

0.8

-4.6

1.0

- 0.4

- 4.0

10.7

-2.7

-8.2

-6.9

-15.4

-22.5

- 8.1

-12.4

Facility investment index

4.0

-2.0

(y-o-y)

-

-

- Machinery

2.7

-2.2

8.1

-5.5

-6.9

-3.8

-5.8

0.2

- 3.4

0.7

- Transportation equipment

9.8

-1.1

-1.0

-1.8

-6.7

22.0

0.3

5.2

7.9

-17.9

1. Preliminary
Source: Statistics Korea

Improving key leading indicators, such as corporate sentiment, machinery orders
and facility investment adjustment pressure, may bode well for facility investment,
but the low average manufacturing operation ratio may act as a negative factor.
Business survey index for manufacturing sector (Bank of Korea)
75 (Sep 2012) [ 72 (Oct) [ 70 (Nov) [ 67 (Dec) [ 70 (Jan 2013) [ 72 (Feb) [ 76 (Mar) [
80 (Apr) [ 81 (May) [ 82 (Jun)

(Percentage change from same period in previous year)

2011

2012

Annual Annual

2013¹

Q1

Q2

Q3

Q4

Q1¹

Feb¹

Mar¹

Apr¹

-13.4

-1.1

-19.8

-10.4

-21.5

-10.7

-34.1

14.1

2.7

-5.3

-18.7

-2.0

3.9

5.2

-5.8

0.1

2.8

Domestic machinery orders

7.6

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

-

-

- Public

-2.6

-11.0

126.1

-59.7

86.7

-54.6

-46.2

-75.8

103.0

77.0

- Private

8.8

-13.6

-8.7

-15.1

-16.0

-15.1

-5.5

-18.4

10.9

0.4

Machinery imports

7.1

-3.0

15.3

-4.3

-12.2

-8.2

-11.8

-23.1

-7.2

-7.2

Average manufacturing operation ratio

80.2

78.1

79.6

79.0

76.2

77.8

77.1

77.2

75.5

75.9

Facility investment adjustment pressure²

1.1

-1.4

0.7

-1.3

-3.0

-1.5

-2.9

-10.9

-4.0

0.9

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

The Green Book | 13

Machinery orders and machinery imports
Source: Korea International Trade Association (KITA), Statistics Korea
10

(trillion won)

(y-o-y, %)

60

9

50

8

40
30

7

20

6

10
0

5

-10

4

-20
-30

3
2
2001. Q1

70

-40
2002. Q1

2003. Q1

2004. Q1

2005. Q1

2006. Q1

2007. Q1

2008. Q1

2009. Q1

2010. Q1

2011. Q1

Machinery orders (left)

4.
Construction
investment

2012. Q1

-50
2013. Q1

Machinery imports (right)

Construction investment (preliminary GDP) in the first quarter of 2013 increased
4.1 percent quarter-on-quarter and 2.4 percent year-on-year.

(Percentage change from previous quarter)

2011¹
Construction investment²
(y-o-y)

2012¹

2013¹

Annual

Q3

Q4

Annual

Q1

Q2

Q3

Q4

Q1

-4.7

-0.4

0.1

-2.2

-1.5

-1.3

0.7

-1.2

4.1

-

-3.6

-1.7

-

-0.4

-3.1

-0.3

-4.2

2.4

- Building construction

-2.7

-0.3

-1.0

-1.7

0.3

-2.6

0.1

-0.3

4.6

- Civil engineering works

-7.3

-0.7

1.5

-2.9

-3.9

0.4

1.5

-2.4

3.5

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

The value of construction completed (constant) in March improved 9.4 percent
month-on-month and 19.2 percent year-on-year, backed by strong building
construction and civil engineering works.

14 | The Green Book

(Percentage change from previous quarter)

2011

2012

Annual Annual
Construction completed (constant)

-6.4

(y-o-y)

2013¹

Q1

Q2

Q3

Q4

Dec

Q1¹

Feb¹

Mar¹

Apr¹

-5.8

-5.6

-0.9

1.0

1.4

2.1

4.4

5.5

-2.4

9.4

-

-

-4.9

-9.7

-2.3

-5.6

-8.3

5.2

3.6

3.8

19.2

- Building construction

-6.9

-7.6

-4.5

-4.8

1.0

1.8

3.0

7.6

5.4

1.6

8.2

- Civil engineering works

-5.6

-3.5

-6.9

4.1

0.9

1.0

1.1

0.6

5.7

-7.4

11.0

2006. Q1

2007. Q1

2008. Q1

2009. Q1

1. Preliminary
Source: Statistics Korea

Construction investment
Source: The Bank of Korea (national accounts)
(%)

20
15
10
5
0
-5
-10

-15
2001. Q1

2002. Q1

2003. Q1

2004. Q1

2005. Q1

2010. Q1

Construction investment (q-o-q)

2011. Q1

2012. Q1

2013. Q1

Construction investment (y-o-y)

Construction investment by type
Source: The Bank of Korea (national accounts)
50

(y-o-y, %)

40
30
20
10
0
-10
-20
-30
2001. 1

2002. 1

2003. 1

Building construction

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

Residential buildings

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Civil engineering works

The Green Book | 15

Despite some positive factors, such as new home sales expected in new towns and
the possibility that the Housing Market Normalization Measures will stimulate the
housing market, construction investment has yet to pick up as construction orders
and other leading indicators continue to be weak.
(Percentage change from same period in previous year)

2011

2012

Annual Annual
Construction orders (current value)

2013¹

Q1

Q2

Q3

Q4

Dec

Q1¹

Feb¹

Mar¹

Apr¹

6.1

-8.9

33.3

-0.7

-13.6

-33.1

-43.0

-41.2

-47.0

-20.7

-20.6

-

-

15.1

-14.8

-6.1

-20.4

-10.8

-5.9

57.7

-13.5

-5.6

- Building construction

14.0

-8.7

27.4

-7.0

-7.1

-27.4

-37.5

-33.6

-8.8

-13.7

-26.7

- Civil engineering works

-6.0

-9.3

42.0

12.5

-26.3

-43.7

-51.6

-51.3

-72.5

-33.1

-7.3

9.9

-0.5

8.7

1.2

-7.3

-2.3

9.2

-12.4

-17.6

-14.2

-40.6

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

Building permit area

1. Preliminary
Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport

Leading indicators of construction investment
Source: Statistics Korea (construction orders)
Ministry of Land, Infrastructure and Transport (building construction permit area)
340

(y-o-y, %)

290
240
190
140
90
40
-10
-60
-110
2001. 1

2002. 1

2003. 1

Construction orders

16 | The Green Book

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Building permit area

5.

Exports in May increased 3.2 percent (preliminary) year-on-year to US$48.37
billion.

Exports and
imports

Exports grew at a faster pace in May, as weak steel and vessel exports and falling
shipments to Japan were offset by strong IT, rising exports to China and the US,
and an increase in days worked by 0.5 days.
Export growth by item (y-o-y, %)
62.5 (mobile phones), 17.4 (semiconductors), 6.2 (automobiles), -5.1 (petroleum products),
-13.0 (steel), -33.3 (vessels)
Export growth by region (y-o-y, %)
16.6 (China), 11.8 (ASEAN countries), 21.6 (US), -11.6 (Japan), -14.6 (EU), -13.4 (Middle East)

Average daily exports, an indicator adjusted to days worked, amounted to US$2.10
billion, increasing 1.0 percent year-on-year and picking up from the previous
month.
Average daily export growth (y-o-y, %)

3.9 (Nov 2012) [ 7.1 (Dec) [ 1.7 (Jan 2013) [ 2.5 (Feb) [ 4.7 (Mar) [ -8.0 (Apr) [ 1.0 (May)

Average daily exports (US$ billion)

2.08 (May 2012), 1.90 (Jan 2013) [ 2.07(Feb) [ 2.11 (Mar) [ 1.93 (Apr) [ 2.10 (May)

The effects of the weakening yen on the economy are continuing; exports to
Japan keep slowing down and exports of items in competition with Japan, such as
automobiles and steel, continue to be poor.

Exports by item
Source: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trend)
160

(y-o-y, %)

140
120
100
80
60
40
20
0
-20
-40
-60
-80
2001. 1

2002. 1

2003. 1

Export growth rate

2004. 1

2005. 1

2006. 1
Automobiles

2007. 1

2008. 1

2009. 1

2010. 1

Semiconductors

2011. 1

2012. 1

2013. 1
Steel

The Green Book | 17

(US$ billion)

2012
Exports

2013

Annual

May

Q1

Q2

Q3

Q4

Q1

Mar

Apr

May¹

547.87

46.87

134.85

140.13

133.13

139.77

135.47

47.44

46.27

48.37

(y-o-y, %)

-1.3

-1.0

2.9

-1.7

-5.8

-0.4

0.5

0.2

0.4

3.2

Average daily exports

2.00

2.08

1.97

2.09

1.90

2.04

2.02

2.11

1.93

2.10

1. Preliminary
Source: Korea Customs Service

Imports in May dropped 4.8 percent (preliminary) year-on-year to US$42.34
billion.
Despite an increase in capital and consumer goods imports, imports continued a
downward trend year-on-year as shrinking oil imports due to low oil prices led to
a sharp decrease in commodities imports.
Import growth by category (May 1-31, preliminary, y-o-y, %)
-14.6 (commodities), 5.8 (consumer goods), 4.2 (capital goods)

Imports by type
Source: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trend)
100

(y-o-y, %)

80
60
40
20
0
-20
-40
-60
-80
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

Import growth rate

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

Commodities

2013. 1
Capital goods

(US$ billion)

2012
Imports

2013

Annual

May

Q1

Q2

Q3

Q4

Q1

Mar

Apr

May¹

519.58

44.48

133.67

130.43

125.65

129.83

129.68

44.15

43.82

42.34

(y-o-y, %)

-0.9

-1.8

7.8

-2.9

-6.9

-1.1

-3.0

-2.0

-0.3

-4.8

Average daily imports

1.90

1.98

1.95

1.96

1.79

1.89

1.94

1.96

1.83

1.84

1. Preliminary
Source: Korea Customs Service

18 | The Green Book

Exports and imports
Source: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trend)
60

(US$ billion)

50
40
30
20
10
0
-10
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

Trade balance

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

Exports

2013. 1
Imports

The trade balance (preliminary) in May posted a surplus of US$6.03 billion.
(US$ billion)

2012

Trade balance

2013

Annual

May

Q1

Q2

Q3

Q4

Q1

Mar

Apr

May¹

28.29

2.39

1.18

9.70

7.47

9.94

5.78

3.29

2.45

6.03

1. Preliminary
Source: Korea Customs Service

6.
Mining and
manufacturing
production

Mining and manufacturing production in April increased 0.8 percent month-onmonth and 1.7 percent year-on-year, led by strong other transportation equipment
and processed metals, despite a fall in refined petroleum and electrical equipment.
Compared to the previous month, production of other transportation equipment
(up 8.8%), processed metals (up 3.4%) and chemical products (up 1.4%) rose, while
refined petroleum (down 8.1%), electrical equipment (down 6.1%) and clothing &
fur (down 3.8%) fell.
Compared to a year ago, production of semiconductors & parts (up 9.9%) and
chemical products (up 6.4%) increased, while audio-visual communications
equipment (down 14.6%), mechanical equipment (down 3.9%) and refined
petroleum (down 7.2%) went down.
The Green Book | 19

The manufacturing inventory-shipment ratio declined by 0.7 percentage points
month-on-month as inventories decreased 0.6 percent and shipments stayed flat.
Inventories of primary metals (up 1.1%), tobaccos (up 46.1%) and chemical
products (up 0.6%) rose month-on-month, while refined petroleum (down 13.4%),
automobiles (down 1.6%) and semiconductors & parts (down 0.6%) declined.
Shipments of other transportation equipment (up 8.7%), chemical products (up
3.1%) and processed metals (up 3.0%) climbed, while refined petroleum (down
7.8%), electrical equipment (down 5.9%) and clothing & fur (down 7.8%) slipped.
The average operation ratio of the manufacturing sector rose by 0.4 percentage
points month-on-month to 75.9 percent.

Industrial production
Source: Statistics Korea (industrial activity trend)
50

(%)

40
30
20
10
0
-10
-20
-30
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

Industrial production (m-o-m)

2012. 1

2013. 1

Industrial production (y-o-y)

Shipment and inventory
Source: Statistics Korea (industrial activity trend)
10

(m-o-m, %)

8
6
4
2
0
-2
-4
-6
-8
-10
2001. 1

2002. 1

2003. 1

Shipment growth

20 | The Green Book

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Inventory growth

Average manufacturing operation ratio
Source: Statistics Korea (industrial activity trend)
100

( %)

90

80

70]

60

50
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

(Percentage change from previous quarter or month)

2012

2013¹

Annual

Q1

Q2

Q3

Mining production (q-o-q, m-o-m)

-

1.7

-0.5

-2.2

(y-o-y)

0.8

3.6

1.1

-1.0

Manufacturing production (q-o-q, m-o-m)
Mining and
(y-o-y)
manufacturing
Shipment
activity2
- Domestic demand

Q4

Apr

Q1¹

Feb¹

Mar¹

Apr¹

2.9

0.5

-0.9

-1.0

-2.4

0.8

-0.1

-0.4

-1.7

-9.5

-2.9

1.7

-

1.7

-0.5

-2.3

3.0

0.4

-0.9

-1.3

-2.3

0.7

0.8

3.8

1.0

-1.1

-0.2

-0.5

-1.8

-9.8

-3.0

1.8

0.7

1.8

-0.3

-2.4

2.0

0.4

-0.5

-1.5

-1.5

0.0

-1.1

0.7

-0.3

-1.4

1.0

1.8

-0.8

-0.8

-2.8

0.2

- Exports

3.0

3.2

-0.3

-3.6

3.2

-1.1

-0.2

-2.2

0.3

-0.3

Inventory3

2.3

1.6

-1.8

-3.0

2.3

-0.5

0.8

-0.1

0.8

-0.6

Manufacturing Average operation ratio (%)
activity
Production capacity4

78.1

79.6

79.0

76.2

77.8

79.0

77.1

77.2

75.5

75.9

2.2

3.1

2.3

1.9

1.3

2.3

1.1

1.1

1.0

0.9

1. Preliminary
2. Including mining, manufacturing, electricity, and gas industry
3. End-period
4. Percentage change from same period in previous year
Source: Statistics Korea

Mining and manufacturing production is expected to increase as strong exports
of mobile phone parts following the launch of new models have boosted the
communications and semiconductor sectors, and production disruptions in the
automobile industry have eased due to the resumption of working weekends.
Growth of mobile phone exports (y-o-y, %)

16.3 (Oct 2012) [ 23.4 (Nov) [ 12.6 (Dec) [ 32.3 (Jan 2013) [ 15.1 (Feb) [ 21.8 (Mar) [
47.9 (Apr) [ 62.5 (May)

Growth of semiconductors exports (y-o-y, %)
6.7 (Oct 2012) [ 12.9 (Nov) [ 1.0 (Dec) [ 7.2 (Jan 2013) [ 0.9 (Feb) [ 6.6 (Mar) [
12.5 (Apr) [ 17.4 (May)
Growth of automobile exports (y-o-y, %)

-4.4 (Oct 2012) [ 1.3 (Nov) [ -6.3 (Dec) [ 23.2 (Jan 2013) [ -16.3 (Feb) [ -11.5 (Mar) [
-2.6 (Apr) [ 6.2 (May)
The Green Book | 21

7.
Service sector
activity

Service output in April grew 0.2 percent month-on-month and 2.6 percent yearon-year, as growth in professional, scientific & technical services and real estate &
renting offset weaknesses in educational services and wholesale & retail.
Service output grew 0.4 percent in the first quarter of 2013, showing a slight
improvement from the previous quarter, when output remained unchanged.
Wholesale & retail fell 0.6 percent month-on-month as retail sales decreased due
to declining clothing and car fuel sales.
Real estate & renting rose 3.9 percent, with housing transactions increasing from
67,000 in March to 80,000 in April.
Professional, scientific & technical services rose 5.8 percent as an increase in
construction investment led to growth in construction technology and engineering
services.
Publishing & communications services and healthcare & social welfare services
recovered from the previous month’s slump, growing 1.7 percent and 1.3 percent,
respectively.
(Percentage change from previous period)

Weight
Service activity index

2011
Annual Q1

Q2

20131

2012
Q3

Q4 Annual Q1
0.0

Q3

Q4

Q1

100.0

3.2

1.2

0.5

1.2

0.5

0.1

0.9

0.0

21.6

3.8

1.6

1.0

0.4 -0.3

0.7 -0.1

0.6

0.1

0.7 -1.0

- Transportation services

8.5

4.5

2.6 -0.4

1.1 -1.3

1.2

1.2

0.2

0.9

0.6

- Hotels & restaurants

7.2 -1.3 -0.4

2.2 -2.7 -1.4 -1.2 -0.1

0.9

1.3 -1.9 -0.6

8.4

5.1

0.7

0.7

0.6

14.7

6.8

2.9 -0.5

- Wholesale & retail

- Publishing & communications services
- Financial & insurance services
- Real estate & renting

5.3 -7.6 -0.5 -0.6

3.3

1.0

3.9 -0.8

1.6

Q2

1

3.0 -0.4
2.8

2.3 -2.6

0.9 -2.9 -4.3 -4.0

0.5

0.0 -1.0

1.2 -3.7

2.3 -1.3

1.6 -2.8

1.7

1.1

3.9

0.4 -0.7 -1.5 -7.2

5.8

5.6

0.5 -3.7

2.7

1.1

4.1

4.0 -0.6

0.8

5.2

1.2

0.5

0.3

3.5

1.2 -1.7 -0.2

- Educational services

0.7 -0.8

1.8 -1.7 -0.2

0.5

3.3

- Healthcare & social welfare services

0.2

1.2 -0.6

1.6 -0.6

- Professional, scientific & technical services

2.9

0.4 -0.8

3.1

- Business services

1.2

Mar1 Apr1

2.3

0.0 -1.1

10.9

2.2

0.5 -1.0

1.1

1.0

0.9

0.6 -1.4

0.0

0.9

1.0 -0.1 -1.5

7.5

6.4

3.0

1.4

1.5

5.8

1.4

2.5

1.0

0.2

1.2 -0.5

1.4

2.8

0.9

2.7 -1.5 -3.0 -0.1

0.9

- Entertainment, cultural & sports services

2.9

2.7

0.4

3.0 -1.0

- Membership organizations

3.6

1.6

0.4

0.0 -0.2 -1.2 -1.4 -0.8 -0.4

1.9 -0.6

- Sewerage & waste management

0.6

3.3 -3.2

8.6

0.3 -4.8 -1.0

0.8

2.9 -0.3 -7.3

5.8

1.3

2.0 -1.9

2.4 -2.6 -2.3
6.5

1.8

1. Preliminary
Source: Statistics Korea

Service output is expected to improve in May, led by real estate & renting and
wholesale & retail, while financial & insurance services may decline due to falling
stock transactions.
Average daily stock transactions (trillion won)

7.9 (Sep 2012) [ 6.8 (Oct) [ 6.2 (Nov) [ 5.8 (Dec) [ 6.3 (Jan 2013) [ 5.5 (Feb) [ 6.0 (Mar)
[ 6.9 (Apr) [ 6.5 (May)

22 | The Green Book

Service industry
Source: Statistics Korea (service industry activity trend)
20

(%)

15
10
5
0
-5
-10
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Service industry activity (m-o-m)

Service industry activity (y-o-y)

Wholesale & retail
Source: Statistics Korea (service industry activity trend)
20

(%)

15
10
5
0
-5
-10
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

Wholesale & retail (y-o-y)

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Wholesale & retail (m-o-m)

April 2013 service industry by business
Source: Statistics Korea (service industry activity trend)

5
3

Tot
al i
nde
x

1
-1

&r
eta
il
Tra
nsp
ort
atio
ns
erv
ice
Ho
s
tels
&r
est
aur
ant
s
Pub
lish
ing
&c
om
mu
Fin
nic
anc
atio
ial
ns
&i
ser
nsu
vic
es
ran
c
e se
Rea
rvic
l es
es
tat
e&
ren
Pro
tin
ser fess
g
vic ion
es al,
scie
nti
fic
B
&t
sup usine
ech
por ss fa
nic
al
t se cili
t
rvic y m
es an
age
Edu
me
nt &
cat
ion
bus
al s
ine
erv
ss
i
c
e
He
s
alth
car
e&
soc
ial
we
Ent
lfar
ert
e se
ain
rvic
me
es
nt,
cul
Me
tur
oth mb
al &
er p ersh
spo
ers ip o
rts
ona rga
ser
n
l
vic
ser iza
Sew
es
vic tion
ma era
es s,
ter ge
rep
ial , w
air
rec ast
&
ove e m
ry & an
rem agem
edi ent
atio ,
na
ctiv
itie
s

(y-o-y, %)

Wh
ole
sal
e

7

-3
-5

The Green Book | 23

8.
Employment

The number of workers on payroll in April increased by 345,000 from a year earlier
to 25,100,000 and the employment rate rose 0.1 percentage point from the previous
year to 59.8 percent.
Month-on-month employment growth improved, with the number of employed
persons increasing in the 300,000 range for the first time in three months and the
employment rate rising for the first time in six months.
Workers in the manufacturing and service sectors grew by a larger margin,
while growth in the number of workers in the construction sector slowed and
employment growth in the agriculture, forestry & fisheries sector turned negative.
By status of workers, regular workers continued to increase while self-employed
workers declined for the fourth straight month.

2010

2011

Annual Annual Q3
Number of employed (million)

2012
Q4 Annual Apr

Q1

2013

Q2

Q3

Q4

Q1

Mar

Apr

23.83 24.24 24.48 24.46 24.68 24.76 23.93 25.00 24.99 24.80 24.18 24.51 25.10

Employment rate (%)

58.7

59.1

59.5

59.4

59.4

59.7

57.8

60.2

60.0

59.4

57.7

58.4

59.8

(Seasonally adjusted)

58.7

59.1

59.1

59.2

59.4

59.4

59.3

59.4

59.5

59.3

59.2

59.2

59.5

Employment growth (y-o-y, thousand)

323

415

363

474

437

455

467

430

506

342

257

249

345

(Excluding agriculture, forestry & fisheries)

405

440

414

497

451

484

498

454

504

344

266

244

367

191

63

-12

-75

14

-80 -102

-66

85

140

119

123

165

33

-2

-35

71

22

53

79

33

17

-40

-64

-51

-10

- Services

200

386

472

514

416

525

541

491

397

236

199

156

186

- Agriculture, forestry & fisheries

-82

-25

-51

-23

-14

-29

-31

-24

2

-2

-9

5

-22

- Wage workers

517

427

392

374

315

322

360

281

317

303

329

322

466

• Regular workers

697

575

572

500

436

339

413

379

485

469

554

611

659

• Temporary workers

-34

-78

-76

-10

-2

167

110

73

- Manufacturing
- Construction

• Daily workers

-79 -109 -152 -228 -202

-146

-70 -104 -115 -120 -185 -163 -171

-89

-57

-73

-61

-194

-11

-29

100

121

133

108

150

189

39

-71

-73 -120

-118

1

34

125

124

163

149

173

143

33

-28

-48

-90

- Male

181

238

208

257

234

245

238

242

284

172

123

148

189

- Female

142

177

155

216

203

210

230

188

223

170

135

101

156

- 15 to 29

-43

-35

-1

-18

-36

25

1

-8

-57

-80 -117 -128 -133

- 30 to 39

-4

-47

-83

-56

-31

-75

-65

-80

33

-10

-15

-1

34

- 40 to 49

29

57

46

47

11

2

28

8

12

-3

12

-26

1

- 50 to 59

294

291

270

315

270

252

326

260

273

220

196

213

264

47

149

131

185

222

251

178

251

245

215

181

191

179

- Non-wage workers
• Self-employed workers

- 60 or more
Source: Statistics Korea

24 | The Green Book

9

Number of persons employed and employment growth
Source: Statistics Korea (employment trend)
1,200

(thousand)

(million)

26

1,000
25

800
600

24

400
23

200
0

22

-200
21

-400
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

Employment growth (y-o-y, left)

2011. 1

2012. 1

2013. 1

Number of employed (seasonally adjusted, right)

Share of persons employed by industry
Source: Statistics Korea (employment trend)
100

(%)

80

60

70.3 69.9 69.2 68.8 68.4 68.4 69.1 68.9 69.1 68.7 69.2 70.2 71.0 70.8 70.3 69.7 69.2 69.1 69.3 69.2 69.0 68.7 69.0 70.4 70.9 71.1 70.2 69.4

40
7.0
20

0

7.0

7.0

7.1

7.2

7.3

7.1

7.3

7.1

7.4

7.5

7.6

7.2

7.1

7.2

7.2

7.2

7.2

7.1

7.1

7.1

7.3

7.2

7.2

6.9

6.7

6.9

7.1

17.9 17.8 17.3 16.9 16.8 16.7 16.6 16.5 16.5 16.4 16.5 16.9 17.0 17.1 16.6 16.3 16.2 16.3 16.4 16.5 16.6 16.7 16.9 17.1 17.4 17.3 16.9 16.7
4.9

6.1

6.8

7.2

7.2

6.9

7.0

7.0

7.1

6.5

5.0

2011. 1 2

4.4

3

4

5

6

7

8

9

10

11

12 2012. 1 2

Services

4.4

4.7

5.6

6.5

7.0

7.0

6.8

6.8

6.8

6.9

6.5

4.9

4.6

5.6

6.3

3

4

5

6

7

8

9

10

11

12 2013. 1 2

3

4

Construction

Manufacturing

4.3

Agriculture, forestry & fisheries

Share of persons employed by status of workers
Source: Statistics Korea (employment trend)
100

80

(%)

4.7

5.1

5.4

5.6

5.5

5.3

5.3

5.1

5.4

5.2

4.6

4.5

4.5

4.8

5.1

5.4

5.4

5.3

5.3

5.4

5.3

5.2

4.5

4.2

4.2

4.7

5.0

22.8 23.0 23.3 23.2 23.0 22.9 23.0 23.2 23.4 23.2 23.0 22.9 23.1 23.1 23.4 23.4 23.3 23.2 23.4 23.3 23.2 23.1 22.9 22.7 22.7 22.8 23.0 22.8
7.2

60

4.8

7.2

7.3

7.5

7.5

7.6

7.4

7.2

6.4

7.0

7.2

7.0

6.5

6.5

6.3

6.6

6.8

6.7

6.7

6.4

6.4

6.7

6.8

6.6

6.2

6.0

6.0

6.5

20.9 20.5 20.1 20.3 20.5 20.7 20.9 20.5 20.8 20.6 20.5 20.7 20.5 20.5 20.6 20.6 20.5 20.3 20.2 19.9 19.8 19.8 19.9 20.0 19.9 19.7 19.5 19.5

40
46.9 47.3 47.0 46.3
20 44.4 44.5 44.2 43.7 43.4 43.3 43.5 43.7 44.3 43.8 44.1 44.9 45.4 45.4 44.9 44.3 44.0 44.4 44.4 45.1 45.2 45.1 45.2 46.2

0
2011. 1 2

3

4

5

Unpaid family workers

6

7

8

9

10

11

12 2012. 1 2

Self-employed workers

3

4

5

Daily workers

6

7

8

9

10

11

Temporary workers

12 2013. 1 2

3

4

Regular workers

The Green Book | 25

The number of unemployed persons in April decreased by 70,000 year-on-year to
825,000, while the unemployment rate fell 0.3 percentage points from the previous
year to 3.2 percent.
The unemployment rate fell year-on-year in all age groups excluding the 40s.

2010

2011

Annual Annual

2012

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Mar

Apr

Number of persons unemployed (thousand)

920

855

786

740

820

895

947

841

770

722

907

883

825

Unemployment growth (y-o-y, thousand)

31

-65

-88

-68

-35

-41

-82

-23

-16

-18

-40

-62

-70

-7

-48

-48

-41

-26

-35

-54

-19

-16

-13

-7

-42

-46

- Male
- Female

Annual Apr

2013

38

-17

-40

-27

-9

-6

-28

-4

0

-6

-33

-20

-24

Unemployment rate (%)

3.7

3.4

3.1

2.9

3.2

3.5

3.8

3.3

3.0

2.8

3.6

3.5

3.2

(Seasonally adjusted)

3.7

3.4

3.2

3.1

3.2

3.4

3.5

3.3

3.1

3.0

3.3

3.2

3.1

- 15 to 29

8.0

7.6

6.7

7.1

7.5

8.5

8.2

8.1

6.8

7.0

8.4

8.6

8.4

- 30 to 39

3.5

3.4

3.2

2.9

3.0

3.3

3.2

3.2

2.8

2.7

3.3

3.2

3.1

- 40 to 49

2.5

2.1

2.0

1.9

2.0

2.1

2.4

2.0

2.0

1.8

2.1

2.3

2.2

- 50 to 59

2.5

2.1

2.1

1.8

2.1

2.3

2.3

2.0

2.2

1.8

2.3

2.2

1.9

- 60 or more

2.8

2.6

2.1

1.8

2.4

2.3

4.4

2.0

1.9

1.6

3.4

2.3

1.3

Source: Statistics Korea

The economically inactive population in April was up 269,000 from a year earlier
to 16,070,000, while the labor force participation rate decreased 0.2 percentage
points to 61.7 percent.
The economically inactive population increased in all categories, including
education (up 164,000), rest (up 71,000) and housework (up 41,000).

2010

2011

Annual Annual Q3
Economically inactive population (million)

2012
Q4 Annual Apr

Q1

2013

Q2

Q3

Q4

Q1

Mar

Apr

15.84 15.95 15.85 16.01 16.08 15.81 16.50 15.67 15.90 16.26 16.83 16.56 16.07

Labor force participation rate (%)

61.0 61.1 61.5 61.1 61.3 61.9 60.1 62.3 61.8 61.1 59.9 60.5 61.7

(seasonally adjusted)

61.0 61.1 61.0 61.1 61.3 61.5 61.4 61.4 61.4 61.1 61.2 61.2 61.3

Growth in economically inactive population
(y-o-y, thousand)

143

112

191

53

128

92

- Childcare

-125

-5

17

23

-2

5

- Housework

201

101

143

103

123

163

- Education

12

-51

-78

-69

-12

-82

- Old age
- Rest
Source: Statistics Korea

26 | The Green Book

103

110

57

244

336

359

269

4

-7

-3

0

17

6

85

181

101

126

143

117

41

-28

-64

5

39

118

136

164

174

156

186

154

129

4

-71 -142 -125 -106

-68

71

-

80

-45

-22

2

148

173

76

-56

182

193

131

-53

-60

126

Employment rate
Source: Statistics Korea (employment trend)
64

(%)

63
62
61
60
59
58
57
56
55
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

Original rate

2012. 1

2013. 1

Seasonally adjusted rate

Unemployment rate
Source: Statistics Korea (employment trend)
6

(%)

5

4

3

2
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

Original rate

2012. 1

2013. 1

Seasonally adjusted rate

Labor force participation rate
Source: Statistics Korea (employment trend)
65

(%)

64
63
62
61
60
59
58
57
2001. 1

2002. 1
Original rate

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Seasonally adjusted rate

The Green Book | 27

9.
Financial markets

9.1 Stock market
The Korean stock price index in May rose 1.9 percent to 2,001 points from the
previous month’s 1,964 points.
The KOSPI Composite declined early in the month due to concerns over a
weakening yen, but bounced back with strong global stock markets and inflows
from foreign investors buying stocks.
Foreign investors switched to net buyers of Korean stocks in May, buying 1.0 trillion
won worth of stocks compared to selling 2.9 trillion won in the previous month.
(End-period, point, trillion won)

KOSPI

May 2013

37.1 (1.9%)

563.9

577.9

1,164.2

26.6 (2.3%)

126.4

131.1

4.7 (3.7%)

4.2

-0.2 (-4.5%)

2.5

2.3

-0.2 (-8.0%)

34.5

0.3 (0.9%)

8.5

8.8

0.3 (3.5%)

2008. 1

2010. 1

May 2013

Stock price index (points)

1,964.0

2,001.1

Market capitalization (trillion won)

1,137.6
4.4
34.2

Foreign stock ownership (%)

Change1

Apr 2013

Apr 2013

Average daily trade value (trillion won)

KOSDAQ
1

Change

14.0 (2.5%)

1. Change from the end of the previous month
Source: Korea Exchange

Stock prices
2,200

(monthly average, KOSPI Jan 4, 1980=100, KOSDAQ Jul 1, 1996=1,000)

2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

KOSPI

2007. 1

2009. 1

2011. 1

2012. 1

2013. 1
KOSDAQ

9.2 Exchange rate
The won/dollar exchange rate in May rose 28.5 won to 1,129.7 won from 1,101.2
won at the end of April.
The won/dollar exchange rate slipped to 1,086.5 won in early May due to alleviated
North Korea risks, but rose to the 1,120 won range as improved economic indicators
in the US and the possibility of a reduction in quantitative easing led to a rise in the
value of the US dollar.

28 | The Green Book

The won/100 yen exchange rate fell to the 1,080 won range as the yen/dollar
exchange rate hit 100 yen, but the fall was pared as the yen adjusted due to the
unstable movements in Japan’s financial markets.
(End-period)

2008

2009

2010

2011

2012

2013

Dec

Dec

Dec

Dec

Dec

Apr

May

Change1

Won/dollar

1,259.5

1,164.5

1,134.8

1,151.8

1,070.6

1,101.2

1,129.7

-5.2

Won/100 yen

1,396.8

1,264.5

1,393.6

1,481.2

1,238.3

1,126.6

1,120.2

10.5

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.

Foreign exchange rate
1,800

(month-end, ₩)

1,600
1,400
1,200
1,000
800
600
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

Won/dollar

2012. 1

2013. 1

Won/100 yen

Daily foreign exchange rate trend
1,800

(₩)

1,600
1,400
1,200
1,000
800
600
2008. 1. 2

2008. 8. 11
Won/dollar

2009. 3. 18

2009. 10. 19

2010. 5. 25

2010. 12. 27

2011. 8. 3

2012. 3. 9

2012. 10. 16
Won/100 yen

The Green Book | 29

9.3 Bond market
3-year Treasury bond yields rose 29 basis points in May to 2.78 percent from the
previous month’s 2.49 percent. The yields rose by a large margin due to rising
Treasury bond yields in the US and foreign investors’ selling of Treasury bond
futures.
(End-period, %)

2007

2008

2009

2010

2011

2012

2013

Dec

Dec

Dec

Dec

Dec

Dec

Apr

May

Change1

Call rate (1 day)

5.02

3.02

2.01

2.51

3.29

2.77

2.78

2.50

-28

CD (91 days)

5.82

3.93

2.88

2.80

3.55

2.89

2.81

2.69

-12

Treasury bonds (3 yrs)

5.74

3.41

4.44

3.38

3.34

2.82

2.49

2.78

29

Corporate bonds (3 yrs)

6.77

7.72

5.56

4.27

4.21

3.29

2.85

3.14

29

Treasury bonds (5 yrs)

5.78

3.77

4.98

4.08

3.46

2.97

2.56

2.90

34

1. Basis point, changes from the previous month

Interest rates
Source: The Bank of Korea
10

(monthly average, yearly, %)

9
8
7
6
5
4
3
2
1
2001. 1

2002. 1

2003. 1

2004. 1

3-yr corporate bonds yield

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

3-yr treasury bonds yield

2010. 1

2011. 1

2012. 1

2013. 1

Overnight call rate (daily)

9.4 Money supply & money market
M2 (monthly average) in March expanded 5.0 percent from a year earlier.
M2 growth slowed as money supply in the private sector declined, resulting
from a decrease in bank loans and securities investment from asset management
companies (AMC).

30 | The Green Book

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

2008

2009

2010

2011

2012

Annual Annual Annual Annual Annual

2013

Q1

Q2

Q3

Q4

Jan

Feb

Mar

Mar1
472.4

M12

-1.8

16.3

11.8

6.6

3.8

1.8

3.6

4.3

5.5

5.8

8.0

7.4

M2

14.3

10.3

8.7

4.2

5.2

5.3

5.6

5.6

4.5

4.8

5.3

5.0

Lf

3

11.9

7.9

8.2

5.3

7.8

7.5

8.5

7.9

7.1

7.7

8.1

6.8

1,862.4
4

2,500.34

1. Balance at end March 2013, 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

Total money supply
Source: The Bank of Korea
40

(y-o-y, monthly average balance, %)

30
20
10
0
-10
-20
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

Reserve money

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

M1

2013. 1
Lf

The growth of bank deposits and AMC deposits turned negative in April.
Bank deposits turned negative (4.7 trillion won [ -4.7 trillion won) as instant access
deposits plummeted due to payments of corporate tax and value-added tax (VAT).
AMC deposits plunged (-1.8 trillion won [ -10.1 trillion won) as a result of rising
short-term market rates and seasonal factors such as tax payments.
(Monthly change, end-period, trillion won)

2009

2010

2011

2012

2013

Annual

Annual

Annual

Apr

Annual

Apr

Mar

Apr

Apr 1

Bank deposits

54.8

36.9

58.9

12.5

37.0

-15.5

1.4

-11.5

1,127.6

AMC deposits

-27.6

-16.7

-16.6

-3.2

18.8

1.8

2.1

-3.9

331.7

1. Balance at end April 2013, trillion won

The Green Book | 31

Deposits in financial institutions
Source: The Bank of Korea
30

(y-o-y, end of monthly balance, trillion won)

20
10
0
-10
-20
2001. 1

2002. 1

10.
Balance of
payments

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Korea’s current account (preliminary) in April posted a surplus of US$3.97 billion,
staying in the black for 15 consecutive months.
Despite robust exports of IT products, such as mobile phones, the goods account
surplus narrowed from US$4.16 billion in March to US$3.59 billion in April as
exports of automobiles, steel and vessels dropped along with exports to Japan.
Goods exports (US$ billion)
47.99 (Mar 2013) [ 47.56 (Apr)
Goods imports (US$ billion)
43.78 (Mar 2013) [ 43.97 (Apr)
Export growth by item (y-o-y, %)
29.2 (mobile phones), 12.8 (semiconductors), -2.1 (automobiles), -8.0 (steel), -45.9 (vessels)
Export growth by region (y-o-y, %)

16.1 (China), 8.2 (Southeast Asia), 1.9 (US), -11.3 (Japan), 4.8 (EU)

Despite deteriorating travel and transportation, the service account surplus
widened from US$0.91 billion to US$1.45 billion, helped by business services and
intellectual properties.

32 | The Green Book

Service account (US$ billion, March [ April)

-0.43 [ -0.45 (travel), 0.90 [ 0.77 (transportation), 1.16 [ 1.18 (construction), -0.47 [ -0.14
(business service), -0.40 [ -0.09 (intellectual property)

The primary income account deficit widened from US$0.22 billion to US$1.09
billion due to cross-border dividend payments by firms whose fiscal year ended
in December. The secondary income account surplus contracted from US$0.09
billion to US$0.02 billion.
(US$ billion)

2012

2013

Annual

Apr

Q1

Q2

Q3

Q4

Q1

Feb

Mar

Apr1

Current account

43.14

1.73

2.56

11.19

14.56

14.94

10.02

2.71

4.93

3.97

- Goods balance

38.34

1.75

2.61

8.52

13.34

13.98

9.39

2.56

4.21

3.59

- Service balance

2.68

0.55

-0.65

2.31

0.65

0.36

-0.48

-0.46

0.91

1.45

- Primary income balance

4.89

-0.42

1.49

0.82

1.04

1.54

1.38

0.63

-0.22

-1.09

- Secondary income balance

-2.76

-0.14

-0.89

-0.47

-0.47

-0.93

-0.26

-0.02

0.09

0.02

1. Preliminary
Source: The Bank of Korea

The capital and financial account (preliminary) in April posted a net outflow of
US$2.61 billion.
Capital & financial account balance (US$ billion)

-0.91 (Jan 2013) [ -3.27 (Feb) [ -6.72 (Mar) [ -2.61 (Apr)

The direct investment account swung to a net inflow of US$0.30 billion from a
net outflow of US$1.87 due to an increase in foreign direct investment.
Net outflow in portfolio investment narrowed to US$1.92 billion from US$3.39
billion due to a decrease in overseas equity investment.
Financial derivatives switched to a net outflow of US$0.31 billion from a net
inflow of US$0.15 billion, while the net outflow of the other investment account
widened to US$1.59 billion from US$0.13 billion.
The current account is expected to maintain a surplus, helped by a goods account
surplus resulting from a trade surplus in May.

The Green Book | 33

Current account balance
Source: The Bank of Korea (balance of payments trend)
8

(US$ billion)

6
4
2
0
-2
-4
-6
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

Goods account

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

Service account

2012. 1

2013. 1

Current account

Travel account balance
Source: The Bank of Korea (balance of payments trend)
4

(US$ billion)

3
2
1
-1
-2
-3
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

Travel balance

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

Travel revenue

2012. 1

2013. 1

Travel payment

Capital & financial account balance
Source: The Bank of Korea (balance of payments trend)
15

(US$ billion)

10
5
0
-5
-10
-15
2001. 1

2002. 1

2003. 1

Portfolio investment

34 | The Green Book

2004. 1

2005. 1

2006. 1

Direct investment

2007. 1

2008. 1

2009. 1

Financial derivatives

2010. 1

2011. 1

2012. 1

2013. 1

Capital & financial account

11.

11.1 Prices

Prices and
international
commodity
prices

Consumer prices in May rose 1.0 percent year-on-year, staying stable at the 1.0
percent range for seven consecutive months. Prices were unchanged from the
previous month.
Core consumer prices, which exclude oil and agricultural products, rose 1.6
percent year-on-year. Core consumer prices based on the OECD method, which
exclude food and energy, rose 1.3 percent year-on-year. Consumer prices for basic
necessities, a barometer of perceived consumer prices, were up 0.2 percent yearon-year but down 0.4 percent month-on-month.
The average expected annual inflation fell 0.2 percentage points from the previous
month and the import prices declined 9.7 percent year-on-year.
Expected inflation (%, over the next 12 months)

3.5 (Aug 2012) [ 3.3 (Sep) [ 3.3 (Oct) [ 3.2 (Nov) [ 3.1 (Dec) [ 3.2 (Jan 2013) [ 3.2 (Feb)
[ 3.2 (Mar) [ 3.1 (Apr) [ 2.9 (May)

Import price increases (y-o-y, %, won base)

-6.4 (Oct 2012) [ -7.9 (Nov) [ -9.0 (Dec) [ -10.6 (Jan 2013) [ -8.6 (Feb) [ -10.8 (Mar) [ -9.7 (Apr)

<Consumer price inflation>

(%)

2012

2013

Month-on-Month

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
0.0 0.2 -0.1 -0.2 0.4 0.7 -0.1 -0.4 0.2 0.6 0.3 -0.2 -0.1 0.0

Year-on-Year

2.5 2.5 2.2 1.5 1.2 2.0 2.1 1.6 1.4 1.5 1.4 1.3 1.2 1.0

Consumer prices excluding oil and agricultural
products (y-o-y)

1.8 1.6 1.5 1.2 1.3 1.4 1.5 1.3 1.2 1.2 1.3 1.5 1.4 1.6

Consumer prices excluding food and energy (y-o-y)
Consumer prices for basic necessities (y-o-y)

1.6 1.5 1.4 1.2 1.2 1.4 1.4 1.4 1.4 1.4 1.2 1.4 1.4 1.3
2.0 2.2 1.8 0.8 0.6 1.7 1.6 1.0 0.7 0.8 0.8 0.8 0.7 0.2

Source: Statistics Korea

Prices
Source: Statistics Korea (consumer price trend) & The Bank of Korea (producer prices)
16

(y-o-y, %)

13
10
7
4
1
-2
-5
2001. 1

2002. 1

2003. 1

Consumer price inflation

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

Core inflation

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Producer price inflation

The Green Book | 35

The prices of agricultural products (down 3.7%, m-o-m) fell as a result of favorable
weather conditions, and those of oil products (down 2.6%, m-o-m) also declined
due to falling international oil prices, contributing to stabilizing consumer prices.
Agricultural, livestock & fishery product prices decreased 1.6 percent month-onmonth. The prices of livestock (up 2.2%, m-o-m) and fishery products (up 0.8%,
m-o-m) rose, while agricultural product prices (down 3.7%, m-o-m) fell.
Manufactured product prices inched up 0.1 percent month-on-month. The prices
of cosmetics (up 4.5%, m-o-m) and processed food (up 0.4%, m-o-m) rose, while
those of oil products (down 2.6%, m-o-m) and durable goods (down 0.6%, m-o-m)
fell.
Personal service prices increased 0.2 percent month-on-month as dining out
expenses (up 0.1%, m-o-m) and other personal service prices (up 0.2%, m-o-m)
rose.

<Consumer price inflation in major sectors>

Agricultural, livestock & Manufactured products
fishery products
Oil products

Total
Month-on-Month (%)

Public
utilities

Housing Public Personal
rents
services services

0.0

-1.6

0.1

-2.6

0.1

0.3

0.0

0.2

Contribution (%p)

0.00

-0.13

0.03

-0.15

0.00

0.03

0.00

0.06

Year-on-Year (%)

1.0

-1.2

-0.1

-7.4

5.9

2.7

0.9

1.3

Contribution (%p)

1.04

-0.10

-0.03

-0.45

0.29

0.25

0.12

0.42

Source: Statistics Korea

Consumer price inflation
Source: Statistics Korea (consumer price trend)
7

(%)

6
5
4
3
2
1
0
-1
2001. 1

2002. 1

2003. 1

2004. 1

Consumer price inflation (m-o-m)

36 | The Green Book

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Consumer price inflation (y-o-y)

Contribution to consumer price inflation
Source: Statistics Korea (consumer price trend)
5

(%p)

4
3
2
1
0
-1
2004

2003

2005

2006

Agricultural, livestock &
fishery products

2007

2008

2009

2010

Manufactured products

Housing rents

Personal services

Public utilities

2011

2012
Public services

11.2 International oil and commodity prices
International oil prices inched down in May as supply remained stable, while
domestic oil prices also declined.
The production of Dubai crude is showing signs of improvement but demand has
somewhat shrunk due to the possibility of a reduction of quantitative easing in the
US and concerns over slowing growth in China, allowing the prices to stabilize at
around US$100 per barrel.
Dubai crude ($/barrel)

100.0 (1st week May) [ 101.7 (2nd week) [ 100.1 (3rd week) [ 100.5 (4th week) [ 99.7 (5th week,
down 1.4% from April average)

International oil prices
Source: Korea National Oil Corporation
160

($/B)

140
120
100
80
60
40
20
0
2001. 1

2002. 1
Dubai crude

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1
WTI crude

The Green Book | 37

(US$/barrel, period average)

2010

2011

2012

2013

Annual

Annual

Annual

Nov

Dec

Jan

Feb

Mar

Apr

May

Dubai crude

78.1

105.9

109.0

107.3

106.4

107.9

111.1

105.6

101.7

100.3

Brent crude

79.7

111.0

111.7

109.3

109.2

112.7

116.2

109.0

102.8

102.8

WTI crude

79.5

95.1

93.8

86.6

88.2

94.8

95.3

92.9

92.0

94.7

Source: Korea National Oil Corporation

Domestic oil product prices continued to decrease due to stable international oil
prices, but bounced back slightly helped by rising exchange rates.
Gasoline prices (won/liter)
1,915.1 (1st week May) [ 1,904.1 (2nd week) [ 1,898.1 (3rd week) [ 1,896.3 (4th week) [ 1,896.4
(5th week)
Exchange rate (won/$)
1,104.8 (1st week May) [ 1,092.5 (2nd week) [ 1,110.1 (3rd week) [ 1,116.3 (4th week) [ 1,127.6
(5th week)
(won/liter, period average)

2010

2011

2012

2013

Annual

Annual

Annual

Nov

Dec

Jan

Feb

Mar

Apr

May

Gasoline prices

1,710.4

1,929.3

1,985.8

1,956.0

1,935.6

1,924.6

1,952.5

1,986.5

1,949.4

1,899.9

Diesel prices

1,502.8

1,745.7

1,806.3

1,777.7

1,760.0

1,749.6

1,766.7

1,786.0

1,745.2

1,699.4

Source: Korea National Oil Corporation

Dubai crude prices and import prices
Source: Korea National Oil Corporation
160

(thousand won/B)

($/B)

160

140

140

120

120

100

100

80

80

60

60

40

40

20
2004. 1

20
2005. 1

2006. 1

Dubai crude (import prices, won, left)

38 | The Green Book

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Dubai international prices (dollar, right)

The prices of international grain rose slightly due to concerns over unstable supply,
while nonferrous metal prices fell, led by slowing demand.
International grain prices were high as temperatures were unusually low and the
planting of wheat and corn was delayed in the US, but the rise slowed towards the
end of May due to expectations of improved supply.
World grain supply outlook for 2012-13 (US Department of Agriculture, May, m-o-m)
Production (8.3%), demand (5.1%), stocks-to-use ratio (0.8%p)
International grain prices in May (m-o-m, %)

Corn (1.7), soybean (3.4), wheat (0.4)

Nonferrous metal prices continued to fall due to improvements in production and
weak demand as a result of poor economic indicators in major countries.
Nonferrous metal prices in May (m-o-m, %)

Tin (-4.3), lead (-0.7), nickel (-4.3), copper (0.3), zinc (-1.4), aluminum (-1.4)

<Reuters index*>

(Period average)

2010

2011

2012

2013

Annual

Annual

Annual

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2,553

3,062

3,006

3,110

3,067

3,037

2,996

2,990

2,947

2,880

2,828

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

International commodity prices
Source: Bloomberg (CRB), The Bank of Korea (Reuters index)
* CRB demonstrates a futures price index of 21 commodities listed on the US Commodity Transaction Market, including beans and other
crops, crude oil and jewelry.
470

4,000

430
390

3,000

350
310

2,000

270
230

1,000

190
150
1997. 1

0
1998. 1

1999. 1

CRB (left)

2000. 1

2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Reuters index (right)

The Green Book | 39

12.

12.1 Housing market

Real estate
market

Nationwide apartment sales prices rose 0.3 percent month-on-month in May.
Apartment sales price growth accelerated in the Seoul metropolitan area (up 0.2%,
m-o-m), including Seoul (up 0.2%, m-o-m) and Gyeonggi Province (up 0.2%,
m-o-m).
Apartment sales prices increased in areas excluding the Seoul metropolitan area
(up 0.3%, m-o-m), in particular Daegu (up 1.0%, m-o-m) and North Gyeongsang
Province (up 0.9%, m-o-m). Apartment prices in the five metropolitan cities and
other cities rose 0.3 percent and 0.2 percent, respectively.

<Nationwide apartment sales prices>

(Percentage change from previous period)

2012

2013
May May 131 May 201 May 271 Jun 31

Jul

Aug

Sep

Oct

Nov

Dec Jan-May Jan

Feb

Mar

Apr

Nationwide

-0.4

-0.4

-0.3

-0.3

-0.2

-0.3

-0.2

-0.3

-0.2

-0.1

0.2

0.3

0.11 0.07 0.05 0.02

Seoul

-0.7

-0.9

-0.7

-0.6

-0.5

-0.6

-0.8

-0.6

-0.4

-0.1

0.1

0.2

0.12 0.01 -0.02 -0.08

Gangnam

-0.9

-1.3

-0.9

-0.7

-0.4

-0.7

-0.2

-0.8

-0.3

0.0

0.5

0.4

0.17 0.00 -0.03 -0.08

3

-0.5

-0.5

-0.4

-0.5

-0.6

-0.5

-1.4

-0.5

-0.5

-0.3

-0.2

0.0

0.06 0.02 0.00 -0.07

Seoul metropolitan area

-0.6

-0.8

-0.7

-0.6

-0.5

-0.6

-1.1

-0.7

-0.4

-0.3

0.1

0.2

0.10 0.05 0.03 -0.01

5 metropolitan cities

-0.2

-0.3

-0.1

0.0

0.1

0.1

0.7

0.1

0.0

0.0

0.4

0.3

0.10 0.09 0.10 0.07

2

Gangbuk

1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board

Apartment sales prices by region
Source: Kookmin Bank
4

(m-o-m, %)

3
2
1
0
-1
-2
2009. 1

7
Nationwide

40 | The Green Book

2010. 1

7

2011. 1

7

Seoul metropolitan area

2012. 1

7

2013. 1
Metropolitan cities

Nationwide apartment rental prices continued to rise in May (up 0.4%, m-o-m).
Rental prices in the Seoul metropolitan area and five metropolitan cities rose 0.3
percent and 0.5 percent each.
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (-0.1), Seocho (-0.3), Songpa (-0.6), Gangdong (-0.9), Seongbuk (1.2)

<Nationwide apartment rental prices>

(Percentage change from previous period)

2012

2013

Jul

Aug

Sep

Oct

Nov

Dec Jan-May Jan

Feb

Mar

Apr

May May 131 May 201 May 271 Jun 31

Nationwide

-0.2

-0.1

0.3

0.4

0.4

0.3

2.1

0.3

0.3

0.5

0.7

0.4 0.14 0.11 0.10 0.07

Seoul

-0.5

-0.3

0.6

0.8

0.7

0.2

2.2

0.4

0.6

0.7

0.4

0.2 0.05 0.02 0.02 0.01

Gangnam

-0.6

-0.4

0.8

1.0

0.9

0.3

1.9

0.5

0.6

0.6

0.2

0.1 0.04 0.01 0.00 0.01

3

-0.4

-0.1

0.4

0.6

0.4

0.1

2.6

0.3

0.6

0.8

0.6

0.4 0.07 0.04 0.04 0.01

Seoul metropolitan area -0.4

-0.2

0.4

0.5

0.4

0.1

2.1

0.2

0.3

0.5

0.7

0.3 0.10 0.08 0.06 0.06

5 metropolitan cities

-0.2

0.2

0.3

0.4

0.4

2.3

0.3

0.3

0.4

0.8

0.5 0.20 0.13 0.15 0.11

2

Gangbuk

-0.1

1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board

Apartment rental prices by region
Source: Kookmin Bank
4

(m-o-m, %)

3
2
1
0
-1
-2
2009. 1

7
Nationwide

2010. 1

7

2011. 1

7

Seoul metropolitan area

2012. 1

7

2013. 1
Metropolitan cities

Apartment sales transactions in April increased 17.0 percent from the previous
month’s 47,375 to 55,442, and were up 23.0 percent from a year earlier (45,079).

The Green Book | 41

<Apartment sales transactions>

(thousand)

2009 2010 2011
1

1

2012

1

1

Annual Annual Annual Annual Feb Mar Apr May Jun
Nationwide

53

48

59

42

18

47

45

46

37

Jul
38

2013
Aug Sep Oct Nov Dec Jan Feb Mar Apr
31

26

45

50

81

17

34

47

55

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

Monthly transaction volume
Source: Ministry of Land, Infrastructure and Transport
140

(thousand)

120
100
80
60
40
20
0
2006. 1

7

2007. 1

Nationwide

7

2008. 1

7

2009. 1

7

Seoul metropolitan area

2010. 1

7

2011. 1

7

2012. 1

7

2013. 1

Areas excluding the Seoul Metropolitan area

12.2 Land market
Nationwide land prices in April rose 0.13 percent month-on-month, and were 0.23
percent higher than the pre-crisis peak reached in October 2008.
Land prices in the Seoul metropolitan area (up 0.13%, m-o-m) continued to rise,
led by Seoul (up 0.16%, m-o-m).
Land price increases in Seoul metropolitan area (m-o-m, %)
-0.01 (Aug 2012) [ -0.02 (Sep) [ 0.03 (Oct) [ 0.04 (Nov) [ 0.06 (Dec) [ -0.01 (Jan 2013) [
0.05 (Feb) [ 0.10 (Mar) [ 0.13 (Apr)

Land prices continued to rise in areas excluding the Seoul metropolitan area (up
0.13%, m-o-m), with Sejong (up 0.62%, m-o-m) posting the highest growth rate in
the nation for the 14th straight month in April.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.11 (Aug 2012) [ 0.10 (Sep) [ 0.11 (Oct) [ 0.12 (Nov) [ 0.12 (Dec) [ 0.11 (Jan 2013) [
0.11 (Feb) [ 0.12 (Mar) [ 0.13 (Apr)

42 | The Green Book

<Land prices by region>

(Percentage change from previous period)

2009 2010

2011

Annual Annual Annual Q1

Q2

2012
Q3

Q4

Annual

Q1

Q2

2013
Q3

Q4

Jan-Apr

Q1

Feb

Mar

Apr

Nationwide

0.96 1.05 1.17 0.29 0.30 0.29 0.29 0.87 0.30 0.33 0.12 0.21 0.34 0.21 0.07 0.11 0.13

Seoul

1.40 0.53 0.97 0.40 0.28 0.17 0.12 0.33 0.17 0.26 -0.14 0.09 0.26 0.10 0.06 0.11 0.16

Gyeonggi

1.22 1.49 1.47 0.26 0.38 0.43 0.39 0.97 0.34 0.34 0.17 1.32 0.27 0.17 0.03 0.10 0.11

Incheon

1.99 1.43 0.66 0.17 0.18 0.15 0.15 0.36 0.21 0.16 -0.03 0.13 0.34 0.21 0.08 0.12 0.14

Source: Korea Appraisal Board

Land prices by region
Source: Korea Land & Housing Corporation (land price trend)
15

(%)

12
9
6
3
0
-3
-6
-9
-12
-15
-18
1994

1995

1996

National average

1997

1998

1999

2000

2001

2002

Metropolitan area

2003

2004

2005

2006

2007
City

2008

2009

2010

2011

2012
County

Nationwide land transactions in April were 206,000 land lots, up 13.9 percent from
the previous month and 12.9 percent from 182,000 a year earlier.
Monthly land transactions rose in Seoul (up 16.9%, m-o-m), Daegu (up 38.2%,
m-o-m), Ulsan (up 34.4%, m-o-m) and Sejong (up 22.9%, m-o-m).
Transactions of vacant land increased 5.1 percent month-on-month to 86,000 lots,
making up 41.8 percent of total transactions, and were up 5.0 percent from 82,000
a year earlier.

The Green Book | 43

<Land sales transactions>

(Land lot, thousand)

2009 2010 2011
1

1

2012

1

1

Annual Annual Annual Annual Mar
Nationwide

203

187

208

170

187

2013

Apr May

Jun

Jul

Aug Sep

Oct

Nov Dec

Jan

Feb

Mar

Apr

182

163

167

150

172

185

141

142

181

206

186

133

224

Seoul

22

16

18

13

14

15

15

13

12

10

9

15

16

20

10

10

15

18

Gyeonggi

46

41

43

33

37

36

35

32

34

30

27

35

36

45

29

28

33

39

Incheon

10

8

10

8

7

7

8

7

7

8

8

10

9

10

5

5

8

9

1. Monthly average
Source: Korea Land & Housing Corporation

Land and consumer prices since 1970s
Source: Korea Appraisal Board (land prices), Statistics Korea (consumer prices)
60

(y-o-y, %)

50
40
30
20
10
0
-10
-20
1975

1980

1985

1990

1995

2000

2005

Land price inflation

2010

2012

Consumer price inflation

Land trade volume
Source: Korea Land & Housing Corporation (land trade trend)
500,000

(thousand square meter)

450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
2001. 1

2002. 1

2003. 1

Seoul metropolitan area

44 | The Green Book

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Areas excluding the Seoul metropolitan area

13.
Composite
indices of
business cycle
indicators

Industrial output in April increased 1.6 percent month-on-month and 3.7 percent
year-on-year. Output rose in all sectors, including mining & manufacturing (up
0.8%, m-o-m), services (up 0.2%, m-o-m), construction (up 9.4%, m-o-m) and
public administration (up 11.4%, m-o-m).
The cyclical indicator of the coincident composite index rose 0.2 points in April.
Mining & manufacturing production and domestic shipment decreased while
five other components, such as the value of construction completed and imports,
increased.
Components of the coincident composite index in April (m-o-m)
value of construction completed (4.1%), imports (1.4%), nonfarm payroll employment (0.2%),
retail sales (0.2%), service activity (0.5%), mining & manufacturing production (-0.9%),
domestic shipment (-1.1%)
The cyclical indicator of the leading composite index increased 0.1 point from the
previous month.
Four components, including the value of construction orders received and
indicator of inventory cycle, were higher compared to the previous month while
five components, such as the ratio of job openings to job seekers and domestic
shipment of machinery, were lower.
Components of the leading composite index in April (m-o-m)
value of construction orders received (7.3%), indicator of inventory cycle (2.2%p), international
commodity prices (0.3%), ratio of export to import prices (0.4%), ratio of job openings to
job seekers (-3.2%p), domestic shipment of machinery (-2.0%), KOSPI (-0.8%), consumer
expectations index (-0.3p), spreads between long & short term interest rates (-0.1%p)

2012
Sep

Oct

2013
Nov

Dec

1

Jan

1

Feb

Mar1

Apr1

Industrial output (m-o-m, %)

1.1

-0.4

1.1

1.0

-0.9

1.1

-1.8

1.6

(y-o-y, %)

1.0

-1.0

1.4

-0.2

3.2

-1.9

-0.6

3.7

Coincident composite index (m-o-m, %)

0.5

-0.1

0.6

0.5

0.4

0.4

0.0

0.5

99.3

98.9

99.1

99.2

99.2

99.3

98.9

99.1

(m-o-m, p)

0.0

-0.4

0.2

0.1

0.0

0.1

-0.4

0.2

Leading composite index (m-o-m, %)

-0.1

0.3

0.7

0.7

0.2

0.3

0.3

0.5

Cyclical indicator of leading composite index

99.4

99.3

99.6

100.0

99.8

99.6

99.5

99.6

(m-o-m, p)

-0.4

-0.1

0.3

0.4

-0.2

-0.2

-0.1

0.1

Cyclical indicator of coincident composite index

1. Preliminary

The Green Book | 45

Industrial output
Source: Statistics Korea (industrial activity trend)
20

(%)

15
10
5
0
-5
-10
-15
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

Industrial output (m-o-m)

2012. 1

2013. 1

Industrial output (y-o-y)

Cyclical indicator of coincident composite index
Source: Statistics Korea (industrial activity trend)
110

(points)

105

100

95

90
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Cyclical indicator of leading composite index
Source: Statistics Korea (industrial activity trend)
110

(points)

105

100

95

90
2001. 1

2002. 1

46 | The Green Book

2003. 1

2004. 1

2005. 1

Policy Issues

Campaign Pledge Funding Plan to Carry Out Park Geun-Hye
Administration Agenda

Prime Minister Chung Hong-won hosted the National Policy Coordination
Meeting on May 31 and announced a fiscal support action plan (henceforth
to be called ‘Campaign Pledge Funding Plan’) to carry out the Park Geun-hye
administration’s agenda. The Campaign Pledge Funding Plan was developed by
holding discussions with the related ministries and business professionals and
through the Fiscal Strategy Meeting on May 16, which was attended by the entire
Cabinet.
The Campaign Pledge Funding Plan consists of the plan’s background and
meaning, an overview of the plan, an action plan, and a management plan.

Background and meaning
The Campaign Pledge Funding Plan consists of the ruling party’s April general
election pledges (March 2012), presidential election pledges (December 2012),
and 140 tasks of the Park Geun-hye administration (May 2013). The government
planned to draft a fiscal support plan in order to fulfill with ease the promises made
with the Korean people.
The Campaign Pledge Funding Plan is the first of its kind in Korean history, and
thus is also the first time that this kind of plan was publicized to the Korean people.
This was done to lay the foundation for a trustworthy and responsible government
that keeps its promises with the Korean people and does not lay financial burdens
on future generations. The plan will be a standard for establishing and carrying out
ministerial operational plans, preparing tax reform bills, drawing budget proposals
and drafting the national fiscal management plan.

Policy Issues | 47

The Campaign Pledge Funding Plan is not only about expanding tax revenues
and reducing tax expenditures, but also about upgrading Korea’s tax revenueexpenditure system. By modifying tax reductions and exemptions, and
legitimizing the shadow economy, each income class will pay the appropriate
amount in taxes according to the benefits they receive from society. The
government will remove excess ‘fat’ from the budget by cutting spending, which
will contribute to efficiently reforming the structure of Korea’s fiscal expenditures.

Overview
The total cost for the administration’s tasks from 2013 to 2017 will be 134.8 trillion
won and therefore the government has prepared funding measures to cover the
entire cost of 134.8 trillion. The cost of the administration’s tasks is split into four
pillars: economic revitalization (33.9 trillion won, 25%), Korean people’s happiness
(79.3 trillion won, 59%), blooming of the Korean culture (6.7 trillion won, 5%), and
building a foundation for a peaceful reunification (17.6 trillion won, 13%). These
amounts required will be financed through a 50.7 trillion won expansion in tax
revenues and 84.1 trillion won in tax expenditure cuts.

(trillion won, 2013-2017 total)

Amount required

Funding measures

Total

134.8

Economic Revitalization

33.9

Korean People’s Happiness

79.3

Blooming of the Culture

6.7

Building a Foundation for a Peaceful Reunification

17.6

Total

134.8

Revenue increase

50.7

Expenditure cuts

84.1

Annual costs will gradually increase as the administration’s tasks are phased-in
according to priority. Funding measures are concentrated in 2014 and 2015 in
order to have the strongest effect possible in the shortest amount of time.

(trillion won)

2013-2017
Total

2013

2014

2015

2016

2017

Amount required

134.8

6.6

15.3

29.1

37.6

46.2

Funding
(y-o-y, net growth)

134.8

7.4
(7.4)

17.4
(10.0)

30.5
(13.1)

36.8
(6.3)

42.6
(5.8)

48 | Policy Issues

Action plan
A total of 134.8 trillion won is planned to be spent to carry out the administration’s
tasks. Of the total spending, 50.7 trillion won will be financed by tax and nontax
revenues, and 84.1 trillion won will be financed through spending cuts as the
government will adjust public investment priorities and streamline the fiscal
system.

1. Revenue side
The government will finance 48.0 trillion won, or 36 percent of the amount required,
by adjusting tax breaks, legitimatizing the shadow economy and increasing the
capital gains tax.
1) Tax Break Adjustment
Current tax exemptions and reductions will expire as scheduled in principle. In case
the tax breaks need to be extended, they will be redesigned and then reintroduced.
However, tax incentives for small- and medium-sized enterprises (SMEs) and
working classes will be maintained or gradually phased out, while tax incentives
related to increasing employment, restoring economic vitality and developing a
creative economy, in particular those related to core R&Ds and startup venture
businesses, will be increased.
2) Shadow Economy Legitimatization
The government will tighten regulations against tax evasion, while enhancing tax
administration capabilities by utilizing information at the Financial Intelligence
Unit. More businesses will be required to issue cash receipts and electronic tax
invoices, which will increase taxation transparency.
For businesses paying taxes honestly, the government will delay regular tax audits
in order for them to fully concentrate on their businesses.
3) Capital Gains Tax Increase
Capital gains which used to be excluded from the capital gains tax, such as capital
gains from financial products and their transactions, will be taxed.
4) Nontax revenues
Nontax revenues will be increased by 2.7 trillion won through measures to protect
the economically vulnerable and root out illegal practices. Unfair practices will be
subject to increased charges, and public funds outside the government budget will
be included in the government budget system.

Policy Issues | 49

<Revenue plan by year>

(trillion won)

Total

2013

2014

2015

2016

2017

Total

50.7

2.9

7.9

11.8

13.7

14.4

National tax revenue
- Adjusting tax breaks
- Legitimatizing shadow economy
- Increasing capital gains tax

48.0
18.0
27.2
2.9

2.9
0.1
2.7
-

7.6
1.8
5.5
0.3

11.1
4.8
6.0
0.4

12.9
5.7
6.3
0.9

13.6
5.7
6.7
1.2

2.7

-

0.3

0.7

0.8

0.9

Nontax revenue

2. Expenditure side
A total of 84.1 trillion won, or 62 percent of the amount required to carry out the
national tasks, will be funded through spending cuts.
Spending cuts are being planned as a strategic and government-wide task, which
aims to provide stable public finance and improve the fiscal expenditure system.
First, the government is pursuing permanent spending cuts rather than temporary
ones based on revised regulations. In addition, discretionary spending cuts will
be reviewed first, and cuts will be expanded to mandatory spending as well. Also,
private as well as public financial resources will be utilized through the method of
government paying the interest rate difference between public funding and private
funding.
1) SOC Spending
Considering the current level of SOC stocks and increased investment* in the past
several years to ride out the economic crisis, there is much room for SOC spending
cuts.
* SOC budget (trillion won): 18.4 (2007) [ 25.0 (2013)

Investment in new projects will be made only when they are part of campaign
pledges or urgently required, while existing investment plans will be reviewed in
terms of appropriateness.
However, the government will continue to maintain construction investment
at an appropriate level by utilizing private finance and investing in cultural or
educational facilities.
2) Industrial, SME and Energy Sectors
The government will find ways to utilize private capacity in the industrial, SME
and energy sectors.
The government will adopt new measures to reduce electricity demand rather
than offering financial incentives for limiting electricity use, and public overseas
resources development projects will be allowed to be invested by various investors.
Similar or overlapping ministry-level projects, such as SME support, will be
adjusted through inter-governmental cooperation.
50 | Policy Issues

However, investment related to vulnerable group support, including SMEs and
small merchants, will continue to be expanded by utilizing private funds.
3) Agriculture, Forestry and Fishery Sectors
Considering the recent rise in investment* in the agriculture and forestry sectors,
investment priorities will be adjusted.
* Agriculture and forestry budget (trillion won): 15.7 (2007) [ 18.9 (2013)

The government will review projects in terms of performance and rearrange
priorities, while streamlining similar or overlapping projects.
However, the government will increase financial support to help households
engaging in the agriculture or fishery industries stabilize their income and business
operation. The support will include item-specific financial aid offered directly
by the government and farming or fishery-related disaster insurance payment
support.
4) Welfare Sector
Welfare programs prioritized in the administration’s tasks, such as the National
Happiness Fund and free education, will receive increased investment, and the
government will renew its efforts to improve welfare investment efficiency and
offer the most satisfactory programs.
The government will streamline the welfare delivery system in order to prevent
fiscal resources from being wasted, and this includes upgrading the social security
information system. Welfare beneficiaries will be made more responsible as they
will be required to take more share of payment for welfare programs.
Welfare benefits for vulnerable groups will not be reduced as the government will
adopt rules that allow the welfare program to continue for a certain period of time
after it expires, and will introduce temporary emergency welfare programs.
5) Utilizing Private Finance by Paying Interest Rate Difference
The amount of public loans* in 2013 will be 29.3 trillion won, or 8.4 percent of total
expenditures.
* Mostly consists of Housing loan (50.5%), SME Startup & Development loan (14.9%),
Private Teachers’ Pension Fund (5.7%), Agriculture Stabilization Fund (6.4%), Government
Employees’ Pension Fund (4.8%)

Of the loans, 3.5 trillion won will be financed by the private sector through the
method of government paying the interest rate difference between public loans
and private financing.
Loans utilizing private sector finance will be phased in up to 5.5 trillion won
between 2014 and 2017, and the eligibility of the loans will be decided according
to the situations of both policy recipients and private financial institutions.

Policy Issues | 51

<Spending Cut Plan by Year>

Total
Mandatory spending cuts
Discretionary spending cuts
- SOC
- Industry
- Agriculture & Forestry
- Welfare
(Housing)
- Others
Government paying interest rate difference
method
Adjusting overlapping investment with
previous administration

(trillion won)

Total

2013

2014

2015

2016

2017

84.1

4.5

9.5

18.7

23.1

28.1

3.0

-

0.5

0.7

0.8

0.9

34.8
11.6
4.3
5.2
12.5
(9.5)
1.2

-

5.8
1.7
0.9
0.8
2.2
(2.1)
0.2

9.6
2.7
1.3
1.3
4.0
(2.9)
0.3

9.5
3.5
1.0
1.3
3.4
(2.5)
0.3

9.9
3.7
1.1
1.8
2.9
(2.0)
0.4

5.5

-

0.7

1.4

1.7

1.7

40.8

4.5

2.5

7.0

11.2

15.6

Management plan
The government will consistently gather public opinion through various discussions
and local government fiscal councils, and reflect them in improving the plan.
Annual spending and financing plans included in the Campaign Pledge Funding
Plan will be a basis for drawing up the year’s budget plan, tax revision proposals
and fiscal management plan.
The Campaign Pledge Funding Plan will be implemented as a rolling plan, which
will consistently be reflecting changes in economic and fiscal situations.
The government will regularly review the implementation of the Campaign Pledge
Funding Plan and continue to develop issues regarding fiscal restructuring through
joint public-private committees* and inter-governmental cooperation.
* The Tax Reforming Committee and Fiscal Restructuring Committee

52 | Policy Issues

Policy Issues

Roadmap to Achieve 70% Employment

Background
The Korean economy has seen “growth without employment” since the 1990’s.
Furthermore, the growth rate has gradually slowed, and the employment rate has
stayed in the 63 to 64 percent range since 2003.
The export and manufacturing-oriented economic structure weakened job
creating capacities, and SMEs and service industries, which account for most of
the employment, have suffered from low productivity. Most jobs are dominated by
males working long hours, and this has been an obstacle to job creation.
Factors negatively affecting employment are difficulties faced by female workers
when they want to be reemployed, youths receiving higher education and early
retirement of baby boomers. These factors make it fundamentally difficult to
achieve 70 percent employment. Since economic growth prospects are uncertain,
the Korean economy needs to bring up a new paradigm for job creation.
Against this backdrop, the Korean government has drawn up the 70 percent
Employment Roadmap. The roadmap has been designed to move the main axis of
employment from the male labor force working long hours in large manufacturers
to the female labor force employed by SMEs or working in the service sector. The
roadmap has been designed to create a family-friendly environment where reduced
work hours are possible along with part time employment and other various types
of employment. The roadmap has been designed to induce tripartite job creation
efforts by government, industry and labor.

Policy Issues | 53

The roadmap
The roadmap aims to create a total of 2.38 million jobs, 476,000 every year, by
2017. To achieve this goal, 34 related laws will be enacted or revised, including
the Service Industry Development Act, and 136 action plans will be prepared by
13 ministries. The government will also work on reducing working hours by 200
hours.

1. Job creation by promoting a creative economy
1) Business startups
Startup business funding systems will be transformed from a loan-based system to
an investment-based one*. The government will promote M&As, while abolishing
the joint surety system.
* The government announced Measures to Develop the Venture-Startup Funding Ecosystem
on May 15.

The government will launch the Idea Rich National Startup Project, to help develop
ideas of ordinary people to be commercialized through R&D and by obtaining
patents.
2) New professions and new industries
The government will form a task force to work on future jobs and create 500 new
professions by easing regulations, introducing new licenses and developing new
markets. Spinal orthopedic surgeons and veterinary nurses are examples of those
professions.
The government will also revise regulations that currently obstruct industrial
convergence, reinvigorate training needed to work in converged industries, and
create jobs in a new converged industry.
3) SMEs
Similar or overlapping SME support will be restructured into one designed to
promote employment. Preliminary analyses and adjustments of SME budgets* will
be implemented from 2014.
* A total of 1,124 SME support projects are currently run by 13 ministries and 16 local
governments.

Publicly invested research centers will be obliged to share their R&D outcomes
with SMEs, and to invest a certain amount of publicly invested fund in SME-related
projects. The government will facilitate SMEs’ growing into leading enterprises
through measures* designed to constantly remove obstacles SMEs face in their
paths towards becoming leading medium-sized enterprises.
54 | Policy Issues

* The government unveiled in June measures to help SMEs grow into leading enterprises.

Foundations for cooperation between large enterprises and SMEs will be laid as
there will be fast adjustments for SME appropriate business items and expansion
of outcome sharing.
4) Service industries
The government will ease key regulations in the medical service, education and
healthcare sectors and make public sector information accessible, in order to
promote the development of high value added service industries. The service
sector R&D investment will be doubled by 2017.
Convergence in the cultural sector will generate creative jobs in five new areas: i)
information and communications technology (ICT) and content convergence, ii)
culture, tourism and sports, iii) space information technology, iv) new industry
based on agriculture that fuses together the primary, secondary and tertiary
industries, v) medical and welfare services. Employment in the five areas will be
strictly managed, and the employment effect will be evaluated according to the
goals of each ministry.

2. Family-friendly work environment by innovating working hours
Working hour innovation covers reducing long working hours and introducing
flexible working hours, in order to create a family-friendly work environment and
generate quality part time jobs.
To meet the target of 1,900 working hours by 2017, extra working hours are obliged
to include hours worked in holidays, and industries exempt from the working
hour regulation will be adjusted. Pay systems of office workers will be revised to
discourage working extra hours, and unused holidays will not be compensated.
The government will actively help expand quality part time jobs, which meet
personal requirements, such as education, childcare and gradual retirement,
guarantee basic social security, such as minimum wages and the four basic
insurances, and provide employment security.
The public sector will offer part time permanent positions for the first time in
its history. Part time positions will be made available for newly introduced jobs
and all jobs that can be instantly filled by part time workers. The government will
prepare a legal foundation to employ part time permanent teachers.
In the private sector, rights to require reduced working hours according to one’s
life cycle will be legally guaranteed. Enterprises creating quality part time jobs will
temporarily receive tax and social security incentives. Mothers can enjoy reduced
working hours for one year in addition to the one year maternity leave. There will
be government financial support for part time substitutes of up to two, who replace
those taking maternity leave.
Laws will be enacted to protect part time workers and promote part time
employment.

Policy Issues | 55

The government will gradually increase the number of the Smart Work Centers to
promote flexible working; public employees are able to work at the closest Smart
Work Center from their home.

3. Women, youths and seniors participating in job markets together
The government will help increase job market participation by removing obstacles
and supporting employee-specific programs.
1) Connecting employment with welfare
The government will reform the National Basic Living Security Entitlement System
into a system which provides more benefit to those working, while expanding
self-sustenance and rehabilitation benefit recipients to those earning 50 percent
of the median income. To receive the benefit, participating in self-sustenance and
rehabilitation programs is mandatory, and negligent participants will not be made
eligible for the benefit.
There will be employment service for social security benefit recipients, and the
existing employment service package will be improved to enhance recipients’
capabilities to work. Support for career-interrupted women will be expanded,
such as consultation programs designed to develop abilities to adapt to jobs, house
work and childcare services, and programs to make them experience workplace
situations in advance.
The government will launch a gateway, a center to provide on-the-spot
employment and welfare services, to help the working poor and economically
inactive population. The government will also increase the number of professional
consultants at public employment centers. Private employment services will be
promoted as its operation will be made possible without getting a license.
2) Women
Childcare leave, public daycare service and daycare service at the workplace will be
significantly improved.
Childcare leave will be allowed for mothers with a child younger than nine years
old, and companies will be obliged to offer childcare leave in addition to maternity
leave. Mothers will be able to apply for childcare leave at the time when they apply
for maternity leave, and this will help make childcare leave a regular practice.
A database for maternity leave substitutes will be expanded, and the government
will provide financial support for maternity leave substitutes.
Daycare service at the workplace will be subject to relaxed regulations, and public
daycare centers will cover 30 percent of total daycare children by 2017.
The government will announce measures in June to create jobs in the social service
sector and develop the social service sector into an industry, along with a guideline
to improve the quality of social services, in particular care-giving service. The
measures and guidelines will be a foundation to create as many as 250,000 jobs in
the social service sector, and contribute to increasing female employment

56 | Policy Issues

3) Youths
The government, taking into consideration the shrinking youth population, will
run programs to encourage youths’ early entrance into job markets. An apprentice
system will be introduced, which will mix on-site training with academic lecturing,
and the government will enact laws to support the system.
Working scholarships and the SME Hope Ladder Scholarships will be expanded,
and work experience can be transferred to college credits, all of which will
strengthen the link between work and higher education.
The government will operate a government-wide task force to reduce the
employment supply/demand mismatch between youths and SMEs. The task
force will discuss increasing support to improve SME employment conditions,
higher incentives for long term employment in SMEs, establishing comprehensive
SME employment information systems for youths and developing labor force
management systems by region.
4) Seniors
The roadmap for the senior age group is aimed at fixing the retirement age for baby
boomers at 60 and building a system to support the post-retirement life.
In order to facilitate the practice of increasing the retirement age to 60, the
government will provide financial aid for workplaces that delay the retirement age,
and will also conduct studies on retirement ages and wage systems.
Those 50 years or older will be given rights to demand reduced working hours,
which is expected to help them make plans for life after retirement. Related
ministries will jointly work on building a system which will help design postretirement life, and the system will cover mentoring services, job training and
reemployment services.
The senior work force can be utilized in the agriculture and fishery industries,
which are currently suffering from a labor shortage.

4. Strengthened support for those less protected
Laws related to contract and dispatched workers will be revised to introduce
heavy financial compensation for punishment purposes. The public sector will
continue to work on transferring temporary positions to permanent positions for
regular jobs. The government will increase protection for contract workers and
those without the unemployment insurance and industrial accident compensation
insurance, for example those engaging in delivery services or tutoring.

Policy Issues | 57

Expected effects
The employment increase is projected to gain speed from 2015, following the
establishment of policy foundations including laws and regulations in 2013-2014.
Female employment is expected to greatly improve, particularly led by those
returning to work, while youth employment is projected to jump by more than 7.3
percentage points.
Of the 2.38 million newly created jobs, 1.63 million are likely to be produced in
the creative economy section, such as culture, science & technology and health &
welfare.
Part time jobs are projected to account for 38.7 percent of the total jobs increased.

58 | Policy Issues

Economic News Briefing

‘Creative Economy Action Plan’ announced
The Park Geun-hye administration, which has been promoting ‘creative economy’
as a key policy, confirmed the details of the ‘Creative Economy Action Plan’ at the
Cabinet meeting held on June 4. The Creative Economy Action Plan is a strategy
that utilizes Korea’s science, technology and information and communications
technology (ICT) capacity, all of which are Korea’s strengths. It establishes a vision
for ‘realizing a new era of happiness for the Korean people through a creative
economy’ and lays out three goals: creating new jobs and markets through creativity
and innovation, strengthening Korea’s global leadership through a creative
economy, and building a society where creativity is respected and manifested.
The government has also proposed six strategies, which are accompanied by three
to five tasks each. The six strategies consist of the following: properly compensating
for creativity and building an ecosystem that promotes the creation of startups,
strengthening the role of ventures and small- and medium-sized enterprises
(SMEs) and boosting their ability to enter global markets, developing growth
engines to pioneer new markets and industries, fostering global creative talent,
enhancing the innovation capacity of science, technology and ICT, and promoting
an environment in which the government and the people work together to build a
creative economy.
Economic News Briefing | 59

Government unveils measures to develop venture-startup funding ecosystem
As part of its creative economy drive, the government has announced measures
for developing a venture-startup funding ecosystem. The aim of these measures is
to create a barrier-less, free-flowing virtuous cycle of enterprise creation, growth,
investment withdrawal, and reinvestment, and transform the domestic venture
funding ecosystem into one that resembles the US Silicon Valley.
The government will lay the groundwork for successful first-generation startups to
mentor and invest in the next generation of startups. The startup financing system
will be changed from a loan-based structure to an investment-based structure
in order to support the high-risk, high-reward nature of the venture and startup
business. Investment and withdrawal systems customized to the businesses’
stage of growth will be developed, by fostering high-tech M&As and angel
investments as well as creating the KONEX market. There will be an improvement
of the infrastructure underlying the venture ecosystem to improve the ‘try again’
environment, prevent intellectual property theft, promote the inflow of talented
human resources, and diversify the startup platform.

Korea grows 0.8% in Q1 (Preliminary)
Korea’s real gross domestic product (GDP) expanded by 0.8 percent in the first
quarter of 2013 compared to the previous quarter, according to preliminary data
released by the Bank of Korea (BOK) on June 7. The figures were revised down
from an earlier estimate of 0.9 percent. The year-on-year growth rate was 1.5
percent, matching the BOK’s previous forecast.
On the production side, agriculture, forestry & fisheries contracted by 4.4 percent
quarter-on-quarter, with output in the fishery sector in particular declining by 8.1
percent. Manufacturing grew by 1.3 percent, as the production of petrochemicals,
electrical & electronic instruments and vessels increased. Construction grew
by 4.0 percent, led by housing construction and civil engineering works, while
services grew by 0.7 percent, due to growing output in transportation & storage,
communications services and healthcare & social services.
Private consumption decreased by 0.4 percent, led by falling expenditures in
durable and semi-durable goods. Facility investment increased by 2.6 percent
due to a rise in both machinery and transportation equipment investment, and
construction investment rose by 2.5 percent, led by housing construction and
civil engineering works. Exports rose by 3.0 percent, led by petrochemicals, while
imports rose 2.5 percent, led by electric machines and petrochemicals.
60 | Economic News Briefing

<GDP by production and expenditure*>

(Percentage change from previous period)

20121

2011

20131

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

GDP

1.32
(4.3)2

0.8
(3.5)2

0.8
(3.6)2

0.4
(3.4)2

0.8
(2.8)2

0.3
(2.4)2

0.0
(1.6)2

0.3
(1.5)2

0.8
(1.5)2

Agriculture, forestry & fisheries

-1.2

3.0

-4.8

10.0

-6.5

0.2

-2.6

7.9

-4.4

Manufacturing

3.1

1.1

1.4

-0.2

1.6

-0.2

-0.3

0.2

1.3

-3.0

1.8

1.5

0.1

-1.4

-1.8

0.9

-2.0

4.0

0.9

0.3

0.5

0.6

1.1

0.5

0.3

0.4

0.7

Construction
Services3
Private consumption

0.7

0.6

0.1

-0.2

0.8

0.4

0.7

0.8

-0.4

Government consumption

0.5

1.1

1.0

-0.8

3.5

-0.1

0.8

-0.6

1.2

Facility investment

-2.0

4.0

-1.8

-3.6

10.4

-7.8

-5.2

-1.8

2.6

Construction investment

-2.6

1.7

-0.4

0.1

-1.5

-1.3

0.7

-1.2

4.1

Exports of goods and services

2.2

1.7

2.2

-2.2

3.9

-0.3

1.9

-1.1

3.0

Imports of goods and services

0.6

2.3

1.0

-2.8

4.3

-1.8

1.8

-0.8

2.5

GNI

-0.1

0.9

0.5

0.8

-0.1

1.5

0.7

0.3

0.8

*At 2005 chained prices in seasonally adjusted terms
1. Preliminary
2. Percentage change from the same period of the previous year
3. Wholesale & retail, hotels & restaurants, transportation & storage, communication services, financial & insurance services, real estate & renting, business
services, public administration, defense & social security, educational services, healthcare & social welfare services, entertainment, cultural & sports services
and other services are included.

Government announces plan to enhance SME productivity
The economy is facing a low-growth era and market competition is intensifying
every day while major advanced countries are pouring out numerous measures to
enhance productivity in order to create jobs and reinforce competitiveness. The
productivity of Korean SMEs, however, currently stands at around one third of that
of large corporations. In response to such issues, the government unveiled on June
12 measures to enhance the productivity of the nation’s SMEs.
The government will reinforce the SMEs’ technology development capabilities and
support them in their recruitment and training of talented workers. In addition,
the government will help SMEs commercialize promising technologies and enter
overseas markets. Other measures include promoting technological convergence
to create new markets and boosting cooperation among large corporations and
SMEs.

Economic News Briefing | 61

Deputy Prime Minister Hyun holds IR conference in London
Deputy Prime Minister and Minister of Strategy and Finance Hyun Oh-Seok held
an investor relations (IR) conference in London on May 31, following the OECD
Ministerial Council Meeting that was held in Paris on May 29-30. More than 100
local investors attended the London conference, which is the first ministerial
level IR activity in four years since March 2009. Investors showed intense interest
in the Korean economy at the first official IR activity by the Park Geun-Hye
administration.
Deputy Prime Minister Hyun gave a presentation under the title “From emerging
to advanced,” in which he discussed the upgraded status of the Korean economy,
its outstanding macroeconomic performance, and the Park administration’s
priorities and key economic policies. In addition to the presentation, the Deputy
Prime Minister answered questions regarding investors’ concerns over the
Korean economy, such as the possibility of worsening fiscal soundness due to
supplementary budgets, the weakening of the yen and North Korea risks, and
explained the government’s response to those issues.

62 | Economic News Briefing

Statistical Appendices

1. National accounts
2. Production, shipment and inventory
3. Production capacity and operation ratio
4. Consumer goods sales index
5. Consumer goods shipment index and consumer sentiment index
6. Machinery orders received, domestic machinery shipment
and estimated facility investment index
7. Value of construction completed and domestic construction orders received
8. Composite indices of business cycle indicators and BSI
9. Balance of payments (I)
10. Balance of payments (II)
11. Prices
12. Employment
13. Financial indicators
14. Monetary indicators
15. Exchange rates

Statistical Appendices | 63

1.
National accounts
Real GDP
Manufacturing

Final
consumption
expenditure

Construction

Facilities

4.0
5.2
5.1
2.3
0.3
6.3
3.7
2.0

Agri., fores.
& fisheries
1.3
1.5
4.0
5.6
3.2
-4.4
-2.1
-0.6

6.2
8.1
7.2
2.8
-1.5
14.7
7.3
2.2

4.6
5.1
5.1
2.0
1.2
4.1
2.3
2.2

1.9
3.4
4.2
-1.9
-1.0
5.8
-1.0
-1.7

-0.4
0.5
1.4
-2.8
3.4
-3.7
-4.7
-2.2

5.3
8.2
9.3
-1.0
-9.8
25.7
3.6
-1.9

Period
2005
2006
2007
2008
2009
2010
2011
2012P

(year-on-year change, %, chained 2005 year prices)
Gross fixed capital formation

2005




2.7
3.4
4.5
5.1

0.4
4.8
3.8
-3.1

4.8
3.9
6.7
9.3

2.7
4.7
5.9
4.9

-0.3
1.8
1.5
3.9

-3.1
0.9
-0.3
0.3

3.4
2.8
4.1
10.8

2006




6.1
5.1
5.0
4.6

3.9
-0.3
-1.4
4.2

9.4
9.1
8.7
5.4

5.8
4.9
4.6
5.1

3.8
0.1
4.0
5.7

1.9
-4.2
-0.5
5.1

7.2
8.0
12.0
5.7

2007




4.5
5.3
4.9
5.7

1.6
7.0
8.2
-0.7

4.5
7.2
6.3
10.2

5.1
5.4
5.3
4.7

7.3
5.7
1.5
3.1

4.4
2.0
-0.2
0.4

12.6
13.0
4.0
8.0

2008




5.5
4.4
3.3
-3.3

7.8
4.6
4.3
6.5

8.9
8.3
5.3
-9.4

4.3
3.0
2.4
-1.7

-0.6
0.6
2.1
-8.7

-2.5
-0.5
0.4
-7.7

2.8
2.0
5.3
-13.3

2009




-4.2
-2.1
1.0
6.3

2.5
0.0
5.0
5.0

-13.6
-7.1
1.8
13.1

-2.2
0.7
1.5
4.8

-7.5
-3.0
-1.0
6.2

1.6
4.3
3.2
4.0

-21.9
-18.1
-9.4
12.2

2010




8.7
7.6
4.5
4.9

-0.1
-2.2
-7.8
-5.9

22.4
17.6
9.5
11.0

6.1
3.6
3.5
3.0

11.2
5.8
5.6
2.3

1.8
-4.7
-4.9
-5.2

29.6
32.0
26.3
16.9

2011




4.3
3.5
3.6
3.4

-9.7
-2.6
-5.8
7.1

10.3
7.4
6.4
5.5

2.8
2.8
2.4
1.3

-1.4
0.4
-1.4
-1.8

-10.0
-4.7
-3.6
-1.7

10.5
7.7
1.1
-3.6

2012P




2.8
2.4
1.6
1.5

-0.4
-1.8
0.3
-0.5

4.1
2.7
0.9
1.3

2.1
1.6
2.1
2.8

3.7
-2.6
-2.5
-4.2

-0.4
-3.1
-0.3
-4.2

8.8
-3.5
-6.9
-5.2

2013P

1.5

0.3

1.0

1.4

-3.8

2.4

-11.9

P: Preliminary
Source: The Bank of Korea
64 | Statistical Appendices

2.
Production, shipment and inventory
(constant prices, 2010=100)
Production index
Period
2011
2012

Shipment index

Y-o-Y change
(%)

Inventory index

Y-o-Y change
(%)

Service production index

Y-o-Y change
(%)

Y-o-Y change
(%)

105.9
106.8

5.9
0.8

105.6
106.4

5.6
0.8

120.2
124.1

14.9
3.2

103.2
104.8

3.2
1.6

2011




102.6
107.4
103.9
109.7

9.3
6.1
5.3
3.3

103.3
106.6
103.1
109.2

10.0
5.4
4.6
2.6

104.7
110.0
112.7
120.2

7.7
12.0
11.9
14.9

99.5
103.4
103.2
106.7

2.8
2.9
4.5
2.8

2012




106.3
108.6
102.9
109.6

3.6
1.1
-1.0
-0.1

106.3
108.1
102.6
108.4

2.9
1.4
-0.5
-0.7

117.8
115.2
114.6
124.1

12.5
4.7
1.7
3.2

102.1
104.9
104.7
107.6

2.6
1.5
1.5
0.8

2013

ⅠP

104.5

-1.7

104.1

-2.1

122.4

3.9

103.0

0.9

2011

1
2
3
4
5
6
7
8
9
10
11
12

105.3
91.8
110.6
106.8
107.1
108.3
105.9
101.5
104.4
109.7
109.3
110.1

11.9
6.7
8.9
5.5
6.9
5.9
3.6
5.1
7.2
4.2
3.5
2.3

105.8
93.3
110.8
106.8
106.0
107.0
104.0
101.2
104.2
109.1
108.2
110.3

12.8
8.6
8.6
5.2
6.6
4.5
2.9
4.1
6.9
3.5
1.9
2.5

104.6
102.8
104.7
105.8
108.6
110.0
111.8
112.2
112.7
115.6
117.9
120.2

7.6
4.2
7.7
7.6
9.5
12.0
10.7
10.9
11.9
13.6
15.6
14.9

100.1
94.2
104.1
102.1
103.5
104.7
103.1
103.1
103.3
104.2
103.7
112.3

5.1
0.4
2.6
3.3
2.3
3.1
3.6
5.1
4.4
3.7
3.1
1.9

2012

1
2
3
4
5
6
7
8
9
10
11
12

101.9
105.8
111.2
106.4
110.4
108.9
105.6
99.4
103.6
107.6
111.6
109.7

-3.2
15.3
0.5
-0.4
3.1
0.6
-0.3
-2.1
-0.8
-1.9
2.1
-0.4

102.6
105.8
110.6
105.9
109.6
108.9
104.8
98.5
104.6
106.6
109.5
109.0

-3.0
13.4
-0.2
-0.8
3.4
1.8
0.8
-2.7
0.4
-2.3
1.2
-1.2

119.4
117.5
117.8
116.6
118.4
115.2
115.8
119.5
114.6
115.5
120.4
124.1

14.1
14.3
12.5
10.2
9.0
4.7
3.6
6.5
1.7
-0.1
2.1
3.2

100.5
100.0
105.9
102.7
105.9
106.0
104.7
103.8
105.9
104.6
105.2
113.1

0.4
6.2
1.7
0.6
2.3
1.2
1.6
0.7
2.2
0.4
1.4
0.7

2013

1
2
3P
4P

109.7
95.8
108.0
108.2

7.7
-9.5
-2.9
1.7

107.9
96.4
108.1
107.4

5.2
-8.9
-2.3
1.4

127.8
124.1
122.4
120.4

7.0
5.6
3.9
3.3

101.8
100.3
107.0
105.4

1.3
0.3
1.0
2.6

P: Preliminary
Source: Statistics Korea
Statistical Appendices | 65

3.
Production capacity and operation ratio

Period

Production capacity index (2010=100)

2011
2012

Operation ratio index (2010=100)

Y-o-Y change (%)

Y-o-Y change (%)

Average operation
ratio (%)

104.9
107.2

4.9
2.2

99.8
97.0

-0.2
-2.8

80.2
78.1

2011




103.6
104.7
105.2
106.1

5.9
5.2
4.5
4.0

97.6
103.1
97.3
101.3

2.0
0.4
-0.3
-2.6

81.4
80.4
80.4
78.8

2012




106.8
107.1
107.2
107.5

3.1
2.3
1.9
1.3

96.9
100.3
92.8
97.9

-0.7
-2.7
-4.6
-3.4

79.6
79.0
76.2
77.8

2013

ⅠP

108.0

1.1

92.8

-4.2

77.1

2011

1
2
3
4
5
6
7
8
9
10
11
12

103.2
103.4
104.2
104.6
104.6
104.9
105.1
105.2
105.4
106.0
106.1
106.2

6.1
5.9
5.8
5.7
5.2
4.9
4.7
4.6
4.3
4.2
4.1
3.7

100.3
87.0
105.4
102.3
102.8
104.3
100.4
94.4
97.2
102.4
101.6
99.9

4.6
-0.1
1.3
-1.0
1.5
0.7
-2.6
0.0
2.1
-1.8
-1.8
-4.1

82.5
80.3
81.3
79.6
80.2
81.3
80.9
80.0
80.4
79.7
78.9
77.7

2012

1
2
3
4
5
6
7
8
9
10
11
12

106.7
106.8
106.9
107.0
107.1
107.2
106.9
107.4
107.3
107.4
107.6
107.6

3.4
3.3
2.6
2.3
2.4
2.2
1.7
2.1
1.8
1.3
1.4
1.3

91.8
96.5
102.3
98.2
102.0
100.8
96.8
87.9
93.8
97.7
100.3
95.8

-8.5
10.9
-2.9
-4.0
-0.8
-3.4
-3.6
-6.9
-3.5
-4.6
-1.3
-4.1

79.7
80.4
78.7
79.0
79.5
78.4
77.8
74.0
76.7
77.0
78.0
78.4

2013

1
2
3P
4P

107.9
108.0
108.0
108.0

1.1
1.1
1.0
0.9

97.9
84.1
96.3
97.4

6.6
-12.8
-5.9
-0.8

78.6
77.2
75.5
75.9

P: Preliminary
Source: Statistics Korea
66 | Statistical Appendices

4.
Consumer goods sales index
(constant prices, 2010=100)
Consumer goods sales index
Durable goods

Period
2011
2012

104.5
106.9

Y-o-Y change
(%)
4.5
2.3

Semi-durable goods

110.6
116.5

Y-o-Y change
(%)
10.6
5.3

103.7
102.6

Y-o-Y change
(%)
3.7
-1.1

Non-durable goods

102.1
104.4

Y-o-Y change
(%)
2.1
2.3

2011




100.7
104.8
103.7
108.9

5.3
6.2
4.0
2.6

105.4
112.2
111.4
113.3

11.5
16.9
10.3
4.4

98.3
105.5
94.2
116.7

5.1
5.2
3.6
1.2

99.6
101.2
104.4
103.3

2.7
2.0
1.5
2.4

2012




103.5
106.3
106.4
111.6

2.8
1.4
2.6
2.5

110.0
115.5
118.8
121.8

4.4
2.9
6.6
7.5

98.0
104.4
90.9
117.1

-0.3
-1.0
-3.5
0.3

102.9
102.8
107.5
104.3

3.3
1.6
3.0
1.0

2013

ⅠP

103.6

0.1

111.2

1.1

99.8

1.8

101.9

-1.0

2011

1
2
3
4
5
6
7
8
9
10
11
12

105.4
92.8
103.9
102.5
107.3
104.7
104.2
100.9
106.0
107.4
107.2
112.0

10.9
-0.5
5.6
6.1
6.6
6.1
4.1
4.9
3.2
3.3
1.8
2.7

104.0
97.8
114.5
106.4
112.6
117.5
117.0
109.7
107.6
109.0
116.3
114.5

12.1
8.2
14.2
14.8
19.0
16.7
12.5
11.7
6.9
3.4
7.4
2.3

104.9
90.0
99.8
105.6
109.9
100.9
96.2
86.2
100.1
116.1
111.9
122.1

10.4
1.7
3.1
5.9
4.7
4.9
3.8
3.4
3.7
2.2
-2.6
4.0

106.3
91.7
100.8
99.4
103.6
100.5
101.8
103.4
107.9
102.7
100.9
106.4

10.7
-5.3
2.6
2.4
2.0
1.7
0.2
2.5
1.5
3.6
1.3
2.3

2012

1
2
3
4
5
6
7
8
9
10
11
12

107.5
97.9
105.0
102.9
110.0
105.9
108.0
102.0
109.1
109.0
111.5
114.2

2.0
5.5
1.1
0.4
2.5
1.1
3.6
1.1
2.9
1.5
4.0
2.0

107.7
107.9
114.4
107.8
118.1
120.5
126.2
114.3
115.9
117.1
123.0
125.3

3.6
10.3
-0.1
1.3
4.9
2.6
7.9
4.2
7.7
7.4
5.8
9.4

103.6
91.0
99.3
103.7
110.4
99.2
96.0
80.7
96.0
113.5
117.8
119.9

-1.2
1.1
-0.6
-1.8
0.5
-1.7
-0.2
-6.4
-4.1
-2.2
5.3
-1.8

109.2
96.3
103.1
100.2
106.0
102.1
105.0
105.8
111.7
103.2
103.3
106.5

2.7
5.0
2.3
0.8
2.3
1.6
3.1
2.3
3.5
0.5
2.4
0.1

2013

1
2
3P
4P

104.6
99.5
106.8
105.2

-2.7
1.6
1.7
2.2

112.0
106.6
115.0
113.8

4.0
-1.2
0.5
5.6

101.4
91.1
106.8
104.8

-2.1
0.1
7.6
1.1

102.6
99.9
103.1
101.4

-6.0
3.7
0.0
1.2

P: Preliminary
Source: Statistics Korea
Statistical Appendices | 67

5.
Consumer goods shipment index and consumer sentiment index
Domestic consumer goods shipment index (2010=100)
Durable goods

Period
2011
2012

109.2
101.1

Y-o-Y
change (%)
0.9
0.2

Non-durable goods

100.2
98.5

Y-o-Y
change (%)
0.2
-1.7

101.2
102.3

Y-o-Y
change (%)
1.2
1.1

Consumer
sentiment
index
-

2011




100.8
97.9
101.2
103.8

4.3
1.0
0.6
-2.1

99.5
100.7
100.8
99.9

4.1
3.1
-0.4
-5.3

101.4
96.7
101.4
105.4

4.6
0.2
1.0
-0.8

-

2012




100.0
99.7
100.9
103.9

-0.8
1.8
-0.3
0.1

97.4
98.9
96.0
101.7

-2.1
-1.8
-4.8
1.8

101.2
100.1
103.0
104.8

-0.2
3.5
1.6
-0.6

-

2013

ⅠP

98.4

-1.6

95.3

-2.2

99.7

-1.5

-

2011

1
2
3
4
5
6
7
8
9
10
11
12

108.6
88.7
105.2
98.2
96.1
99.3
99.7
102.1
101.8
105.0
102.1
104.2

7.0
-1.6
7.2
0.9
0.9
1.2
-0.8
2.3
0.4
-1.6
-3.8
-1.0

100.9
92.6
105.1
97.3
99.3
105.4
104.2
98.1
100.0
100.3
98.6
100.9

5.1
1.5
5.4
2.2
4.1
2.9
-1.2
0.4
-0.3
-5.4
-7.4
-3.1

111.9
87.1
105.2
98.6
94.7
96.7
97.8
103.8
102.6
107.0
103.6
105.7

7.8
-2.8
8.0
0.4
-0.4
0.5
-0.6
3.0
0.7
0.1
-2.2
-0.1

111
109
110
102
105
103
103
99
99
101
105
100

2012

1
2
3
4
5
6
7
8
9
10
11
12

100.2
97.9
101.9
98.7
101.9
98.6
101.6
98.5
102.7
103.7
104.2
103.7

-7.7
10.4
-3.1
0.5
6.0
-0.7
1.9
-3.5
0.9
-1.2
2.1
-0.5

92.2
98.0
102.1
93.6
100.2
102.9
105.1
87.5
95.4
98.4
101.0
105.7

-8.6
5.8
-2.9
-3.8
0.9
-2.4
0.9
-10.8
-4.6
-1.9
2.4
4.8

103.7
97.9
101.9
100.9
102.7
96.7
100.1
103.1
105.8
105.9
105.6
102.8

-7.3
12.4
-3.1
2.3
8.4
0.0
2.4
-0.7
3.1
-1.0
1.9
-2.7

98
102
102
106
106
101
100
101
99
100
100
99

2013

1
2
3P
4P
5

104.0
92.3
98.8
98.2
-

3.8
-5.7
-3.0
-0.5
-

96.8
92.7
96.4
95.8
-

5.0
-5.4
-5.6
2.4
-

107.0
92.2
99.8
99.3
-

3.2
-5.8
-2.1
-1.6
-

102
102
104
102
104

Source: Statistics Korea
68 | Statistical Appendices

6.
Machinery orders received, domestic machinery shipment and estimated
facility investment index
Domestic machinery orders received excluding ship
(billion won, constant value)
Period
2012

Private

Total

Public

21,789

2,142

19,647

Manufacturing
10,482

Estimated
facility investment
index
(2005=100)

Domestic
machinery shipment
excluding ship
(2010=100)

136.4

98.8

2012




6,310
5,391
5,079
5,004

810
285
579
468

5,500
5,106
4,500
4,536

3,055
2,765
2,320
2,339

144.5
145.7
128.1
127.4

103.4
104.6
90.9
96.4

2013

ⅠP

5,633

436

5,197

2,928

122.3

83.3

2012

1
2
3
4
5
6
7
8
9
10
11
12

1,933
2,541
1,836
1,845
1,830
1,716
1,835
1,516
1,729
1,545
1,689
1,771

52
695
63
56
39
190
310
169
100
86
127
255

1,881
1,846
1,773
1,789
1,791
1,526
1,525
1,347
1,629
1,458
1,562
1,516

1,158
1,036
860
927
988
850
779
689
852
733
833
773

139.4
146.8
147.4
143.1
145.9
148.1
140.4
118.2
125.7
119.7
124.4
138.1

95.0
106.0
109.1
104.1
103.8
105.8
96.4
87.8
88.6
92.7
93.8
102.6

2013

1
2
3P
4P

1,864
1,675
2,095
1,895

139
168
128
100

991
858
1,078
962

117.5
113.8
135.5
125.3

81.1
76.6
92.3
87.9

-13.4

-11.0

-25.9

-2.0

-5.3

2012

1,724
1,506
1,966
1,796
Y-o-Y change (%)
-13.6

2012




-1.1
-19.8
-10.4
-21.5

126.1
-59.7
86.7
-54.6

-8.7
-15.1
-16.0
-15.1

-19.0
-27.3
-26.6
-31.4

10.7
-2.7
-8.2
-6.9

4.4
-5.0
-10.7
-9.4

2013

ⅠP

-10.7

-46.2

-5.5

-4.2

-15.4

-19.4

2012

1
2
3
4
5
6
7
8
9
10
11
12

-0.8
25.1
-23.6
-4.4
-14.4
-35.4
-9.4
-13.8
-8.1
-20.8
-26.4
-17.0

-22.2
829.0
-70.9
-10.3
-72.8
-62.2
135.5
105.9
3.5
-72.3
-75.8
31.2

0.0
-5.7
-18.9
-4.3
-10.2
-29.1
-19.5
-19.7
-8.7
-11.0
-11.6
-21.8

3.9
-12.3
-41.7
-22.4
-19.1
-38.7
-25.1
-32.7
-22.4
-24.3
-25.0
-42.0

10.3
27.3
-1.7
2.8
-3.3
-7.0
-0.4
-15.6
-8.6
-3.5
-10.8
-6.3

1.0
16.5
-2.5
-0.3
-6.8
-7.6
-6.9
-12.2
-13.1
-8.5
-8.4
-11.2

2013

1
2
3P
4P

-3.6
-34.1
14.1
2.7

169.8
-75.8
103.0
77.0

-8.3
-18.4
10.9
0.4

-14.4
-17.2
25.3
3.8

-15.7
-22.5
-8.1
-12.4

-14.6
-27.7
-15.4
-15.6

P: Preliminary
Source: Statistics Korea
Statistical Appendices | 69

7.
Value of construction completed and domestic construction orders received
(current prices, billion won)
Period

Value of
construction
completion
(total)

2012

Type of order
Public

Private

Domestic
construction
orders received
(total)

Type of order
Public

Private

88,031

33,578

50,260

86,821

26,103

57,202

2012




19,106
22,203
21,135
25,587

7,385
8,813
7,499
9,881

10,795
12,333
12,584
14,548

21,772
25,136
17,665
22,248

5,531
5,602
5,478
9,492

15,549
18,515
11,632
11,506

2013

ⅠP

20,113

6,984

12,364

12,805

4,279

8,255

2012

1
2
3
4
5
6
7
8
9
10
11
12

5,742
5,979
7,385
6,789
7,225
8,189
6,970
6,508
7,658
7,298
8,030
10,259

2,106
2,358
2,921
2,625
2,839
3,349
2,337
2,292
2,870
2,574
2,974
4,333

3,339
3,371
4,086
3,875
4,066
4,393
4,254
3,907
4,423
4,432
4,742
5,375

7,244
8,122
6,406
6,033
7,215
11,887
6,450
5,120
6,195
5,501
7,232
9,516

1,796
2,165
1,390
1,448
1,072
3,082
2,284
1,341
1,852
1,962
2,148
5,382

5,100
5,812
4,636
4,097
6,034
8,385
3,886
3,738
4,008
3,507
4,743
3,255

2013

1
2
3P
4P

6,258
6,217
7,638
8,040

2,065
2,341
2,579
2,820

3,424
4,304
5,077
4,789

1,306
1,280
1,694
1,546

1,970
2,955
3,329
2,938

-4.0

-4.4

3,948
3,650
4,766
4,926
Y-o-Y change (%)
-2.7

-8.9

-8.8

-7.5

2012
2012




-0.9
-7.7
-1.3
-5.1

0.9
-5.1
-2.4
-8.7

-2.1
-7.5
-0.1
-1.0

33.3
-0.7
-13.6
-33.1

34.3
-11.2
-18.4
-17.3

40.0
4.9
-9.6
-43.1

2013

ⅠP

5.3

-5.4

14.5

-41.2

-22.6

-46.9

2012

1
2
3
4
5
6
7
8
9
10
11
12

-7.2
12.2
-4.8
-5.4
-2.9
-13.3
3.2
-5.6
-1.5
-8.3
2.2
-7.9

-13.6
16.3
2.3
-4.3
1.8
-10.9
-1.7
-6.8
0.9
-11.3
-6.2
-8.8

-4.3
10.1
-8.8
-4.7
-4.3
-12.5
4.8
-4.7
-0.3
-5.1
10.5
-6.2

47.5
99.1
-12.8
-10.1
0.9
3.7
23.1
-32.4
-19.7
-26.6
-20.0
-43.0

50.2
53.7
0.3
1.4
-43.3
3.0
23.1
-10.9
-44.7
-15.3
-28.1
-12.9

75.6
131.7
-18.6
-11.5
27.3
1.3
25.6
-35.4
0.4
-29.7
-19.2
-65.2

2013

1
2
3P
4P

9.0
4.0
3.4
18.4

-2.0
-0.7
-11.7
7.4

18.3
8.3
16.6
27.1

-52.7
-47.0
-20.7
-20.6

-33.9
-40.9
21.8
6.8

-61.4
-49.2
-28.2
-28.3

P: Preliminary
Source: Statistics Korea
70 | Statistical Appendices

8.
Composite indices of business cycle indicators and BSI

Period

Leading index
(2010=100)

Coincident index
(2010=100)

Cycle of
coincident index
(2010=100)

BSI
(results)

BSI
(prospects)

2009

1
2
3
4
5
6
7
8
9
10
11
12

87.4
88.2
88.7
90.5
91.9
93.6
94.3
95.0
95.9
96.9
98.2
98.8

88.5
88.5
89.2
90.3
90.8
92.3
93.1
93.7
94.3
95.3
96.0
96.5

95.3
95.0
95.4
96.1
96.4
97.5
98.0
98.3
98.6
99.2
99.6
99.7

58.1
62.4
89.0
93.7
100.9
96.6
98.5
96.0
110.5
107.5
103.8
104.8

52.0
66.0
76.1
86.7
103.8
100.2
98.7
99.8
117.0
116.5
109.0
105.9

2010

1
2
3
4
5
6
7
8
9
10
11
12

99.2
99.1
99.0
99.0
99.6
100.1
100.7
100.8
101.0
100.5
100.5
100.5

97.0
97.7
98.4
99.1
99.8
100.3
100.9
101.1
101.1
101.0
101.4
102.2

99.9
100.2
100.5
100.8
101.1
101.2
101.4
101.1
100.7
100.2
100.2
100.6

99.2
98.7
113.1
108.9
111.9
109.4
105.0
98.6
104.1
104.3
103.5
102.1

103.1
102.3
116.2
111.2
113.4
108.9
107.3
100.7
111.1
113.1
107.1
104.2

2011

1
2
3
4
5
6
7
8
9
10
11
12

101.3
101.6
101.7
101.3
101.6
102.0
102.6
102.9
103.2
103.3
103.4
103.7

103.5
103.6
104.0
104.0
104.7
105.3
105.9
106.5
106.5
107.0
106.9
107.4

101.4
101.1
101.1
100.7
100.9
101.1
101.2
101.4
101.0
101.0
100.6
100.5

99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
93.0
90.1

101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
94.8

2012

1
2
3
4
5
6
7
8
9
10
11
12

104.4
105.4
105.7
106.2
106.3
107.4
108.0
108.1
108.0
108.3
109.1
109.9

107.4
108.2
108.3
108.6
108.7
109.1
109.7
109.6
110.1
110.0
110.7
111.3

100.2
100.5
100.2
100.0
99.7
99.7
99.8
99.3
99.3
98.9
99.1
99.2

88.6
92.2
101.4
97.5
95.7
90.4
82.1
84.4
89.3
88.9
82.2
87.0

88.3
91.0
106.1
98.4
104.7
98.3
89.7
82.7
99.5
97.0
92.5
82.0

2013

1
2
3
4
5
6

110.1
110.4
110.7
111.2
-

111.8
112.3
112.4
113.0
-

99.2
99.3
98.9
99.1
-

85.0
83.0
101.3
94.1
97.6
-

85.7
86.7
104.4
101.5
99.8
97.2

Source: Statistics Korea & The Bank of Korea
Statistical Appendices | 71

9.
Balance of payments (I)
(million US$)
Current balance
Goods trade balance

Period
2011
2012

Exports

Imports

Services trade
balance

Income trade
Balance

Current transfers

26,068.2
43,138.5

31,660.0
38,337.7

551,765.4
552,565.3

520,105.4
514,227.6

-5,849.5
2,676.2

2,890.9
4,885.5

-2,633.2
-2,760.9

2011




2,610.3
5,492.2
6,896.0
11,506.8

5,842.7
7,661.0
7,197.7
10,248.9

127,691.2
142,722.8
141,393.5
140,756.8

121,848.5
135,061.8
134,195.8
130,507.9

-2,538.0
-796.0
-1,198.2
154.8

387.9
-824.8
1,314.9
1,577.8

-1,082.3
-548.0
-418.5
-474.7

2012




2,559.9
11,188.8
14,561.7
14,828.1

2,612.4
8,520.5
13,341.2
13,863.6

134,627.6
138,784.9
137,086.0
142,066.8

132,015.2
130,264.4
123,744.8
128,203.2

-648.4
2,312.7
654.4
357.5

1,487.6
821.4
1,041.3
1,535.2

-891.7
-465.8
-475.2
-928.2

2013

9,971.8

9,339.8

137,293.0

127,953.2

-483.0

1,375.0

-260.0

2011

1
2
3
4
5
6
7
8
9
10
11
12

154.7
1,126.1
1,329.5
1,277.6
2,183.9
2,030.7
3,773.6
292.6
2,829.8
4,132.9
4,564.6
2,809.3

1,557.9
1,530.8
2,754.0
3,327.6
1,633.8
2,699.6
4,728.0
371.5
2,098.2
3,547.2
3,997.2
2,704.5

42,662.8
37,228.3
47,800.4
47,879.4
47,149.8
47,693.6
48,555.9
45,634.9
47,202.7
46,451.7
46,656.2
47,648.9

41,104.9
35,697.2
45,046.4
44,551.8
45,516.0
44,994.0
43,827.9
45,263.4
45,104.5
42,904.5
42,659.0
44,944.4

-1,640.9
-569.1
-328.0
-178.8
15.5
-632.7
-690.9
-577.9
70.6
2.8
357.2
-205.2

703.7
542.6
-858.4
-1,581.9
517.3
239.8
72.3
699.6
543.0
643.5
445.6
488.7

-466.0
-378.2
-238.1
-289.3
17.3
-276.0
-335.8
-200.6
118.0
-60.6
-243.5
-178.7

2012

1
2
3
4
5
6
7
8
9
10
11
12

-968.8
557.3
2,971.4
1,734.0
3,574.9
5,879.9
6,144.3
2,504.3
5,913.1
5,781.7
6,906.2
2,140.2

-1,624.0
1,310.1
2,926.3
1,750.8
1,715.9
5,053.8
5,340.6
2,514.0
5,486.6
5,168.9
6,777.4
1,917.3

41,383.8
45,863.0
47,380.8
45,820.3
46,162.8
46,801.8
46,620.5
42,895.6
47,569.9
48,144.1
49,636.8
44,285.9

43,007.8
44,552.9
44,454.5
44,069.5
44,446.9
41,748.0
41,279.9
40,381.6
42,083.3
42,975.2
42,859.4
42,368.6

-128.8
-1,219.3
699.7
549.7
1,593.0
170.1
593.3
-262.2
323.3
378.3
-51.6
30.8

1,191.7
613.4
-317.5
-422.0
341.6
901.8
401.9
435.5
203.9
521.9
374.3
639.0

-407.7
-146.9
-337.1
-144.5
-75.6
-245.7
-191.5
-183.0
-100.7
-287.4
-193.9
-446.9

2013P

1
2
3
4

2,331.7
2,712.9
4,927.2
3,972.2

2,617.7
2,562.9
4,159.2
3,588.6

47,163.0
42,218.6
47,911.4
47,556.0

44,545.3
39,655.7
43,752.2
43,967.4

-927.1
-461.0
905.1
1,447.4

968.4
628.9
-222.3
-1,088.6

-327.3
-17.9
85.2
24.8

P: Preliminary
Source: The Bank of Korea
72 | Statistical Appendices

10.
Balance of payments (II)
(million US$)
Capital & financial account
Period

2011
2012

Direct
investment

Portfolio
investment

Financial
derivative

Other
investment

-26,778.0
-43,619.1

-16,410.0
-18,628.1

13,109.3
10,114.8

-1,031.3
3,075.2

-8,468.6
-26,897.7

Capital transfers Changes in
& acquisition of reserve assets
non-financial
assets
-24.7
-13,952.8
602.1
-11,885.4

Errors and
omissions
709.8
480.6

2011




-2,754.1
-6,808.0
-8,320.9
-20,931.2

-4,696.3
-4,138.1
-2,807.6
-2,980.7

-1,379.1
2,035.4
8,108.4
-5,338.8

730.3
-542.9
-1,490.7
1,086.4

6,251.6
-1,432.5
-18,692.6
-11,733.2

-181.4
-111.9
235.5
106.8

-3,479.2
-2,618.0
6,326.1
-2,071.7

143.8
1,315.8
1,424.9
6,103.1

2012




-1,377.1
-7,968.0
-13,342.8
-20,931.2

-7,203.3
-3,015.2
-5,428.9
-2,980.7

15,156.1
-5,481.3
5,778.8
-5,338.8

1,355.0
-65.3
699.1
1,086.4

-4,232.7
-581.2
-10,350.6
-11,733.2

134.3
284.3
76.7
106.8

-6,586.4
890.7
-4,118.0
-2,071.7

-1,182.8
-3,220.8
-1,218.9
6,103.1

2013

-10,901.4

-4,065.9

-5,769.9

1,418.9

1,294.3

152.0

-3,930.8

929.6

2011

1
2
3
4
5
6
7
8
9
10
11
12

-1,282.0
-1,996.2
524.1
394.7
-3,956.7
-3,246.0
-2,469.2
-1,690.6
-4,161.1
-4,391.9
-6,191.9
-3,497.8

-1,725.4
-1,635.1
-1,335.8
-738.8
-1,254.7
-2,144.6
327.1
-1,036.4
-2,098.3
-1,132.2
-2,077.1
-842.7

904.6
-3,004.0
720.3
4,575.0
-1,140.1
-1,399.5
9,258.3
-2,923.0
1,773.1
3,919.1
39.8
-2,411.4

569.3
-363.3
524.3
-206.2
165.1
-501.8
526.6
-1,868.6
-148.7
108.5
-379.9
-160.6

1,773.30
5,126.9
-648.6
-145.9
-821.7
-464.9
-6,581.0
4,638.4
-16,750.0
2,784.7
-6.2
10.1

-120.7
-32.7
-28.0
-33.6
-49.9
-28.4
13.8
41.5
180.2
109.7
98.1
0.0

-2,683.1
-2,088.0
1,291.9
-3,055.8
-855.4
1,293.2
-6,014.0
-542.5
12,882.6
-10,181.7
-3,866.6
-93.2

1,127.3
870.1
-1,853.6
-1,672.3
1,772.8
1,215.3
-1,304.4
1,398.0
1,331.3
259.0
1,627.3
688.5

2012

1
2
3
4
5
6
7
8
9
10
11
12

1,305.6
-920.3
-1,762.4
157.7
-2,897.4
-5,228.3
-7,840.1
-605.0
-4,897.7
-7,259.3
-9,838.2
-3,833.7

-2,013.3
-3,572.6
-1,617.4
-940.4
-1,382.0
-692.8
-1,443.6
-1,607.1
-2,378.2
-975.0
-1,336.2
-669.5

7,737.0
6,115.2
1,303.9
-2,213.3
-937.1
-2,330.9
2,529.2
580.9
2,668.7
-4,657.2
-3,875.8
3,194.2

434.2
214.1
706.7
320.5
-390.4
4.6
267.1
68.3
363.7
-135.3
612.6
609.1

-2,190.4
-1,526.1
-516.2
2,667.4
-1,600.9
-1,647.7
-7,625.3
1,464.0
-4,189.3
-15.5
-2,683.7
-9,034.0

-1.7
36.0
100.0
102.3
144.2
37.8
36.3
8.0
32.4
-6.1
5.8
107.1

-2,660.2
-2,186.8
-1,739.4
221.2
1,268.8
-599.3
-1,603.8
-1,119.2
-1,395.0
-1,470.2
-2,560.9
1,959.4

-336.8
363.0
-1,209.0
-1,891.7
-677.5
-651.6
1,695.8
-1,899.3
-1,015.4
1,477.6
2,932.0
1,693.5

2013P

1
2
3
4

-910.3
-3,269.1
-6,722.0
-2,611.0

-1,417.7
-777.8
-1,870.4
303.3

-4,374.3
1,993.5
-3,389.1
-1,917.5

586.9
686.9
145.1
-313.2

4,643.9
-3,218.3
-131.3
-1,589.3

48.5
37.8
65.7
-36.8

-397.6
-1,991.2
-1,542.0
942.5

-1,421.4
556.2
1,794.8
-1,361.2

P: Preliminary
Source: The Bank of Korea
Statistical Appendices | 73

11.
Prices
(2010=100)
Consumer Prices

Producer prices

Export & import prices

Period
All Items
2011
2012

Commodity

Service

Core

All Items

Commodity

Export

Import

104.0
106.3

105.7
108.9

102.7
104.2

103.2
104.9

106.7
107.5

108.7
108.9

100.2
97.9

111.6
110.8

2011

1
2
3
4
5
6
7
8
9
10
11
12

102.2
102.9
103.3
103.4
103.6
103.8
104.3
105.0
104.9
104.7
104.8
105.2

103.4
104.4
104.9
104.6
104.7
105.0
105.9
107.1
107.1
106.6
106.8
107.3

101.2
101.7
102.1
102.4
102.6
102.8
103.1
103.3
103.1
103.2
103.3
103.5

101.4
102.1
102.4
102.6
103.0
103.4
103.7
103.8
103.7
103.6
103.9
104.3

104.3
105.1
106.3
107.0
107.3
107.1
107.2
107.4
107.4
107.3
107.0
107.1

105.7
106.7
108.3
109.1
109.5
109.1
109.3
109.5
109.6
109.4
108.9
109.0

98.7
100.7
103.7
102.3
100.5
99.3
97.4
98.1
101.0
102.2
99.5
99.4

106.3
109.3
113.2
113.9
111.5
110.9
109.5
109.8
113.6
114.8
113.1
113.3

2012

1
2
3
4
5
6
7
8
9
10
11
12

105.7
106.1
106.0
106.0
106.2
106.1
105.9
106.3
107.0
106.9
106.5
106.7

107.9
108.5
109.2
108.9
109.2
108.8
107.9
108.8
110.4
109.8
108.9
109.0

103.9
104.2
103.5
103.7
103.9
104.0
104.2
104.4
104.4
104.6
104.6
104.8

104.6
104.7
104.3
104.4
104.6
104.9
104.9
105.1
105.2
105.2
105.3
105.5

107.7
108.4
108.9
109.0
108.4
107.1
106.6
107.2
107.6
106.8
106.1
105.8

109.5
110.5
111.2
111.1
110.3
108.4
107.6
108.6
109.2
107.8
106.8
106.4

100.4
100.0
100.6
101.0
100.2
98.8
97.5
97.5
97.6
95.6
92.9
92.3

114.4
115.0
116.9
115.6
113.5
109.4
108.5
110.3
111.1
107.4
104.3
103.2

2013

1
2
3
4
5

107.3
107.6
107.4
107.3
107.3

109.8
110.2
110.3
109.8
109.6

105.2
105.5
105.1
105.3
105.4

106.0
106.7
106.3
105.9
105.5

106.8
107.8
107.1
106.6
106.0

92.2
94.4
94.7
95.3
94.3

102.3
105.1
104.3
104.4
102.5

4.0
2.2

5.7
3.0

105.9
106.1
105.9
105.9
106.3
Y-o-Y change (%)
2.7
3.2
1.5
1.6

6.7
0.7

8.7
0.2

0.2
-2.4

11.6
-0.7

2011
2012
2011

1
2
3
4
5
6
7
8
9
10
11
12

3.4
3.9
4.1
3.8
3.9
4.2
4.5
4.7
3.8
3.6
4.2
4.2

5.2
5.9
6.1
5.0
5.2
5.8
6.4
6.8
5.0
4.5
6.0
5.7

2.0
2.3
2.6
2.7
2.7
2.9
2.9
3.0
2.7
2.8
2.7
2.8

2.1
2.6
3.0
3.0
3.2
3.5
3.6
3.5
3.3
3.2
3.5
3.6

6.8
7.4
8.2
8.1
7.5
7.2
7.0
6.9
6.3
5.8
5.1
4.3

9.1
9.8
10.7
10.6
9.7
9.3
9.1
8.9
8.0
7.4
6.5
5.3

0.8
1.6
5.1
3.4
-0.9
-4.8
-6.0
-2.7
1.0
5.3
2.0
-1.0

11.7
14.5
17.7
17.4
11.7
8.6
7.6
8.0
11.9
14.5
10.7
6.1

2012

1
2
3
4
5
6
7
8
9
10
11
12

3.4
3.1
2.6
2.5
2.5
2.2
1.5
1.2
2.0
2.1
1.6
1.4

4.4
3.9
4.1
4.1
4.3
3.6
1.9
1.6
3.1
3.0
2.0
1.6

2.7
2.5
1.4
1.3
1.3
1.2
1.1
1.1
1.3
1.4
1.3
1.3

3.2
2.5
1.9
1.8
1.6
1.5
1.2
1.3
1.4
1.5
1.3
1.2

3.2
3.1
2.4
1.9
1.0
0.0
-0.6
-0.1
0.2
-0.5
-0.9
-1.2

3.6
3.6
2.7
1.9
0.7
-0.7
-1.5
-0.9
-0.4
-1.4
-1.9
-2.3

1.7
-0.7
-3.0
-1.2
-0.3
-0.5
0.1
-0.7
-3.4
-6.5
-6.6
-7.2

7.7
5.2
3.3
1.5
1.8
-1.3
-0.9
0.5
-2.2
-6.4
-7.9
-9.0

2013

1
2
3
4
5

1.5
1.4
1.3
1.2
1.0

1.8
1.6
1.0
0.8
0.4

1.3
1.2
1.5
1.5
1.4

1.2
1.3
1.5
1.4
1.6

-1.6
-1.6
-2.4
-2.8
-2.6

-2.5
-2.5
-3.7
-4.1
-3.8

-8.1
-5.6
-5.9
-5.7
-5.9

-10.6
-8.6
-10.8
-9.7
-9.6

Source: The Bank of Korea
74 | Statistical Appendices

12.
Employment
Economically active persons (thous.)
Period

2011
2012

Wage workers

Employed persons (thous.)

25,099
25,501

All industry Manufacturing
24,244
4,091
24,681
4,105

S.O.C &
service
18,595
19,033

Status of Worker

Unemployment (%)
Regular

Temporary

Daily

3.4
3.2

17,397
17,712

10,661
11,097

4,990
4,988

1,746
1,627

2011

1
2
3
4
5
6
7
8
9
10
11
12

24,114
24,431
24,918
25,240
25,480
25,592
25,473
25,257
25,076
25,409
25,318
24,880

23,196
23,336
23,846
24,303
24,661
24,752
24,636
24,495
24,318
24,673
24,589
24,125

4,148
4,149
4,122
4,108
4,137
4,135
4,079
4,031
4,014
4,044
4,054
4,071

18,007
18,019
18,244
18,536
18,731
18,812
18,844
18,739
18,595
18,856
18,921
18,833

3.8
4.5
4.3
3.7
3.2
3.3
3.3
3.0
3.0
2.9
2.9
3.0

16,832
16,856
17,065
17,357
17,626
17,720
17,667
17,510
17,378
17,608
17,650
17,496

10,305
10,390
10,543
10,618
10,708
10,716
10,718
10,710
10,764
10,796
10,838
10,824

4,848
4,781
4,782
4,928
5,064
5,132
5,137
5,031
5,047
5,094
5,047
4,986

1,680
1,684
1,740
1,812
1,854
1,872
1,811
1,769
1,567
1,718
1,765
1,686

2012

1
2
3
4
5
6
7
8
9
10
11
12

24,585
24,825
25,210
25,653
25,939
25,939
25,901
25,623
25,755
25,787
25,652
25,139

23,732
23,783
24,265
24,758
25,133
25,117
25,106
24,859
25,003
25,069
24,941
24,402

4,034
4,060
4,018
4,027
4,071
4,084
4,114
4,111
4,153
4,188
4,218
4,183

18,631
18,599
18,870
19,103
19,292
19,248
19,265
19,040
19,125
19,128
19,088
19,010

3.5
4.2
3.7
3.5
3.1
3.2
3.1
3.0
2.9
2.8
2.8
2.9

17,184
17,225
17,421
17,679
17,935
17,932
17,911
17,734
17,862
17,958
17,941
17,763

10,769
10,807
10,899
10,957
11,064
11,157
11,153
11,203
11,291
11,302
11,281
11,282

4,868
4,877
4,997
5,095
5,153
5,094
5,081
4,935
4,961
4,964
4,960
4,875

1,547
1,542
1,525
1,627
1,718
1,681
1,676
1,595
1,610
1,692
1,700
1,606

2013

1
2
3
4
5

24,901
24,973
25,397
25,928
26,195

24,054
23,984
24,514
25,103
25,398

4,189
4,139
4,141
4,192
4,175

17,581
17,493
17,743
18,145
18,388

11,292
11,336
11,510
11,616
11,726

4,791
4,725
4,769
4,892
4,964

1,498
1,431
1,465
1,636
1,699

1.4
1.6

1.7
1.8

1.6
0.3

18,810
3.4
18,736
4.0
18,989
3.5
19,303
3.2
19,492
3.0
Y-o-Y change (%)
2.1
2.4
-

2.5
1.8

5.7
4.1

-1.5
0.0

-3.9
-6.9

2011
2012
2011

1
2
3
4
5
6
7
8
9
10
11
12

0.1
1.6
2.2
1.5
1.5
1.7
1.0
1.7
0.7
1.6
1.9
1.4

1.4
2.1
2.0
1.6
1.5
1.9
1.4
2.0
1.1
2.1
2.0
1.9

5.7
6.7
5.1
2.9
2.5
2.9
1.0
-0.7
-1.2
-1.3
-2.1
-2.1

1.2
1.4
1.1
1.4
1.3
2.1
1.9
3.1
2.1
3.2
3.2
3.1

-

3.3
3.5
2.7
2.1
2.2
3.1
2.5
2.7
1.6
2.5
2.0
2.0

6.1
6.2
6.2
6.1
6.3
6.2
6.0
5.5
5.4
5.0
4.9
4.6

-0.3
-1.2
-3.9
-4.3
-3.0
-0.6
-1.5
-1.8
-1.2
0.1
-0.4
-0.3

-2.6
1.6
1.5
-1.3
-5.1
-3.4
-4.9
-0.3
-11.9
-5.0
-7.0
-6.7

2012

1
2
3
4
5
6
7
8
9
10
11
12

2.0
1.6
1.2
1.6
1.8
1.4
1.7
1.4
2.7
1.5
1.3
1.0

2.3
1.9
1.8
1.9
1.9
1.5
1.9
1.5
2.8
1.6
1.4
1.1

-2.8
-2.1
-2.5
-2.0
-1.6
-1.2
0.8
2.0
3.5
3.6
4.0
2.8

3.5
3.2
3.4
3.1
3.0
2.3
2.2
1.6
2.8
1.4
0.9
0.9

-

2.1
2.2
2.1
1.9
1.8
1.2
1.4
1.3
2.8
2.0
1.7
1.5

4.5
4.0
3.4
3.2
3.3
4.1
4.1
4.6
4.9
4.7
4.1
4.2

0.4
2.0
4.5
3.4
1.8
-0.7
-1.1
-1.9
-1.7
-2.5
-1.7
-2.2

-7.9
-8.5
-12.3
-10.2
-7.4
-10.2
-7.5
-9.8
2.7
-1.5
-3.6
-4.7

2013

1
2
3
4
5

1.3
0.6
0.7
1.1
1.0

1.4
0.8
1.0
1.4
1.1

3.9
1.9
3.1
4.1
2.6

1.0
0.7
0.6
1.0
1.0

-

2.3
1.6
1.8
2.6
2.5

4.9
4.9
5.6
6.0
6.0

-1.6
-3.1
-4.6
-4.0
-3.7

-3.1
-7.1
-4.0
0.6
-1.1

Source: Statistics Korea
Statistical Appendices | 75

13.
Financial indicators
(period average)
Yields(%)
Period

Stock

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

Corporate bonds
(3 years, AA-)
7.3
7.1
6.1
5.7
5.2
5.2
5.5
5.7
5.6
5.6
5.4
5.4

2010

1
2
3
4
5
6
7
8
9
10
11
12

2.0
2.0
2.0
2.0
2.0
2.0
2.2
2.3
2.3
2.3
2.4
2.5

2.9
2.9
2.8
2.5
2.5
2.5
2.6
2.6
2.7
2.7
2.7
2.8

5.4
5.3
5.0
4.7
4.5
4.7
4.8
4.7
4.4
4.1
4.2
4.2

4.3
4.2
3.9
3.8
3.7
3.8
3.9
3.7
3.5
3.2
3.4
3.3

4.8
4.8
4.5
4.4
4.4
4.4
4.5
4.3
3.9
3.7
4.0
4.0

1,602.43
1,594.58
1,692.85
1,741.56
1,641.25
1,698.29
1,759.33
1,742.75
1,872.81
1,882.95
1,904.63
2,051.00

2011

1
2
3
4
5
6
7
8
9
10
11
12

2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3
3.3

2.9
3.1
3.4
3.4
3.5
3.5
3.6
3.6
3.6
3.6
3.6
3.6

4.5
4.7
4.5
4.5
4.4
4.4
4.5
4.2
4.2
4.3
4.2
4.2

3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4
3.4

4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
3.5
3.5

2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
1,880.11
1,769.65
1,909.03
1,847.51
1,825.74

2012

1
2
3
4
5
6
7
8
9
10
11
12

3.3
3.3
3.3
3.3
3.3
3.3
3.1
3.0
3.0
2.8
2.8
2.8

3.6
3.5
3.5
3.5
3.5
3.5
3.3
3.2
3.1
2.9
2.9
2.9

4.2
4.3
4.4
4.3
4.0
3.9
3.6
3.4
3.3
3.3
3.3
3.3

3.4
3.4
3.6
3.5
3.4
3.3
3.0
2.8
2.8
2.8
2.8
2.9

3.5
3.6
3.7
3.6
3.5
3.4
3.1
2.9
2.9
2.9
2.9
3.0

1,955.79
2,030.25
2,014.04
1,981.99
1,843.47
1,854.01
1,881.99
1,905.12
1,996.21
1,912.06
1,932.90
1,997.05

2013

1
2
3
4
5

2.8
2.8
2.7
2.8
2.6

2.9
2.8
2.8
2.8
2.7

3.2
3.1
3.0
2.9
3.0

2.8
2.7
2.6
2.6
2.6

2.9
2.8
2.7
2.6
2.7

1,961.94
2,026.49
2,004.89
1,963.95
2,001.05

Call rate (1 day)

CD (91 days)

Source: The Bank of Korea
76 | Statistical Appendices

Treasury bonds
(3 years)
3.4
3.8
3.7
3.8
3.8
4.1
4.1
4.4
4.4
4.5
4.3
4.2

Treasury bonds
(5 years)
4.0
4.6
4.5
4.4
4.5
4.7
4.6
4.9
4.9
4.9
4.8
4.8

KOSPI
(end-period)
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

14.
Monetary indicators
(billion won)
Period

Reserve money

2011
2012

M1

M2

Lf

75,232.0
82,131.1

425,675.1
441,963.6

1,708,984.5
1,798,625.7

2,208,170.4
2,379,518.7

2011

1
2
3
4
5
6
7
8
9
10
11
12

73,540.8
75,432.1
73,012.7
73,206.1
73,828.5
74,705.5
74,069.7
75,642.3
77,942.2
76,944.6
76,617.3
77,842.5

429,368.1
432,482.8
430,936.6
425,420.5
423,994.7
421,885.3
418,973.1
422,649.3
425,196.4
421,480.1
423,111.9
432,602.2

1,676,448.8
1,674,390.5
1,677,475.9
1,684,792.3
1,690,543.0
1,697,204.2
1,705,451.5
1,719,437.8
1,729,531.1
1,742,645.4
1,753,296.4
1,756,597.4

2,152,814.0
2,148,254.1
2,152,736.5
2,163,485.7
2,175,557.3
2,189,729.2
2,208,624.3
2,230,191.9
2,243,675.6
2,263,627.7
2,279,234.1
2,288,816.9

2012

1
2
3
4
5
6
7
8
9
10
11
12

81,635.4
81,655.3
79,068.0
80,641.8
80,547.7
81,804.0
81,555.7
82,369.1
82,958.7
85,078.6
82,956.5
85,302.7

439,352.9
437,193.9
440,075.4
437,445.3
438,795.3
441,611.0
441,760.6
439,573.2
440,034.3
444,477.8
445,463.9
457,778.9

1,757,058.7
1,762,988.4
1,773,172.9
1,777,114.7
1,784,220.5
1,796,981.5
1,807,289.2
1,817,134.9
1,819,290.1
1,822,420.9
1,830,280.3
1,835,556.7

2,292,213.5
2,302,065.8
2,341,626.9
2,349,723.2
2,357,701.0
2,377,071.3
2,393,737.7
2,405,239.9
2,415,263.5
2,424,000.4
2,440,062.8
2,455,962.9

2013

1
2
3
4

85,839.3
88,855.7
89,523.5
87,729.0

464,914.5
472,239.6
472,430.1
475,330.0
Y-o-Y change (%)
6.6
3.8

1,841,128.1
1,857,135.0
1,862,405.5
1,867,726.3

2,469,789.3
2,488,539.0
2,499,718.1
2,512,459.7

4.2
5.2

5.3
7.8

2011
2012

11.3
9.2

2011

1
2
3
4
5
6
7
8
9
10
11
12

13.0
13.3
11.2
13.9
8.8
12.8
10.6
12.4
10.9
10.1
10.3
8.9

12.6
11.5
11.6
9.6
7.4
5.4
3.8
5.4
5.1
4.1
2.0
1.6

6.5
5.0
4.3
3.9
3.7
3.0
3.2
4.0
4.2
4.4
4.4
4.4

6.6
5.2
4.7
4.5
4.4
4.0
4.6
5.5
5.7
6.1
6.2
6.2

2012

1
2
3
4
5
6
7
8
9
10
11
12

11.0
8.3
8.3
10.2
9.1
9.5
10.1
8.9
6.4
10.6
8.3
9.6

2.3
1.1
2.1
2.8
3.5
4.7
5.4
4.0
3.5
5.5
5.3
5.8

4.8
5.3
5.7
5.5
5.5
5.9
6.0
5.7
5.2
4.6
4.4
4.5

6.5
7.2
8.8
8.6
8.4
8.5
8.4
7.8
7.6
7.1
7.1
7.3

2013

1
2
3
4

5.1
8.8
13.2
8.8

5.8
8.0
7.4
8.7

4.8
5.3
5.0
5.1

7.7
8.1
6.8
6.9

Source: The Bank of Korea
Statistical Appendices | 77

15.
Exchange rates

₩/US$

₩/100¥

₩/Euro

Period
2011
2012

End-period

Average

End-period

Average

End-period

Average

1,153.3
1,071.1

1,108.1
1,126.9

1,485.2
1,247.5

1,391.3
1,413.1

1,494.1
1,416.3

1,541.4
1,448.2

2011

1
2
3
4
5
6
7
8
9
10
11
12

1,114.3
1,127.9
1,107.2
1,072.3
1,080.6
1,078.1
1,052.6
1,071.7
1,179.5
1,104.5
1,150.3
1,153.3

1,120.1
1,118.1
1,122.5
1,086.8
1,083.5
1,081.3
1,059.5
1,073.2
1,118.6
1,155.5
1,132.3
1,147.5

1,356.6
1,380.7
1,331.9
1,313.8
1,335.6
1,335.7
1,353.2
1,396.8
1,536.6
1,458.0
1,475.7
1,485.2

1,356.3
1,351.0
1,376.2
1,304.8
1,333.6
1,342.8
1,333.4
1,391.4
1,456.5
1,508.2
1,460.0
1,473.4

1,514.0
1,549.5
1,563.5
1,591.2
1,549.7
1,560.5
1,507.9
1,547.3
1,601.4
1,562.7
1,532.9
1,494.1

1,495.4
1,524.6
1,572.6
1,569.4
1,551.3
1,555.4
1,515.4
1,538.7
1,542.4
1,584.0
1,536.6
1,511.0

2012

1
2
3
4
5
6
7
8
9
10
11
12

1,125.0
1,126.5
1,137.8
1,134.2
1,177.8
1,153.8
1,136.2
1,134.6
1,118.6
1,094.1
1,084.7
1,071.1

1,145.9
1,123.4
1,125.9
1,135.6
1,154.3
1,165.5
1,143.4
1,131.7
1,124.8
1,106.9
1,087.5
1,077.0

1,473.1
1,399.2
1,380.7
1,412.0
1,489.1
1,453.8
1,453.6
1,444.0
1,441.1
1,374.5
1,320.6
1,247.5

1,488.7
1,433.7
1,364.1
1,393.9
1,447.1
1,469.1
1,446.4
1,438.4
1,438.6
1,400.9
1,344.0
1,288.1

1,478.2
1,516.3
1,513.4
1,501.7
1,456.6
1,435.0
1,393.1
1,419.6
1,444.3
1,418.3
1,407.3
1,416.3

1,477.2
1,486.0
1,487.1
1,495.6
1,478.6
1,462.3
1,407.0
1,402.8
1,446.0
1,436.0
1,395.9
1,411.4

2013

1
2
3
4

1,082.7
1,085.4
1,112.1
1,108.1

1,065.4
1,086.7
1,102.2
1,121.8

1,196.8
1,166.4
1,161.1
1,148.4

1,469.3
1,425.8
1,425.2
1,451.3

1,415.7
1,452.3
1,427.5
1,459.6

1.3
-7.1

-4.2
1.7

1,188.5
1,176.2
1,180.1
1,132.0
Y-o-Y change (%)
6.3
-16.0

5.4
1.6

-1.3
-5.2

0.6
-6.0

2011
2012
2011

1
2
3
4
5
6
7
8
9
10
11
12

-3.6
-2.6
-2.1
-3.9
-10.0
-10.9
-11.3
-9.9
3.3
-2.0
-0.6
1.3

-1.6
-3.4
-1.3
-2.7
-6.8
-10.8
-12.2
-9.0
-4.1
2.8
0.5
0.0

5.4
6.3
9.4
10.7
1.3
-2.1
-1.2
-0.7
12.7
4.8
7.4
6.3

8.7
5.4
9.6
9.2
5.4
0.7
-3.2
0.8
5.2
10.0
6.8
7.0

-6.2
-1.3
3.0
7.6
5.1
5.8
-2.9
2.7
2.9
-0.4
1.0
-1.3

-8.1
-3.8
1.8
4.5
6.2
5.0
-1.6
1.0
1.6
1.6
-0.3
-0.3

2012

1
2
3
4
5
6
7
8
9
10
11
12

1.0
-0.1
2.8
5.8
9.0
7.0
7.9
5.9
-5.2
-0.9
-5.7
-7.1

2.3
0.5
0.3
4.5
6.5
7.8
7.9
5.5
0.6
-4.2
-4.0
-6.1

8.6
1.3
3.7
7.5
11.5
8.8
7.4
3.4
-6.2
-5.7
-10.5
-16.0

9.8
6.1
-0.9
6.8
8.5
9.4
8.5
3.4
-1.2
-7.1
-7.9
-12.6

-2.4
-2.1
-3.2
-5.6
-6.0
-8.0
-7.6
-8.3
-9.8
-9.2
-8.2
-5.2

-1.2
-2.5
-5.4
-4.7
-4.7
-6.0
-7.2
-8.8
-6.3
-9.3
-9.2
-6.6

2013

1
2
3
4

-3.8
-3.6
-2.3
-2.3

-7.0
-3.3
-2.1
-1.2

-19.3
-15.9
-14.5
-19.8

-19.6
-18.6
-14.9
-17.6

-0.6
-6.0
-5.8
-3.4

-4.2
-2.3
-4.0
-2.4

Source: The Bank of Korea
78 | Statistical Appendices

■ Editor-in-Chief
Koh Il-Dong (KDI)
Kim Yong-Jin (MOSF)
■ Editorial Board
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Lee Seong-Pyo (KDI)
Lee In-Sook (KDI)
■ Coordinators
Kim Dae-Hyun (MOSF)
Lee Ji-Youn (KDI)
■ Editors
David Friedman (MOSF)
Joung Hye-Sun (MOSF)
Park Jin (KDI)

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63 Statistical Appendices
Vol.35 No.6 June 2013

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June 2013

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