Vol. 33 | No.

12

Republic of Korea

Economic Bulletin
The Green Book : Current Economic Trends
Overview

3

1. External economic situation

4

2. Private consumption

8

3. Facility investment

12

4. Construction investment

14

5. Exports and imports

16

6. Mining and manufacturing production

18

7. Service sector activity

20

8. Employment

22

9. Financial markets
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market

26

10. Balance of payments

30

11. Prices and international commodity prices
11.1 Prices
11.2 International oil and commodity prices

32

12. Real estate market
12.1 Housing market
12.2 Land market

36

13. Composite indices of business cycle indicators

40

Policy Issues
2012 economic policies aim at stronger economy and
improved living quality

42

Economic News Briefing

47

Statistical Appendices

53

The Green Book
Current Economic Trends
Overview
Although the Korean economy has seen employment and the service sector steadily
recovering, it has been affected by external uncertainties with some real economic indicators
slowing down, and the possibilities of rising prices remain.
Employment accelerated an increase in October from 264,000 jobs to 501,000, as negative
effects from Chuseok holidays which had temporarily affected the job market were removed.
The employment rate improved to 59.9 percent from 59.1 percent, and the unemployment
rate landed at 2.9 percent, down from 3.0 percent in the previous month.
Consumer price inflation rose at a faster pace from 3.6 percent a month ago to 4.2 percent in
November due partly to a low base effect, with both core prices and expected inflation
remaining high.
Mining and manufacturing production declined 0.7 percent month-on-month in October due
to a fall in automobile production, while service output increased 0.7 percent as wholesale &
retail sales and financial & insurance services rose.
In October retail sales went up 0.6 percent from the previous month despite declining
durable and semi-durable goods sales, as non-durable goods sales had increased.
Facilities investment dropped 12.1 percent month-on-month in October in line with weak
machinery and transportation equipment investment, while construction investment gained
3.1 percent.
Trade continued to maintain a positive balance, posting a surplus of around US$4 billion in
November, while exports regained a double digit increase year-on-year, from 8.0 percent to
13.8 percent.
The cyclical indicator of the coincident composite index fell 0.3 percentage points from the
previous month in October, in line with the manufacturing operation ratio going down. The
leading composite index dropped 0.4 percentage points year-on-year from the previous
month, as the net terms of trade declined.
In November, financial markets which had been volatile due to unstable external situations
and erratic international financial markets became stable to some extent, as expectations of
global cooperation built up.
There had been remaining gaps of housing price trends between the Seoul metropolitan
area and other areas in November, while the rental price increase slowed down month-onmonth from 1.1 percent to 0.7 percent.
There have been lingering external uncertainties, due to the deepening European debt crisis
and the possibility that the global economy may slow down.
The Korean government will closely monitor local and global economic situations and swiftly
respond to any changes, while renewing efforts to help the economy keep recovering and
prices continue stabilizing. In the meantime, it will pursue active job creation and better
livelihood for working class families, and push forward economic restructuring in a way to
boost domestic demand and facilitate the soft-landing of household debts.
Economic Bulletin

3

1. External economic situation
Worries over a global economic recession have slightly eased with the US and Chinese
economies posting better-than-expected performances in the third quarter. However,
downward risks from the continuing European financial woes are still a main concern.
On November 30, the US Federal Reserve announced a coordinated action with five other
central banks, including the European Central Bank and the Bank of Japan, to ease strains in
financial markets. They agreed to extend US dollar liquidity swaps for six months until
February 1, 2013 and to lower the interest rate by 50 basis points.
The OECD revised downward its 2011 and 2012 global economic growth forecasts to 3.8
percent and 3.4 percent, respectively, from 4.2 percent and 4.6 percent in May.

US

The U.S. economic recovery continued with an improvement of economic indicators such as
consumption, production and employment, but economic growth was revised downward to
2.0 percent (annualized q-o-q) in the third quarter from the advanced estimate.
Sales of consumer goods continued to grow with an improvement of consumer sentiment
that had significantly declined due to unease in financial markets from the European
financial crisis.
University of Michigan consumer sentiment index
71.5 (Jun 2011)

63.7 (Jul)

55.7 (Aug)

59.4 (Sept)

60.9 (Oct)

64.1 (Nov)

Retail sales (m-o-m, %)
0.2 (Apr 2011)

0.0 (May)

0.2 (Jun)

0.4 (Jul)

0.3 (Aug)

1.1 (Sept)

0.5 (Oct)

The ISM Manufacturing Index and industrial production also continued to improve.
ISM manufacturing Index (base=50)
53.5 (May 2011)

55.3 (Jun)

50.9 (Jul)

50.6 (Aug)

51.6 (Sept)

50.8 (Oct)

52.7 (Nov)

The recovery of the job market gained momentum as the unemployment rate fell from 9.0
percent in September to 8.6 percent in October, although the housing market remained in
a slump.
(Percentage change from previous period)
2009

Real GDP

2

20111

2010

Aug

Sep

Oct

2.0

-

-

-

Annual

Annual

Q3

Q4

Q1

Q2

Q3

-3.5

3.0

2.5

2.3

0.4

1.3

-1.9

2.0

2.6

3.6

2.1

0.7

2.3

-

-

-

- Corporate fixed investment

-17.8

4.4

11.3

8.7

2.1

10.3

14.8

-

-

-

- Housing construction investment

-16.0

14.6

-27.7

2.5

-2.4

4.2

1.6

-

-

-

Industrial production

-11.2

5.3

1.6

0.8

1.2

0.1

1.3

0.0

-0.1

0.7

- Personal consumption expenditure

-1.7

3.8

0.9

1.4

1.5

1.0

1.1

0.2

0.7

0.1

Existing home sales

5.2

-4.5

-25.1

13.8

8.2

-4.9

-0.1

8.4

-3.2

1.4

Unemployment rate3

9.3

9.6

9.6

9.6

8.9

9.1

9.1

9.1

9.0

8.6

-0.3

1.6

0.4

0.7

1.3

1.0

0.8

0.4

0.3

-0.1

Retail sales

Consumer prices
1. Preliminary

4

2. Annualized rate (%)

December 2011

3. Seasonally adjusted

Source: US Department of Commerce

1-1

US GDP (q-o-q, annualized rate)
Source: US Department of Commerce

1-2

US non-farm payroll employment (m-o-m change)
Source: US Department of Labor

1-3

US federal funds rate and consumer prices
Source: US Federal Reserve Board & Department of Labor

Economic Bulletin

5

China

The growth of China’s exports slowed down significantly due to the global economic
slowdown, and the manufacturing Purchasing Managers’ Index (PMI) hit its lowest mark in
33 months in November.
Manufacturing PMI (base=50)
52.0 (May 2011)

50.9 (Jun)

50.7 (Jul)

50.9 (Aug)

51.2 (Sept)

50.4 (Oct)

49.0 (Nov)

On November 30, the People’s Bank of China announced that it was lowering its depositreserve ratio by 50 basis points from 21.5 percent to 21 percent to cope with the worsening
of external conditions and the slowdown of growth.
(Percentage change from same period in previous year)

Real GDP

2009
Annual
9.1

Annual

2010
Q3

Q4

Q1

10.3

9.6

9.8

9.7

Q2

20111
Q3
Aug

Sep

Oct

9.5

9.1

-

-

-

11.0

15.7

13.5

13.3

14.9

13.9

13.8

13.5

13.8

13.2

Fixed asset investment (accumulated)

30.5

24.5

24.5

24.5

32.5

27.0

28.0

28.1

28.0

28.7

Retail sales

15.5

23.3

23.9

22.0

17.1

18.2

17.2

17.0

17.7

17.7

-16.0

31.3

32.2

24.9

26.4

22.0

20.5

24.5

17.1

15.9

Consumer prices

-0.7

3.3

3.5

4.7

4.9

5.7

6.3

6.2

6.1

5.5

Producer prices2

-5.4

5.5

4.5

5.7

7.0

6.9

7.1

7.3

6.5

5.0

Industrial production

2

Exports
2

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

Japan

Japan’s exports declined in October due to the European financial crisis and the flooding in
Thailand, but the country posted positive quarter-on-quarter growth in the third quarter for
the first time in four quarters at 1.5 percent. On November 21, the Japanese government
approved its third supplementary budget of 12.1 trillion yen.
(Percentage change from previous period)
2009
Annual

Real GDP
Industrial production
Retail sales (y-o-y)
Exports (y-o-y)
Consumer prices (y-o-y)
1. Preliminary

Annual

2010
Q3

Q4

Q1

Q2

20111
Aug
Q3

Sep

Oct

-

-

2.4

1.5

-6.3

4.0

0.8

-0.3

-0.7

-0.3

-21.9

16.4

-1.1

-0.1

-2.0

-4.0

4.3

0.6

-3.3

-2.3

2.5

3.2

-0.4

-3.0

-1.7

-1.0

-2.6

-1.1

1.9

-33.1

24.4

17.8

10.0

2.4

-8.0

0.5

2.8

2.3

-3.8

-1.4

-0.7

-0.8

0.1

-1.4

-0.4

0.1

0.2

0.0

-0.2

Source: Japan's Statistics Bureau and Statistics Centre, Ministry of Economy, Trade and Industry, Ministry of Finance

Eurozone

Industrial production and retail sales shifted to a decline and export growth slowed down,
while consumer prices continued to increase. The EU Commission revised downward its
growth forecast for the eurozone, predicting that growth will remain low due to financial market
unease and the slowdown of the global economy.
EU growth forecast (May
1.6

1.5 (2011), 1.8

November, %)

0.5 (2012), 1.3 (2013)
(Percentage change from previous period)

Real GDP
Industrial production
Retail sales
Exports (y-o-y)
Consumer prices (y-o-y)
1. Preliminary

6

Source: Eurostat

December 2011

2009
Annual
-4.1
-14.7

Annual

2010
Q3

Q4

Q1

Q2

20111
Aug
Q3

Sep

Oct

1.8

0.4

0.3

0.8

0.2

0.2

-

-

-

7.4

1.0

1.8

0.9

0.4

0.9

1.5

-2.1

-

-2.4

0.8

0.2

0.3

-0.1

-0.3

0.0

0.1

-0.7

-18.1

20.1

22.8

21.8

21.7

13.0

9.4

12.1

9.7

-

0.3

1.6

1.7

2.0

2.4

2.7

2.6

2.5

3.0

3.0

1-4

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

1-5

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

1-6

Eurozone GDP growth and industrial production
Source: Eurostat

Economic Bulletin

7

2. Private consumption
Private consumption (preliminary) rose 0.4 percent quarter-on-quarter and 2.0 percent yearon-year in the third quarter of 2011.
(Percentage change from same period in previous year)
2010 1

2009

Private consumption

2

q-o-q

Annual

Q3

Q4

Annual

0.0

0.4

5.6

-

1.4

0.9

20111

Q1

Q2

Q3

Q4

Q1

Q2

Q3

4.1

6.6

3.5

3.6

2.9

2.8

3.0

2.0

-

0.5

0.7

1.4

0.3

0.4

0.9

0.4

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

Retail sales rose month-on-month in October for the first time in three months as sales of
groceries and other non-durable goods increased due to the slowdown of the rise of
consumer prices.
However, sales of semi-durable goods and durable goods including automobiles slightly
declined month-on-month.
On a year-on-year basis, sales of durable, semi-durable and non-durable goods all rose, but
those of durable and non-durable goods slowed down an increase to a certain extent.
(Percentage change from same period in previous year)
2009

Consumer goods sales
q-o-q
- Durable goods

2

・Automobiles
- Semi-durable goods
- Non-durable goods4

3

20111

2010

Annual

Annual

Q3

Q4

Q1

Q2

Q31

Aug

Sep1

Oct1

2.7

6.6

7.5

5.1

5.1

5.7

4.4

5.2

2.8

2.2

-

-

3.3

0.8

1.1

0.2

2.3

-0.2

-3.2

0.6

8.2

14.9

17.0

10.6

12.9

17.5

10.4

12.2

6.5

2.9

21.8

11.1

12.0

0.1

10.2

13.0

8.3

6.7

7.3

-7.7

1.3

6.8

6.6

11.1

6.1

5.6

4.0

3.8

4.4

3.5

1.2

2.2

3.0

-0.7

0.8

-0.4

2.0

2.6

1.1

3.1

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

Sales of large discounters rose significantly year-on-year, but those of specialized
retailers declined.
Month-on-month, sales of department stores, large discounters and nonstore retailers,
excluding those of specialized retailers, all rose.
(Percentage change from same period in previous year)

- Department stores
- Large discounters
- Specialized retailers
- Nonstore retailers

2

20111

2010

2009
Annual

Annual

Q3

Q4

Q1

Q2

Q31

Aug

Sep1

Oct1

4.3

8.8

7.4

10.5

11.5

9.7

6.5

7.6

5.3

3.5

-2.2

4.4

7.6

0.8

3.5

5.1

2.3

3.0

0.3

7.7

3.0

5.6

7.3

4.2

4.3

4.9

3.9

3.8

1.8

-0.6

8.7

15.6

11.4

13.5

11.5

9.2

9.4

15.4

7.0

6.5

1. Preliminary
2. Specialized retailers are defined as stores carrying a few (1 to 3) specialized items.
Source: Statistics Korea

8

December 2011

2-1

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

2-2

Consumer goods sales
Source: Statistics Korea (industrial activity trend)

2-3

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

Economic Bulletin

9

Considering advanced indicators, there is a possibility that retail sales may slow down in
November compared to the previous month.
The growth of credit card use slowed down slightly as sales of distributors went down, with
department store sales dropping from a 3.8 percent increase to a 1.1 percent decrease and
sales at large discounters falling from 5.6 percent to 0.3 percent.
Automobile sales declined at a faster pace than the previous month.
However, gasoline sales climbed 1.4 percent year-on-year due to a drop in prices from the
stabilization of the exchange rate.
Gasoline prices (won per liter)
1,992 (1st week of Nov, 2011)

1,988 (2nd week)

1,983 (3rd week)

1,977 (4th week)

1,965 (5th week)

Credit card use (y-o-y, %)
19.8 (Jun 2011)

16.6 (Jul)

19.8 (Aug)

19.7 (Sep)

17.4 (Oct)

14.5 (Nov1)

Department store sales (y-o-y, %)
8.2 (Jun 2011)

8.5 (Jul)

8.3 (Aug)

6.5 (Sep)

3.8 (Oct)

-1.1 (Nov1)

Large discounter sales (y-o-y, %)
2.7 (Jun 2011)

4.9 (Jul)

2.0 (Aug)

-1.1 (Sep)

5.6 (Oct)

0.3 (Nov1)

Domestic sales of gasoline (y-o-y, %)
-3.4 (Jun 2011)

9.2 (Jul)

-0.3 (Aug)

1.0 (Sep)

-1.4 (Oct)

1.4 (Nov1)

Domestic sales of cars (y-o-y, %)
6.0 (Jun 2011)

6.1 (Jul)

3.7 (Aug)

3.8 (Sep)

-8.8 (Oct)

-12.6 (Nov1)

1. Preliminary
Source: Ministry of Knowledge Economy
The Credit Finance Association
Korea National Oil Corporation
The Korea Customs Service
Korea Automobile Manufacturers Association
Ministry of Strategy and Finance (for November data)

Private consumption is expected to be positively affected by an improvement in
consumption related situations, although it is being limited by domestic and external
uncertainties such as the European financial unease.
Inflationary pressures, especially on grocery prices, is weakening, while the recovery in
employment is continuing.
Employment (y-o-y, thousand)
355 (May 2011)

472 (Jun)

335 (Jul)

490 (Aug)

264 (Sep)

501 (Oct)

Consumer prices (y-o-y, %)
3.9 (May 2011)

4.2 (Jun)

4.5 (Jul)

4.7 (Aug)

3.8 (Sep)

3.6 (Oct)

4.2 (Nov)

Fresh food prices (y-o-y, %)
3.5 (May 2011)

6.6 (Jun)

11.1 (Jul)

13.9 (Aug)

-4.2 (Sep)

-10.1 (Oct)

-4.2 (Nov)

The consumer sentiment index rose above the benchmark in November, showing that
consumer sentiment is gradually improving.
Consumer sentiment index (CSI, base=100)
100 (Apr 2011)

10

December 2011

104 (May)

102 (Jun)

102 (Jul)

99 (Aug)

99 (Sep)

100 (Oct)

103 (Nov)

2-4

Department store and discount store sales (current value)
Source: Ministry of Knowledge Economy (monthly retail sales)

2-5

Domestic automobile sales
Source: Korea Automobile Manufacturers Association (monthly automobile industry trend)

2-6

Consumer sentiment index
Source: The Bank of Korea

Economic Bulletin

11

3. Facility investment
Facility investment (preliminary GDP) in the third quarter of 2011 fell 0.8 percent quarter-onquarter, and rose 1.0 percent year-on-year.
(Percentage change from same period in previous year)
2009

Facility investment

2

q-o-q
- Machinery
- Transportation equipment

2010

1

20111

Annual

Annual

Q1

Q2

Q3

Q4

Q1

Q2

Q3

-9.8

25.0

29.1

30.5

26.6

15.9

11.7

7.5

1.0

-

-

2.8

7.9

5.6

-1.0

-1.1

3.9

-0.8

-13.5

30.8

30.0

35.3

38.9

20.5

13.9

9.0

-

2.8

6.7

24.2

15.6

-6.6

0.6

3.2

2.0

-

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

Facility investment in October slipped 12.1 percent month-on-month and 11.9 percent yearon-year, as investment in both machinery and transportation equipment declined. It is
expected to further struggle as corporate investment sentiment is worsening amid external
uncertainties. Leading indicators sent mixed signals, with domestic machinery orders
increasing and machinery imports and the manufacturing operation ratio decreasing.
(Percentage change from same period in previous year)
2009

20111

2010

Annual

Annual

Q3

Q4

Q1

Q2

Q31

Aug

Sep1

Oct1

-9.4

25.1

29.3

13.6

6.6

4.8

-3.5

-3.3

-4.3

-11.9

q-o-q, m-o-m

-

-

7.2

-5.4

-0.2

3.0

-0.9

1.9

-2.2

-12.1

- Machinery

-12.6

30.5

37.4

17.1

6.8

7.0

-3.6

-5.3

-2.5

-11.3

Facility investment

- Transportation equipment

4.6

4.3

-0.1

-1.2

5.6

-5.7

-3.2

8.8

-11.9

-14.5

-10.3

11.2

-0.2

11.3

19.5

8.2

1.3

6.0

3.3

14.2

-

-

-3.6

4.1

3.6

3.9

-9.4

1.0

-4.3

0.4

- Public

62.4

-37.9

-71.7

31.4

-10.3

82.0

6.1

8.0

-19.1

198.7

- Private

-18.2

21.8

22.0

7.8

22.7

3.1

0.9

5.9

5.5

2.7

-16.6

40.4

40.0

26.3

8.0

10.5

9.2

11.3

3.3

-7.6

Manufacturing operation ratio

-3.5

8.8

1.8

5.3

2.6

-0.3

-0.1

0.6

1.9

-2.2

Facility investment adjustment
pressure2

-3.7

9.5

3.4

4.6

4.1

1.6

1.2

1.1

3.3

2.3

Domestic machinery orders
q-o-q, m-o-m

Machinery imports

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

2011

Business survey indices (base=100) for
manufacturing facility investment projections
Source: The Bank of Korea

12

December 2011

Jun

Jul

Aug

Sep

Oct

Nov

Dec

102

103

103

100

98

96

97

3-1

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

3-2

Machinery orders and estimated facility investment (3-month average)
Source: Statistics Korea (industrial activity trend)

3-3

Machinery imports
Source: Korea International Trade Association (KITA)

Economic Bulletin

13

4. Construction investment
Construction investment (preliminary GDP) in the third quarter of 2011 rose 1.8 percent
quarter-on-quarter, and dropped 4.6 percent year-on-year.
(Percentage change from same period in previous year)
20101

2009

20111

Annual

Annual

Q1

Q2

Q3

Q4

Q1

Q2

Q3

3.4

-1.4

4.3

-2.3

-3.1

-2.9

-11.9

-6.8

-4.6

-

-

2.0

-4.2

-0.8

-1.0

-6.7

1.6

1.8

- Building construction

-2.3

-2.9

4.5

-5.1

-6.3

-2.8

-11.3

-3.7

-

- Civil engineering works

11.6

0.5

4.0

1.0

1.7

-2.9

-12.7

-10.4

-

Construction investment

2

q-o-q

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

The value of construction completion (constant) in October increased 3.1 percent month-onmonth and 3.0 percent year-on-year, as both building construction and civil engineering
works rose.
(Percentage change from same period in previous year)
2009

20111

2010

Annual

Annual

Q3

Q4

Q1

Q2

Q3

1.6

-3.3

-6.8

-4.3

-12.6

-6.6

-8.6

-9.51

-0.8

3.0

-

-

-4.3

-1.6

-4.6

3.5

-6.1

0.81

4.9

3.1

- Building construction

-6.4

-7.1

-12.3

-8.5

-15.2

-8.4

-8.1

-10.71

0.7

2.6

- Civil engineering works

16.1

2.2

1.9

1.2

-9.2

-4.3

-9.3

-7.9

-2.9

3.5

5.0

-18.7

-3.6

-40.2

-12.8

-3.3

0.9

75.4

-5.0

56.3

-

-

-1.4

-22.9

12.8

9.8

8.2

65.8

-25.5

-4.1

-14.2

-9.9

-1.3

-46.4

-9.7

-4.0

8.6

87.7

4.1

38.4

44.3

-29.5

-7.0

-29.9

-17.0

-1.5

-11.0

50.7

-22.4

113.4

-12.9

19.3

-14.3

18.1

21.5

3.8

58.7

87.8

59.2

20.1

Value of construction completion(constant)
q-o-q, m-o-m

Construction orders (current value)
q-o-q, m-o-m
- Building construction
- Civil engineering works
Building permit area

1

Aug

Sep1

Oct1

1. Preliminary
Source: Statistics Korea, the Ministry of Land, Transport and Maritime Affairs

Construction investment is forecast to slowly recover given recovery signs in the housing
market such as a drop in unsold houses and improving leading indicators of building
construction orders, the building permit area, and building permits for new homes. As of
October 31, building permits for new homes increased 88.4 percent year on year. However, the
poor corporate sentiment of construction industries is likely to limit construction investment.

2009

Unsold houses

2010

2011

Dec

Dec

Aug

Sep

Oct

123,000

89,000

69,000

68,000

66,000

2011

Business survey indices (base=100) for
construction projections
Source: The Construction and Economy Research Institute of Korea

14

December 2011

Jul

Aug

Sep

Oct

Nov

Dec

76.8

64.1

74.0

72.2

69.0

70.3

4-1

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

4-2

Construction completed and housing construction
Source: Statistics Korea (construction completed)
Kookmin Bank (housing construction)

4-3

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

Economic Bulletin

15

5. Exports and imports
Exports in November increased 13.8 percent (preliminary) year-on-year to US$46.97 billion.
Despite external uncertainties, exports in November posted a month-on-month gain,
returning to double-digit growth year-on-year.
By regional category, exports to Japan (up 29.5%), the ASEAN countries (up 27.9%) and
China (up 8.3%) remained on an upward track year-on-year, with those to the US (up 22.5%)
turning positive.
By business category, exports of petroleum products (up 45.8%), automobiles (up 30.2%),
and steel products (up 20.7%) surged year-on-year, while those of semiconductors (down
0.8%) and mobile phones (down 30.7%) dropped.
(US$ billion)
2009

Exports
(y-o-y, %)
Average daily exports
Imports
(y-o-y, %)
Average daily imports

2010

2011

Annual

Annual

Q3

Q4

Q1

Q2

Q3

Sep

Oct

Nov1

Jan-Nov1

363.53

466.38

116.32

128.75

130.99

142.71

141.23

46.55

46.82

46.97

508.73

-13.9

28.3

22.7

23.8

29.6

18.7

21.7

18.8

8.0

13.8

20.5

1.30

1.70

1.72

1.79

1.99

2.08

2.05

2.12

2.08

1.96

2.03

323.08

425.21

105.70

115.73

123.79

134.37

134.94

45.27

42.76

43.06

478.92

-25.8

31.6

24.6

24.6

26.1

27.2

27.7

29.3

15.6

11.3

24.3

1.16

1.46

1.57

1.61

1.87

1.96

2.05

2.06

1.90

1.79

1.91

1. Preliminary
Source: Korea Customs Service

Imports in November increased 11.3 percent (preliminary) year-on-year to US$43.06 billion.
Commodity imports slowed down in November with falling international commodity
prices and a drop in crude oil imports from 84 million barrels in the previous month to 74
million barrels, posting a decelerating year-on-year increase of 14.9 percent from 26.2
percent a month ago. Capital goods imports went up to US$12.71 billion from US$11.5
billion in the previous month, growing 3.7 percent year-on-year, a shift from last month’s
3.9 percent decrease.

2011

Reuters index (average)

Jul

Aug

Sep

Oct

Nov

3,145

3,038

2,978

2,781

2,772

The current account surplus (preliminary) in November was US$3.91 billion, staying in
the black.
(US$ billion)
2009

Trade balance
1. Preliminary
Source: Korea Customs Service

16

December 2011

2010

2011

Annual

Annual

Q3

Q4

Q1

Q2

Q3

Sep

Oct

Nov1

Jan-Nov1

40.45

41.17

10.62

13.02

7.20

8.34

6.29

1.28

4.07

3.91

29.81

5-1

Exports (customs clearance basis)
Source: Korea Customs Service & Ministry of Knowledge Economy (export and import trend)

5-2

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

5-3

Trade balance
Source: Korea Customs Service & Ministry of Knowledge Economy (export and import trend)

Economic Bulletin

17

6. Mining and manufacturing production
Mining and manufacturing production in October fell 0.7 percent month-on-month due to
weak automobiles and audio-visual communications equipment, while rising 6.2 percent
year-on-year.
By business category, semiconductors and parts (up 1.2%) and chemical products (up 3.1%)
increased month-on-month, while automobiles (down 3.0%) and audio-visual
communications equipment (down 4.3%) went down.
The manufacturing inventory-shipment ratio increased month-on-month by 5.4 percentage
points, as the inventory added 3.2 percent and the shipments shed 1.7 percent.
By business category, the shipments of refined petroleum products (up 2.6%) and chemical
products (up 1.3%) increased month-on-month, while those of automobiles (down 6.1%)
and semiconductors and parts (down 1.3%) declined. The inventories of semiconductors
and parts (up 11.6%) and chemical products (up 4.1%) climbed month-on-month, while
those of primary metals (down 3.8%) and computers (down 21.4%) fell.
The average operation ratio of the manufacturing sector lost 1.8 percentage points to 79.5 percent.
(Percentage change from same period in previous year)
2010
Oct

Q2

Q31

Aug

Sep1

Oct1

-

1.1

-2.5

0.0

-0.1

-1.9

1.2

-0.7

(y-o-y)

16.2

10.9

13.4

7.2

5.1

4.7

6.9

6.2

- Manufacturing

16.7

11.2

13.7

7.4

5.1

4.7

7.1

6.3

∙ICT 3

25.2

19.1

13.4

10.5

5.4

2.7

10.2

16.9

∙Automobiles

23.1

11.3

15.8

12.1

16.2

22.7

15.5

11.7

Shipment

14.4

9.9

13.5

7.2

5.0

4.3

7.5

4.0

- Domestic demand

11.5

6.6

11.1

3.8

2.6

2.6

4.2

0.2

- Exports

18.2

14.5

16.8

11.6

7.9

6.2

11.8

9.0

17.4

19.1

18.8

10.0

10.8

11.9

10.8

14.8

81.2

81.2

79.7

81.4

81.3

80.4

81.3

79.5

7.2

7.8

7.6

5.8

3.9

3.6

3.8

4.0

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

Mining and
manufacturing
activity2

2011

Q3

Annual

Inventory

4

Manufacturing Average operation ratio (%)
activity
Production capacity
1. Preliminary
2. Including mining, manufacturing, electricity, and gas industry
3. Information and Communications Technology
4. End-period
Source: Statistics Korea

Mining and manufacturing production is expected to continue a moderate recovery.
However there are still possibilities that the index will be affected by external uncertainties,
with a drop in major exports, particularly semiconductors.
Automobile production (thousand)
438 (Jun 2011)

392 (Jul)

320 (Aug)

374 (Sep)

415 (Oct)

429 (Nov)

OECD leading indicator (base=100)
-0.5 (Jun 2011)

-0.5 (Jul)

-0.5 (Aug)

-0.4 (Sep)

Semiconductor exports (US$ billion)
4.21 (Jun 2011)

18

December 2011

3.97 (Jul)

4.11 (Aug)

4.59 (Sep)

4.35 (Oct)

4.10 (Nov)

6-1

Industrial production
Source: Statistics Korea (industrial activity trend)

6-2

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

6-3

Inventory
Source: Statistics Korea (industrial activity trend)

Economic Bulletin

19

7. Service sector activity
Service activity in October expanded 0.7 percent from the previous month helped by robust
wholesale & retail sales and financial & insurance services. On a year-on-year basis, service
activity rose 3.5 percent.
Wholesale & retail sales had temporarily plunged in September due to Chuseok holidays
falling earlier than usual and its effect already having been reflected in the previous month’s
index. In October, however, the index significantly increased, affected by a low base effect
from the previous month and by slower growth in consumer prices.
Consumer prices (y-o-y)
3.9 (May 2011)

4.2 (Jun)

4.5 (Jul)

4.7 (Aug)

3.8 (Sep)

3.6 (Oct)

Fresh food index (y-o-y)
3.5 (May 2011)

6.6 (Jun)

11.1 (Jul)

13.9 (Aug)

-4.2 (Sep)

-10.1 (Oct)

After the EU summit held on October 27, financial markets stabilized on expectations for a
resolution to Europe’s debt crisis. With financial markets regaining stability, financial &
insurance services rose 2.1 percent month-on-month.
KOSPI (points)
1,796.1 (end-September)

1,766.4 (October 10)

1,805.1 (October 20)

1,909.0 (October 31)

Real estate & renting declined 3.8 percent month-on-month and 4.3 percent year-on-year,
falling for 17 consecutive months.
(Percentage change from same period in previous year)
Weight

2009

2010

Annual Annual

Q3

Q4

Q1

Q2

Q31

Aug

Sep1

Oct1

2.3

3.2

2.7

3.3

4.2

4.9

3.8

3.5

100.0

1.8

- Wholesale & retail sales

21.8

-0.4

5.7

5.0

4.7

4.0

4.8

3.3

4.7

2.4

3.5

- Transportation services

9.0

-6.6

12.0

10.1

10.0

7.2

3.5

4.3

4.8

4.1

1.4

- Hotels & restaurants

7.7

-1.4

1.2

1.3

1.7

-0.6

1.9

1.3

1.0

0.5

0.5

- Information & communications services

8.4

0.9

1.9

2.2

3.6

3.9

3.4

5.4

6.0

5.9

6.5

Service activity index

- Financial & insurance services

3.9

2011

15.3

7.8

4.6

1.4

8.2

7.2

8.2

9.0

11.0

8.2

7.4

- Real estate & renting

6.3

5.3

-8.6

-15.9

-24.2

-17.7

-11.5

-3.4

-3.1

-3.6

-4.3

- Professional, scientific & technical services

4.8

1.2

-0.5

-3.9

-1.3

-3.6

-1.4

3.8

3.7

7.7

3.1

- Business services

2.9

-3.0

7.5

7.6

8.6

5.7

5.5

3.0

2.7

1.3

2.3

- Educational services

10.8

2.1

2.0

0.5

3.1

1.1

0.2

1.9

2.8

1.0

0.7

- Healthcare & social welfare services

6.0

10.4

8.8

8.6

4.6

6.2

5.0

5.1

5.0

5.7

7.6

- Entertainment, cultural & sports services

2.9

-0.5

-0.4

-0.4

2.7

2.4

1.2

2.1

1.0

2.3

-0.1

- Membership organizations

3.8

-2.1

4.3

5.0

4.5

2.9

2.4

1.5

1.1

1.1

-2.3

- Sewerage & waste management

0.4

3.7

5.1

1.7

6.4

0.0

-3.1

0.2

7.1

-1.1

3.9

1. Preliminary
Source: Statistics Korea

Amid increased volatility in financial markets, service activity in November is expected to be
affected by weak wholesale & retail sales and financial & insurance services.

20

December 2011

es

usin ty m
ess ana
sup gem
port ent
serv &
ices
Edu
cati
ona
l se
rvic
es
Hea
lthc
are
&s
ocia
l we
Ente
serv lfare
rtai
ices
nme
nt, c
ultu
ral &
sp
Me
serv orts
& o mbersh
ices
ther ip o
pers rgan
ona izat
l se ions
rvic , re
es
pair
Sew
mat erage
eria
,
w
ls re aste
cove ma
ry & nage
rem men
edi t,
acti ation
vitie
s

Prof

& re
ntin
g
ess
iona
l
,
tech scie
nica ntif
Bus
l se ic &
ines
rvic
s fa
es
cili
b

rvic

s

ns

rant

ion

atio

e se

tate

ranc

l es

insu

stau

unic

& re

omm

els

ex

tail

rtat

& re

spo

ale

Tran

oles

&c

Rea

l&

tion

ncia

rma

Fina

Info

Hot

Wh

7-3

l ind

7-2

Tota

7-1
Service industry

Source: Statistics Korea (service industry activity trend)

Wholesale and retail sales

Source: Statistics Korea (service industry activity trend)

October 2011 service industry by business

Source: Statistics Korea (service industry activity trend)

Economic Bulletin

21

8. Employment
The number of workers on payroll in October increased by 501,000 from a year earlier to
24,670,000 and the employment rate (seasonally adjusted) rose by 0.5 percentage points
year-on-year to 59.9 percent.
By industry, services (up 555,000) led the upward trend. In addition, employment in
construction (up 41,000), which had remained weak in the previous months, contributed to
payroll employment gains.
By status of workers, regular workers (up 517,000) continued to increase. The number of
daily workers (down 91,000) and unpaid family business employees (down 36,000), which
had temporarily plummeted in September due to Chuseok holidays, decelerated the pace
of a decline.

2009
Annual
Number of employed (million)

2010

Q4

Annual

Q1

Q2

2011

Q3

Q4

Oct

Q1

Q2

Q3

Sep

Oct

23.51 23.63 23.83 23.04 24.17 24.12 23.99 24.17 23.46 24.57 24.48 24.32 24.67

Employment rate (%)

58.6

58.7

58.7

57.0

59.6

59.3

58.9

59.4

57.4

59.9

59.5

59.1

59.9

(seasonally adjusted)

58.6

58.5

58.7

58.3

58.9

58.9

58.6

58.7

58.8

59.2

59.1

58.6

59.2

-72

-6

323

132

433

369

358

316

423

402

363

264

501

-34

110

405

296

518

414

393

371

451

39

414

323

534

-126

-49

191

61

172

262

269

241

228

112

-12

-48

-55

- Construction

-91 -107

33

-61

44

92

57

94

-3

-41

-35

-50

41

- Services

179

261

200

313

325

83

80

55

224

331

472

434

555

Employment growth (y-o-y, thousand)
(Excluding agriculture, forestry & fishery)
- Manufacturing

- Agriculture, forestry & fishery

-38 -116

-82 -164

-85

-45

-35

-55

-28

3

-51

-59

-33

- Wage workers

247

385

517

371

623

541

532

488

519

421

392

275

430

∙Regular workers

383

515

697

651

766

671

699

652

605

621

572

547

517

22

105

-34

-37

42

-26 -114

-81

-88 -137

-76

-60

-5

-63 -104 -213

-91

∙Temporary workers
∙Daily workers

-158 -235 -146 -243 -185 -104

-84

2

- Non-wage workers

-319 -391 -194 -239 -189 -172 -174 -167

-96

-19

-29

-11

71

∙Self-employed workers

-259 -279 -118 -106

-91 -130 -146 -131 -115

-39

34

88

107

161

266

221

208

181

248

146

88

157

181

155

83

253

-57

-58

-49

-74

-1

2

20

21

17

-7

-34

-13

-83 -104

-66

117

188

207

212

142

15

245

163

-43

-12

-58

-44

-173 -149

-4

-42

-13

31

89

181

- Female

-103

-94

- 15 to 29

-127

-77

- 30 to 39

- Male

-53

- 40 to 49

-24

-46

29

-21

48

40

50

26

77

59

46

12

55

- 50 to 59

198

230

294

251

342

295

287

262

286

294

270

241

300

54

37

47

-44

114

57

60

26

143

137

131

114

192

- 60 or more
Source: Statistics Korea

22

December 2011

8-1

Number of employed and employment growth
Source: Statistics Korea (employment trend)

8-2

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

8-3

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

Economic Bulletin

23

The number of unemployed persons in October decreased by 96,000 year-on-year to
736,000 and the year-on-year unemployment rate (seasonally adjusted) dropped 0.4
percentage points to 2.9 percent.
The unemployment rate declined in all age groups, with the youth unemployment rate falling
0.3 percentage points year-on-year to 6.7 percent.

2009

2010

Annual

Q4

Number of unemployed (thousand)

889

817

Unemployment growth (y-o-y, thousand)

Annual

Q1

920 1,130

2011

Q2

Q3

Q4

Oct

Q1

868

873

808

832 1,028

Q2

Q3

Sep

Oct

865

786

758

736

119

60

31

222

-75

-13

-10

33

-101

-3

-88 -100

-96

- Male

80

25

-7

83

-47

-48

-16

-5

-70

-32

-48

-39

-46

- Female

40

36

38

139

-29

35

6

38

-32

29

-40

-61

-50

Unemployment rate (%)

3.6

3.3

3.7

4.7

3.5

3.5

3.3

3.3

4.2

3.4

3.1

3.0

2.9

(Seasonally adjusted)

3.6

3.5

3.7

4.3

3.5

3.6

3.4

3.5

3.9

3.4

3.2

3.2

3.1

- 15 to 29

8.1

7.6

8.0

9.5

7.7

7.6

7.1

7.0

8.8

7.9

6.7

6.3

6.7

- 30 to 39

3.6

3.3

3.5

3.9

3.6

3.5

3.2

3.4

4.0

3.5

3.2

3.1

2.9

- 40 to 49

2.4

2.3

2.5

2.9

2.3

2.5

2.2

2.4

2.5

2.1

2.0

2.0

2.0

- 50 to 59

2.5

2.2

2.5

3.2

2.1

2.3

2.3

2.3

2.7

2.0

2.1

2.2

1.8

- 60 or more

1.6

1.5

2.8

5.8

2.1

2.0

1.9

1.8

4.5

2.3

2.1

2.2

1.7

Source: Statistics Korea

The economically inactive population in October was up 49,000 from a year earlier to
15,760,000. Meanwhile, the labor force participation rate (seasonally adjusted) rose 0.3
percentage points year-on-year to 61.7 percent.
The number of workers quitting jobs due to housework (up 141,000), rest, time-off and
leisure (up 124,000), and childcare (up 21,000) increased, while those who quit jobs due to
education (down 97,000) and old age (down 6,000) decreased.

2009
Annual

2011

2010

Q4

Annual Q1

Q2

Q3

Q4

Oct

Q1

Q2

Q3

Sep

Oct

Economically inactive population (million) 15.70 15.83 15.84 16.25 15.49 15.66 15.96 15.71 16.39 15.56 15.85 16.07 15.76
Labor force participation rate (%)

60.6

60.7

61.0

59.8

61.8

61.5

60.8

61.4

59.9

62.0

61.5

61.0

61.7

(seasonally adjusted)

60.6

60.6

61.0

61.0

61.0

61.1

60.8

60.8

61.1

61.3

61.0

60.6

61.1

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

447

456

143

166

146

128

133

130

138

66

191

294

49

15 -125 -118 -126 -149 -107 -125

-44

-16

17

25

21

- Childcare

40

- Housework

148

235

201

237

175

203

189

234

130

27

143

248

141

- Education

31

-36

12

-74

23

46

55

37

-16

-39

-78

-50

-97

80

193

59

43

25

-56 -187

-27

15

-27

- Old age
- Rest, time-off and leisure
Source: Statistics Korea

24

December 2011

88

92

123

123

1 -103
-25

241

-58

-22

-32

-6

163

193

202

124

8-4

Employment rate
Source: Statistics Korea (employment trend)

8-5

Unemployment rate
Source: Statistics Korea (employment trend)

8-6

Economically active population
Source: Statistics Korea (employment trend)

Economic Bulletin

25

9. Financial market
9.1 Stock market
The Korean stock price index in November dropped 3.2 percent month-on-month to 1,848
points from the previous month’s 1,909 points. Due to weak investment sentiment affected by
concerns over a spread of the eurozone debt crisis, sluggish economic indicators in the US
and China, and the US congressional supercommittee’s failure to reach an agreement on a
long-term debt-reduction plan, the Korean stock market fell to 1,776 points on November 25.
The index decelerated the decline thereafter, boosted by expectations over improved US
economic indicators ahead of the holiday shopping season and the EU’s policy coordination
such as agreeing on the expansion of the European Financial Stability Fund (EFSF).
Foreign investors shifted to a net-selling position of 3.1 trillion won from the previous
month’s net-buying position of 1.2 trillion won.
(End-period, point, trillion won)
KOSPI
Oct 2011

Nov 2011

Stock price index

1,909.0

1,847.5

Market capitalization

1,081.8

KOSDAQ
Change

Oct 2011

Nov 2011

-61.5 (-3.2%)

490.7

492.8

+2.1 (+0.4%)

1,049.1

-32.6 (-3.0%)

102.0

103.4

+1.4 (+1.4%)

1

Change1

Average daily trade value

6.7

5.4

-1.3 (-19.5%)

3.04

2.81

-0.2 (-7.5%)

Foreign stock ownership

33.1

33.0

-0.1 (-0.3%)

9.1

8.5

-0.6 (-6.4%)

1. Change from the end of the previous month

9.2 Exchange rate
The won/dollar exchange rate in November increased 33.0 won to wrap up the month at
1,143.0 won from 1,110.0 won at the end of October.
The won/dollar exchange rate climbed due to concerns over a spread of Europe’s debt
problems, particularly soaring Treasury bond yields in Spain and France.
Despite the Japanese government’s currency market intervention, the yen strengthened and
the won/100 yen exchange rate rose 69.8 won from the end of the previous month.
(End-period)
2007

2008

2009

2010

Dec

Dec

Dec

Dec

Oct

2011
Nov

Change1

Won/Dollar

936.1

1,259.5

1,164.5

1,134.8

1,110.0

1,143.0

-0.7

Won/100 Yen

828.6

1,396.8

1,264.5

1,393.6

1,398.0

1,467.8

-5.1

1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.

26

December 2011

9-1

Stock prices

9-2

Foreign exchange rate (month-end)

9-3

Recent foreign exchange rate

Economic Bulletin

27

9.3 Bond market
The 5-year Treasury bond yield dropped 14 basis points in November to 3.49 percent from
the previous month’s 3.63 percent. Treasury bond yields fell due to flight to safety trade
fueled by Euro debt contagion fears, foreign investment inflows to Treasury bond futures,
and a drop in US Treasury bond yields.
(End-period)
2006

2007

2008

2009

2010

Dec

Dec

Dec

Dec

Dec

Sep

Oct

2011
Nov

Change1

Call rate (1 day)

4.60

5.02

3.02

2.01

2.51

3.28

3.26

3.27

+1

CD (91 days)

4.86

5.82

3.93

2.88

2.80

3.58

3.57

3.55

-2

Treasury bonds (3 yrs)

4.92

5.74

3.41

4.44

3.38

3.55

3.51

3.38

-13

Corporate bonds (3 yrs)

5.29

6.77

7.72

5.56

4.27

4.36

4.35

4.22

-13

Treasury bonds (5 yrs)

5.00

5.78

3.77

4.98

4.08

3.66

3.63

3.49

-14

1. Basis point, changes in November 2011 from the previous month

9.4 Money supply & money market
The M2 (monthly average) in September expanded 4.2 percent from a year earlier excluding
cash management accounts (CMAs), which were included in M2 since July 2009.
Although the overseas sector’s surplus narrowed, the month-on-month M2 growth
accelerated from 4.0 percent to 4.2 percent, helped by expanded private sector credit from
4.8 percent to 7.3 percent and increased money supply from the government sector.
(Percentage change from same period in previous year, average)

M12

2008

2009

Annual

Annual

Annual

Q1

2010
Q2

Q3

Q4

Jun

Jul

Aug

2011
Sep

Sep1

-1.8

16.3

11.8

14.5

10.7

10.8

11.2

5.4

3.8

5.4

5.14

425.24

4

1,729.54
2,243.74

M2

14.3

10.3

8.7

9.4

9.5

8.6

7.4

3.0

3.2

4.0

4.2

Lf 3

11.9

7.9

8.2

8.5

9.1

8.2

7.1

4.1

4.6

5.6

5.74

1. Balance at end September 2011, 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

In October, bank deposits accelerated increases, as regional government funds and
household funds from the Korean Federation of Community Credit Cooperatives flowed into
time deposits. Treasury fund inflows into instant access deposit accounts also contributed to
the growth.
Asset management company (AMC) deposits also grew at a faster pace as MMF significantly
expanded due to inflows of Treasury funds and bank funds that had flowed out at the end of
the previous quarter.
(Monthly change, end-period, trillion won)
2009
Annual

2010
Oct

2011

Annual

Oct

Aug

Sep

Oct

Oct1

Bank deposits

54.8

-6.8

36.9

13.7

3.9

6.8

13.0

1,098.9

AMC deposits

-27.6

-7.3

-16.7

0.1

4.4

3.0

9.3

1,318.4

1. Balance at end October, trillion won

28

December 2011

9-4

Interest rates
Source: The Bank of Korea

9-5

Total money supply
Source: The Bank of Korea

9-6

Share of deposits by financial sector (M3 as of year-end)
Source: The Bank of Korea
* Retail finance: Mutual savings banks & National Credit Union Federation of Korea, Others: Investment banks, post office savings, etc.

Economic Bulletin

29

10. Balance of payments
Korea’s current account surplus (preliminary) in October posted US$4.23 billion, expanding
from the previous month’s US$2.83 billion. The accumulated current account surplus from
January to October 2011 registered US$19.23 billion.
Despite Europe’s debt problems, the goods account surplus widened to US$3.65 billion
from the previous month’s US$2.10 billion, helped by robust exports to emerging markets
such as China and the ASEAN countries.
The service account showed a near balance, from a US$70 million deficit to a surplus of
US$3 million, as the construction service account surplus narrowed while the travel account
deficit improved, affected by the Chinese national holiday at the end of October.
The primary income account surplus expanded to US$640 million from the previous month’s
US$540 million owing to decreasing interest payments. Meanwhile, the secondary income
account swung to a deficit of US$60 million from a surplus of US$120 million a month
earlier, due to increased outward remittances.
(US$ billion)
2009

2010

2011

Annual

Annual

Q3

Q4

Q1

Q2

Q3

Aug

Sep

Oct

Jan-Oct

Current account

32.79

29.39

10.12

8.47

2.61

5.49

6.90

0.29

2.83

4.23

19.23

- Goods balance

37.87

40.08

11.57

11.91

5.84

7.66

7.20

0.37

2.10

3.65

24.35

- Service balance

-6.64

-8.63

-1.79

-2.57

-2.54

-0.80

-1.20

-0.58

0.07

0.00

-4.53

- Income balance

2.28

1.01

1.29

0.03

0.39

-0.82

1.31

0.70

0.54

0.64

1.52

- Current transfers

-0.71

-3.08

-0.95

-0.91

-1.08

-0.55

-0.42

-0.20

0.12

-0.06

-2.11

1. Preliminary
Source: The Bank of Korea

The capital and financial account (preliminary) in October registered an outflow of US$4.37
billion. The accumulated capital and financial account from January to October 2011 posted a
deficit of US$22.25 billion.
Capital & financial account balance (US$ billion)
-3.96 (May, 2011)

-3.25 (Jun)

-2.47 (Jul)

-1.69 (Aug)

-4.16 (Sep)

-4.37 (Oct1)

1. Preliminary

The direct investment account recorded a net outflow of US$1.13 billion, declining from the
previous month’s outflow of US$2.10 billion as foreign direct investment increased while
overseas direct investment by locals decreased.
The portfolio investment account expanded to a net inflow of US$3.92 billion from the
previous month’s US$1.77 billion as the net inflow of debt securities investment funds
continued and foreign investor funds for equity securities investment shifted to a net inflow.
The financial derivatives account swung to a net inflow of US$110 million from the previous
month’s outflow of US$150 million. Meanwhile, the other investment account shifted to an
inflow of US$2.81 billion from the previous month’s outflow of US$16.75 billion due to an
increase in local banks’ borrowings.
The current account in November is expected to maintain a surplus, helped by a continuing
surplus in the goods account.

30

December 2011

10-1 Current account balance
Source: The Bank of Korea (balance of payments trend)

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

10-3 Capital & financial account balance
Source: The Bank of Korea (balance of payments trend)

Economic Bulletin

31

11. Prices and international commodity prices
11.1 Prices
Consumer prices stabilized in November to a monthly rate of 0.1 percent, but year-on-year
growth accelerated to 4.2 percent due to a low base effect. The prices of agricultural,
livestock & fishery products moderated, along with those of personal services. However,
prices of certain agricultural products and processed food rose.
Core consumer prices, which exclude oil and agricultural products, rose 3.5 percent year-onyear. However, core consumer prices based on the newly-adopted OECD method, which
excludes food and energy, rose 2.8 percent. Consumer prices of basic necessities, a
barometer of perceived consumer prices, were up 4.5 percent compared to the same month
of the previous year.
Expected inflation inched down from the previous month, but the upward trend in import
prices accelerated.
Expected inflation (%)
3.9 (Jun)

4.0 (Jul)

4.2 (Aug)

4.3 (Sep)

4.2 (Oct)

4.1 (Nov)

Import price increases (m-o-m, %, won)
10.0 (Aug)

14.0 (Sep)

16.0 (Oct)

Consumer price inflation

(%)
2010

2011

Nov Dec Jan Feb Mar Apr May Jun

Jul Aug Sep Oct Nov

Month-on-Month

-0.5 0.4

1.2

0.7

0.4

0.0

0.0

0.2

0.5

0.7

Year-on-Year

-0.1 -0.2 0.1

3.0

3.0

3.4

3.9

4.1

3.8

3.9

4.2

4.5

4.7

3.8

3.6

4.2

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

-

-

2.1

2.6

3.0

3.0

3.2

3.5

3.6

3.5

3.3

3.2

3.5

Consumer prices excluding food and energy (y-o-y)

-

-

1.9

2.1

2.4

2.5

2.7

2.8

2.8

2.8

2.6

2.6

2.8

Consumer prices for basic necessities (y-o-y)

-

-

4.1

4.6

4.7

4.1

4.0

4.5

4.9

5.2

3.8

3.6

4.5

Source: Statistics Korea

The prices of most agricultural, livestock & fishery products fell as supply chains stabilized,
but those of rice, chili powder and a few others continued to rise due to a smaller harvest.
Prices of agricultural, livestock & fishery products in November (m-o-m, %)
Chinese cabbage (-37.7), tomato (-27.0), radish (-26.1), pork (-2.9), rice (2.8), green chili (10.5), chestnut (24.6),
cucumber (30.8), squash (33.9)

Oil product prices fell slightly (down 0.1%, m-o-m) as a result of the weaker won, but
processed food and textile prices rose, thus accelerating the overall upward trend in the
prices of industrial products (up 0.7%, m-o-m).
Rents continued to rise (up 0.5%, m-o-m) due to strong demand for rental housing. The price
moderations in personal services persisted (down 0.1%, m-o-m), influenced in part by
cheaper school lunches.

Consumer price inflation in major sectors

Month-on-Month (%)
Contribution (%p)

Total

Agricultural,
livestock & fishery
products

0.1

-1.5

0.7

-0.1

0.1

-0.12

0.21

-0.01

Industrial
products

Oil
products

Housing
rents

Public
utility

Personal
services

0.5

-0.2

-0.1

0.04

-0.03

-0.03

Year-on-Year (%)

4.2

3.4

6.4

16.0

5.1

-1.2

3.7

Contribution (%p)

4.17

0.27

2.02

0.85

0.47

-0.17

1.18

Source: Statistics Korea

32

December 2011

11-1 Prices
Source: Statistics Korea (consumer prices, core inflation) & The Bank of Korea (producer prices)

11-2 Consumer price inflation
Source: Statistics Korea (consumer price trend)

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

Economic Bulletin

33

11.2. International oil and commodity prices
In November, the prices of international oil and domestic oil products edged up from the
previous month.
Despite predictions that the European financial crisis would lead to lower demand,
international oil prices rose due to major economies’ decision to expand dollar liquidity*,
decreasing crude oil inventories in the OECD member nations, and increased geopolitical
risks in the Middle East such as Iran’s nuclear threat.
* Six central banks (US Federal Reserve, Bank of Canada, Bank of England, Bank of Japan, European
Central Bank, Swiss National Bank) agreed to lower interest rates on dollar swaps by 50 basis points on
November 30.

OECD crude oil inventories in September (International Energy Agency, as of end-Nov)
2.684 billion barrels (down 0.4% m-o-m)
(US$/barrel, period average)

Dubai crude

2008

2009

2010

Annual

Annual

Annual

May

Jun

Jul

2011
Aug

Sep

Oct

Nov

94.3

61.9

78.1

108.0

107.5

110.2

105.0

105.7

103.5

107.9

Brent crude

97.5

61.7

79.7

114.3

114.0

116.8

110.0

111.5

109.1

110.5

WTI crude

99.9

61.9

79.5

101.3

96.3

97.3

86.3

85.6

86.5

86.5

Source: Korea National Oil Corporation

Domestic oil prices inched up, reflecting price increases in international oil. Diesel prices
extended the gains, particularly due to higher demand for heating fuel.
(Won/liter, period average)
2008

2009

2010

2011

Annual

Annual

Annual

May

Jun

Jul

Aug

Sep

Oct

Nov

Gasoline prices

1,692

1,601

1,710

1,938

1,915

1,935

1,946

1,945

1,978

1,981

Diesel prices

1,614

1,397

1,503

1,773

1,736

1,754

1,758

1,746

1,772

1,788

Source: Korea National Oil Corporation

Prices of international commodities declined in November due to expectations that
recessionary factors such as the European financial crisis would lower demand.
Copper prices rose as a result of production disruptions caused by strikes at copper mines in
Indonesia, but other non-ferrous metal prices fell due to uncertainties in the global economy
and concerns about lower demand.
Prices of non-ferrous metals in November (m-o-m, %)
Electrolytic copper (2.8), tin (-2.5), aluminum (-4.9), nickel (-5.4)

International grain prices continued to fall amid lingering uncertainties in the global
economy and expectations for increased grain production with a bumper harvest in Russia.
World grain production outlook for 2011~12 (USDA, Oct)
2.28 billion tons (up 2 million tons, m-o-m)

Prices of grain in November (m-o-m, %)
Corn (-1.0), wheat (-1.8), soybean (-3.7), raw sugar (-7.0)

Reuters index*

(Period average)

2008

2009

2010

Annual

Annual

Annual

May

Jun

Jul

Aug

Sep

Oct

Nov

2,536

2,079

2,553

3,128

3,143

3,145

3,038

2,978

2,781

2,770

* A weighted average index of 17 major commodities

34

December 2011

2011

Source: KOREA PDS

11-4 International oil prices
Source: Korea National Oil Corporation

11-5 International oil prices (Dubai crude) and import prices
Source: Korea National Oil Corporation & Korea Customs Service

11-6 International commodity prices
Source: Bloomberg (CRB) & The Bank of Korea (Reuters index)
* CRB demonstrates futures price index of 21 commodities listed on the US Commodity Transaction Market, including beans and other crops, crude oil and jewelry.

Economic Bulletin

35

12. Real estate market
12.1 Housing market
The upward trend of nationwide apartment sales prices slightly accelerated in November,
with prices rising 0.6 percent from the previous month.
Apartment sales prices in the Seoul metropolitan area declined 0.1 percent month-on-month.
Apartment sales price increases accelerated in areas excluding the Seoul metropolitan area,
in particular Busan (up 1.2%, m-o-m), Daegu (up 1.6%, m-o-m), South Chungcheong Province
(up 1.7%, m-o-m), and Ulsan (up 2.7%, m-o-m). Apartment prices in 5 metropolitan cities and
other cities climbed 1.2 percent and 1.3 percent each, surpassing the national average.

Nationwide apartment sales prices

(Percentage change from previous period)

2008

2009

2010

Annual

Annual

Annual

Nationwide

2.3

1.6

2.5

3.1

2.9

0.6

0.7

0.7

0.5

0.6

0.09

0.07

0.06

Seoul

3.2

2.6

-2.2

0.6

-0.2

-0.2

-0.1

-0.1

-0.1

-0.2

-0.04 -0.03

-0.04

-0.05

Gangnam2

-1.9

3.9

-1.8

0.8

-0.3

-0.2

-0.1

-0.1

-0.2

-0.3

-0.05 -0.05

-0.06

-0.07

Gangbuk3

9.4

0.9

-2.7

0.4

-0.1

-0.1

-0.1

-0.1

0.0

-0.1

-0.03 -0.01

-0.02

-0.03

Seoul metropolitan area

2.9

0.7

-2.9

0.8

0.0

-0.1

0.0

0.0

0.0

-0.1

-0.02 -0.02

-0.03

-0.04

5 metropolitan cities

1.0

2.8

8.7

5.6

6.3

1.4

1.4

1.4

1.0

1.2

0.30

0.14

0.13

1. Weekly trends

2. Upscale area of Southern Seoul

2011
Q1

Q2

3. Northern Seoul

Jul

Aug

Sep

Oct

Oct 311 Nov 71 Nov 141 Nov 211

Nov

0.13

0.16

Source: Kookmin Bank

Nationwide apartment rental price increases slowed down for the second straight month in
November (up 0.7%, m-o-m). Price increases decelerated sharply in Seoul (up 0.3%, m-o-m),
the Seoul metropolitan area (up 0.2%, m-o-m) and Gyeonggi Province (up 0.0%, m-o-m).
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (-0.1), Seocho (0.1), Songpa (0.0), Gangdong (-0.1)

Nationwide apartment rental prices

Nationwide
Seoul
Gangnam2
Gangbuk

3

Seoul metropolitan area
5 metropolitan cities
1. Weekly trends

(Percentage change from previous period)

2008

2009

2010

2011

Annual

Annual

Annual

Q1

Q2

Jul

Aug

Sep

Oct

Nov

0.8

4.5

8.8

5.5

3.6

1.0

1.5

1.8

1.1

0.7

0.13

0.10

0.05

0.03

-1.8

8.1

7.4

5.1

1.5

1.1

1.7

2.2

1.0

0.3

0.06

0.03

-0.01

-0.04

-3.6

10.4

8.8

4.6

1.5

1.2

1.7

2.1

0.9

0.1

0.01

0.00

-0.04

-0.05

Oct 311 Nov 71 Nov 141 Nov 211

0.5

5.4

5.6

5.7

1.4

1.0

1.8

2.3

1.2

0.5

0.11

0.06

-0.04

-0.05

-0.4

5.6

7.2

5.6

2.2

0.9

1.6

2.0

1.1

0.2

0.00

-0.01

-0.05

-0.05

1.6

3.9

12.0

5.8

5.5

1.0

1.3

1.4

1.1

1.3

0.28

0.19

0.12

0.08

2. Upscale area of Southern Seoul

3. Northern Seoul

Source: Kookmin Bank

Apartment sales transactions in October increased 12.4 percent from the previous month’s
43,118 to 48,444. The transactions were up 17.2 percent from 41,342 a year earlier.

Apartment sales transactions

(Monthly average, thousand)

2007 2008 2009

2010

2011

Annual Annual Annual Annual Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Nationwide

38

39

44

40

Source: Ministry of Land, Transport and Maritime Affairs

36

December 2011

34

41

54

63

45

52

59

56

48

47

Jul Aug Sep Oct
43

44

43

48

12-1 Real estate prices
Source: Kookmin Bank (national housing price trend)

12-2 Weekly apartment sales prices and monthly transaction volume
Source: Kookmin Bank (weekly APT price trend) & Korea Land Corporation (monthly land trade trend)

12-3 Apartment prices by region
Source: Kookmin Bank (national housing price trend)

Economic Bulletin

37

12.2 Land market
Nationwide land prices in October rose for the twelfth consecutive month (up 0.1%, m-o-m),
but were still 1.25 percent lower than the pre-crisis peak reached in October 2008. Land
prices were higher compared to a year ago, when the prices fell 0.04 percent. The pace of
increase slightly accelerated nationwide.
Monthly land prices in Seoul (up 0.04%), the Seoul metropolitan area (up 0.08%), Gyeonggi
Province (up 0.13%) and Incheon (up 0.05%) continued to rise.
Land price increases in Seoul metropolitan area (m-o-m, %)
0.10 (Jun, 2011)

0.10 (Jul)

0.10 (Aug)

0.09 (Sep)

0.08 (Oct)

Land prices in areas excluding the Seoul metropolitan area rose 0.12 percent month-onmonth in October, continuing the upward trend since October 2010.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.09 (Jun, 2011)

0.10 (Jul)

0.09 (Aug)

0.11 (Sep)

0.12 (Oct)

Land prices by region

(Percentage change from previous period)

2007 2008

2009

Annual Annual Annual Q4

2010
Annual

Q3

2011
Q4

Jan

Feb Mar

Apr

May Jun

Jul

Aug

Sep

Oct

Nationwide

3.88

-0.31 0.96

0.94 1.05 -0.05 0.11

0.09 0.09 0.11 0.10

0.10

0.10

0.10

0.09

0.09

0.10

Seoul

5.88

-1.00 1.40

0.81 0.53 -0.25 0.39

0.12 0.12 0.15 0.12

0.09

0.07

0.07

0.05

0.05

0.04

Gyeonggi

4.22

-0.26 1.22

1.36 1.49 -0.08 0.07

0.08 0.08 0.10 0.11

0.12

0.14

0.15

0.15

0.13

0.13

Incheon

4.86

1.37 1.99

1.70 1.43 -0.10 0.02

0.06 0.06 0.06 0.06

0.06

0.06

0.05

0.06

0.05

0.05

Source: Korea Land & Housing Corporation

Nationwide land transactions in October recorded 200,000 land lots, up 10.5 percent from
the previous month and up 10.3 percent from 181,000 a year earlier. Land transactions were
4.6 percent less than the most recent five-year October average of 210,000 land lots.
Monthly land transactions increased significantly in areas such as Busan (up 19.7%), Gwangju
(up 29.5%), North Jeolla Province (up 31.6%), and South Jeolla Province (up 27.2%).

Land sales transactions

(Land lot, thousand)

2007 2008

2009

2010

2011

Annual 1 Annual1 Annual1 Nov Dec Annual 1 Nov Dec Jan
Nationwide

Feb Mar Apr May Jun

Jul Aug Sep

Oct

208

208

203

207

241

187

208

257

191

176

244

226

212

207

196

196

181

200

Seoul

33

26

22

19

21

16

18

24

18

17

23

19

18

18

15

17

16

18

Gyeonggi

49

45

46

48

58

41

45

58

46

38

52

46

43

40

40

39

39

41

Incheon

13

13

10

11

12

8

9

11

8

9

13

11

13

10

11

9

9

9

1. Monthly average
Source: Korea Land & Housing Corporation

38

December 2011

12-4 Land and consumer prices since 1970s
Source: Korea Land Corporation (land prices) & Statistics Korea (consumer prices)

12-5 Land prices by region
Source: Korea Land Corporation (land price trend)

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

Economic Bulletin

39

13. Composite indices of business cycle indicators
Industrial output in October increased 0.3 percent month-on-month and 4.8 percent year-onyear. Output from services (up 0.7%, m-o-m) and construction (up 3.1%, m-o-m) rose, while
public administration (down 0.2%, m-o-m) and mining & manufacturing (down 0.7%, m-o-m)
declined.
The cyclical indicator of the coincident composite index fell 0.3 points in October.
Two components of the coincident composite index rose, one of which is the value of
construction completion. Meanwhile five components, including the volume of imports and
manufacturing operation ratio, were lower compared to the previous month.
Components of coincident composite index in October (m-o-m)
Value of construction completion (2.9%), number of non-farm payroll employment (0.2%), service activity
(0.0%), mining & manufacturing production (-0.5%), wholesale & retail sales (-0.6%), domestic shipment
(-0.9%), manufacturing operation ratio (-1.1%), volume of imports (-1.6%)

The year-on-year leading composite index fell 0.4 percentage points from the previous month.
Among the components of the leading composite index, two, including the value of construction
orders received, were higher compared to the previous month, while eight components, such as
the composite stock price index and value of capital goods imports, dropped.
Components of the leading composite index in October (m-o-m)
Value of construction orders received (4.6%), liquidity in the financial institutions (0.2%), spreads between
long & short term interest rates (-0.1%p), consumer expectations index (-0.6p), value of machinery orders
received (-1.0%), indicator of inventory cycle (-1.3%p), net terms of trade (-1.6%), ratio of job openings to job
seekers (-2.3%p), value of capital goods imports (-2.7%), composite stock price index (-5.1%)

2011
Mar

Apr

May

Jun

Jul1

Aug1

Sep1

Oct1

Industrial output (m-o-m, %)

2.8

-1.3

1.7

1.7

-1.6

-0.2

-0.1

0.3

(y-o-y, %)

3.4

3.2

4.4

4.0

3.1

4.3

4.9

4.8

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

0.4

-0.3

0.8

0.8

0.7

0.4

-0.4

0.1

100.6

99.9

100.2

100.6

100.9

100.9

100.1

99.8

Cyclical indicator of coincident composite index
(m-o-m, p)
Leading composite index (m-o-m, %)
12 month smoothed change
in leading composite index (%)
(m-o-m, %p)
1. Preliminary

40

December 2011

0.0

-0.7

0.3

0.4

0.3

0.0

-0.8

-0.3

-0.3

-0.4

0.5

0.5

0.5

0.1

-0.4

-0.2

1.6

1.0

1.3

1.7

2.0

1.9

1.4

1.0

-0.7

-0.6

0.3

0.4

0.3

-0.1

-0.5

-0.4

13-1 Cyclical indicator of coincident composite index
Source: Statistics Korea

13-2 Leading composite index
Source: Statistics Korea

13-3 Coincident and leading composite indices
Source: Statistics Korea

Economic Bulletin

41

Policy Issues
2012 Economic Policies Aim at Stronger Economy
and Improved Living Quality

Background of the 2012 policies
The Korean government has made persistent efforts to ride out the global financial crisis and
create jobs, while steadily working on improving the lives of working class families and
preparing for the future. Korea has quickly overcome the crisis and employment has been on
the rise. However, the real economy has not recovered enough, and there are risks from the
Eurozone sovereign debt crisis. The global economy may slow down and international
financial markets would remain highly volatile.
To successfully deal with risks from external uncertainties and continue on the path to
economic recovery, the Korean government designed directions for 2012, aiming at
stimulating the economy and improving the lives of working class families.

Key policies for 2012
The 2012 policies prioritize swiftly managing possible risks from the global debt crisis, while
boosting the economy and improving living quality.
To preempt potential difficulties from global uncertainties, the government will continue to
run an emergency response system through which it will regularly assess contingency plans,

42

December 2011

and improve the fundamentals of the household, corporate, finance, foreign exchange and
public sectors. To stimulate the economy, the government will create an investment-friendly
environment, while fostering service industries, SMEs (small- and medium-sized enterprises)
and self-employed businesses, which is expected to help boost domestic demand. With the
country’s trade having hit US$1 trillion, small- to medium-sized exporters will be more
encouraged to raise their competitiveness, develop new markets and maximize the benefits
of the FTAs. Government efforts for sustainable growth such as pursuing green growth and
supporting childcare will be intensified, with social capital such as sharing and social
responsibility promoted.
As working classes are easily affected by changing economic situations, the government will
make an utmost effort to secure their livelihood through low inflation and job creation.
Government’s efforts to achieve this end will include securing supplies and promoting
competition for stable prices, increasing youth employment and creating an employmentfriendly environment, reducing the costs of education, housing, and medical services, and
providing customized welfare services designed to encourage working and self-supporting,
streamlining welfare delivery systems, and minimizing those left out of welfare programs.

Major tasks for 2012
1. Stimulating the economy
Macroeconomic policies are to be flexibly implemented in the face of rapidly changing external
and domestic conditions, with continuing focus on price stabilization. In the first half of 2012,
60 percent of the budget will be spent, and budgets for major projects will be allocated before
the new fiscal year begins. Contingency plans for each situation will be reviewed through the
emergency response system. The government will hold regular meetings to check the
economic situation, and closely examine macroeconomic soundness.
In the face of external uncertainties, household debts will be managed not to outgrow the
economy, while corporate restructuring will be facilitated with tax incentives, Fast-Track
financing extension, and the credit guarantee scheme amendment. The financial soundness
of savings banks and other financial institutions will be kept under strict supervision, while
the pay system for executive board members of the institutions will be made transparent.
The government will tightly control fiscal aggregates to achieve a fiscal balance in 2013, with
revised regulations related to fiscal management and public firms’ credit management.
Government policies to boost domestic demand cover measures to boost investment in the
country’s free economic zones, various benefits including tax incentives given to startup
SMEs, companies relocating to Korea and energy saving investment, and government support

Economic Bulletin

43

for self-employed and small businesses when they develop joint brands with education and
consulting services. The framework act on service industry development will be enacted, on
the basis of which the service sector will be able to become more sophisticated.
The government will help to fully utilize FTAs and seek to pass more FTAs so that Korea’s
economic capabilities can continue to expand, as it will continue trying to complete the
ongoing FTA negotiations with Turkey and Columbia, and provide information regarding the
FTAs in effect and related consulting services. To diversify exports to emerging economies,
the government will help with overseas marketing activities and reducing risks in those
countries. There will be government support for building marketing infrastructure in
emerging economies, in particular opening joint logistics centers, while exporters will face
reduced risks with raised insurance payment ceilings, which will be applied to trades with
African and Latin American countries.
The 2012 policies include measures to help create an environment where green growth
related industries will continuously be nurtured, and the measures include promoting the
use of new renewable energies and exports of them. With the Renewable Portfolio Standard
(RPS) and the Renewable Fuel Standard (RFS) to be introduced in 2012, energy companies
will have to plan in detail their use of new renewable energies, along with meeting the bio
diesel requirement. The government will financially support the exports of green growthrelated industries, and there will be financing of such exports through the Economic
Development Cooperation Fund (EDCF). To foster new growth engines, over 50 percent of
the R&D budget will be invested in basic science researches and core technology
development.
Future risks such as of the low birth rate, of the ageing population and depleting resources
should be addressed in advance. The government will provide daycare for children aged five
or under, while key measures for the ageing population, such as tax revision of pension and
retirement allowance, will be adopted as planned.
There will be an emphasis on “shared growth” between large enterprises and SMEs, while
unfair trade among subsidiaries of large enterprises will be strictly treated. Sharing and
social responsibility will also be stressed so that trust can grow with increasing
consideration for others, resulting in a healthier economy and warm society. There will be
closer public and private partnership in volunteering, while a variety of means of donation
will be invented to help make donation placed firmly in the society. The financial sector will
be obliged to more transparently manage its businesses, and increase social contribution.
2. Improving living quality
To secure basic livelihood, the government will renew its efforts to stabilize basic necessities
prices through steady supply and fair competition, while helping to expand youth
employment and reduce living costs with stronger social safety nets.

44

December 2011

The government will stabilize the supply of agricultural products by improving the
production forecasting system, expanding contract framing, and increasing inventory. To
make the effect of lowered tariffs form the Korea-EU and Korea-US FTAs reflected early in
prices, the government will examine the distribution system of the affected products and
improve it.
Public service fee increases will be controlled, while other service fees will be required to be
posted, which is expected to expand choices as well as stabilize prices. Public firms will be
obliged to cut cost as a way to minimize their service fee increases, and the timing of the
increases will be carefully planned. There will be a cut in public administrative service fees
and the new mobile phone service charge plan is expected to lower household
communications charges. Consumers will be provided with accurate dining out costs as
restaurants will be required to post total charges in and outside restaurants.
The government will more strictly treat unfair practices including price-fixing, while making
available online regularly updated consumer price information. To boost real estate
transactions, the three districts in Southern Seoul, once designated as overheated
speculation zones, will be delisted from the zones, and high progressive taxes on home
transactions by those owning more than two houses will be lifted.
The government put a high priority on improving youth employment, and will facilitate
starting business by youths and encourage employment of high school graduates. The
related government measures include business startup funds exclusive for young
entrepreneurs with adjustable repayment plans and more internship and employment
opportunities in public firms and government agencies for high school graduates. The
government will try hard to root out discrimination against high school graduates in work
places, such as less chances of promotion, and high school graduate employees will be
financially supported when they go to college.
There will be an increase in the job creation budget to give vulnerable groups more job
opportunities and adopt an employment-friendly system. The government will extend
community job programs, while expanding jobs in social security service areas. Measures to
facilitate senior, baby boomer and woman employment involve retraining programs,
government’s job creation projects for seniors and improved substitute programs for
maternity leave. The industrial accident compensation insurance will be made to cover more
workers, while irregular workers will be under better protection. The government will
increase support for companies maintaining employment. To increase job market flexibility,
public institutions will have to adopt performance-based salary and flexible work hours,
while employing more part-timers and shift workers.
To ease the burden of education, housing and medical service costs, there will be increased
support of college tuition, middle school fees and after-school vouchers, more income tax
deduction for housing expenses and expanded supply of rental homes, long-term mortgage

Economic Bulletin

45

loans with low interest rates and special financial support for first-time home buyers, and
customized national health insurance payment to each income bracket, free compulsory
vaccination for children, expanded long-term care for seniors with Alzheimer’s or paralysis
and special medical expense support during pregnancy.
The welfare system will be redirected toward encouraging working. To encourage low
income groups to work, the coverage of the Earned Income Tax Credit (EITC) will be
expanded to the level next to the currently eligible level, with increased tax credits. Those
with work capabilities will be encouraged to work instead of receiving basic livelihood
security subsidies, with increased compensation after being delisted from the basic
livelihood support recipients. More people will be eligible for the preferential savings
account, which is designed to help low income families accumulate assets with favorable
conditions and government’s financial support. Self-employed small businesses and low
income households will be covered by the national social security insurance plan, which will
reduce the number of those left out of social security insurance.
To minimize the number of those in need of social security being left out of it, the
government will revise the social security insurance delivery system in a way to effectively
reflect recipients’ needs, while merging and rearranging similar social security insurances.
The government will review existing welfare policies in consideration of demographic
changes such as a sudden increase of homes with one or two persons.

46

December 2011

Economic
News Briefing

Korea grows 0.8% in Q3 (Preliminary)
Korea’s real gross domestic product (GDP) expanded quarter-on-quarter by 0.8 percent in
the third quarter, according to preliminary data released by the Bank of Korea on December
6. The figures were revised up from the earlier estimate of 0.7 percent. On a year-on-year
basis, the Korean economy grew by 3.5 percent in the third quarter, up from an earlier
projection of 3.4 percent.
On the production side, manufacturing grew by 1.4 percent and construction by 3.5 percent
in the third quarter. Service sector output rose 0.3 percent, as increased production in
financial & insurance services and communications services offset declines in wholesale &
retail sales, hotels & restaurants, and real estate & renting.
On the expenditure side, private and government consumption expanded by 0.4 percent and
1.4 percent, respectively. Facility investment fell by 1.8 percent in the third quarter, led by
declines in machinery investment. Construction investment grew by 1.8 percent, due to
increases in both civil and building construction.
Goods exports grew by 1.6 percent, led by automobiles and metal products, while crude oil
and natural gas boosted goods imports by 1.5 percent.
Nominal gross national income (GNI) rose 0.8 percent in the third quarter.

Economic Bulletin

47

<GDP by production and expenditure*>

(Percentage change from previous period)
20101

20111

Q2

Q3

Q4

Q1

Q2

Q3

1.4 (7.5)

0.6 (4.4)

0.5 (4.7)

1.3 (4.2)

0.9 (3.4)

0.8 (3.5)

-3.1

-2.5

-2.5

0.2

-4.5

8.3

-6.1 (-2.7)

Manufacturing

4.2

4.0

2.3

0.1

3.1

1.4

1.4 (6.1)

Construction

1.4

-0.1

-1.2

-3.2

-6.1

2.6

3.5 (-3.3)

Services

1.5

0.2

0.3

1.1

1.2

0.0

0.3 (2.6)

Private consumption

0.5

0.7

1.4

0.3

0.4

0.9

0.4 (2.0)

Government consumption

3.6

0.3

-0.1

-0.4

1.7

0.8

1.4 (3.4)

Facility investment

2.8

7.9

5.6

-1.0

-1.1

3.9

-0.8 (1.0)

Construction investment

2.0

-4.2

-0.8

1.0

-6.7

1.6

1.8 (-4.6)

Goods exports

4

3.0

7.4

2.5

3.0

4.6

0.9

1.6 (10.5)

Goods imports

4

4.8

7.1

3.6

-0.7

3.1

3.8

1.5 (7.9)

Nominal Gross National Income

3.2

2.6

0.7

1.9

2.0

0.3

1.0 (5.3)

Real Goss National Income

1.2

1.3

0.4

0.0

-0.1

0.2

0.8 (0.8)

Q1
2.1 (8.5)

GDP
Agriculture, forestry and fishery

3

2

*At 2005 chained prices in seasonally adjusted terms
1. Preliminary
2. Percentage changes from the same period in the previous year in original terms
3. Wholesale & retail sales, 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.
4. FOB basis

Meanwhile, the Organization for Economic Cooperation and Development (OECD) predicted
that the Korean economy is likely to grow 3.8 percent next year, up from this year’s forecast
of 3.7 percent. According to the OECD’s latest economic outlook report published on
November 28, the Korean economy is projected to pick up as world trade rebounds in 2012,
with exports boosted by strong demand from China and by the relatively weak won.

4th High Level Forum on Aid Effectiveness held in Busan
The fourth High Level Forum on Aid Effectiveness (HLF-4) was held from November 29 to
December 1 in Busan. Ministerial delegations from 160 countries and representatives from
multilateral development organizations, non-government organizations and civil
associations attended the event to examine progress on the commitments made in the
previous forums and to discuss future measures for international development cooperation.
The result of the negotiations held by various stakeholders was the Busan Partnership for
Effective Development Cooperation (Busan Declaration), which for the first time established
an agreed framework for development cooperation that embraces traditional donors,
partners of South-South cooperation, middle-income countries, civil society organizations
(CSOs) and private funders.

48

December 2011

Korea’s trade surpasses US$1 trillion threshold
Korea’s annual trade volume has exceeded US$1 trillion for the first time. Preliminary
estimates as of December 5 showed that exports reached US$515.3 billion while imports
stood at US$485.5 billion, making Korea the ninth country in the world to surpass the US$1
trillion threshold in terms of total annual trade volume.
Despite uncertainties in the economy caused by the downgrading of the US credit rating and
spread of the European debt crisis, strong outbound shipments of steel, automobiles and
petroleum products, as well as the steady growth of raw material imports has allowed Korea
to achieve its goal of reaching the US$1 trillion mark this year. The milestone was reached 50
years after the government announced the first Five-Year Economic Development Plan and
implemented export-oriented economic policies to boost the economy. Since then, Korea
has jumped from being the 104th biggest export nation to the seventh. During the same
period, Korea’s world ranking in trade improved from 65th to ninth, with the trade volume
increasing two thousand-fold.
Meanwhile, Korea’s annual trade volume is expected to reach US$1.08 trillion by year-end,
with exports and imports posting US$557 billion and US$523 billion each.

<Major trade milestones>
1967

1974

1988

2005

2011

Economic

Trade exceeds

Trade exceeds

Trade exceeds

Trade exceeds

Trade exceeds

Development

US$1 billion

US$10 billion

US$100 billion

US$500 billion

US$1 trillion

1.32

11.31

112.51

545.66

-

1962

Year
st

1 Five-Year
Event

Plan
Trade volume
(US$ billion)

0.48

Korea plans to expand preferential tariff for poorest countries
Korea is planning to expand preferential tariff benefits for the poorest countries as part of its
commitment to aid in the economic development of those countries, the Ministry of Strategy
and Finance announced on November 25. The percentage of non tariff items from the
poorest countries has been steadily increasing since 2007 and currently stands at 90
percent. The government plans to expand this to 95 percent starting next year, adding 253
products to the list of goods exempted from import duties.

Economic Bulletin

49

Revised consumer price index unveiled
Statistics Korea announced on November 29 that Korea’s consumer price index (CPI) has
been revised to reflect recent economic and social changes. Survey items and weights were
readjusted, and advanced statistical tools were introduced. Through this revision, Statistics
Korea aims to reduce the gap between indicators and real life inflation, as well as to improve
the international comparability of the index.
The base year of the CPI has been adjusted from 2005 to 2010. The number of survey items
was reduced from 489 to 481, with certain items either being added or deleted from the list
to reflect changing consumer preferences and the introduction of new products.
In addition to the current method of excluding oil and agricultural products to determine
core inflation, the OECD approach, which excludes food and energy, will also be adopted.
According to the Bank of Korea (BOK), the OECD method is more in line with international
standards and is a more effective gauge of core consumer prices than the previous method.
As a result of the revision, the year-on-year average rate over the period of January to
October 2011 decreased 0.4 percentage points from 4.4 percent (based on 2005) to 4.0
percent (based on 2010).

Consolidated fiscal balance as of September shows surplus of 16.8
trillion won (Preliminary)
Korea’s consolidated fiscal balance as of September (preliminary) posted a surplus of 16.8
trillion won, up 9.8 trillion won from the same period of last year. Fiscal revenue grew by 19.2
trillion won, led by an increase in tax (up 15.3 trillion won) and non-tax (up 3.1 trillion won)
revenues. Fiscal spending increased 9.5 trillion won year-on-year. Consolidated fiscal
balance excluding social security funds showed a deficit of 8.3 trillion won, narrowing by 8.2
trillion won over the 12 months through September.

50

December 2011

(trillion won, %)
2010
Budget September
(a)
(b)

y-o-y
change

2011
b/a
(%)

Budget September
(c)
(d)

d/c
(%)

d-b

A. Consolidated fiscal revenue

262.3

209.3

79.8

284.8

228.5

80.2

19.2

B. Consolidated fiscal spending

264.3

202.2

76.5

279.5

211.7

75.7

9.5

C. Consolidated fiscal balance (A-B)

-2.0

7.0

-

5.3

16.8

-

9.8

D. Social security funds*

28.1

23.5

-

30.3

25.1

-

-1.5

-30.1

-16.5

-

-25.0

-8.3

-

8.2

E. Consolidated fiscal balance excluding
social security funds (C-D)

* Include national pension funds, private school teachers’ funds, accident insurance funds and employment insurance funds

Korea to closely monitor effects of North Korean leader’s death
Following the death of North Korean leader Kim Jong-il, the Ministry of Strategy and Finance
announced on December 21 that it will closely analyze the effects of the event on the South
Korean economy, and fully respond to them. The Ministry revealed that the Korean
government will be prepared for any possible changes, and will fully cooperate with its allies
and credit rating agencies through closer consultations.

Economic Bulletin

51

52

December 2011

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

Economic Bulletin

53

1. National accounts
(year-on-year change, %, chained 2005 year prices)
Real GDP
Period

2003
2004
2005
2006
2007
2008
2009
2010P

Gross fixed capital formation

Final
consumption
expenditure

Agri., fores.
& fisheries

Manufacturing

2.8
4.6
4.0
5.2
5.1
2.3
0.3
6.2

-5.4
9.1
1.3
1.5
4.0
5.6
3.2
-4.3

5.4
10.0
6.2
8.1
7.2
2.8
-1.5
14.6

0.5
1.0
4.6
5.1
5.1
2.0
1.2
3.9

Construction

Facilities

4.4
2.1
1.9
3.4
4.2
-1.9
-1.0
7.0

8.5
1.3
-0.4
0.5
1.4
-2.8
3.4
-1.4

-1.5
3.8
5.3
8.2
9.3
-1.0
-9.8
25.0

2003

I
II
III
IV

3.5
1.8
2.0
3.9

0.7
-1.6
-9.6
-8.0

5.4
3.1
4.3
8.5

2.0
0.3
0.0
-0.4

5.1
4.7
2.8
5.0

8.2
8.4
8.3
9.0

2.9
-0.7
-5.8
-2.2

2004

I
II
III
IV

5.2
5.9
4.8
2.7

8.2
7.6
8.3
11.6

10.9
12.9
10.4
6.2

-0.1
1.3
1.0
1.8

2.3
4.9
3.1
-1.4

5.3
4.2
1.2
-3.5

-0.6
6.4
7.7
1.8

2005

I
II
III
IV

2.7
3.4
4.5
5.1

0.4
4.8
3.8
-3.1

4.8
3.9
6.7
9.3

2.7
4.7
5.9
4.9

-0.3
1.8
1.5
3.9

-3.1
0.9
-0.3
0.3

3.4
2.8
4.1
10.8

2006

I
II
III
IV

6.1
5.1
5.0
4.6

3.9
-0.3
-1.4
4.2

9.4
9.1
8.7
5.4

5.8
4.9
4.6
5.1

3.8
0.1
4.0
5.7

1.9
-4.2
-0.5
5.1

7.2
8.0
12.0
5.7

2007

I
II
III
IV

4.5
5.3
4.9
5.7

1.6
7.0
8.2
-0.7

4.5
7.2
6.3
10.2

5.1
5.4
5.3
4.7

7.3
5.7
1.5
3.1

4.4
2.0
-0.2
0.4

12.6
13.0
4.0
8.0

2008

I
II
III
IV

5.5
4.4
3.3
-3.3

7.8
4.6
4.3
6.5

8.9
8.3
5.3
-9.4

4.3
3.0
2.4
-1.7

-0.6
0.6
2.1
-8.7

-2.5
-0.5
0.4
-7.7

2.8
2.0
5.3
-13.3

2009

I
II
III
IV

-4.2
-2.1
1.0
6.3

2.5
0.0
5.0
5.0

-13.6
-7.1
1.8
13.1

-2.2
0.7
1.5
4.8

-7.5
-3.0
-1.0
6.2

1.6
4.3
3.2
4.0

-21.9
-18.1
-9.4
12.2

2010P

I
II
III
IV

8.5
7.5
4.4
4.7

0.9
-2.2
-7.3
-6.7

22.2
17.8
9.8
11.1

5.9
3.4
3.4
3.0

12.5
6.8
6.8
3.4

4.3
-2.3
-3.1
-2.9

29.1
30.5
26.6
15.9

2011P

I
II
III

4.2
3.4
3.5

-8.6
1.0
-2.7

9.8
7.2
6.1

2.5
2.8
2.3

-2.2
-1.1
-2.0

-11.9
-6.8
-4.6

11.7
7.5
1.0

P: Preliminary
Source: The Bank of Korea

54

December 2011

Growth rate by economic activity

Growth rate by expenditure on GDP

Economic Bulletin

55

2. Production, shipment and inventory See graphs 6-1, 6-3, 7-1, 7-2 & 7-3
(constant prices, 2005 = 100)

Period

2009
2010

Production
index

Y-o-Y
change (%)

Shipment
index

Y-o-Y
change (%)

Inventory
index

Y-o-Y
change (%)

Service
production
index

Y-o-Y
change (%)

119.7
139.1

-0.1
16.2

116.7
133.5

-1.4
14.4

115.5
135.6

-7.8
17.4

118.3
122.9

1.8
3.9

2009

I
II
III
IV

103.5
118.7
125.3
131.2

-15.1
-5.4
4.9
16.8

102.6
116.6
120.7
126.9

-14.4
-5.2
2.3
12.9

115.9
110.4
113.0
115.5

-6.2
-17.0
-14.3
-7.8

112.9
118.0
118.9
123.4

-1.1
1.1
2.4
4.8

2010

I
II
III
IV

129.8
141.0
139.0
146.6

25.4
18.8
10.9
11.7

124.0
135.1
132.7
142.0

20.9
15.9
9.9
11.9

124.6
127.7
134.6
135.6

7.5
17.5
19.1
17.4

119.9
122.9
121.6
127.3

6.2
4.2
2.3
3.2

2011

I
II
III

143.6
151.2
146.1

10.6
7.2
5.1

138.7
144.8
139.3

11.9
7.2
5.0

137.4
142.7
149.1

10.3
10.0
10.8

123.1
127.0
126.7

2.7
3.3
4.2

2009

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

94.4
100.7
115.3
117.2
116.1
122.7
124.6
117.8
133.4
128.1
130.7
134.8

-25.3
-9.4
-10.1
-7.4
-8.2
-0.6
1.0
1.4
12.1
1.2
18.5
34.8

93.7
100.3
113.8
115.6
113.8
120.5
120.1
113.6
128.3
124.0
126.6
130.1

-23.1
-8.7
-10.7
-7.4
-7.9
0.0
-1.2
-1.0
9.1
-0.2
15.3
26.2

123.9
117.7
115.9
112.3
111.5
110.4
111.5
112.0
113.0
112.4
113.6
115.5

0.1
-5.2
-6.2
-9.8
-13.3
-17.0
-15.7
-15.1
-14.3
-16.4
-14.6
-7.8

112.1
109.9
116.7
117.1
117.6
119.2
117.9
117.0
121.8
119.3
119.3
131.6

-1.6
0.0
-1.4
0.9
-0.2
2.6
1.2
1.6
4.5
2.3
4.2
7.7

2010

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

129.3
119.1
141.1
140.0
140.0
142.9
143.1
136.5
137.3
145.3
145.3
149.2

37.0
18.3
22.4
19.5
20.6
16.5
14.8
15.9
2.9
13.4
11.2
10.7

123.1
113.6
135.2
134.7
133.4
137.3
135.7
131.0
131.4
140.8
141.4
143.9

31.4
13.3
18.8
16.5
17.2
13.9
13.0
15.3
2.4
13.5
11.7
10.6

119.8
123.3
124.6
126.3
129.9
129.7
134.1
134.5
134.6
133.5
132.8
135.6

-3.3
4.8
7.5
12.5
16.5
17.5
20.3
20.1
19.1
18.8
16.9
17.4

118.5
116.7
124.4
121.5
123.3
124.0
122.4
120.9
121.6
123.2
123.8
134.9

5.7
6.2
6.6
3.8
4.8
4.0
3.8
3.3
-0.2
3.3
3.8
2.5

2011

1
2
3
4
5
6
7
8
9P
10P

146.9
129.8
154.0
149.7
151.5
152.3
148.7
142.9
146.8
154.3

13.6
9.0
9.1
6.9
8.2
6.6
3.9
4.7
6.9
6.2

141.4
125.2
149.6
144.6
144.4
145.4
135.9
136.5
141.3
146.5

14.9
10.2
10.7
7.3
8.2
5.9
3.1
4.2
7.5
4.0

135.4
137.1
137.4
137.3
140.2
142.7
147.2
150.4
149.1
153.3

13.0
11.2
10.3
8.7
7.9
10.0
9.8
11.8
10.8
14.8

124.1
116.9
128.2
125.2
127.4
128.4
127.0
126.8
126.2
127.5

4.7
0.2
3.1
3.0
3.3
3.5
3.8
4.9
3.8
3.5

P: Preliminary
Source: Statistics Korea

56

December 2011

3. Production capacity and operation ratio See graph 6-2

Period

Y-o-Y
change (%)

Operation
ratio index
(2005=100)

Y-o-Y
change (%)

Average
operation
ratio (%)

119.3
127.9

3.5
7.2

93.8
102.1

-3.5
8.8

74.4
81.2

Production
capacity index
(2005=100)

2009
2010
2009

I
II
III
IV

117.0
118.0
120.1
122.2

2.8
2.5
3.5
5.0

81.7
95.3
97.8
100.3

-17.7
-7.6
2.4
10.1

67.0
74.3
77.8
78.4

2010

I
II
III
IV

124.3
126.5
129.5
131.3

6.2
7.2
7.8
7.4

97.4
105.6
99.6
105.6

19.2
10.8
1.8
5.3

80.4
82.3
81.2
80.8

2011

I
II
III

132.7
133.8
134.6

6.8
5.8
3.9

99.9
105.3
99.5

2.6
-0.3
-0.1

83.1
81.4
81.3

2009 1
2
3
4
5
6
7
8
9
10
11
12

116.9
116.9
117.1
117.7
117.7
118.5
119.3
119.8
121.1
121.6
121.9
123.1

2.7
2.7
2.8
3.0
2.0
2.4
3.1
3.3
4.2
4.6
4.8
5.5

73.7
79.8
91.6
94.1
93.3
98.4
98.8
91.0
103.6
99.1
100.5
101.2

-28.6
-10.8
-12.8
-10.1
-9.7
-2.8
-1.0
-1.3
9.6
-4.8
12.4
27.0

63.7
67.3
70.0
72.5
73.7
76.6
77.7
76.4
79.3
77.8
78.0
79.3

2010 1
2
3
4
5
6
7
8
9
10
11
12

123.6
123.9
125.3
125.5
126.5
127.4
128.6
129.7
130.1
130.8
131.1
132.1

5.7
6.0
7.0
6.6
7.5
7.5
7.8
8.3
7.4
7.6
7.5
7.3

97.1
88.4
106.7
106.1
103.8
107.0
105.3
96.2
97.2
106.6
105.4
104.9

31.8
10.8
16.5
12.8
11.3
8.7
6.6
5.7
-6.2
7.6
4.9
3.6

79.3
80.5
81.5
81.7
82.1
83.1
82.7
79.7
81.2
79.7
80.5
82.2

2011 1
2
3
4
5
6
7
8
9P
10P

132.2
132.5
133.4
133.8
133.7
133.9
134.2
134.4
135.1
136.0

7.0
6.9
6.5
6.6
5.7
5.1
4.4
3.6
3.8
4.0

102.5
89.5
107.8
104.6
104.7
106.6
102.8
96.9
99.0
104.3

5.6
1.2
1.0
-1.4
0.9
-0.4
-2.4
0.7
1.9
-2.2

84.8
82.2
82.4
80.4
81.3
82.5
82.1
80.4
81.3
79.5

P: Preliminary
Source: Statistics Korea

Economic Bulletin

57

4. Consumer goods sales index See graphs 2-2, 2-3, 2-4 & 2-5
(constant prices, 2005 = 100)

Period

2009
2010

Consumer
goods
sales
index

Y-o-Y
change (%)

Durable
goods

Y-o-Y
change (%)

Semi-durable
goods

Y-o-Y
change (%)

Non-durable
goods

Y-o-Y
change (%)

113.6
121.1

2.7
6.6

136.8
157.2

8.2
14.9

106.3
113.5

1.3
6.8

111.3
113.7

1.2
2.2

2009

I
II
III
IV

106.5
113.4
111.9
122.4

-4.5
1.5
2.8
10.9

114.7
142.0
135.5
155.1

-11.7
5.9
7.7
34.1

103.1
107.7
94.3
120.2

-0.5
0.5
0.3
4.5

107.7
109.2
114.3
113.9

-1.4
0.4
1.8
4.0

2010

I
II
III
IV

116.8
118.9
120.3
128.6

9.7
4.9
7.5
5.1

148.7
149.9
158.5
171.6

29.6
5.6
17.0
10.6

105.7
114.4
100.5
133.6

2.5
6.2
6.6
11.1

111.1
112.8
117.7
113.1

3.2
3.3
3.0
-0.7

2011

I
II
III

122.7
125.7
125.6

5.1
5.7
4.4

167.9
176.2
175.0

12.9
17.5
10.4

112.2
120.8
104.5

6.1
5.6
4.0

112.0
112.4
120.1

0.8
-0.4
2.0

2009 1
2
3
4
5
6
7
8
9
10
11
12

108.5
101.2
109.7
108.6
117.0
114.6
110.8
106.7
118.2
120.6
119.6
127.1

-2.9
-5.7
-4.9
-4.2
1.7
7.6
1.1
0.5
6.8
9.9
9.8
12.8

104.1
116.0
124.0
123.9
144.0
158.0
138.2
122.5
145.9
144.8
153.5
167.1

-18.9
-1.5
-13.6
-10.9
5.9
24.3
-1.8
0.8
26.6
16.9
41.0
46.1

103.6
97.1
108.5
109.3
113.3
100.4
95.4
86.5
101.1
116.1
121.8
122.6

-0.8
-0.7
0.0
0.7
1.1
-0.5
-2.3
0.3
3.1
4.0
1.2
8.4

114.8
99.2
109.2
106.8
113.1
107.6
110.8
112.9
119.3
116.6
109.2
116.0

5.5
-8.5
-1.2
-2.5
0.7
3.0
4.4
0.8
0.4
9.4
1.4
1.5

2010

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

115.8
114.2
120.3
116.5
121.2
118.9
120.7
116.7
123.5
125.5
127.8
132.6

6.7
12.8
9.7
7.3
3.6
3.8
8.9
9.4
4.5
4.1
6.9
4.3

145.5
141.3
159.2
144.6
147.0
158.1
164.0
154.4
157.0
165.2
172.1
177.4

39.8
21.8
28.4
16.7
2.1
0.1
18.7
26.0
7.6
14.1
12.1
6.2

108.4
99.6
109.1
113.1
120.7
109.3
103.5
90.2
107.7
130.0
133.4
137.3

4.6
2.6
0.6
3.5
6.5
8.9
8.5
4.3
6.5
12.0
9.5
12.0

108.7
112.1
112.6
110.4
116.0
112.1
115.1
116.4
121.6
111.1
111.9
116.2

-5.3
13.0
3.1
3.4
2.6
4.2
3.9
3.1
1.9
-4.7
2.5
0.2

2011

1
2
3
4
5
6
7
8
9P
10P

128.1
113.3
126.6
122.4
128.8
125.8
127.1
122.8
126.9
128.3

10.6
-0.8
5.2
5.1
6.3
5.8
5.3
5.2
2.8
2.2

165.9
154.2
183.5
167.4
176.4
184.9
184.6
173.3
167.2
170.0

14.0
9.1
15.3
15.8
20.0
17.0
12.6
12.2
6.5
2.9

120.4
101.6
114.6
121.5
127.0
114.0
107.5
93.6
112.4
134.6

11.1
2.0
5.0
7.4
5.2
4.3
3.9
3.8
4.4
3.5

118.9
104.3
112.7
108.7
116.3
112.2
117.6
119.4
122.9
114.5

9.4
-7.0
0.1
-1.5
0.3
0.1
2.2
2.6
1.1
3.1

P: Preliminary
Source: Statistics Korea

58

December 2011

5. Consumer goods shipment index and consumer sentiment index
See graph 2-6

Period

2009
2010

Domestic consumer
goods shipment index
(2005=100)
Y-o-Y
change (%)

Durable
goods

Y-o-Y
change (%)

Non-durable
goods

Y-o-Y
change (%)

Consumer
sentiment index

116.4
122.0

1.4
4.8

135.1
139.6

6.5
3.3

108.9
115.0

-0.9
5.6

-

2009

I
II
III
IV

107.7
114.8
119.9
123.3

-8.3
-0.8
5.4
10.2

113.4
139.9
139.4
147.8

-14.9
2.5
13.3
29.2

105.3
104.7
112.0
113.4

-5.2
-2.5
1.7
2.2

-

2010

I
II
III
IV

118.5
119.9
122.0
127.6

10.0
4.4
1.8
3.5

136.7
139.5
139.2
142.9

20.5
-0.3
-0.1
-3.3

111.2
112.1
115.1
121.6

5.6
7.1
2.8
7.2

-

2011

I
II
III

120.8
117.8
120.8

1.9
-1.8
-1.0

134.9
134.6
136.5

-1.3
-3.5
-1.9

115.2
111.0
114.5

3.6
-1.0
-0.5

-

2009 1
2
3
4
5
6
7
8
9
10
11
12

107.6
103.8
111.7
112.6
113.5
118.4
119.0
110.9
129.7
121.7
118.5
129.6

-14.2
-2.5
-7.4
-6.0
-1.9
6.0
1.0
-0.7
15.8
1.7
10.7
18.8

99.0
115.5
125.7
120.6
140.7
158.4
146.3
125.8
146.1
139.5
146.7
157.1

-25.3
-6.2
-12.8
-16.4
2.8
23.3
8.9
6.1
25.8
9.2
32.2
50.5

111.0
99.0
106.0
109.3
102.6
102.3
108.0
104.9
123.1
114.5
107.2
118.6

-9.4
-0.8
-4.6
-0.7
-4.3
-2.6
-2.8
-3.7
11.6
-1.8
1.7
6.8

84
85
84
98
105
106
109
114
114
117
113
113

2010 1
2
3
4
5
6
7
8
9
10
11
12

123.7
110.3
121.6
120.5
117.5
121.8
121.9
120.5
123.6
129.3
128.3
125.3

15.0
6.3
8.9
7.0
3.5
2.9
2.4
8.7
-4.7
6.2
8.3
-3.3

136.0
129.7
144.5
135.4
135.3
147.7
145.6
133.9
138.0
145.7
144.7
138.4

37.4
12.3
15.0
12.3
-3.8
-6.8
-0.5
6.4
-5.5
4.4
-1.4
-11.9

118.8
102.6
112.3
114.6
110.4
111.4
112.4
115.2
117.8
122.8
121.8
120.1

7.0
3.6
5.9
4.8
7.6
8.9
4.1
9.8
-4.3
7.2
13.6
1.3

113
111
110
110
111
112
112
110
109
108
110
109

2011 1
2
3
4
5
6
7
8
9P
10P
11

129.6
105.9
127.0
118.6
115.7
119.1
120.0
121.2
121.1
124.3
-

4.8
-4.0
4.4
-1.6
-1.5
-2.2
-1.6
0.6
-2.0
-3.9
-

133.0
125.6
146.1
133.1
131.4
139.4
141.9
132.3
135.4
132.2
-

-2.2
-3.2
1.1
-1.7
-2.9
-5.6
-2.5
-1.2
-1.9
-9.1
-

128.2
98.0
119.4
112.7
109.4
110.9
111.2
116.8
115.3
121.0-

7.9
-4.5
6.3
-1.7
-0.9
-0.4
-1.1
1.4
-2.1
-1.5
-

108
105
98
100
104
102
102
99
99
100
103

Source: Statistics Korea & The Bank of Korea

Economic Bulletin

59

6. Machinery orders received, domestic machinery shipment
and estimated facility investment index See graph 3-2
Domestic machinery orders received
excluding ship (billion won, constant prices)
Period

2010

Estimated
facility investment
index
(2005=100)

Domestic
machinery
shipment
excluding ship
(2005=100)

Total

Public

Private

23,360

2,330

21,030

12,279

133.2

135.0

Manufacturing

2010

I
ll
III
IV

5,544
6,247
5,662
5,908

525
402
380
1,023

5,019
5,845
5,282
4,885

2,910
3,564
3,026
2,779

120.5
137.5
139.1
135.6

116.7
144.2
136.2
142.8

2011

I
ll
III

6,627
6,760
5,734

471
732
404

6,156
6,029
5,330

3,744
3,684
3,110

128.5
144.1
134.2

133.1
148.4
128.8

2010 7
8
9
10
11
12

2,092
1,710
1,860
1,719
1,770
2,418

105
106
169
101
102
820

1,987
1,604
1,691
1,618
1,668
1,599

1,068
897
1,061
964
981
834

139.1
140.8
137.5
130.8
134.7
141.2

138.6
132.8
137.1
134.8
136.7
156.9

2011 1
2
3
4
5
6
7
8
9P
10P

2,115
2,070
2,442
1,965
2,171
2,624
2,000
1,813
1,921
1,964

116
122
233
102
142
487
152
115
137
302

2,000
1,948
2,209
1,869
2,029
2,137
1,848
1,698
1,784
1,662

1,156
1,148
1,440
1,158
1,190
1,336
1,027
1,007
1,077
967

125.7
113.9
145.8
132.5
146.1
154.1
134.9
136.0
131.6
115.3

127.6
123.6
148.1
138.3
150.9
156.0
135.9
124.5
126.0
124.0

11.2

-37.9

21.8

32.3

25.1

22.5

Y-o-Y change (%)
2010
2010

I
ll
III
IV

10.3
24.7
-0.2
11.3

-43.7
-42.2
-71.7
31.4

22.6
35.5
22.0
7.8

45.6
58.5
27.4
4.5

30.0
29.5
29.3
13.6

18.1
25.7
27.4
18.4

2011

I
ll
III

19.5
8.2
1.3

-10.3
82.0
6.1

22.7
3.1
0.9

28.7
3.4
2.8

6.6
4.8
-3.5

14.1
2.9
-5.4

2010 7
8
9
10
11
12

-16.5
26.6
2.3
9.9
-9.2
34.9

-90.2
48.9
-15.5
20.8
-76.5
213.9

38.7
25.3
4.5
9.3
10.0
4.3

41.8
37.1
9.6
13.2
4.2
-3.7

31.5
41.2
17.1
21.6
13.1
7.4

28.1
36.9
18.8
25
19.5
12.4

2011

19.7
26.1
14.4
6.6
-0.8
18.5
-4.4
6.0
3.3
14.2

-31.5
14.0
-6.3
-19.6
23.4
205.2
44.9
8.0
-19.1
198.7

25.1
27.0
17.1
8.6
-2.2
4.0
-7.0
5.8
5.5
2.7

14.6
30.4
41.0
9.8
-10.5
13.2
-3.9
12.2
1.5
0.4

22.2
1.0
0.5
-0.3
10.3
4.7
-3.0
-3.4
-4.3
-11.9

17.8
20.4
6.5
-0.8
7.1
2.5
-1.9
-6.3
-8.2
-8.1

1
2
3
4
5
6
7
8
9P
10P

P: Preliminary
Source: Statistics Korea

60

December 2011

7. Value of construction completion and domestic construction
orders received See graphs 4-2 & 4-3
(current prices, billion won)

Period

Type of order

Private

Public

Private

35,163

52,777

88,675

29,013

54,628

Public

92,238

2010

Type of order

Domestic
construction
orders received
(total)

Value of
construction
completion
(total)

2010

I
ll
llI
lV

20,329
24,082
22,005
25,823

7,467
9,129
7,784
10,784

11,977
13,931
13,160
13,708

18,110
25,295
19,095
26,175

7,955
6,890
6,814
7,355

9,087
16,737
11,406
17,399

2011

I
ll
llI

19,067
23,898
21,411

7,288
9,304
7,836

10,857
13,195
12,464

15,796
24,473
19,259

4,053
6,067
6,396

10,743
16,821
12,176

2010

7
8
9
10
11
12

7,453
7,150
7,401
7,356
8,041
10,426

2,690
2,460
2,634
2,856
3,278
4,650

4,419
4,370
4,371
4,135
4,401
5,173

7,475
4,145
7,475
4,415
7,551
14,209

3,903
1,327
1,584
1,185
2,023
4,146

3,351
2,698
5,355
3,111
5,217
9,071

2011

1
2
3
4
5
6
7
8
9P
10P

6,157
5,277
7,634
7,053
7,435
9,410
6,793
6,908
7,791
8,036

2,415
2,047
2,827
2,721
2,189
3,765
2,441
2,524
2,886
2,955

3,476
2,991
4,391
3,981
4,226
4,989
4,044
4,051
4,421
4,707

4,658
4,959
7,179
6,459
6,753
11,260
4,892
7,269
7,098
6,902

1,295
1,396
1,362
1,413
1,861
2,793
1,735
1,505
3,156
2,296

2,697
2,445
5,601
4,452
4,428
7,941
3,042
5,503
3,631
4,446

-18.7

-43.7

2.8

2010

2.7

8.5

Y-o-Y change (%)
0.5

2010

I
ll
llI
lV

6.3
2.0
-0.4
3.3

13.8
5.5
-1.1
15.9

3.8
2.6
1.0
-4.8

-1.6
-6.7
-3.6
-40.2

-14.9
-61.9
-22.0
-52.1

8.0
105.4
13.2
34.4

2011

I
ll
llI

-6.2
-0.8
-2.7

-2.4
1.9
0.7

-9.4
-5.3
-5.3

-12.8
-3.3
0.9

-49.1
-11.9
-6.1

18.2
0.5
6.8

2010

7
8
9
10
11
12

6.7
6.5
-11.8
0.9
-0.5
8.2

14.0
1.4
-14.6
10.5
17.1
18.6

3.9
11.2
-9.8
-4.8
-9.4
-0.5

25.6
-12.5
-18.1
-58.8
-48.7
-22.5

23.5
-26.2
-58.0
-75.0
-61.4
-22.8

38.3
-5.0
11.4
-45.7
-41.2
-23.9

2011

1
2
3
4
5
6
7
8
9P
10P

-5.2
-14.1
-0.7
-4.1
-4.0
4.7
-8.8
-3.4
5.3
9.2

7.0
-11.1
-2.8
3.5
-0.8
2.9
-9.3
2.6
9.6
3.4

-12.5
-17.3
0.0
-10.7
-6.9
1.1
-8.5
-7.3
1.1
13.8

-33.9
-16.7
13.7
-2.7
-22.5
13.3
-34.6
75.4
-5.0
56.3

-46.3
-35.7
-59.6
-22.7
11.3
-17.6
-55.5
13.4
99.3
93.7

-36.9
9.5
117.0
-0.1
-33.4
41.1
-9.3
103.9
-32.2
42.9

P: Preliminary
Source: Statistics Korea

Economic Bulletin

61

8. Composite indices of business cycle indicators and BSI
See graphs 13-1, 13-2 & 13-3

Y-o-Y
change (%)

Coincident
index
(2005=100)

Cycle of
coincident
index
(2005=100)

BSI (results)

BSI (prospects)

109.1
110.0
110.4
111.0
111.2
112.0
112.8
113.6
114.2
115.2
116.1
116.7

5.4
5.8
5.8
5.9
5.7
6.1
6.4
6.7
6.7
7.1
7.5
7.4

110.9
111.3
111.9
112.4
113.0
113.8
114.6
115.3
115.6
116.4
117.2
118.3

101.4
101.4
101.4
101.5
101.6
101.9
102.2
102.4
102.2
102.5
102.7
103.2

85.6
87.5
109.4
105.8
104.1
100.2
95.8
94.4
101.5
108.3
106.0
98.9

96.5
93.4
112.3
107.7
110.9
105.6
99.3
102.5
111.8
116.3
112.4
103.4

2008 1
2
3
4
5
6
7
8
9
10
11
12

116.3
115.6
115.1
114.9
114.8
114.2
113.5
113.3
113.1
112.5
111.3
110.5

6.5
5.1
4.0
3.2
2.5
1.4
0.2
-0.4
-0.9
-1.7
-3.1
-3.9

119.3
119.6
119.9
119.9
120.0
119.8
119.8
120.0
120.3
120.3
118.8
116.1

103.7
103.5
103.4
102.9
102.6
102.0
101.5
101.3
101.1
100.6
99.0
96.4

95.2
95.6
101.1
101.7
98.1
79.1
80.8
83.1
76.8
64.6
53.7
52.4

103.0
94.8
102.1
98.1
104.7
95.3
83.2
80.8
98.3
84.9
63.7
55.0

2009 1
2
3
4
5
6
7
8
9
10
11
12

110.8
112.2
113.4
115.3
117.3
119.9
121.5
122.5
123.4
124.6
126.4
127.2

-3.6
-2.4
-1.3
0.5
2.6
5.4
7.2
8.4
9.4
10.4
11.7
12.0

114.1
114.1
115.3
117.1
118.1
120.4
121.7
122.7
123.5
124.4
125.2
125.8

94.3
93.9
94.5
95.5
96.0
97.4
98.0
98.4
98.7
98.9
99.2
99.2

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

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

2010 1
2
3
4
5
6
7
8
9
10
11
12

127.5
127.0
127.1
126.9
127.3
127.7
128.4
128.8
128.8
128.4
128.7
129.3

11.6
10.4
9.6
8.6
7.7
6.8
6.2
5.4
4.5
3.3
2.8
2.9

126.6
127.8
128.8
129.6
130.5
131.4
132.4
132.6
132.2
131.8
132.1
133.1

99.5
100.0
100.3
100.5
100.8
101.0
101.4
101.1
100.4
99.6
99.5
99.8

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

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

2011 1
2
3
4
5
6
7
8
9
10
11
12

130.1
129.8
129.4
129.0
129.5
130.2
130.8
130.9
130.6
130.1
-

3.0
2.4
1.6
1.1
1.3
1.7
2.0
1.9
1.4
1.0
-

135.1
135.3
135.8
135.5
136.6
137.7
138.6
139.2
138.7
138.8
-

100.8
100.6
100.5
99.9
100.3
100.6
100.9
100.9
100.1
99.8
-

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

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

Period

Leading
index
(2005=100)

2007 1
2
3
4
5
6
7
8
9
10
11
12

Source: Statistics Korea & The Federation of Korean Industries

62

December 2011

9. Balance of payments (I) See graphs 5-1, 5-2, 5-3, 10-1 & 10-2
(million US$)

Period

2009
2010P

Current
balance

Goods
trade
balance

Exports

32,790.5
28,213.6

37,866.0
41,904.0

Imports

Services
trade
balance

Income
trade
balance

Current
transfers

358,189.7
464,286.9

320,323.7
422,383.1

-6,640.5
-11,229.4

2,276.7
768.4

-711.7
-3.229.4

2009

I
II
III
IV

4,543.3
11,557.4
8,613.2
8,076.6

2,819.2
13,553.3
10,914.6
10,578.9

73,334.9
87,038.0
95,485.2
102,331.6

70,515.7
73,484.7
84,570.6
91,752.7

-26.0
-1,291.4
-2,663.3
-2,659.8

393.9
-151.1
948.6
1,085.3

1,356.2
-553.4
-586.7
-927.8

2010P

I
II
III
IV

263.3
8,857.9
9,931.1
9,161.3

4,785.4
12,240.4
12,542.3
12,335.9

101,354.5
117,585.0
118,257.3
127,090.1

96,569.1
105,344.7
105,715.1
114,754.2

-4,201.1
-1,873.1
-2,954.6
-2,200.6

546.5
-1,006.5
1,296.1
-67.6

-867.4
-502.9
-952.7
-906.4

2011P

I
II
III

2,610.3
5,492.2
6,896.0

5,842.7
7,661.0
7,197.7

127,691.2
142,722.8
141,393.5

121,848.5
135,061.8
134,195.8

-2,538.0
-796.0
-1,198.2

387.9
-824.8
1,314.9

-1,082.3
-548.0
-418.5

2009

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

-1,800.2
2,579.8
3,763.7
3,511.2
3,153.8
4,892.4
4,054.8
1,300.2
3,258.2
3,202.9
4,165.0
708.7

-2,441.3
1,766.2
3,494.3
4,255.5
3,822.6
5,475.2
5,021.2
1,920.5
3,972.9
3,546.1
4,851.1
2,181.7

21,910.3
24,179.6
27,245.0
28,832.5
27,228.8
30,976.7
32,688.5
29,001.4
33,795.3
33,474.6
34,055.5
34,801.5

24,351.6
22,413.4
23,750.7
24,577.0
23,406.2
25,501.5
27,667.3
27,080.9
29,822.4
29,928.5
29,204.4
32,619.8

-98.9
-64.1
137.0
-15.8
-555.6
-720.0
-1,241.2
-761.3
-660.8
-505.9
-643.6
-1,510.3

502.7
366.2
-475.0
-835.1
205.0
479.0
366.3
367.9
214.4
336.2
272.5
476.6

237.3
511.5
607.4
106.6
-318.2
-341.8
-91.5
-226.9
-268.3
-173.5
-315.0
-439.3

2010 P 1
2
3
4
5
6
7
8
9
10
11
12

-571.8
-363.1
1,198.2
529.0
3,998.9
4,330.0
4,457.9
1,975.7
3,497.5
5,112.5
1,934.4
2,114.4

996.7
586.3
3,202.4
3,740.1
3,658.4
4,841.9
5,268.9
2,826.0
4,447.4
5,484.9
3,170.8
3,680.2

31,806.6
31,119.7
38,428.2
39,186.7
38,250.1
40,148.2
41,130.1
37,903.4
39,223.8
42,012.2
41,939.6
43,138.3

30,809.9
30,533.4
35,225.8
35,446.7
34,591.7
35,306.3
35,861.3
35,077.4
34,776.4
36,527.3
38,768.8
39,458.1

-1,651.8
-1,270.7
-1,278.6
-1,268.9
147.4
-751.6
-859.3
-902.5
-1,192.8
-749.9
-304.5
-1,146.2

414.6
497.4
-365.6
-1,452.5
219.8
226.2
352.3
518.7
425.1
657.1
-690.2
-34.5

-331.3
-176.1
-360.0
-489.7
-26.7
13.5
-304.0
-466.5
-182.2
-279.6
-241.7
-385.1

2011P 1
2
3
4
5
6
7
8
9
10

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
4,231.3

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
3,647.3

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
46,572.7

41,104.9
35,697.2
45,046.4
44,551.8
45,516.0
44,994.0
43,827.9
45,263.4
45,104.5
42,925.4

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

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

-466.0
-378.2
-238.1
-289.3
17.3
-276.0
-335.8
-200.6
118.0
-62.3

P: Preliminary
Source: The Bank of Korea & Korea Customs Service

Economic Bulletin

63

10. Balance of payments (II) See graph 10-3
(million US$)
Changes in
reserve
assets

Errors and
omissions

289.6
-174.2

-68,666.4
-27,094.5

1,860.7
-2,882.1

6,917.1
-7,914.9
-251.1
3,287.8

382.3
25.8
-103.9
-14.6

-9,017.4
-19,541.8
-23,492.6
-16,614.6

-175.0
1,379.4
-1,636.0
2,292.3

746.6
-983.9
-388.6
618.5

16.7
-7,076.3
-4,725.3
-5,443.2

-175.6
27.1
31.1
-56.8

-8,595.1
-5,600.2
-10,411.5
-2,487.7

-108.0
241.1
-2,251.5
-763.7

-1,379.1
2,035.4
8,108.4

730.3
-542.9
-1,490.7

6,251.6
-1,432.5
-18,692.6

-181.4
-111.9
235.5

-3,479.2
-2,618.0
6,326.1

143.8
1,315.8
1,424.9

-643.0
-1,095.1
-1,039.8
-695.3
-855.9
-480.8
-1,644.2
-865.9
-795.6
-749.1
-2,855.1
-3,228.2

4,715.2
122.8
-2,053.4
6,879.7
4,157.3
4,890.2
8,470.1
4,004.4
8,752.4
5,829.4
2,992.6
967.0

473.2
-771.2
-2,358.9
274.1
1,279.7
-954.8
-155.1
-870.3
-25.5
-509.1
614.2
-89.3

2,644.7
-1,255.7
5,528.1
-4,669.7
1,818.3
-5,063.5
-3,538.9
2,696.1
591.7
-1,429.4
712.9
4,004.3

61.9
195.6
124.8
60.3
-16.5
-18.0
3.4
-29.4
-77.9
6.9
-56.4
34.9

-4,488.6
-1,260.0
-3,268.8
-5,444.1
-10,248.6
-3,849.1
-5,573.6
-7,095.2
-10,823.8
-7,965.8
-5,637.4
-3,011.4

-963.2
1,483.8
-695.6
83.9
711.9
583.6
-1,616.6
860.1
-879.5
1,614.1
64.2
614.0

-686.4
1,398.3
-867.2
641.8
-5,611.5
-4,129.3
-3,528.4
-1,421.7
-2,729.5
-5,869.7
-2,191.7
-336.2

-1,070.2
-613.7
-623.6
-1,163.6
-571.7
-828.8
-1,773.0
-1,184.2
-3,260.2
-5,393.9
-1,286.8
-1,610.0

118.0
2,484.0
7,557.6
5,792.1
747.2
559.1
8,592.4
1,061.0
4,378.7
7,447.3
2,227.2
-2,412.2

241.8
549.3
-44.5
80.6
-854.8
-209.7
-297.3
61.3
-152.6
0.4
106.9
511.2

7,076.7
-1,692.8
-5,367.2
5,343.4
-12,116.8
-302.9
-4,029.4
93.3
-789.2
-5,216.8
-1,494.4
1,268.0

-70.0
-43.2
-62.4
-120.5
101.3
46.3
-0.2
57.9
-26.6
-48.1
-25.3
16.6

-6,982.7
714.7
-2,327.1
-9,290.2
7083.3
-3393.3
-6020.9
-1,511.0
-2,879.6
-2,658.6
-1,719.3
1,890.2

1,258.2
-1,035.2
-331.0
-1,170.8
1,612.6
-200.7
-929.5
-554.0
-768.2
757.2
257.3
-1,778.2

-1,282.0
-1,996.2
524.1
394.7
-3,956.7
-3,246.0
-2,469.2
-1,690.6
-4,161.1
-4,365.0

-1,725.4
-1,635.1
-1,335.8
-7.38.8
-1,254.7
-2,144.6
327.1
-1,036.4
-2,098.3
-1,132.2

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

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

1,773.3
5,126.9
-648.6
-145.9
-821.7
-464.9
-6,581.0
4,638.4
-16,750.0
2,811.6

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

-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

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
133.7

Period

Capital &
financial
account

Direct
investment

Portfolio
investment

Financial
derivative

2009
2010P

-34,651.2
-25,331.5

-14,948.0
-19,379.7

49,727.7
38,552.4

-3,093.0
-7.4

2,038.9
-17,228.1

I
II
III
IV

-4,368.3
-12,936.8
-6,977.2
-10,368.9

-2,777.9
-2,032.0
-3,305.7
-6,832.4

2,784.6
15,927.2
21,226.9
9,789.0

-2,656.9
599.0
-1,050.9
15.8

2010P I
II
III
IV

-155.3
-9,099.0
-7,679.6
-8,397.6

-2,307.5
-2,564.1
-6,217.4
-8,290.7

10,159.6
7,098.4
14,032.1
7,262.3

2011P I
II
III

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

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

2009 1
2
3
4
5
6
7
8
9
10
11
12

2,763.4
-4,063.6
-3,068.1
-3,595.1
-3,865.7
-5,476.0
-2,438.2
-2,160.3
-2,378.7
-4,817.0
-4,229.2
-1,322.7

2010 P 1
2
3
4
5
6
7
8
9
10
11
12
2011P 1
2
3
4
5
6
7
8
9
10

2009

P: Preliminary
Source: The Bank of Korea

64

December 2011

Capital transfers
Other
& acquisition of
investment non-financial
assets

11. Prices See graphs 11-1, 11-2 & 11-3
Consumer prices
(2010=100)

Producer prices
(2005=100)

Export & import prices
(2005=100)

Period
All Items

Commodity

Service

Core

All items

Commodity

Export

Import

2010

100.0

100.0

100.0

100.0

115.1

117.0

106.4

145.0

2010 1
2
3
4
5
6
7
8
9
10
11
12

98.8
99.0
99.2
99.6
99.7
99.6
99.8
100.3
101.1
101.1
100.6
101.0

98.3
98.6
98.9
99.6
99.5
99.2
99.5
100.3
102.0
102.0
100.8
101.5

99.2
99.4
99.5
99.7
99.9
99.9
100.2
100.3
100.4
100.4
100.6
100.7

99.3
99.5
99.4
99.6
99.8
99.9
100.1
100.3
100.4
100.4
100.4
100.7

112.7
113.0
113.7
114.6
115.2
114.8
114.9
115.2
116.3
116.4
116.7
117.8

113.9
114.5
115.3
116.4
117.1
116.6
116.7
117.1
118.6
118.6
118.9
120.5

103.5
104.7
104.0
103.8
106.7
109.9
109.4
107.4
106.9
105.0
106.3
109.6

136.9
137.6
139.2
140.9
144.7
147.6
147.0
147.4
147.4
146.1
149.2
156.1

2011 1
2
3
4
5
6
7
8
9
10
11

102.2
102.9
103.3
103.4
103.6
103.8
104.3
105.0
104.9
104.7
104.8

103.4
104.4
104.9
104.6
104.7
105.0
105.9
107.1
107.1
106.6
106.8

101.2
101.7
102.1
102.4
102.6
102.8
103.1
103.3
103.1
103.2
103.3

101.4
102.1
102.4
102.6
103.0
103.4
103.7
103.8
103.7
103.6
103.9

119.7
120.5
122.0
122.4
122.3
121.9
122.4
122.8
122.9
122.9
122.6

122.7
123.9
125.8
126.2
126.0
125.5
126.0
126.7
126.9
126.9
126.5

108.6
110.6
113.5
111.8
110.2
109.4
108.0
109.4
113.1
114.7
112.0

156.1
160.9
166.5
167.6
163.9
163.2
161.4
162.1
168.1
169.5
166.8

Y-o-Y change (%)
2010

3.0

4.6

1.9

1.8

3.8

4.6

-2.6

5.3

2010 1
2
3
4
5
6
7
8
9
10
11
12

3.5
3.0
2.5
2.6
2.7
2.7
2.5
2.7
3.4
3.7
3.0
3.0

5.8
4.5
3.7
4.0
4.1
4.0
3.8
4.1
5.8
6.4
4.9
4.9

2.1
2.2
1.7
1.8
2.0
1.9
1.8
1.7
1.8
1.8
1.9
1.9

2.3
2.1
1.6
1.6
1.6
1.6
1.7
1.8
1.8
1.7
1.5
1.7

2.8
2.4
2.6
3.2
4.6
4.6
3.4
3.1
4.0
5.0
4.9
5.3

3.2
2.7
2.9
3.8
5.5
5.5
4.1
3.7
5.0
6.1
5.7
6.5

-6.9
-10.2
-12.2
-6.7
0.4
1.5
0.3
-1.7
-0.4
1.0
1.9
4.3

-0.9
-4.1
-4.3
5.1
11.3
8.0
7.5
5.7
7.8
8.1
8.2
12.7

2011 1
2
3
4
5
6
7
8
9
10
11

3.4
3.9
4.1
3.8
3.9
4.2
4.5
4.7
3.8
3.6
4.2

5.2
5.9
6.1
5.0
5.2
5.8
6.4
6.8
5.0
4.5
6.0

2.0
2.3
2.6
2.7
2.7
2.9
2.9
3.0
2.7
2.8
2.7

2.1
2.6
3.0
3.0
3.2
3.5
3.6
3.5
3.3
3.2
3.5

6.2
6.6
7.3
6.8
6.2
6.2
6.5
6.6
5.7
5.6
5.1

7.7
8.2
9.1
8.4
7.6
7.6
8.0
8.2
7.0
7.0
6.4

4.9
5.6
9.1
7.7
3.3
-0.4
-1.3
1.8
5.8
9.2
5.4

14.1
16.9
19.6
19.0
13.2
10.5
9.8
10.0
14.0
16.0
11.8

Source: The Bank of Korea

Economic Bulletin

65

12. Employment See graphs 8-1, 8-2 & 8-3
Wage workers (thous.)

Economically active persons (thous.)
Period

Employed persons (thous.)

Unemployment (%)
Regular

Temporary

Daily

All industry Manufacturing S.O.C&service
2010

24,748

23,829

4,028

18,214

3.7

16,971

10,086

5,068

1,817

2010 1
2
3
4
5
6
7
8
9
10
11
12

24,082
24,035
24,382
24,858
25,099
25,158
25,232
24,863
24,911
25,004
24,847
24,538

22,865
22,867
23,377
23,924
24,306
24,280
24,301
24,005
24,054
24,172
24,109
23,684

3,924
3,886
3,924
3,991
4,036
4,017
4,040
4,058
4,062
4,098
4,139
4,156

17,796
17,762
18,047
18,285
18,499
18,422
18,489
18,175
18,216
18,264
18,340
18,272

5.0
4.9
4.1
3.8
3.2
3.5
3.7
3.3
3.4
3.3
3.0
3.5

16,297
16,282
16,617
16,994
17,255
17,193
17,228
17,048
17,103
17,178
17,300
17,154

9,712
9,786
9,926
10,011
10,078
10,089
10,107
10,151
10,217
10,280
10,334
10,347

4,860
4,838
4,976
5,147
5,223
5,165
5,215
5,122
5,106
5,089
5,069
4,999

1,725
1,657
1,714
1,836
1,953
1,938
1,905
1,775
1,780
1,809
1,898
1,808

2011 1
2
3
4
5
6
7
8
9
10

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

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

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

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

3.8
4.5
4.3
3.7
3.2
3.3
3.3
3.0
3.0
2.9

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

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

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

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

Y-o-Y change (%)
2010

1.5

1.4

5.0

1.2

-

3.1

7.4

-0.7

-7.4

2010 1
2
3
4
5
6
7
8
9
10
11
12

1.6
1.6
1.3
1.6
1.8
0.9
1.9
1.3
1.1
1.4
0.9
2.0

0.0
0.5
1.2
1.7
2.5
1.3
2.0
1.6
1.0
1.3
1.3
2.0

0.8
1.2
2.9
3.8
4.9
4.7
6.2
7.9
6.6
6.2
7.4
7.3

0.8
1.3
2.0
2.2
2.7
0.9
1.5
0.7
0.3
0.7
0.4
0.9

-

1.5
2.1
3.4
3.9
4.7
2.7
3.9
3.5
2.5
2.9
3.0
3.6

6.7
6.4
8.2
8.5
8.2
8.0
7.7
7.2
6.4
6.8
7.6
7.4

-2.4
-0.5
0.7
1.9
2.9
-2.2
-0.8
0.1
-0.9
-1.6
-3.6
-1.5

-12.4
-12.6
-12.6
-11.5
-6.6
-8.4
-2.4
-6.1
-7.8
-4.4
-1.7
-2.2

2011 1
2
3
4
5
6
7
8
9
10

0.1
1.6
2.2
1.5
1.5
1.7
1.0
1.7
0.7
1.6

1.4
2.1
2.0
1.6
1.5
1.9
1.4
2.0
1.1
2.1

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

1.2
1.4
1.1
1.4
1.3
2.1
1.9
3.1
2.1
3.2

-

3.3
3.5
2.7
2.1
2.2
3.1
2.5
2.7
1.6
2.5

6.1
6.2
6.2
6.1
6.3
6.2
6.0
5.5
5.4
5.0

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

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

Source: Statistics Korea

66

December 2011

13. Financial indicators See graphs 9-1 & 9-4
(period average)
Yields (%)

Stock

Period
Call rate
(1 day)

CD
(91 days)

Corporate bonds
(3 years, AA-)

Treasury bonds
(3 years)

Treasury bonds
(5 years)

KOSPI
(end-period)

2007 1
2
3
4
5
6
7
8
9
10
11
12

4.6
4.6
4.6
4.7
4.6
4.5
4.7
4.9
5.0
5.0
5.0
5.0

4.9
5.0
4.9
5.0
5.0
5.0
5.1
5.2
5.3
5.3
5.4
5.7

5.3
5.3
5.2
5.3
5.5
5.6
5.8
5.7
5.9
6.0
6.2
6.7

5.0
4.9
4.8
4.9
5.1
5.2
5.4
5.3
5.4
5.4
5.5
5.9

5.0
4.9
4.8
5.0
5.1
5.4
5.4
5.3
5.4
5.5
5.6
5.9

1,360.20
1,417.30
1,452.60
1,542.24
1,700.91
1,743.60
1,933.27
1,873.24
1,946.48
2,064.95
1,906.00
1,897.10

2008 1
2
3
4
5
6
7
8
9
10
11
12

5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.2
5.2
4.9
4.0
3.3

5.8
5.3
5.3
5.4
5.4
5.4
5.5
5.8
5.8
6.0
5.6
4.7

6.6
6.3
6.1
5.9
6.2
6.7
7.0
7.1
7.5
8.0
8.6
8.4

5.4
5.1
5.2
5.0
5.3
5.7
6.0
5.8
5.8
5.1
5.0
4.0

5.5
5.1
5.2
5.0
5.4
5.8
6.0
5.8
5.8
5.2
5.2
4.3

1,624.68
1,711.62
1,703.99
1,825.47
1,852.02
1,674.92
1,594.67
1,474.24
1,448.06
1,113.06
1,076.07
1,124.47

2009 1
2
3
4
5
6
7
8
9
10
11
12

2.4
2.1
1.8
1.8
1.9
1.9
1.9
2.0
2.0
2.0
2.0
2.0

3.2
2.7
2.5
2.4
2.4
2.4
2.4
2.5
2.6
2.8
2.8
2.8

7.3
7.1
6.1
5.7
5.2
5.2
5.5
5.7
5.6
5.6
5.4
5.4

3.4
3.8
3.7
3.8
3.8
4.1
4.1
4.4
4.4
4.5
4.3
4.2

4.0
4.6
4.5
4.4
4.5
4.7
4.6
4.9
4.9
4.9
4.8
4.8

1,162.11
1,063.03
1,206.26
1,369.40
1,395.89
1,390.07
1,577.29
1,591.85
1,673.14
1,580.69
1,555.60
1,682.77

2010 1
2
3
4
5
6
7
8
9
10
11
12

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

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

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

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

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

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

2011 1
2
3
4
5
6
7
8
9
10
11

2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3

2.9
3.1
3.4
3.4
3.5
3.5
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

3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4

4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
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

Source: The Bank of Korea

Economic Bulletin

67

14. Monetary indicators See graph 9-5
(period average)

Period

(billion won)

Reserve money

M1

M2

Lf

2010

67,585.1

399,412.3

1,639,675.1

2,096,534.8

2010 1
2
3
4
5
6
7
8
9
10
11
12

65,054.7
66,563.8
65,643.6
64,274.7
67,835.1
66,250.8
66,958.2
67,318.7
70,266.5
69,905.0
69,476.8
71,472.9

381,218.2
387,858.6
386,015.4
388,174.7
394,880.2
400,132.8
403,785.1
400,882.5
403,413.5
405,000.1
414,912.8
425,673.9

1,574,215.8
1,595,403.8
1,607,896.1
1,621,176.9
1,630,904.7
1,647,981.2
1,653,057.5
1,653,907.2
1,659,400.1
1,669,376.6
1,679,909.9
1,682,871.9

2,019,563.5
2,041,164.1
2,056,233.7
2,069,616.1
2,084,007.4
2,104,724.0
2,111,672.2
2,113.052.7
2,123.558.2
2,134,385.4
2,145,901.5
2,154,538.9

2011 1
2
3
4
5
6
7
8
9
10

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

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

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

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

Y-o-Y change (%)
2010

9.5

11.8

8.7

8.2

2010 1
2
3
4
5
6
7
8
9
10
11
12

1.6
5.6
0.0
4.7
12.9
11.3
12.7
11.1
17.8
9.8
13.6
14.1

15.0
15.9
12.6
10.8
10.9
10.5
11.1
11.0
10.2
9.0
11.8
12.9

9.3
9.4
9.3
9.4
9.3
9.7
9.3
8.5
8.1
7.6
7.4
7.2

8.1
8.6
8.8
9.0
8.9
9.3
8.8
8.0
7.7
7.2
7.3
6.9

2011 1
2
3
4
5
6
7
8
9
10

13.0
13.3
11.2
13.9
8.8
12.8
10.6
12.4
10.9
10.1

12.6
11.5
11.6
9.6
7.4
5.4
3.8
5.4
5.1
4.1

6.5
5.0
4.3
3.9
3.7
3.0
3.2
4.0
4.2
4.4

6.6
5.2
4.7
4.5
4.4
4.0
4.6
5.5
5.7
6.1

Source: The Bank of Korea

68

December 2011

15. Exchange rates See graphs 9-2 & 9-3

/US$

/100¥

/Euro

Period
End-period

Average

End-period

Average

End-period

Average

2010

1,138.9

1,156.3

1,397.1

1,320.6

1,513.6

1,532.9

2010 1
2
3
4
5
6
7
8
9
10
11
12

1,156.5
1,158.4
1,130.8
1,115.5
1,200.2
1,210.3
1,187.2
1,189.1
1,142.0
1,126.6
1,157.3
1,138.9

1,138.8
1,157.1
1,137.6
1,117.1
1,163.1
1,212.3
1,207.3
1,179.9
1,167.0
1,123.4
1,126.2
1,147.6

1,287.0
1,299.3
1,217.7
1,186.8
1,318.5
1,364.6
1,370.0
1,406.0
1,363.3
1,390.7
1,373.4
1,397.1

1,248.3
1,281.7
1,255.8
1,195.3
1,265.2
1,333.6
1,377.7
1,380.2
1,384.2
1,371.1
1,366.6
1,376.7

1,614.6
1,569.2
1,518.2
1,479.3
1,474.2
1,475.4
1,552.4
1,505.9
1,556.0
1,569.3
1,518.3
1,513.6

1,627.5
1,584.5
1,544.9
1,501.7
1,460.7
1,480.9
1,540.3
1,523.3
1,518.7
1,559.6
1,541.3
1,515.4

2011 1
2
3
4
5
6
7
8
9
10
11

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

1,120.1
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

1,356.6
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

1,356.3
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

1,514.0
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

1,495.4
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

Y-o-Y change (%)
2010

-2.5

-9.4

10.6

-3.1

-9.6

-13.6

2010 1
2
3
4
5
6
7
8
9
10
11
12

-15.5
-23.6
-17.9
-17.2
-5.7
-5.8
-4.3
-4.5
-3.9
-6.2
-0.9
-2.5

-15.4
-19.1
-22.2
-16.8
-7.6
-3.9
-4.5
-4.7
-4.3
-4.4
-3.3
-1.6

-15.4
-15.7
-13.9
-14.2
0.3
2.1
5.4
5.5
3.4
5.9
1.9
10.6

-16.1
-17.1
-16.0
-11.9
-3.0
2.2
3.0
5.8
3.9
5.4
4.8
5.8

-8.7
-18.7
-16.4
-17.2
-16.8
-18.5
-11.1
-15.4
-10.3
-11.9
-13.3
-9.6

-9.3
-13.4
-18.9
-15.2
-15.0
-16.2
-13.4
-13.8
-14.4
-10.5
-11.2
-11.1

2011 1
2
3
4
5
6
7
8
9
10
11

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

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

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

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

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

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

Source: The Bank of Korea

Economic Bulletin

69

Editor-in-Chief
Hong Nam-Ki (MOSF)
Editorial Board
Kim Young-Min (MOSF)
Shim Jae-Hak (KDI)
Lee Sung-Shin (KDI)
Coordinators
Kim Dae-Hyun (MOSF)
Cho Hyun-Joo (KDI)
Editors
Cho Eun-Hyung (MOSF)
Eli Horn (MOSF)
Lee Ji-Youn (KDI)

Useful Internet Websites
Economy-related Websites Recommended

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

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