Professional Documents
Culture Documents
Republic of Korea
Vol.36 No.9
September 2014
conomic
u l l e t i n
Statistical Appendices
ECONOMIC
BULLETIN
(Republic of Korea)
September 2014
Sejong, 339-012
Republic of Korea
Tel. +82 2 731 1530
Fax. +82 2 731 1540
E-mail. fppr@mosf.go.kr
Website. http://english.mosf.go.kr
Economic Information and Education Center
Korea Development Institute
15 Giljae-gil (Bangok-dong)
Sejong, 339-007
Republic of Korea
Fax. +82 44 550 4941
E-mail. jiyounlee@kdi.re.kr
MOSF / KDI
Website. http://eiec.kdi.re.kr
EB 9 .indd 1
EB 9 .indd 2
Statistics Korea
http://kostat.go.kr/portal/english
contents
Overview
04
09
2. Private consumption
11
3. Facility investment
13
4. Construction investment
15
17
19
21
8. Employment
25
9. Financial markets
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
29
31
37
42
44 Policy Issues
45
51
Editor-in-Chief
Editorial Board
Coordinators
Editors
EB 9 .indd 2
Th
Gr e
ee
nB
oo
k
Cu
rre
nt
E c o n o m i c B u l le t i n
Ec
on
om
ic T
ren
ds
Overview
EB 9 .indd 2
OVERVIEW
EB 9 .indd 3
3
The Green Book
US
E c o n o m i c B u l le t i n
Industrial production in July rose 0.4 percent monthon-month. The ISM Manufacturing Index, which
forecasts business sentiment, posted 59.0 in August,
the highest since March 2011.
ISM Manufacturing Index (base=50)
56.5 (Dec 2013) > 51.3 (Jan 2014) > 53.2 (Feb) > 53.7 (Mar) >
54.9 (Apr) > 55.4 (May) > 55.3 (Jun) > 57.1 (Jul) > 59.0 (Aug)
84 (Dec 2013) > 144 (Jan 2014) > 222 (Feb) > 203 (Mar) >
77.5 (Dec 2013) > 79.4 (Jan 2014) > 78.3 (Feb) > 83.9 (Mar) >
304 (Apr) > 229 (May) > 267 (Jun) > 212 (Jul) > 142 (Aug)
81.7 (Apr) > 82.2 (May) > 86.4 (Jun) > 90.9 (Jul) > 92.4 (Aug)
UniversityofMichiganConsumerSentimentIndex(1966=100)
82.5 (Dec 2013) > 81.2 (Jan 2014) > 81.6 (Feb) > 80.0 (Mar) >
84.1 (Apr) > 81.9 (May) > 82.5 (Jun) > 81.8 (Jul) > 82.5 (Aug)
EB 9 .indd 4
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
(%)
12
600
10
400
200
0
6
-200
-400
800
-600
2
-800
-1000
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2012
Annual Annual
Real GDP
- Personal consumption expenditure
- Nonresidential fixed investment
- Residential fixed investment
Industrial production
Retail sales
Existing home sales
Unemployment rate
Consumer prices (y-o-y)
2.3
1.8
7.2
13.5
3.8
5.1
8.9
8.1
2.1
2.2
2.4
3.0
11.9
2.9
4.2
8.9
7.4
1.5
Q1
2.7
3.6
1.5
7.8
1.0
1.5
0.7
7.7
1.7
2013
Q2
Q3
Q4
Q1
Q2
2014
Jul
1.8
1.8
1.6
19.0
0.5
0.3
3.5
7.5
1.4
4.5
2.0
5.5
11.2
0.6
1.0
4.4
7.2
1.5
3.5
3.7
10.4
-8.5
1.2
0.9
-7.1
7.0
1.2
-2.1
1.2
1.6
-5.3
1.0
0.2
-6.9
6.7
1.4
4.2
2.5
8.4
7.2
1.3
2.3
1.5
6.2
2.1
0.4
0.0
2.4
6.2
2.0
Aug
2.4
6.1
-
EB 9 .indd 5
China
In China, economic data on production and
consumption slowed in July, and the manufacturing
PMI fell for the first time in six months.
Manufacturing PMI (base=50)
50.5 (Jan 2014) > 50.2 (Feb) > 50.3 (Mar) > 50.4 (Apr) >
50.8 (May) > 51.0 (Jun) > 51.7 (Jul) > 51.1 (Aug)
2011
2012
2013
Annual Annual Q4 Annual Q1 Q2
E c o n o m i c B u l le t i n
Real GDP
9.3
7.7
7.9
Q3
Q4
Q1
2014
Q2 Jun
7.8
7.7
7.7
7.5
7.7
7.4
7.5
9.7
9.5
8.7
8.9
Jul
9.2
9.0
Industrial production
13.9
10.0 10.0
23.8
20.6 20.6
17.3 17.0
Retail sales
17.1
14.3 14.9
12.4 12.2
Exports
20.7
8.3
9.5
8.6 18.9
4.2
4.0
7.5 -4.7
5.0
7.2 14.5
Consumer prices
5.4
2.6
2.1
2.6
2.4
2.8
2.9
2.2
2.3
Producer prices
6.0
-1.7 -2.3
2.4
2.3
2.3
-1.1 -0.9
(%)
(%)
16
60
14
50
12
40
10
30
20
10
0
2004.Q1 2005.Q1
EB 9 .indd 6
70
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Japan
The Japanese economy contracted considerably in
the second quarter of 2014 (down 1.7%, q-o-q) due
to the sales tax hike, and indicators related to
economic data on consumption and production
remained sluggish in July.
The consumer price index (CPI) rose at a slower
pace in July (up 3.4%, m-o-m) , and the core CPI
increased 3.3 percent.
2011
2012
Annual Annual Q4
Annual
Q1
2013
Q2
Q3
Q4
Q1
2014
Q2
Jun
Jul
-0.5
1.4
0.0
1.5
1.1
1.0
0.2
0.2
1.6
-1.7
Industrial production
-2.4
-0.5
-0.1
0.2
0.1
-0.1
1.3
0.6
2.8
-3.7
-3.4
0.2
Retail sales
-1.2
0.0
0.1
0.2
0.1
0.4
0.4
0.1
3.9
-7.0
0.4
-0.5
Exports (y-o-y)
-2.7
-2.8
-5.5
9.7
1.2
7.1
12.8
17.4
7.0
0.1
-2.0
3.9
-0.3
-0.0
-0.2
0.4
-0.6
-0.3
0.9
1.4
1.5
2.8
3.6
2.3
Real GDP
1. Preliminary
Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
(%)
(%)
25
20
15
10
5
0
0
-5
-2
-10
-15
-4
-20
-25
-6
-30
-8
2004.Q1
2005.Q1
EB 9 .indd 7
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Eurozone
The eurozone economy slowed in the second quarter
of 2014 (up 0.0%, q-o-q) , and inflation remains low,
with consumer prices rising 0.3 percent year-on-year
in August.
In order to overcome deflation, the European Central
Bank (ECB) lowered its benchmark interest rate
(0.15% > 0.05%) and overnight deposit rate for banks
(-0.1% > -0.2%) on September 4. In addition, the ECB
announced plans to purchase asset-backed securities
(ABS) and covered bonds.
2012
Annual Annual
Q1
2013
Q2
Q3
Q4
Q1
Q2
2014
Jun
Jul
Aug
E c o n o m i c B u l le t i n
Real GDP
-0.6
-0.4
-0.2
0.3
0.1
0.3
0.2
0.0
Industrial production
-2.5
-0.7
0.3
0.6
0.0
0.5
0.2
0.0
-0.3
Retail sales
-1.7
-0.9
0.0
0.1
0.5
-0.4
0.6
0.3
0.3
-0.4
Exports (y-o-y)
7.6
1.0
1.0
1.8
0.3
1.0
1.2
0.6
2.9
2.5
1.4
1.9
1.4
1.3
0.8
0.7
0.6
0.5
0.4
0.3
1. Preliminary
Sources: Eurostat, Bloomberg
(%)
(%)
10
8
6
4
2
0
-2
-1
-4
-6
-2
-8
-10
-3
2004.Q1
2005.Q1
EB 9 .indd 8
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
2. Private
consumption
Annual
Q1
2012
Q2
Private consumption
1.9
0.8
0.2
1.2
0.4
2.0
(y-o-y)
1.7
0.7
2.6
2.7
2013
Q2
Q3
Q4
2014
Q1
Q2
-0.1
0.7
1.0
0.6
0.2
-0.3
1.7
2.1
2.1
2.2
2.5
1.5
Q3
Q4
Annual
Q1
Private consumption
Source: The Bank of Korea (national accounts)
12
(%)
10
8
6
4
2
0
-2
-4
-6
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Retail sales
Source: Statistics Korea (industrial activity trends)
15
(%)
10
5
0
-5
-10
2004.1
2005.1
EB 9 .indd 9
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
(y-o-y, %)
30
20
10
0
-10
-20
-30
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
Durable goods
2010.1
2011.1
2012.1
2013.1
2014.1
Nondurable goods
Semi-durable goods
10
E c o n o m i c B u l le t i n
Retail sales
(y-o-y)
- Durable goods
Automobiles
- Semi-durable goods
- Nondurable goods4
2012
Annual Q3
1.4
2.4
2.7
5.3
3.2
2.4
-4.4
-0.4
-0.1
2.0
1.3
Q4
-0.1
2.5
2.1
12.0
1.1
-1.8
Annual
0.8
0.3
2.1
2.0
0.6
Q1
-1.0
0.3
-4.1
-7.2
1.4
-0.6
2013
Q2
0.9
1.2
1.8
2.2
-0.4
1.3
Q3
0.8
0.7
-0.3
2.1
0.9
1.5
Q4
0.3
1.2
0.2
-2.1
-0.8
0.8
Q1
0.3
2.5
4.4
12.0
-1.5
-1.0
2014
Q2
Jun
-0.5
0.1
0.7
1.0
-1.1
2.6
4.6
3.0
-1.3 -1.5
0.2 -0.5
Jul
0.3
0.6
-2.1
0.8
2.4
0.7
1. Preliminary 2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
3. Semi-durable goods: Clothing, footwear, etc. 4. Nondurable goods: Food, medicine, cosmetics, fuel, tobacco, etc.
Source: Statistics Korea
In August, sales of semi-durable goods will rise, but durable goods sales are expected to decline.
Domestic sales of cars fell due to summer vacations and auto worker strikes, and cellphone service transfer
sales declined due to the additional sales ban on mobile carriers.
Cellphone service transfer sales (thousands, Korea Telecommunications Operators Association)
1,226 (Jan 2014) > 1,297 (Feb) > 592 (Mar) > 398 (Apr) > 890 (May) > 865 (Jun) > 644 (Jul) > 523 (Aug)
Sales at department stores and large discount stores increased year-on-year as Chuseok came earlier than
usual. Credit card use continued to rise, while domestic sales of gasoline declined due to above-average
precipitation levels.
(y-o-y, %)
2014
Credit card use
Department store sales
Large discount store sales
Domestic sales of gasoline
Domestic sales of cars
Jan
9.1
6.8
18.6
-2.9
4.1
Feb
2.5
-2.4
-23.1
2.2
9.6
Mar
7.0
-1.1
-3.7
-0.2
0.9
Apr
5.2
-1.4
-4.1
-0.9
10.1
May
3.8
0.8
1.2
2.5
3.9
Jun
5.2
-4.6
-5.9
2.2
7.5
Jul
5.1
2.0
-4.6
0.6
0.7
Aug
8.6
11.7
3.1
-6.2
-4.8
Sources: Credit Finance Association of Korea, Ministry of Trade, Industry and Energy, Korea National Oil Corporation, Korea Automobile Manufacturers
Association, Ministry of Strategy and Finance (for August data)
EB 9 .indd 10
3. Facility
investment
2012
Annual
Q4
Annual
Q1
2013
Q2
2014
1.5
1.0
2.7
5.6
-1.9
1.1
-12.7
-3.9
1.5
10.9
7.3
7.7
Q3
Q4
Q1
Q2
Facility investment
0.1
-3.3
-1.5
(y-o-y)
-6.4
0.3
-5.3
-3.5
-2.6
4.4
6.5
3.7
-4.9
0.2
-0.4
1.8
4.0
11.3
-6.4
-6.5
10.7
5.5
3.1
- Machinery
- Transportation equipment
1. Preliminary 2. National accounts
Source: The Bank of Korea
11
Facility investment
40
30
20
10
0
-10
-20
-30
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
The facility investment index in July rose 3.5 percent month-on-month as both machinery investment and
transportation equipment investment increased. The index rose 3.0 percent year-on-year.
(Percentage change from previous quarter)
2012
Annual Annual
Facility investment index
Q1
2013
Q2
Q3
2014
Q4
Q1
Q2
Jun
Jul
-2.8
-1.3
-3.1
1.1
5.0
5.9
-5.2
2.2
-1.2
3.5
-13.1
-4.0
2.7
10.4
5.9
6.2
2.5
3.0
- Machinery
-2.7
-2.6
-3.5
2.9
4.5
7.3
-8.6
1.5
-2.4
0.9
- Transportation equipment
-3.0
2.3
-2.0
-4.0
6.4
2.5
4.7
3.4
2.1
9.0
(y-o-y)
1. Preliminary
Source: Statistics Korea
EB 9 .indd 11
(y-o-y, %)
50
40
30
20
10
0
-10
-20
-30
12
-40
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
Transportation equipment
2014.Q1
Machinery
E c o n o m i c B u l le t i n
Facility investment is expected to slow down, due to declines in business sentiment and domestic machinery
orders.
Business survey index for manufacturing sector (Bank of Korea)
78 (Dec 2013) > 79 (Jan 2014) > 81 (Feb) > 85 (Mar) > 86 (Apr) > 86 (May) > 81 (Jun) >78 (Jul) > 75 (Aug) > 74 (Sep)
(trillion won)
(y-o-y, %)
60
50
40
30
20
10
-10
-20
-30
-40
-50
2
2004.Q1 2005.Q1
2006.Q1
EB 9 .indd 12
70
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
2012
Annual Annual
Domestic machinery orders
-13.9
(q-o-q, m-o-m)
6.7
-Public
-11.0
20.6
-Private
Q1
-11.4
2013
Q2
8.8
6.8
3.9
-47.0
94.2
Q3
2014
Q2
Jun
Q4
Q1
2.2
32.4
17.9
-6.9
27.7
-2.8
-9.6
3.3
0.6
-45.0
-56.7
-75.4
11.3
4.4
Jul
5.6
-4.8
-14.2
5.2
-6.1
4.0
3.8
22.1
4.1
9.6
13.5
Machinery imports
-3.0
6.5
-11.8
-2.1
6.8
13.2
2.3
11.2
7.0
8.7
78.5
76.2
77.3
75.9
75.1
76.6
77.2
76.3
76.4
78.0
-0.7
-1.4
-2.6
-1.6
-1.7
0.1
-0.6
-0.9
-0.8
2.2
1. Preliminary 2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, Korea International Trade Association
13
Construction investment (preliminary GDP) in the
second quarter of 2014 rose 0.4 percent quarteron-quarter and 0.2 percent year-on-year.
2012
Annual
Q4
Construction investment
Annual
Q1
2013
Q2
2014
Q3
Q4
Q1
Q2
-3.9
-2.4
6.7
6.5
4.6
0.2
-5.2
5.1
0.4
-6.2
1.9
9.8
8.8
5.4
4.3
0.2
- Building construction
-1.6
-1.6
8.8
5.4
7.2
0.5
-4.0
5.1
2.3
-7.1
-3.6
3.7
8.1
1.0
-0.1
-6.9
5.1
-2.5
(y-o-y)
4. Construction
investment
Construction investment
Source: The Bank of Korea (national accounts)
15
(%)
10
-5
-10
2004.Q1
2005.Q1
2006.Q1
EB 9 .indd 13
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
2012
Annual Annual
-5.0
10.1
-6.6
14.8
-3.0
4.3
2013
Q2
6.3
15.0
7.7
4.6
Q1
3.5
4.4
5.6
1.0
Q3
-0.1
10.5
0.4
-0.9
Q4
-0.7
9.7
2.9
-5.5
2014
Q2
Jun
0.3
2.8
0.1
-1.4
2.9
1.7
-4.0
4.7
Q1
1.5
6.5
6.0
-5.0
Jul
-1.4
-0.6
-3.2
1.7
1. Preliminary
Source: Statistics Korea
14
40
(y-o-y, %)
30
20
E c o n o m i c B u l le t i n
10
0
-10
-20
-30
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
Residential buildings
Building construction
2013.Q1
2014.Q1
The construction investment outlook is mixed, as construction orders and the building permit area have been
rising since the fourth quarter of 2013, while unsold houses have also been increasing.
Unsold houses (thousands, Ministry of Land, Infrastructure and Transport)
64 (Oct 2013) > 64 (Nov) > 61 (Dec) > 59 (Jan 2014) > 52 (Feb) > 48 (Mar) > 46 (Apr) > 49 (May) > 50 (Jun) > 51 (Jul)
New apartment supplies (thousands, Ministry of Land, Infrastructure and Transport)
50 (Oct 2013) > 44 (Nov) > 12 (Dec) > 6 (Jan 2014) > 11 (Feb) > 24 (Mar) > 39 (Apr) > 39 (May) > 29 (Jun) > 18 (Jul) > 18 (Aug)
(Percentage change from same period in previous year)
2012
Annual
-6.2
-4.7
-9.1
-0.5
Annual
-15.3
-13.4
-19.2
-7.3
Q1
-40.8
-2.2
-34.0
-50.4
-12.4
2013
Q2
-29.5
0.3
-29.6
-29.4
-14.6
Q3
-10.6
16.8
-10.8
-10.0
-3.4
Q4
22.4
2.9
17.9
33.4
-0.2
Q1
15.5
-1.4
10.7
24.4
18.4
2014
Q2
Jun
24.6
24.7
9.4
6.4
44.6
25.1
-11.2
23.2
21.6
24.3
Jul
21.5
7.8
21.5
21.4
9.0
1. Preliminary
Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport
EB 9 .indd 14
(y-o-y, %)
290
240
190
140
90
40
-10
-60
-110
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Construction orders
2014.1
5. Exports and
Imports
15
-3.8 (China)
2013
Exports
(y-o-y, %)
Average daily exports
2014
Annual
Q1
Q2
Q3
Q4
Jul
Q1
Q2
Jul
Aug
559.63
135.32
141.16
136.79
146.37
46.31
137.59
145.75
48.29
46.28
2.1
0.3
0.7
2.8
4.7
7.6
1.7
3.3
5.4
-0.1
2.05
2.02
2.06
2.00
2.11
1.97
2.07
2.19
1.93
2.06
1. Preliminary
Source: Korea Customs Service
EB 9 .indd 15
(y-o-y, %)
100
80
60
40
20
0
-20
-40
-60
-80
2004.1
2005.1
2006.1
2007.1
16
2008.1
2009.1
2010.1
Semiconductors
2011.1
2012.1
2013.1
2014.1
Automobiles
Steel
E c o n o m i c B u l le t i n
Although capital goods imports declined, imports of commodities rose due to an increase in supply, and
consumer goods surged, led by automobiles and clothes.
Import growth by category (y-o-y, %)
6.0 (commodities), -8.5 (capital goods), 16.5 (consumer goods)
(US $ billion)
2013
Imports
2014
Annual
Q1
Q2
Q3
Q4
Aug
Q1
Q2
Jul
Aug
515.58
129.73
126.76
126.03
133.06
41.59
132.38
130.76
45.90
42.87
(y-o-y, %)
-0.8
-2.9
-2.8
0.3
2.5
1.2
2.0
3.2
5.8
3.1
1.89
1.94
1.85
1.84
1.91
1.77
1.99
1.97
1.84
1.91
1. Preliminary
Source: Korea Customs Service
Imports by item
Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)
80
(y-o-y, %)
60
40
20
0
-20
-40
-60
-80
2004.1
2005.1
EB 9 .indd 16
2006.1
2007.1
2008.1
2009.1
Commodities
2010.1
2011.1
2012.1
2013.1
2014.1
Capital goods
(US $ billion)
60
50
40
30
20
10
0
-10
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
Trade balance
2010.1
2011.1
2012.1
2013.1
2014.1
Exports
Imports
(US $ billion)
2013
Trade balance
2014
Annual
Q1
Q2
Q3
Q4
Aug
Q1
Q2
Jul
Aug
44.05
5.59
14.40
10.76
13.30
4.72
5.21
14.98
2.40
3.41
1. Preliminary
Source: Korea Customs Service
The trade balance (preliminary) in August remained in the black for the 31th consecutive month, posting a
surplus of US $3.41 billion.
17
EB 9 .indd 17
18
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
E c o n o m i c B u l le t i n
2013
Q2
Q3
Q4
Jun
Q1
2014
Q2 Jun
-0.9
1.9
-0.6
0.3
-1.0
Jul
Annual
Q1
-0.5
(y-o-y)
0.3
-0.8
0.0
0.2
1.7
1.4
0.7
0.3
0.4
3.4
-0.4
-1.0
0.0
2.1
-0.6
0.4
-1.1
2.7
1.2
0.3
-0.8
0.0
0.1
1.8
1.4
0.6
0.2
0.2
3.5
0.4
-0.3
-0.6
-0.1
1.7
-1.2
-0.1
-0.6
-2.0
-0.1
-1.4
-1.7
-1.1
1.6
1.7
0.1
0.0
-0.3
-2.5
1.1
2.3
1.6
-0.2
-2.0
1.6
-2.8
-0.1
-0.8
1.9
-1.4
5.7
2.4
3.2
-0.5
0.1
0.6
2.8
Mining and
(y-o-y)
manufacturing
Shipment
activity
- Domestic demand
- Exports
0.1
2.6
1.1
Inventory
5.0
-0.6
-2.1
76.2
77.3
1.7
1.8
1. Preliminary
3. End-period
1.6
1.8
1.7
1.9
1.2
1.1
1.0
1.3
Inventories of automobiles (up 15.6%) and primary metals (up 5.2%) rose, while petroleum products (down
3.8%) and nonmetallic minerals (down 10.4%) declined.
Shipments of automobiles (up 13.1%) and mechanical equipment (up 2.3%) rose, while semiconductors &
parts (down 2.2%) and primary metals (down 1.6%) fell.
The average operation ratio of the manufacturing sector rose 1.6 percentage points month-on-month to
78.0 percent.
EB 9 .indd 18
(m-o-m, %)
6
4
2
0
-2
-4
-6
-8
-10
-12
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Shipment growth
2014.1
Inventory growth
19
100
90
80
70
60
50
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Mining and manufacturing production may have slowed in August, due to summer vacations, fewer days
worked and auto worker strikes.
EB 9 .indd 19
(%)
15
20
10
5
E c o n o m i c B u l le t i n
0
-5
-10
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Weight
2012
2013
Annual Q4 Annual Q1 Q2
Q4
Q1
2014
Q2 Jun
0.2
0.9
0.5
0.0
1.7 -0.4
Jul
100.0
1.6
0.1
1.4
0.2
21.6
0.8
0.3 -0.2
-0.8
0.1 -0.1
0.6
0.1 -0.4
0.8 -1.6
- Transportation services
8.5
1.2
-0.1
1.1
0.7
0.1 -1.0
0.6
7.2 -1.2
-2.4
0.4
0.1
0.6
8.4
3.0
-0.3
1.9
0.6 -1.0
14.7
0.4
Q3
1.1 -0.3
0.9
0.7
3.3
3.8
0.9
3.4 -2.0
0.8
4.7 -3.6
2.8
1.0
0.5
0.6
2.7
1.3
2.6 -1.4
5.3 -4.8
0.7
2.5
-2.2
7.4 -3.6
3.6 -3.2
7.6
0.0 -3.0
5.6
3.7
-0.2
3.3
0.2
4.9 -2.9
0.7
0.4
2.8
4.3 -2.9
- Business services
3.3
3.5
0.2
2.2
1.6 -0.4
1.6
0.4
0.4
- Education services
10.9
0.9
0.8
0.8
0.8 -1.0
1.2
0.7
1.1 -2.2
0.2
1.4
7.5
6.7
0.7
5.0
0.8
1.1
2.5
1.6
1.5
0.5
0.8
0.2
2.9
2.8
-3.0 -0.5
1.7
0.6
3.6 -1.4
0.6 -0.6
0.0
5.3
-4.3 -0.4
0.2 -0.2
1.4 -6.8
2.2
5.0
3.1 -0.7
3.5
0.2
8.5
0.5
0.9
1.2
0.2 -1.4
2.1
0.6
6.0
1. Preliminary
Source: Statistics Korea
EB 9 .indd 20
(y-o-y, %)
10
Financial &
insurance services
8
6
Professional,
scientific &
technical services
Hotels &
restaurants
Entertainment,
cultural &
sports services
Education
services
Wholesale
& retail
Sewerage &
waste
management
0
Total index
-2
Transportation
services
-4
Publishing &
communications
services
Real estate
& renting
Business
services
Health &
social welfare
services
Membership
organizations &
personal services
-6
-8
-10
-12
21
The number of workers on payroll in July increased by 505,000 from a year earlier to 25,980,000 and the
employment rate rose 0.7 percentage points to 61.1 percent.
By industry, employment grew faster in services and manufacturing.
8. Employment
By employment status, the number of regular workers continued to increase, while nonwage workers,
such as the self-employed, decreased.
(thousands)
(millions)
27
26
1,000
26
800
25
25
600
24
400
24
200
23
23
22
-200
22
-400
21
2004.1
2005.1
2006.1
EB 9 .indd 21
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
(%)
61
60
59
58
57
56
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Original data
2014.1
22
E c o n o m i c B u l le t i n
2010 2011
2012
Annual Annual Annual Q4 Annual Q1
Number of employed (millions)
2013
Q2 Q3
Q4
Jul
Q1
2014
Q2 Jun Jul
23.83 24.24 24.68 24.80 25.07 24.18 25.33 25.41 25.35 25.47 24.91 25.79 25.88 25.98
58.7 59.1 59.4 59.4 59.5 57.7 60.2 60.3 60.0 60.4 58.8 60.8 60.9 61.1
(Seasonally adjusted)
58.7 59.1 59.4 59.2 59.5 59.2 59.4 59.7 59.9 59.5 60.4 59.9 59.8 60.1
323 415 437 342 386 257 324 421 541 367 729 464 398
505
405 440 451 344 394 266 351 402 556 364 717 518 474
616
- Manufacturing
191
63
14 140
191
33
-2
22 -40
- Construction
79 119 122
-9
11
57
- Services
200 386 416 236 318 199 212 354 507 283 570 387 304
388
-82
- Wage workers
517 427 315 303 483 329 472 526 604 503 711 485 430
532
Regular workers
697 575 436 469 615 554 638 632 637 661 606 478 462
351
-34
Temporary workers
-2
-9 -27
19 -15
78
235
-37 -73
31 -111 -110
-54
- Nonwage workers
-194
-11 121
39
19 -22 -32
-27
Self-employed workers
-118
1 124
33
-7 -14
-7
-17
- Male
181 238 234 172 186 123 179 179 262 166 373 228 195
287
- Female
142 177 203 170 200 135 145 242 279 202 357 236 203
218
- 15 to 29
-43
-35
-36 -80
42
107
- 30 to 39
-4
-47
-31 -10
-21 -15
-6 -42 -25
16
29
57
- 60 or more
-3
22
12
2 -98
11
12
-146
- 50 to 59
-2 -109
-8
27
Daily workers
- 40 to 49
-78
-14
-6
49
23
-25
-19 -64
26
46 -102
30
53
31
74 118
97
99
53
13
294 291 270 220 254 196 254 279 285 285 323 227 181
34
203
47 149 222 215 181 181 156 187 200 201 218 192 187
179
EB 9 .indd 22
Employment by industry
Source: Statistics Korea (employment trends)
100
80
71.0 70.8 70.3 69.7 69.2 69.1 69.3 69.2 69.0 68.7 69.0 70.4 70.9 71.1 70.2 69.4 69.2 69.1 69.4 69.6 69.4 69.1 69.7 70.8 71.1 71.2 70.6 69.7 69.4 69.3 69.6
60
40
7.2 7.1 7.2 7.2 7.2 7.2 7.1 7.1 7.1 7.3 7.2 7.2 6.9 6.7 6.9 7.1 7.1 7.1 7.0 6.9 7.0 7.1 7.0 7.0 6.8 6.7 6.8 6.9 7.1 7.1 7.1
20
17.0 17.1 16.6 16.3 16.2 16.3 16.4 16.5 16.6 16.7 16.9 17.1 17.4 17.3 16.9 16.7 16.4 16.4 16.4 16.3 16.4 16.5 16.7 17.1 17.3 17.2 17.0 16.7 16.8 16.8 16.8
4.4 4.7 5.6 6.5 7.0 7.0 6.8 6.8 6.8 6.9 6.5 4.9 4.3 4.6 5.6 6.3 6.7 6.9 6.7 6.8 6.8 6.9 6.2 4.7 4.4 4.5 5.3 6.1 6.4 6.5 6.2
2012.1 2
Services
9 10
11 12 2013.1 2 3
Construction
10 11 12 2014.1 2
Manufacturing
23.1 23.1 23.4 23.4 23.3 23.2 23.4 23.3 23.2 23.1 22.9 22.7 22.7 22.8 23.0 22.8 22.6 22.5 22.6 22.7 22.5 22.4 22.2 21.9 22.1 22.0 22.3 22.2 22.1 22.1 22.1
20.5 20.5 20.6 20.6 20.5 20.3 20.2 19.9 19.8 19.8 19.9 20.0 19.9 19.7 19.5 19.5 19.5 19.5 19.6 19.2 19.4 19.4 19.5 19.5 19.2 19.4 19.6 19.7 19.7 19.5 20.1
40
20
45.4 45.4 44.9 44.3 44.0 44.4 44.4 45.1 45.2 45.1 45.2 46.2 46.9 47.3 47.0 46.3 46.2 46.1 46.4 46.8 46.7 46.5 46.9 47.8 48.3 48.2 47.8 47.3 47.1 47.2 46.8
0
2012.1 2
10
11 12 2013.1 2
Self-employed workers
Daily workers
10
11 12 2014.1 2
Temporary workers
6.5 6.5 6.3 6.6 6.8 6.7 6.7 6.4 6.4 6.7 6.8 6.6 6.2 6.0 6.0 6.5 6.7 6.7 6.3 6.1 6.3 6.5 6.4 6.4 6.3 6.0 5.7 6.0 6.1 6.1 6.0
60
23
Regular workers
The number of unemployed persons in July increased by 84,000 year-on-year to 910,000, and the
unemployment rate rose 0.3 percentage points to 3.4 percent. The unemployment rate rose in all age groups.
Unemployment rate
Source: Statistics Korea (employment trends)
6
(%)
2
2004.1
2005.1
Original data
EB 9 .indd 23
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
24
Q1
2014
Q2 Jun Jul
920
855
820
722 807
31
-65
-35
-18 -13
-40 -29
11
33
- Male
-7
-48
-26
-13
-6
-7 -20
11
-7
28
- Female
38
-17
-9
-6
-7
-4
18
3.7
3.4
3.2
2.8 3.1
(Seasonally adjusted)
3.7
3.4
3.2
3.0 3.1
-15 to 29
8.0
7.6
7.5
7.0 8.0
- 30 to 39
3.5
3.4
3.0
2.7 3.0
- 40 to 49
2.5
2.1
2.0
1.8 2.0
-33
-9
84
62
42
-3
84 103
95
87
- 50 to 59
2.5
2.1
2.1
1.8 1.9
- 60 or more
2.8
2.6
2.4
1.6 1.8
E c o n o m i c B u l le t i n
The economically inactive population in July was down 206,000 from a year earlier to 15,640,000, while the
labor force participation rate rose 0.8 percentage points to 63.2 percent.
The number of those economically inactive due to old age (up 94,000, y-o-y) and disabilities (up 21,000, y-o-y)
increased, while those due to education (down 111,000, y-o-y), rest (down 71,000, y-o-y) , and childcare (down
56,000, y-o-y) decreased.
(%)
64
63
62
61
60
59
58
2004.1
2005.1
Original data
EB 9 .indd 24
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2010 2011
2012
Annual Annual Annual Q4 Annual Q1
2013
Q2 Q3
Q4
Jul
Q1
2014
Q2 Jun Jul
Economically inactive population (millions) 15.84 15.95 16.08 16.26 16.22 16.83 15.91 15.98 16.17 15.84 16.40 15.69 15.67 15.64
Labor force participation rate (%)
61.0 61.1 61.3 61.1 61.5 59.9 62.2 62.1 61.7 62.4 61.3 63.1 63.1 63.2
(Seasonally adjusted)
Growth in economically inactive
population (y-o-y, thousands)
61.0 61.1 61.3 61.1 61.5 61.2 61.3 61.6 61.7 61.5 62.6 62.2 62.1 62.3
143
112
- Childcare
-125
-5
- Housework
201
101
123 126
-3 143
- Education
12
-51
-12
77 118 147
- Old age
80
-45
148 186
54 154
32
21
-56
182
-53 -125
-7 -106
44
12
- Rest
128 244
-2
-3
39
10
-56
-47
22
81 113 113
-1
94
-71
25
The Green Book
9. Financial markets
9.1 Stock market
The KOSPI in August fell 7.6 points to 2,069 points from 2,076 points in the previous month. The KOSPI fell
earlier in the month due to increasing concerns over Ukraine and Iraq, but later gained some ground as
concerns over an early interest rate hike in the US eased.
Stock prices
2,200
2,000
(monthly average)
1,800
1,600
1,400
1,200
1,000
800
600
400
200
2004.1
KOSPI
EB 9 .indd 25
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
KOSDAQ
Jul 2014
KOSPI
Aug 2014
Change
2,076.1
2,068.5
1,242.4
Jul 2014
KOSDAQ
Aug 2014
Change
-7.6 (-0.4%)
536.3
570.2
33.9 (6.3%)
1,238.9
-3.5 (-0.3%)
130.6
139.2
8.6 (6.6%)
4.0
4.1
0.1 (2.5%)
2.0
2.2
0.2 (10.0%)
35.9
35.5
-0.4 (-1.1%)
10.7
11.0
0.3 (2.8%)
The dollar-won exchange rate in August fell 13.9 won to 1,014.0 won from 1,027.9 won at the end of July.
Despite the Bank of Koreas decision to cut its benchmark interest rate (2.50% > 2.25%), as well as talks
over an early interest rate hike in the US, the dollar-won exchange rate declined due to inflows of portfolio
investment funds.
The 100 yen-won exchange rate declined from 1,000.6 won in July to 976.7 won in August, as the yen remained
weak due to diverging monetary policies between the US and Japan.
(Closing rate)
2008
Dec
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
Jul
2014
Aug
Change
Dollar-Won
1,259.5
1,164.5
1,134.8
1,151.8
1,070.6
1,055.4
1,027.9
1,014.0
4.1
100 Yen-Won
1,396.8
1,264.5
1,393.6
1,481.2
1,238.3
1,002.3
1,000.6
976.7
2.6
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.
(month-end, \)
1,600
1,400
1,200
1,000
800
600
2004.1
2005.1
Dollar-Won
EB 9 .indd 26
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
100 Yen-Won
(\)
1,600
1,400
1,200
1,000
800
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Dollar-Won
100 Yen-Won
27
Interest rates
Source: The Bank of Korea
10
3-year Treasury bond yields fell from 2.52 percent in July to 2.51 percent in August. Treasury bond yields,
which had been rising due to diminishing expectations for additional interest rate cuts, inched down as longterm interest rates in major countries fell.
9
8
7
6
5
4
3
2
1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
(Closing rate, %)
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
May
Jun
2014
Jul
Aug
Change
2.01
2.51
3.29
2.77
2.52
2.49
2.49
2.49
2.24
-25
CD (91 days)
2.88
2.80
3.55
2.89
2.66
2.65
2.65
2.65
2.40
-25
4.44
3.38
3.34
2.82
2.86
2.82
2.68
2.52
2.51
-1
5.56
4.27
4.21
3.29
3.29
3.24
3.10
2.92
2.88
-4
4.98
4.08
3.46
2.97
3.23
3.04
2.88
2.76
2.74
-2
EB 9 .indd 27
28
2009
Annual
2010
Annual
2011
Annual
2012
Annual
2013
Annual
Apr
May
2014
Jun
Jun
M1
16.3
11.8
6.6
3.8
9.5
9.1
10.0
9.3
532.0
M2
10.3
8.7
4.2
5.2
4.8
5.5
6.0
6.1
1,999.4
Lf
7.9
8.2
5.3
7.8
6.9
6.2
6.6
6.7
2,703.1
2011.1
2012.1
2013.1
2014.1
E c o n o m i c B u l le t i n
30
20
10
-10
-20
2004.1
2005.1
Reserve money
2006.1
2007.1
2008.1
2009.1
M1
2010.1
Lf
Bank deposits fell sharply in July, led by instant access deposits (10.7 trillion won > -10.9 trillion won) , as
corporations withdrew funds for value-added tax payments.
Asset management company (AMC) deposits surged, led by money market funds (MMF) (-4.0 trillion won >
6.5 trillion won) , due to the inflow of the funds that had been withdrawn the previous month to raise banks
BIS ratios at the end of the first half.
EB 9 .indd 28
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
Apr
May
2014
Jun
Jul
Jun
Bank deposits
54.8
36.9
58.9
37.0
41.0
-3.3
13.9
9.3
-8.8
1,198.8
AMC deposits
-27.6
-16.7
-16.6
18.8
17.7
-3.1
6.0
-1.1
11.5
357.8
30
20
29
10
-10
-20
2004.1
2005.1
2006.1
2007.1
10. Balance of
payments
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
EB 9 .indd 29
-0.48 > -0.55 (travel), 1.33 > 1.61 (construction), -0.59 >
(consumer goods)
30
E c o n o m i c B u l le t i n
(US $ billion)
8
6
4
2
0
-2
-4
-6
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Services account
Goods account
2014.1
Current account
(US $ billion)
2013
2014
Jun
Annual
Q1
Q2
Q3
Q4
Jul
Q1
Q2
Current account
79.88
10.46
20.80
23.78
24.84
7.99
15.07
24.13
7.92
Jul
7.91
- Goods balance
80.57
12.08
20.00
23.88
24.62
7.91
17.75
26.42
6.65
6.86
- Service balance
-7.93
-3.51
-0.41
-2.06
-1.94
-1.06
-3.62
-1.95
-0.58
-0.01
11.42
2.78
1.84
3.16
3.64
1.40
1.91
1.33
2.23
1.49
-4.18
-0.89
-0.62
-1.19
-1.48
-0.26
-0.96
-1.68
-0.38
-0.43
1. Preliminary
Source: The Bank of Korea
EB 9 .indd 30
31
15
(US $ billion)
10
5
0
-5
-10
-15
2004.1
2005.1
Direct investment
2006.1
2007.1
2008.1
Portfolio investment
EB 9 .indd 31
2009.1
2010.1
2011.1
Financial derivatives
2012.1
2013.1
2014.1
11.1 Prices
Consumer prices rose 0.2 percent month-onmonth in August, up from 0.1 percent in July.
Compared to the same month of the previous year,
consumer prices rose 1.4 percent, down from 1.6
percent in July.
(%)
Aug
Sep
2013
Oct
Nov
Dec
Jan
Feb
Mar
2014
Apr May
Jun
Jul
Aug
Month-on-Month
0.4
0.2
-0.3
0.0
0.1
0.5
0.3
0.2
0.1
0.2
-0.1
0.1
0.2
Year-on-Year
1.5
1.0
0.9
1.2
1.1
1.1
1.0
1.3
1.5
1.7
1.7
1.6
1.4
32
4
3
E c o n o m i c B u l le t i n
2
1
0
-1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
EB 9 .indd 32
2010.1
2011.1
2012.1
2013.1
2014.1
Personal service prices rose 0.3 percent month-onmonth, as travel service prices rose due to summer
holidays. Dining out expenses rose 0.1 percent, and
personal service prices excluding dining out costs
were up 0.5 percent.
Price increases by item (m-o-m, %)
domestic group tour expenses (11.3), overseas group tour
expenses (6.0), condominium fees (8.6)
(%p)
4
3
2
1
0
2003
2004
2005
2006
2007
2008
2009
2010
2012
2013
2014
Manufactured products
Housing rents
Public services
Personal services
Public utilities
33
the previous month, fresh food prices rose 4.2
percent.
Fresh food price increases (y-o-y, %)
Fresh food prices declined 11.8 percent year-onyear, led by vegetables (down 19.1%) . Compared to
-12.9 (Jan 2014) > -12.4 (Feb) > -11.3 (Mar) > -12.0 (Apr) >
-9.2 (May) > -7.7 (Jun) > -8.3 (Jul) > -11.8 (Aug)
Prices
Source: Statistics Korea (consumer price trends)
16
(y-o-y, %)
13
10
7
4
1
-2
-5
2004.1
2005.1
2006.1
EB 9 .indd 33
2007.1
2008.1
2009.1
Core inflation
2010.1
2011.1
2012.1
2013.1
2014.1
(y-o-y, %)
2013
2014
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
Consumer prices excluding oil and agricultural products 1.5 1.7 1.8 2.0 1.9 1.7 1.7 2.1 2.3 2.2 2.1 2.2
2.4
1.3 1.5 1.6 1.7 1.6 1.5 1.4 1.7 1.9 1.8 1.7 1.9
2.1
1.1 0.2 0.0 0.5 0.5 0.6 0.4 0.8 1.0 1.4 1.4 1.4
0.8
The expected annual inflation was unchanged at 2.8 percent, while import prices fell 8.5 percent year-on-year.
Expected inflation (%, over the next 12 months)
2.9 (Dec 2013) > 2.9 (Jan 2014) > 2.9 (Feb) > 2.8 (Mar) > 2.9 (Apr) > 2.8 (May) > 2.8 (Jun) > 2.8 (Jul) > 2.8 (Aug)
34
E c o n o m i c B u l le t i n
2011 2012
2013
Annual Annual Annual Sep Oct
Nov
Dec
Jan
Feb
Mar
2014
Apr May
Jun
Jul
Aug
Dubai crude
105.9
109.0
105.3
107.9 105.6 105.5 107.5 104.0 105.0 104.4 104.6 105.6 107.9 106.1 101.9
Brent crude
111.0
111.7
108.7
111.6 109.3 108.0 110.7 107.7 108.9 107.7 107.8 109.4 111.8 107.4 102.6
95.1
93.8
98.0
WTI crude
106.2 100.5
94.0
97.9
96.3
EB 9 .indd 34
($/B)
140
120
100
80
60
40
20
0
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Dubai crude
WTI
35
2011 2012
Annual Annual Annual Sep
2013
Oct
Nov
Dec
Jan
Feb
Mar
2014
Apr May
Jun
Jul
Aug
Domestic gasoline prices continued to fall, as stabilizing domestic oil prices and the strong won were reflected
with a time lag.
Gasoline prices 1,929.3 1,985.8 1,924.5 1,934.6 1,907.3 1,880.0 1,881.1 1,886.4 1,880.7 1,880.8 1,875.9 1,869.5 1,861.7 1,856.7 1,842.0
Diesel prices 1,745.7 1,806.3 1,729.6 1,734.3 1,711.8 1,692.9 1,699.1 1,705.1 1,698.5 1,696.0 1,688.9 1,680.9 1,670.8 1,661.8 1,644.5
Source: Korea National Oil Corporation
($/B)
(thousand won/B)
160
140
140
120
120
100
100
80
80
60
60
40
40
20
20
2004.1
2005.1
2006.1
2007.1
EB 9 .indd 35
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Aluminum, lead and zinc prices rose due to tight supply*, while tin and copper prices fell as demand was
expected to slow down due to the sluggish real estate market in China.
Nonferrous metal price increases in August (m-o-m, %)
aluminum (4.4), lead (2.2), zinc (0.8), tin (-0.4), copper (-1.5), nickel (-2.5)
* Aluminum: Major smelting factories in the US cut production, while demand from car manufacturers has been rising.
Zinc: Major mines in Australia are due to close, and production growth in China slowed.
36
E c o n o m i c B u l le t i n
Reuters index*
(Period average)
2011
2012
Annual Annual Annual
3,062
3,006
2,774
Sep
2013
Oct
2,630
Nov
Dec
Jan
Feb
Mar
2014
Apr May
Jun
Jul
2,655 2,623 2,642 2,574 2,586 2,641 2,650 2,608 2,569 2,548
Aug
2,510
4000
430
390
3000
350
310
2000
270
230
1000
190
150
2004.1
2005.1
CRB (left)
EB 9 .indd 36
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
(m-o-m, %)
Busan (0.1), Daegu (0.3), Gwangju (0.1), Daejeon (0.1),
Ulsan (0.3)
Feb
Mar
2014
Apr
May
Jun
Jul
Aug
0.0
0.0
0.1
1.9
6.9
0.0
0.3
0.9
0.2
0.2
0.2
0.1
0.0
-1.7
0.5
-3.0
-1.1
0.7
0.2
0.2
0.3
0.0
-0.1
0.0
0.0
0.1
Seoul
-1.2
0.3
-2.9
-1.4
0.5
0.2
0.2
0.2
0.0
-0.1
-0.1
0.0
0.0
Gangnam
-1.0
0.3
-3.5
-1.1
0.5
0.2
0.2
0.2
-0.1
-0.1
-0.1
0.0
0.0
Gangbuk
-1.4
0.3
-2.3
-1.7
0.6
0.2
0.2
0.2
0.1
0.0
0.0
-0.1
0.1
6.4
15.1
3.1
1.7
1.1
0.3
0.2
0.2
0.1
0.1
0.1
0.1
0.1
2012.1
2014.1
Nationwide
Jan
37
(m-o-m, %)
2.0
1.0
0.0
-1.0
2009.1
Nationwide
EB 9 .indd 37
2010.1
2011.1
2013.1
38
Jan
Feb
Mar
2014
Apr
E c o n o m i c B u l le t i n
May
Jun
Jul
Aug
Nationwide
7.1
12.3
3.5
4.7
2.2
0.6
0.5
0.5
0.1
0.1
0.1
0.1
0.2
6.3
11.0
2.1
6.2
3.0
0.8
0.8
0.7
0.1
0.0
0.1
0.2
0.2
Seoul
6.4
10.8
2.1
6.6
2.3
0.8
0.6
0.5
0.1
0.0
0.0
0.1
0.1
Gangnam
7.6
11.1
2.4
6.7
2.0
0.9
0.7
0.0
0.1
0.2
Gangbuk
5.1
10.6
1.8
6.4
2.6
0.7
0.6
0.6
0.2
0.1
0.1
0.1
0.1
9.2
14.5
4.6
3.3
1.4
0.4
0.2
0.2
0.2
0.1
0.1
0.1
0.1
(m-o-m, %)
2.0
1.0
0.0
-1.0
-2.0
2009.1
Nationwide
EB 9 .indd 38
2010.1
2001.1
2012.1
2013.1
2014.1
Apartment sales transactions in July increased 5.1 percent from 73,108 transactions in the previous month to
76,850 transactions, and were up 94.0 percent from a year earlier (39,608), when transactions plunged
immediately after the expiration of the property acquisition tax cut.
73
67
82
61
40
47
57
90
85
93
59
79
89
93
78
73
Jul
77
(thousands)
140
39
120
100
60
40
20
0
2009.1
2010.1
Nationwide
2011.1
2012.1
2013.1
2014.1
80
Land price growth also accelerated in areas excluding the Seoul metropolitan area (up 0.20%), led by Busan
(up 0.22%), Daegu (up 0.27%) and Sejong (up 0.54%).
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.16 (Dec 2013) > 0.10 (Jan 2014) > 0.14 (Feb) > 0.17 (Mar) > 0.18 (Apr) > 0.15 (May) > 0.18 (Jun) > 0.20 (Jul)
EB 9 .indd 39
2013
Q2
Q3
Q4 Annual
2014
Q2 May
Q1
Jun
Jul
Nationwide
-0.31 0.96 1.05 1.17 0.87 1.14 0.21 0.37 0.10 0.46 1.10 0.45 0.48 0.15 0.15 0.17
Seoul
-1.00 1.40 0.53 0.97 0.33 1.21 0.10 0.41 0.08 0.61 1.50 0.69 0.59 0.18 0.18 0.21
Gyeonggi
-0.26 1.22 1.49 1.47 0.97 0.91 0.17 0.33 0.07 0.34 0.74 0.26 0.37 0.13 0.09 0.11
Incheon
1.37 1.99 1.43 0.66 0.36 0.87 0.21 0.37 0.07 0.23 0.70 0.37 0.25 0.07 0.09 0.07
40
(%)
12
9
6
E c o n o m i c B u l le t i n
3
0
-3
-6
-9
-12
-15
-18
1994
1995
1996
1997
1998
1999
National average
2000
2001
2002
2003
2004
2005
2006
Metropolitan city
2007
2008
2009
2010
2011 2012
City
2013
County
(y-o-y, %)
50
40
30
20
10
0
-10
-20
1974
1977
EB 9 .indd 40
1980
1983
1986
1989
1992
1995
1998
2001
2004
2007
2010
2013
There were 219,000 land transactions in July, up 9.9 percent from the previous month and 29.3 percent from
169,000 a year earlier.
Land transaction growth was led by Seoul (up 17.3%, m-o-m), Gyeonggi Province (up 15.3%, m-o-m), Gwangju
(up 33.7%, m-o-m) and Jeju (up 15.4%, m-o-m).
Vacant land transactions, which accounted for 39.5 percent of the total land transactions, rose 9.9 percent
month-on-month to 86,000 and were up 8.7 percent from 79,000 a year earlier.
Land transactions
2008
2009
2010
2011
2012
2013
2014
Annual Annual Annual Annual Annual Annual Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Nationwide
203
187
208
170
187
26
22
16
18
13
17
153 144 208 201 236 183 205 227 233 207 199 219
13
14
20
19
22
17
20
24
22
18
18
21
Gyeonggi
45
46
41
43
33
37
29
30
44
41
50
37
42
47
49
42
39
45
Incheon
13
10
10
10
10
10
11
1. Monthly average
Source: Korea Land & Housing Corporation
208
Seoul
41
(thousand m)
400,000
300,000
200,000
100,000
2004.1
2005.1
2006.1
EB 9 .indd 41
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
42
20
(%)
15
10
E c o n o m i c B u l le t i n
5
0
-5
-10
-15
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2013
Dec
Jan
Feb
Mar
2014
Apr
May
Jun
Jul
0.4
2.0
1.1
0.9
-1.5
1.4
0.7
2.7
-0.6
1.4
-1.0
-0.6
2.2
1.6
0.2
2.7
0.6
0.6
0.3
0.4
0.1
0.0
0.3
0.4
100.4
0.2
100.7
0.3
100.6
-0.1
100.7
0.1
100.5
-0.2
100.1
-0.4
100.1
0.0
100.1
0.0
0.7
0.5
0.3
0.2
0.5
0.3
0.6
0.4
101.5
0.4
101.6
0.1
101.5
-0.1
101.3
-0.2
101.4
0.1
101.3
-0.1
101.5
0.2
101.6
0.1
EB 9 .indd 42
The cyclical indicator of the coincident composite index was unchanged in July. Among the components of the
coincident composite index, mining & manufacturing production, service output, retail sales and domestic
shipments rose, while the value of construction completed and imports fell.
Components of the coincident composite index in July (m-o-m)
mining & manufacturing production (0.4%), service output (0.7%), retail sales (0.6%), domestic shipments (0.4%), value of
construction completed (-1.4%), imports (-0.7%)
(points)
43
100
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
The cyclical indicator of the leading composite index rose 0.1 points. Four components of the leading composite
index declined, while five others rose.
90
(points)
100
90
2004.1
EB 9 .indd 43
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
44
E c o n o m i c B u l le t i n
PO
LIC
Y
ISS
UE
S
2015 Budget Planned to Support Expansionary Fiscal Policies
Government to Promote Private Pension Plans
EB 9 .indd 44
45
1. Key policies
Budgets will be more efficiently spent in 2015 by getting rid of wasteful spending on similar or overlapping
projects and benefit fraud.
Policy Issues
The 2015 budget proposal supports expansionary fiscal policies, while emphasizing increased investment in job
creation, domestic consumption and the creative economy in order to achieve sustainable growth. Investment
to guarantee infrastructure safety will be increased, and supports for the working class will be strengthened.
EB 9 .indd 45
2014 budget
369.3
355.8
-25.5
(-1.7)
13.5
(0.9)
527.0
(35.1)
Policy Issues
Budgets by area
(trillion won)
Change
(B-A)
376.0
20.2
5.7
115.5
9.1
8.5
13.2
14.3
1.1
7.6
50.7
53.0
2.3
4.6
5.4
6.0
0.6
10.4
Environment
6.5
6.7
0.3
4.0
17.8
18.8
1.0
5.9
7.1
8.3
1.2
17.1
2015 budget
proposal (B)
Total expenditures
355.8
Social security
106.4
Job creation
Education
R&D
Creative economy
46
E c o n o m i c B u l le t i n
15.4
16.5
1.1
7.0
SOC
23.7
24.4
0.7
3.0
18.7
19.3
0.6
3.0
National defense
35.7
37.6
1.9
5.2
4.2
4.5
0.3
6.9
15.8
16.9
1.1
7.1
Safety
12.4
14.6
2.2
17.9
Local government
57.2
59.2
2.0
3.4
Diplomacy, reunification
EB 9 .indd 46
2) Stimulate corporate
investment and
promote exports
3) Increase support
for creative economy,
promising services and
R&D investment
- Increase the creative economy support from 7.1 trillion won to 8.3 trillion won
- Develop a high-tech community in Pangyo, while increasing the number of the
Creative Economy Centers
- Increase R&D investment to foster future growth engines including the 5th
generation mobile communications technology, while maximizing research
47
Improving public safety
- Greatly increase the safety budget from 12.4 trillion won to 14.6 trillion won
- Thoroughly overhaul public infrastructure, and increase repair and maintenance
budget from 1.4 trillion won to 2.0 trillion won
- Provide 100 billion won support for firefighting equipment purchases
- Newly invest 50 billion won to integrate the current eight emergency
communication systems into one in order to improve efficiency
- Foster safety experts and strengthen safety education
Policy Issues
1) Increase investment
in public infrastructure
safety
2) Improve public safety - Increase the number of security cameras to 170,000 in and around schools, while
more closely watching school meal safety
and quality of life
- Increase electric car subsidies from 800 cars to 3,000 cars, and introduce the
hybrid car subsidies of 1 million won per car, for which 40,000 cars will be made
eligible
3) Enhance national
defense capabilities
EB 9 .indd 47
- Increase small business funds from 1.2 trillion won to 2.0 trillion won, and provide
low interest rate loans in order to help develop traditional markets
- Launch the Hope Return Package, a financial support scheme for small business
owners who want to close their businesses and return to paid employment jobs
Policy Issues
2) Introduce 3 packages - Introduce the monthly regular employee wage support of up to 600,000 won per
of vulnerable class
employee for up to one year from the time the employee was transferred from a
support
nonregular position to a regular position
- Introduce the Unemployment Credit, which will pay some of the National Pension
Insurance payments for those temporarily losing jobs
- Launch SME retirement pension funds, which will provide the amount equivalent
to 10 percent of the money saved by SME employees for the past three years and
also pay 50 percent of fund management fees
3) Strengthen tailored
welfare programs
48
- Young adults: Reduce tuition fees by half, promote starting business and provide
vocational training
- Women: Increase the number of public daycare centers by 171 and part time
jobs by two folds, of which the working hours are decided by woman employees
- Elderly: Increase the budget for the basic old age pension from 5.2 trillion won
to 7.6 trillion won
- Farmers and fishermen: Provide low interest rate loans and increase the number
of farm reverse mortgages
E c o n o m i c B u l le t i n
- Provide vaccination against hepatitis A to children and flu vaccination to the elderly
- Introduce an around 100,000 won energy voucher to 960,000 households in order
to support heating expenses
EB 9 .indd 48
(trillion won, %)
2014
2015
2016
2017
2018
369.3
(-0.9)
216.5
382.7
(3.6)
221.5
404.6
(5.7)
238.1
428.1
(5.8)
254.1
450.8
(5.3)
272.3
355.8
(4.0)
-25.5
(-1.7)
527.0
(35.1)
376.0
(5.7)
-33.6
(-2.1)
570.1
(35.7)
393.6
(4.7)
-30.9
(-1.8)
615.5
(36.4)
408.4
(3.8)
-24.0
(-1.3)
659.4
(36.7)
424.0
(3.8)
-18.1
(-1.0)
691.6
(36.3)
1) Reform fiscal
management system
The government will work on improving the fiscal management system on the
basis of the following three directions:
Policy Issues
49
EB 9 .indd 49
Policy Issues
The government will increase tax transparency by avoiding tax fraud, in particular
strictly treating overseas tax evasion. The government will continue to work on
revising and enacting laws to efficiently tackle tax evasion.
3) Strengthen fiscal
risk management
The government will more tightly manage public sector debt by strengthening the
monitoring and analysis of fiscal risk factors in public entities. The establishment of
a public sector debt management system will be reviewed in the mid-term, and the
government will produce a public sector fiscal risk report to do in-depth analyses of
public sector debt, including debts in public enterprises, public pension funds and
government guarantee programs.
Risk factors that may lead to a fiscal crisis will be more strictly monitored, which
include risk factors in national debt, central government fiscal balance, public
enterprises and local government fiscal conditions.
50
4) Budget allocation
plan by area
E c o n o m i c B u l le t i n
Regarding social welfare, the government will build a welfare policy framework
while at the same time making expenditures more efficient and expanding
investment in income redistribution.
The government will continue to pursue establishing work-friendly welfare
programs and a strong basic social security system, and will provide a better
environment for research and higher education while at the same time
strengthening job training programs and increasing lifelong learning opportunities.
Regarding the economy, the government will increase investment in 2015 to prop
up the economic recovery. However, it will work on making fiscal investment more
efficient in the mid-term.
The government will increase spending on public infrastructure safety and
maintenance, and will continue to invest in SOC projects currently under
construction.
Support to stimulate corporate investment, exports and SMEs will continue to be
strengthened, and at the same time R&D support for future growth engines, which
includes fostering new industries and creating new markets, will be increased.
With respect to agriculture and fishery, the government will strengthen the
foundations of rural income creation by providing an improved social safety net and
promoting the industries competitiveness.
The government will continue to invest in public safety, and will found a basis for
developing it into an industry.
EB 9 .indd 50
Policy Issues
Korea has a number of systems in place to guarantee that the elderly have a source of income: The National
Pension Plan was introduced in 1988, personal pension plans were introduced in 1994, and retirement pension
plans were introduced in 2004. Government pension plans, such as the basic pension and national pension
plans, are in a good place, and now it is time to start strengthening private pension plans, including retirement
pension plans.
January 1,
2017
January 1,
2018
January 1,
2019
January 1,
2022
300 or more
100-300
30-100
10-30
10 or less
672
4,936
30,609
112,227
1,276,659
The mandatory plans will allow more employees to enjoy the superior benefits of retirement pension plans,
compared to the severance pay they are receiving now, and temporary workers working for less than a year
will also be made eligible for the pension plan.
The government is looking into ways to ensure that this mandate does not place an undue burden upon
employees as well as businesses.
EB 9 .indd 51
Policy Issues
2. Reduce burdens
The government will launch an SME retirement pension fund in July 2015, which will provide retirement
pension contribution support to SME employees for three years. The fund will provide matching funds of 10
percent of the employee contribution if the employee earns less than 1.4 million won a month, and 50 percent
of fund management fees. In addition, employees will receive tax deductions for retirement pension contributions
of up to 3 million won a year.
52
The investment ceiling on the total amount of risky assets will be eased from 40 percent to 70 percent for the
defined contribution pension plans and the individual retirement pension plans, and investment restrictions
on individual risky assets will be lifted.
E c o n o m i c B u l le t i n
The government will introduce a fund-type retirement pension system in July 2016, which requires corporate
retirement pension funds to be managed as an independent fund. This system will guarantee retirement
pension benefits even in the case that the company goes out of business.
Large companies adopting the defined benefit pension plans will be required to form an investment advisory
committee and produce a report on their investment principles. As for small companies adopting the defined
contribution pension plans, the government will promote joint fund management by those small companies,
and will provide necessary rules and guidelines. The government will also promote the launch of various types
of private retirement pension plans which reflect different demand, for example pension plans whose funds
are managed by commissioned institutions and pension plans which allow medical costs to be withdrawn.
Deposits in the defined contribution pension plans and the individual retirement pension plans will be
protected for up to 50 million won per financial institution, and the tax code will be revised in favor of those
receiving pension benefits instead of severance pay.
EB 9 .indd 52
Ec
o
Ne no
ws mi
c
Br
iefi
ng
53
E co n o m i c New s B r i e f i n g
EB 9 .indd 53
54
E c o n o m i c B u l le t i n
EB 9 .indd 54
G20 Finance Ministers and Central Bank Governors
Meeting
Deputy Prime Minister and Minister of Strategy and
Finance Choi Kyung-Hwan attended the G20
Finance Ministers and Central Bank Governors'
Meeting that was held on September 19-21 in
Cairns, Australia. At the meeting, Deputy Prime
Minister Choi stated that if weak demand continues
to drag down the global economy, it would chip away
at growth potential and make the economy
lethargic. He also warned that slow and insufficient
policy responses will trigger a prolonged period of
low growth, and urged the G20 to take action
towards bold stimulus measures.
EB 9 .indd 55
55
E co n o m i c New s B r i e f i n g
S
A
The quarter-on-quarter growth rates for manufacturing, construction and services were revised down from
earlier estimates. Manufacturing grew 0.9 percent, down from 1.1 percent. Construction grew 0.2 percent and
services grew 0.6 percent, down from 0.4 percent and 0.7 percent, respectively.
56
On the expenditure side, private consumption growth declined 0.3 percent, staying at the same level as the
advanced estimate while government consumption growth was adjusted down from 0.4 percent to 0.2 percent.
Facility investment was up 1.1 percent and construction investment grew 0.4 percent, down from 1.3 percent and
0.5 percent, respectively. Investment in software and technology, which declined 3.6 percent, was revised up
from the advanced estimate of -4.2 percent.
E c o n o m i c B u l le t i n
Export growth was revised down from 1.9 percent to 1.7 percent, while import growth was revised up from 0.8
percent to 1.1 percent.
GDP
Agriculture, forestry & fisheries
Manufacturing
Q1
0.5
(2.6)
2012
Q2
Q3
0.5
0.4
(2.4) (2.1)
-6.7
-0.2
-0.4
Q4
0.6
(2.1)
Q1
0.6
(2.1)
6.1
-4.1
1.9
4.6
Q4
0.9
(3.7)
2014
Q1
Q2
0.9
0.5
(3.9) (3.5)
7.4
-4.4
-3.7
1.5
0.3
0.3
0.1
1.2
1.2
1.2
0.8
2.2
0.9
-2.9
-0.2
0.4
-1.2
2.7
1.7
1.9
-2.4
1.2
0.2
Services
0.9
0.7
0.4
0.6
0.5
1.2
0.7
0.8
0.6
0.6
Private consumption
0.8
0.2
1.2
0.4
-0.1
0.7
1.0
0.6
0.2
-0.3
Government consumption
2.4
-0.4
1.0
0.2
0.5
1.6
0.4
0.9
0.0
0.3
Facility investment
11.5
-8.0
-3.2
-3.3
1.5
1.0
2.7
5.6
-1.9
1.1
Construction investment
-2.1
-3.0
1.2
-2.4
6.5
4.6
0.2
-5.2
5.1
0.4
9.0
-3.2
3.3
-2.8
9.4
-2.2
1.2
1.8
6.5
-3.6
Exports
0.5
2.5
1.9
0.9
0.2
2.6
-1.1
1.4
1.5
1.7
Imports
3.0
-0.2
0.3
-1.3
0.6
1.8
-0.4
2.9
-0.8
1.1
Construction
EB 9 .indd 56
1. National accounts
57
Statistical Appendices
Sta
tist
App ic
a
en l
dic
es
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 and estimated facility investment index
7. Value of construction completed and domestic construction orders received
8. Composite indices of business cycle indicators and BSI
9. Balance of payments (I)
10. Balance of payments (II)
11. Prices
12. Employment
13. Financial indicators
14. Monetary indicators
15. Exchange rates
EB 9 .indd 57
Statistical A ppendic es
1. National accounts
(year-on-year change, %, chained 2010 year prices)
Real GDP
Period
58
Manufacturing
Final
consumption
expenditure
Facilities
E c o n o m i c B u l le t i n
2005
2006
2007
2008
2009
2010
2011
2012
2013P
3.9
5.2
5.5
2.8
0.7
6.5
3.7
2.3
3.0
1.4
1.6
4.1
5.6
3.2
-4.3
-2.0
-0.9
5.8
5.8
7.7
8.4
3.7
-0.5
13.7
6.5
2.4
3.3
4.4
5.2
5.3
2.2
1.3
4.3
2.7
2.2
2.2
2.0
3.6
5.0
-0.9
0.3
5.5
0.8
-0.5
4.2
-0.1
0.7
1.5
-2.7
3.5
-3.7
-3.4
-3.9
6.7
4.8
8.4
9.7
-0.2
-7.7
22.0
4.7
0.1
-1.5
2005
2.5
3.6
4.5
4.9
0.5
4.8
3.8
-3.1
3.6
4.5
7.0
8.1
2.6
4.5
5.4
5.3
0.6
1.7
2.1
3.3
-2.5
1.1
0.0
0.3
3.7
2.1
4.3
9.1
2006
6.3
4.7
2.1
4.8
4.1
-0.2
-1.3
4.2
9.6
7.4
8.2
6.1
5.9
5.1
4.7
5.0
3.0
0.7
4.3
5.9
1.7
-4.1
-0.3
5.4
4.6
8.8
13.5
6.8
2007
4.7
5.6
5.1
6.3
1.7
7.0
8.1
-0.6
6.5
8.6
7.4
10.9
5.2
5.6
5.5
5.0
6.6
6.3
2.1
5.2
3.8
2.0
0.0
0.9
10.3
14.2
2.1
12.2
2008
5.5
4.1
3.9
-1.6
7.7
4.6
4.3
6.4
8.2
7.1
6.1
-5.3
4.7
3.1
2.4
-1.4
1.8
0.9
2.3
-7.0
-2.0
-0.7
0.2
-7.3
7.0
1.4
5.6
-13.0
2009
-1.9
-1.1
0.9
4.8
2.5
0.0
5.0
5.0
-8.4
-5.7
1.6
10.4
-1.9
0.9
1.7
4.5
-5.4
-1.1
0.8
5.8
1.9
4.4
3.1
4.1
-19.4
-13.6
-5.9
9.5
2010
7.2
7.4
5.4
6.0
0.0
-2.2
-7.8
-5.7
16.1
17.2
10.1
11.9
6.2
3.6
3.9
3.4
12.0
6.8
3.8
1.2
1.6
-4.8
-4.8
-5.2
27.6
28.8
20.6
12.9
2011
4.9
3.6
3.3
3.1
-9.2
-2.4
-5.8
7.0
11.4
6.5
5.6
3.4
3.3
3.3
2.8
1.7
-0.7
2.5
1.7
-0.3
-8.3
-2.5
-2.1
-2.0
8.2
8.3
3.4
-0.9
2012
2.6
2.4
2.1
2.1
-0.3
-2.2
-0.1
-0.7
2.7
2.8
2.0
2.0
2.2
1.3
2.7
2.7
6.2
-2.3
-1.0
-3.4
-0.2
-5.4
-2.7
-6.2
11.1
-1.8
-4.2
-4.0
2013P
2.1
2.7
3.4
3.7
0.4
2.9
7.4
9.9
1.8
2.8
3.8
4.5
1.6
2.4
2.3
2.4
-2.6
5.0
5.9
7.8
1.9
9.8
8.8
5.4
-12.7
-3.9
1.5
10.9
2014P
3.9
3.5
7.7
3.4
5.6
5.3
2.6
1.5
5.9
3.4
4.3
0.2
7.3
7.7
P: Preliminary
Source: The Bank of Korea
EB 9 .indd 58
Production index
Shipment index
y-o-y
change(%)
Inventory index
y-o-y
change(%)
y-o-y
change(%)
y-o-y
change(%)
106.0
107.4
107.7
6.0
1.3
0.3
105.6
107.2
107.6
5.6
1.5
0.4
119.9
125.2
131.4
15.0
4.4
5.0
103.2
104.8
106.3
3.2
1.6
1.4
2011
102.6
107.5
104.0
109.7
9.1
6.2
5.4
3.4
103.4
106.6
103.2
109.3
10.0
5.4
4.7
2.8
104.9
109.8
112.3
119.9
7.8
11.8
11.4
15.0
99.4
103.4
103.2
106.7
2.8
2.7
4.2
3.0
2012
106.6
108.9
103.7
110.6
3.9
1.3
-0.3
0.8
106.6
108.4
103.8
109.8
3.1
1.7
0.6
0.5
117.7
114.8
114.5
125.2
12.2
4.6
2.0
4.4
102.0
104.9
104.8
107.6
2.6
1.5
1.6
0.8
2013
105.7
108.9
103.9
112.5
-0.8
0.0
0.2
1.9
105.7
108.9
104.0
111.8
-0.8
0.5
0.2
2.0
123.1
119.4
125.0
131.4
4.6
4.0
9.2
6.2
102.9
106.7
105.6
109.9
0.9
1.7
0.8
2.1
2014
P
106.4
109.2
0.7
0.3
105.9
108.7
0.2
-0.2
130.1
128.9
5.7
8.0
104.9
108.2
1.9
1.4
2012 1
2
3
4
5
6
7
8
9
10
11
12
102.0
106.1
111.6
106.8
110.7
109.2
106.0
100.3
104.7
108.8
112.6
110.3
-3.1
15.3
0.9
0.0
3.3
0.7
0.0
-1.3
0.3
-0.8
3.0
0.1
102.8
106.1
111.0
106.2
109.9
109.2
105.2
99.9
106.2
108.2
111.0
110.1
-2.8
13.5
0.1
-0.6
3.7
2.0
1.0
-1.4
1.9
-0.9
2.6
-0.3
119.3
117.4
117.7
116.5
118.2
114.8
115.4
119.3
114.5
116.1
121.3
125.2
14.2
14.1
12.2
10.2
8.8
4.6
3.2
6.5
2.0
0.6
3.1
4.4
100.3
99.9
105.7
102.8
105.9
105.9
104.8
103.9
105.7
104.7
105.5
112.7
0.3
6.2
1.5
0.7
2.4
1.2
1.6
0.8
2.2
0.5
1.5
0.7
2013 1
2
3
4
5
6
7
8
9
10
11
12
110.9
96.9
109.2
109.1
110.2
107.4
107.5
103.5
100.7
112.7
111.8
113.0
8.7
-8.7
-2.2
2.2
-0.5
-1.6
1.4
3.2
-3.8
3.6
-0.7
2.4
109.5
97.8
109.8
108.8
109.8
108.1
106.6
104.4
100.9
112.0
111.3
112.1
6.5
-7.8
-1.1
2.4
-0.1
-1.0
1.3
4.5
-5.0
3.5
0.3
1.8
128.3
124.6
123.1
121.0
122.2
119.4
124.2
123.8
125.0
126.9
129.2
131.4
7.5
6.1
4.6
3.9
3.4
4.0
7.6
3.8
9.2
9.3
6.5
5.0
102.1
100.2
106.4
105.4
107.7
107.0
105.6
105.6
105.5
107.7
107.4
114.7
1.8
0.3
0.7
2.5
1.7
1.0
0.8
1.6
-0.2
2.9
1.8
1.8
2014 1
2
3
4
5
6P
7P
106.1
100.7
112.3
111.8
107.9
107.8
111.2
-4.3
3.9
2.8
2.5
-2.1
0.4
3.4
104.5
100.8
112.5
110.8
108.1
107.2
108.2
-4.6
3.1
2.5
1.8
-1.5
-0.8
1.5
133.1
129.3
130.1
131.3
129.8
128.9
133.1
3.7
3.8
5.7
8.5
6.2
8.0
7.2
104.3
101.3
109.0
106.4
108.5
109.6
108.5
2.2
1.1
2.4
0.9
0.7
2.4
2.7
59
Statistical Appendices
2011
2012
2013
P: Preliminary
Source: Statistics Korea
EB 9 .indd 59
Statistical A ppendic es
3. Production capacity and operation ratio
Period
60
Average operation
ratio (%)
E c o n o m i c B u l le t i n
2011
2012
2013
104.7
106.9
108.7
4.7
2.1
1.7
100.2
97.5
94.8
0.2
-2.7
-2.8
80.5
78.5
76.2
2011
103.5
104.5
105.0
105.6
5.7
5.1
4.3
3.5
97.8
103.5
97.7
101.9
2.2
0.8
0.1
-2.0
81.4
80.6
80.9
79.1
2012
106.3
106.7
107.0
107.5
2.7
2.1
1.9
1.8
97.5
101.0
93.2
98.3
-0.3
-2.4
-4.6
-3.5
79.9
79.5
76.6
78.0
2013
108.2
108.4
108.9
109.3
1.8
1.6
1.8
1.7
93.3
97.4
90.5
97.9
-4.3
-3.6
-2.9
-0.4
77.3
75.9
75.1
76.5
2014
P
109.5
109.6
1.2
1.1
92.5
96.8
-0.9
-0.6
77.2
76.3
2012 1
2
3
4
5
6
7
8
9
10
11
12
106.2
106.2
106.4
106.6
106.7
106.8
106.7
107.2
107.0
107.3
107.5
107.6
2.9
2.7
2.4
2.1
2.2
2.1
1.8
2.1
1.7
1.4
1.9
1.9
92.5
97.2
102.9
98.9
102.6
101.4
97.2
88.3
94.1
98.1
100.7
96.1
-8.0
11.3
-2.6
-3.6
-0.6
-3.1
-3.5
-6.9
-3.6
-4.6
-1.7
-4.5
80.0
80.4
79.2
79.6
79.9
78.9
78.4
74.3
77.2
77.4
78.3
78.2
2013 1
2
3
4
5
6
7
8
9
10
11
12
108.1
108.2
108.2
108.2
108.4
108.6
108.7
109.0
109.0
109.1
109.3
109.6
1.8
1.9
1.7
1.5
1.6
1.7
1.9
1.7
1.9
1.7
1.7
1.9
98.5
84.5
96.8
97.4
99.0
95.9
94.3
90.4
86.7
99.2
97.9
96.7
6.5
-13.1
-5.9
-1.5
-3.5
-5.4
-3.0
2.4
-7.9
1.1
-2.8
0.6
78.8
77.1
75.9
75.9
75.9
75.9
74.8
76.3
74.3
76.2
76.2
77.2
2014 1
2
3
4
5
6P
7P
109.6
109.5
109.5
109.5
109.7
109.7
110.1
1.4
1.2
1.2
1.2
1.2
1.0
1.3
91.6
87.2
98.7
99.8
95.6
95.1
98.1
-7.0
3.2
2.0
2.5
-3.4
-0.8
4.0
78.2
75.8
77.5
77.8
74.6
76.4
78.0
P: Preliminary
Source: Statistics Korea
EB 9 .indd 60
y-o-y
change (%)
Durable goods
y-o-y
change (%)
Semi-durable goods
y-o-y
change (%)
Nondurable goods
y-o-y
change (%)
104.5
107.0
107.9
4.5
2.4
0.8
110.6
116.2
116.6
10.6
5.3
0.3
103.7
103.8
105.9
3.7
-0.4
2.0
102.1
104.1
104.7
2.1
2.0
0.6
2011
100.7
104.8
103.7
108.9
5.3
6.2
4.0
2.6
105.4
112.2
111.4
113.3
11.5
16.9
10.3
4.4
98.3
105.5
94.2
116.7
5.1
5.2
3.6
1.2
99.6
101.2
104.4
103.3
2.7
2.0
1.5
2.4
2012
103.4
106.4
106.5
111.6
2.8
1.4
2.7
2.5
109.4
114.9
118.4
122.0
4.0
2.6
6.4
8.3
99.0
105.5
92.3
118.4
0.6
-0.5
-2.3
0.5
102.6
102.8
107.2
103.8
3.1
1.7
2.8
0.5
2013
103.7
107.7
107.2
112.9
0.3
1.2
0.7
1.2
110.9
118.2
116.8
120.2
1.4
2.9
-1.4
-1.5
101.7
107.2
95.0
119.6
2.7
1.6
2.9
1.0
101.2
103.0
108.0
106.7
-1.4
0.2
0.7
2.8
2014
P
106.3
108.5
2.5
0.7
117.5
121.2
6.0
2.5
99.9
104.6
-1.8
-2.4
103.9
104.3
2.7
1.3
2012 1
2
3
4
5
6
7
8
9
10
11
12
107.5
97.8
105.0
103.0
110.1
106.1
108.2
102.3
109.1
109.0
111.6
114.3
2.1
5.5
1.1
0.4
2.6
1.2
3.8
1.3
2.9
1.5
4.1
2.1
107.2
107.2
113.7
107.3
117.3
120.0
125.6
114.0
115.7
117.1
123.1
125.9
3.3
9.8
-0.4
1.0
4.4
2.2
7.4
4.0
7.6
8.0
6.5
10.6
104.7
91.9
100.4
104.8
111.4
100.3
97.3
82.1
97.6
114.8
118.8
121.5
-0.2
2.0
0.1
-1.3
0.8
-0.9
0.9
-5.1
-3.0
-2.0
5.1
-1.4
108.8
96.0
102.9
100.1
106.1
102.1
104.9
105.7
111.1
102.7
103.0
105.8
2.4
4.8
2.2
0.8
2.4
1.6
3.0
2.2
3.2
0.0
2.2
-0.5
2013 1
2
3
4
5
6
7
8
9
10
11
12
104.6
99.5
107.0
105.3
110.8
106.9
109.2
104.6
107.7
111.2
113.1
114.5
-2.7
1.7
1.9
2.2
0.6
0.8
0.9
2.2
-1.3
2.0
1.3
0.2
112.2
105.9
114.7
115.0
119.5
120.2
127.4
116.3
106.8
120.4
120.2
120.0
4.7
-1.2
0.9
7.2
1.9
0.2
1.4
2.0
-7.7
2.8
-2.4
-4.7
102.9
93.1
109.2
106.4
113.8
101.5
98.1
87.1
99.9
113.6
123.5
121.8
-1.7
1.3
8.8
1.5
2.2
1.2
0.8
6.1
2.4
-1.0
4.0
0.2
101.7
99.3
102.5
100.3
105.5
103.1
105.5
106.9
111.6
105.9
105.3
108.8
-6.5
3.4
-0.4
0.2
-0.6
1.0
0.6
1.1
0.5
3.1
2.2
2.8
2014 1
2
3
4
5
6P
7P
110.5
99.1
109.3
105.5
112.0
108.0
109.9
5.6
-0.4
2.1
0.2
1.1
1.0
0.6
116.8
117.1
118.6
114.1
121.7
127.6
131.3
4.1
10.6
3.4
-0.8
1.8
6.2
3.1
100.2
91.6
107.9
105.4
111.3
97.1
95.3
-2.6
-1.6
-1.2
-0.9
-2.2
-4.3
-2.9
112.1
94.0
105.5
101.5
107.8
103.6
106.3
10.2
-5.3
2.9
1.2
2.2
0.5
0.8
61
Statistical Appendices
2011
2012
2013
P: Preliminary
Source: Statistics Korea
EB 9 .indd 61
Statistical A ppendic es
5. Consumer goods shipment index and consumer
sentiment index
Domestic consumer goods shipment index (2010=100)
Durable goods
Period
62
y-o-y
change (%)
Nondurable goods
y-o-y
change (%)
y-o-y
change (%)
Consumer
sentiment
index
E c o n o m i c B u l le t i n
2011
2012
2013
100.9
102.5
101.9
0.9
1.6
-0.6
100.3
102.8
103.1
0.3
2.5
0.3
101.2
102.4
101.4
1.2
1.2
-1.0
2011
101.0
97.9
101.5
103.3
4.6
0.9
0.8
-2.2
99.5
100.7
100.9
100.1
3.8
3.1
-0.1
-5.0
101.6
96.8
101.7
104.6
4.7
0.2
1.1
-1.1
2012
100.8
99.9
103.5
106.0
-0.2
2.0
2.0
2.6
97.8
99.1
102.5
112.0
-1.7
-1.6
1.6
11.9
102.0
100.2
103.9
103.4
0.4
3.5
2.2
-1.1
2013
102.8
98.4
102.1
104.5
2.0
-1.5
-1.4
-1.4
108.0
100.6
102.3
101.5
10.4
1.5
-0.2
-9.4
100.5
97.4
101.9
105.8
-1.5
-2.8
-1.9
2.3
2014
P
100.4
99.9
-2.3
1.5
103.2
102.7
-4.4
2.1
99.2
98.8
-1.3
1.4
2012 1
2
3
4
5
6
7
8
9
10
11
12
100.6
98.6
103.1
99.2
101.6
98.9
102.8
101.5
106.1
106.6
105.7
105.7
-7.0
10.9
-2.6
0.9
5.9
-0.6
2.4
-0.8
4.3
1.7
4.7
1.5
92.5
98.3
102.5
94.1
100.4
102.8
105.3
98.4
103.9
108.5
110.9
116.5
-8.3
6.0
-2.4
-3.6
1.2
-2.4
0.7
0.1
4.1
8.0
12.0
15.5
104.0
98.7
103.3
101.3
102.1
97.3
101.8
102.9
107.0
105.7
103.5
101.1
-6.6
13.1
-2.6
2.6
8.0
0.2
3.4
-1.1
4.4
-0.8
1.6
-4.1
98
102
102
106
106
101
100
101
99
100
100
99
2013 1
2
3
4
5
6
7
8
9
10
11
12
108.4
96.7
103.2
99.1
99.3
96.7
103.2
103.7
99.3
108.7
102.8
102.0
7.8
-1.9
0.1
-0.1
-2.3
-2.2
0.4
2.2
-6.4
2.0
-2.7
-3.5
110.4
106.1
107.6
97.9
101.3
102.6
108.8
103.6
94.6
104.3
102.9
97.4
19.4
7.9
5.0
4.0
0.9
-0.2
3.3
5.3
-9.0
-3.9
-7.2
-16.4
107.5
92.6
101.3
99.6
98.5
94.1
100.8
103.7
101.3
110.6
102.7
104.0
3.4
-6.2
-1.9
-1.7
-3.5
-3.3
-1.0
0.8
-5.3
4.6
-0.8
2.8
102
102
104
102
104
105
105
105
102
106
107
107
2014 1
2
3
4
5
6P
7P
8
102.2
96.3
102.6
101.2
99.6
99.0
103.7
-
-5.7
-0.4
-0.6
2.1
0.3
2.4
0.5
-
99.8
106.5
103.3
97.8
103.4
106.8
106.6
-
-9.6
0.4
-4.0
-0.1
2.1
4.1
-2.0
-
103.3
91.9
102.3
102.7
97.9
95.7
102.6
-
-3.9
-0.8
1.0
3.1
-0.6
1.7
1.8
-
109
108
108
108
105
107
105
107
P: Preliminary
Source: Statistics Korea
EB 9 .indd 62
Period
2011
2012
2013
Public
y-o-y
change (%)
Private
y-o-y
change (%)
y-o-y change
(%)
change (%)
7.6
-13.9
6.7
2,407
2,142
2,580
-2.6
-11.0
20.5
22,741
19,506
20,524
8.8
-14.2
5.2
103.5
100.6
99.3
3.5
-2.8
-1.3
2011
6,383
6,723
5,666
6,376
15.3
9.6
-0.7
6.4
358
708
310
1,031
-36.7
83.1
-18.6
-9.5
6,025
6,015
5,356
5,345
21.2
4.6
0.6
10.1
97.0
109.4
104.5
103.0
5.2
7.4
3.2
-1.4
2012
6,310
5,391
5,036
4,910
-1.1
-19.8
-11.1
-23.0
810
285
579
468
126.1
-59.7
86.7
-54.6
5,500
5,106
4,458
4,442
-8.7
-15.1
-16.8
-16.9
105.0
104.8
96.2
96.4
8.2
-4.2
-7.9
-6.4
2013
5,592
5,867
5,148
6,498
-11.4
8.8
2.2
32.4
429
554
522
1,075
-47.0
94.2
-9.7
129.7
5,163
5,313
4,625
5,423
-6.1
4.0
3.8
22.1
91.2
100.6
98.8
106.4
-13.1
-4.0
2.7
10.4
2014
P
6,594
6,126
17.9
4.4
1,221
305
184.6
-45.0
5,373
5,821
4.1
9.6
96.6
106.8
5.9
6.2
2012 1
2
3
4
5
6
7
8
9
10
11
12
1,933
2,541
1,836
1,845
1,830
1,716
1,835
1,509
1,693
1,511
1,656
1,743
-0.8
25.1
-23.6
-4.4
-14.4
-35.4
-9.4
-14.2
-10
-22.5
-27.8
-18.3
52
695
63
56
39
190
310
169
100
86
127
255
-22.2
829.0
-70.9
-10.3
-72.8
-62.2
135.5
105.9
3.5
-72.3
-75.8
31.2
1,881
1,846
1,773
1,789
1,791
1,526
1,525
1,339
1,593
1,425
1,529
1,488
0.0
-5.7
-18.9
-4.3
-10.2
-29.1
-19.5
-20.1
-10.7
-13.1
-13.5
-23.3
97.7
109.1
108.2
106.2
105.8
102.3
105.4
90.1
93.1
94.5
92.4
102.2
5.6
26.4
-3.5
3.0
-4.9
-10.2
-1.6
-16.5
-5.5
1.1
-10
-9.3
2013 1
2
3
4
5
6
7
8
9
10
11
12
1,847
1,666
2,079
1,846
2,127
1,894
1,935
1,623
1,589
2,606
2,109
1,784
-4.4
-34.4
13.2
0
16.2
10.4
5.5
7.6
-6.1
72.4
27.4
2.4
139
168
121
92
250
212
359
92
71
788
163
124
169.8
-75.8
92.2
63.8
542.9
11.5
15.8
-45.4
-28.5
815.4
28.2
-51.4
1,708
1,498
1,957
1,754
1,877
1,682
1,576
1,531
1,518
1,818
1,946
1,660
-9.2
-18.8
10.4
-2.0
4.8
10.2
3.4
14.3
-4.7
27.5
27.3
11.6
89.8
83.5
100.4
98.2
101.6
102.0
108.0
100.1
88.2
108.9
101.4
108.9
-8.1
-23.5
-7.2
-7.5
-4
-0.3
2.5
11.1
-5.3
15.2
9.7
6.6
2014 1
2
3
4
5
6P
7P
1,716
1,848
3,029
2,283
1,842
2,001
1,842
-7.1
10.9
45.7
23.7
-13.4
5.6
-4.8
88
120
1,013
97
116
92
88
-36.9
-28.8
735.6
5.1
-53.4
-56.7
-75.4
1,628
1,728
2,016
2,187
1,726
1,909
1,754
-4.7
15.4
3.0
24.7
-8.1
13.5
11.3
88.4
93.8
107.6
108.7
107.2
104.5
111.2
-1.6
12.3
7.2
10.7
5.5
2.5
3.0
63
Statistical Appendices
25,148
21,648
23,105
P: Preliminary
Source: Statistics Korea
EB 9 .indd 63
Statistical A ppendic es
7. Value of construction completed and domestic
construction orders received
(current value, billion won)
Period
64
Value of
construction y-o-y
completed change
(Total)
(%)
Type of order
Public
Private
y-o-y
change (%)
Domestic
construction
y-o-y
orders
change
received
y-o-y
(%)
(Total)
change (%)
Type of order
Public
Private
y-o-y
change (%)
y-o-y
change (%)
E c o n o m i c B u l le t i n
2011
2012
2013
91,717
88,713
97,938
-0.6 35,120
-3.3 33,807
10.4 34,532
-0.1
-3.7
2.1
51,663
50,622
59,492
-2.2
-2.0
17.5
95,332
89,395
75,644
6.1
-6.2
-15.4
28,624
26,071
24,574
-2.0
-8.9
-5.7
61,839
59,811
48,888
12.3
-3.3
-18.3
2011
19,277
24,057
21,423
26,960
-5.2 7,322
-0.1 9,290
-2.7 7,684
4.4 10,825
-2.1
1.8
-1.5
0.7
11,031
13,339
12,597
14,696
-7.9
-4.3
-4.3
6.9
16,335
25,319
20,444
33,233
-11.5
-0.9
5.6
25.5
4,119
6,311
6,711
11,483
-49.0
-8.4
-1.4
54.5
11,107
17,653
12,871
20,209
20.3
4.7
12.1
15.4
2012
19,275
22,410
21,351
25,676
0.0
-6.8
-0.3
-4.8
7,442
8,892
7,598
9,876
1.6
-4.3
-1.1
-8.8
10,893
12,440
12,676
14,613
-1.2
-6.7
0.6
-0.6
22,671
25,732
18,395
22,596
38.8
1.6
-10.0
-32.0
5,655
5,570
5,401
9,443
37.3
-11.7
-19.5
-17.8
16,309
19,100
12,522
11,877
46.8
8.2
-2.7
-41.2
2013
20,145
25,707
23,679
28,407
4.5 7,005
14.7 9,345
10.9 8,083
10.6 10,099
-5.9
5.1
6.4
2.3
12,375
15,377
14,674
17,066
13.6
23.6
15.8
16.8
13,425
18,143
16,454
27,621
-40.8
-29.5
-10.6
22.2
4,289
5,348
4,910
10,025
-24.1
-4.0
-9.1
6.2
8,781
12,108
11,165
16,832
-46.2
-36.6
-10.8
41.7
2014
P
21,626
26,101
7.4
1.5
7,144
8,693
2.0
-7.0
13,630
16,462
10.1
7.1
15,501
22,598
15.5
24.6
5,968
6,573
39.1
22.9
9,102
15,725
3.6
29.9
2012 1
2
3
4
5
6
7
8
9
10
11
12
5,796
6,035
7,444
6,844
7,307
8,259
7,037
6,582
7,732
7,343
8,098
10,235
-6.3
13.2
-4.1
-4.5
-1.8
-12.6
4.2
-4.6
-0.5
-7.8
3.0
-8.1
2,123
2,373
2,945
2,644
2,873
3,374
2,372
2,322
2,904
2,591
3,003
4,282
-12.9
17.0
3.1
-3.6
3.0
-10.2
-0.3
-5.6
2.1
-10.7
-5.3
-9.9
3,373
3,405
4,115
3,903
4,106
4,431
4,281
3,943
4,452
4,452
4,773
5,387
-3.3
11.3
-8.2
-4.0
-3.4
-11.8
5.4
-3.8
0.3
-4.7
11.2
-6.0
7,468
8,488
6,714
6,428
7,310
11,993
6,823
5,390
6,181
5,800
7,239
9,556
52.0
108.1
-8.6
-4.2
2.3
4.6
32.3
-28.8
-19.9
-22.6
-19.9
-42.8
2,034
2,218
1,402
1,453
1,061
3,056
2,304
1,316
1,780
1,970
2,105
5,366
54.6
57.5
0.6
1.7
-43.9
2.2
24.2
-12.5
-46.9
-14.9
-29.5
-13.1
5,269 81.4
6,121 144.1
4,918 -13.6
4,461 -3.6
6,133 29.4
8,505
2.7
4,329 39.9
4,032 -30.3
4,161
4.2
3,787 -24.1
4,798 -18.3
3,290 -64.8
2013 1
2
3
4
5
6
7
8
9
10
11
12
6,266
6,222
7,657
8,089
8,142
9,476
7,839
7,657
8,183
8,628
9,083
10,696
8.1
3.1
2.9
18.2
11.4
14.7
11.4
16.3
5.8
17.5
12.2
4.5
2,072
2,345
2,589
2,839
2,805
3,700
2,643
2,561
2,878
2,958
3,124
4,017
-2.4
-1.2
-12.1
7.4
-2.4
9.7
11.5
10.3
-0.9
14.2
4.0
-6.2
3,956
3,650
4,769
4,954
5,062
5,361
4,885
4,810
4,979
5,329
5,625
6,112
17.3
7.2
15.9
26.9
23.3
21.0
14.1
22.0
11.8
19.7
17.8
13.5
3,546
4,431
5,447
4,946
6,073
7,124
5,675
4,708
6,070
7,346
7,895
12,379
-52.5
-47.8
-18.9
-23.1
-16.9
-40.6
-16.8
-12.6
-1.8
26.7
9.1
29.5
1,289
1,287
1,713
1,558
1,559
2,231
1,412
1,493
2,004
1,500
2,648
5,877
-36.6
-42.0
22.1
7.2
47.0
-27.0
-38.7
13.5
12.6
-23.9
25.8
9.5
2,108
2,992
3,680
2,962
4,393
4,753
4,153
3,171
3,840
5,756
5,004
6,070
-60.0
-51.1
-25.2
-33.6
-28.4
-44.1
-4.1
-21.4
-7.7
52.0
4.3
84.5
2014 1
2
3
4
5
6P
7P
7,034
6,654
7,938
8,457
8,173
9,471
7,900
12.3
6.9
3.7
4.6
0.4
-0.1
0.8
2,310
2,207
2,627
2,737
2,580
3,376
2,461
11.5 4,434
-5.9 4,226.0
1.5 4,971.0
-3.6 5,445
-8.0 5,302
-8.7 5,715
-6.9 5,122
12.1
15.8
4.2
9.9
4.8
6.6
4.9
5,300
5,393
4,807
7,290
6,427
8,881
6,895
49.5
21.7
-11.8
47.4
5.8
24.7
21.5
2,102
2,242
1,625
1,892
2,000
2,681
1,601
62.9
74.2
-5.2
21.4
28.3
20.1
13.3
3,026
3,001
3,075
5,388
4,359
5,978
5,230
43.5
0.3
-16.4
81.9
-0.8
25.8
25.9
P: Preliminary
Source: Statistics Korea
EB 9 .indd 64
Coincident index
(2010=100)
Cyclical indicator
of coincident
index (2010=100)
BSI (results)
BSI (prospects)
2011 1
2
3
4
5
6
7
8
9
10
11
12
101.2
101.5
101.6
101.3
101.6
102.1
102.5
102.8
103.0
103.1
103.1
103.4
100.8
100.7
100.4
99.6
99.4
99.4
99.5
99.3
99.0
98.7
98.3
98.1
103.3
103.4
104.0
104.0
104.8
105.4
106.0
106.5
106.5
106.9
106.8
107.2
101.1
100.9
101.0
100.6
101.0
101.2
101.3
101.4
101.0
101.0
100.5
100.5
99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
93.0
90.1
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
94.8
2012 1
2
3
4
5
6
7
8
9
10
11
12
104.2
105.3
105.8
106.3
106.5
107.5
107.9
108.0
107.8
108.1
108.8
109.5
98.5
99.2
99.2
99.4
99.1
99.7
99.8
99.5
98.9
98.8
99.1
99.4
107.3
108.1
108.4
108.6
108.8
109.2
109.9
109.8
110.3
110.2
110.8
111.4
100.2
100.6
100.5
100.4
100.2
100.2
100.5
100.0
100.1
99.6
99.8
100.0
88.6
92.2
101.4
97.5
95.7
90.4
82.1
84.4
89.3
88.9
82.2
87.0
88.3
91.0
106.1
98.4
104.7
98.3
89.7
82.7
99.5
97.0
92.5
82.0
2013 1
2
3
4
5
6
7
8
9
10
11
12
109.8
110.1
110.7
111.3
112.0
113.1
113.8
114.4
114.6
115.3
116.2
117.0
99.2
99.2
99.3
99.5
99.7
100.3
100.5
100.7
100.4
100.8
101.1
101.5
111.7
112.2
112.3
112.9
113.2
113.9
114.3
114.9
115.1
115.7
116.1
116.7
100.0
100.0
99.7
99.9
99.8
100.1
100.1
100.3
100.1
100.2
100.2
100.4
85.0
83.0
101.3
94.1
97.6
95.0
91.1
89.8
93.0
94.7
91.9
90.5
85.7
86.7
104.4
101.5
99.8
97.2
90.7
92.7
94.4
101.1
94.7
92.6
2014 1
2
3
4
5
6
7
8
9
117.6
118.0
118.2
118.8
119.1
119.8
120.3
-
101.6
101.5
101.3
101.5
101.3
101.5
101.6
-
117.5
117.9
118.4
118.5
118.5
118.9
119.4
-
100.7
100.6
100.7
100.4
100.1
100.1
100.1
-
89.4
87.0
100.7
95.8
93.0
91.3
90.8
89.0
-
93.4
88.7
104.4
99.5
101.7
94.5
94.0
91.6
93.1
65
Statistical Appendices
Leading index
(2010=100)
Period
EB 9 .indd 65
Statistical A ppendic es
9. Balance of payments (I)
(US $ million)
Current
account
Goods
2011
2012
2013
18,655.8
50,835.0
79,883.6
29,089.9
49,406.0
80,568.6
587,099.7
603,509.2
617,127.6
2011
-3,769.1
-1,921.2
11,994.5
12,351.6
2,453.6
2,520.5
11,435.4
12,680.4
2012
-746.0
11,605.1
16,886.8
23,089.1
2013
Services
Primary
income
Secondary
income
558,009.8
554,103.2
536,559.0
-12,279.1
-5,213.6
-7,927.4
6,560.6
12,116.7
11,424.8
-4,715.6
-5,474.1
-4,182.3
133,839.7
150,171.3
150,723.9
152,364.8
131,386.1
147,650.8
139,288.5
139,684.4
-4,746.0
-3,468.8
-2,163.6
-1,900.7
-195.2
372.1
3,723.5
2,660.2
-1,281.5
-1,345.0
-1,000.8
-1,088.3
1,661.5
8,535.0
15,894.6
23,314.9
144,260.1
150,834.0
149,619.5
158,795.6
142,598.6
142,299.0
133,724.9
135,480.7
-2,970.8
172.0
-679.8
-1,735.0
2,045.3
3,942.3
2,972.2
3,156.9
-1,482.0
-1,044.2
-1,300.2
-1,647.7
10,458.1
20,804.7
23,782.0
24,838.8
12,075.8
19,998.5
23,876.5
24,617.8
146,933.9
153,981.4
153,754.8
162,457.5
134,858.1
133,982.9
129,878.3
137,839.7
-3,512.2
-409.8
-2,062.7
-1,942.7
2,782.6
1,835.0
3,162.8
3,644.4
-888.1
-619.0
-1,194.6
-1,480.6
2014P
15,070.7
24,125.2
17,745.2
26,428.1
152,688.6
159,385.4
134,943.4
132,957.3
-3,618.6
-1,953.9
1,905.8
1,330.9
-961.7
-1,679.9
2012 1
2
3
4
5
6
7
8
9
10
11
12
-2,151.2
-2,409.5
3,814.7
87.8
5,265.5
6,251.8
8,413.0
1,808.7
6,665.1
7,494.2
8,293.6
7,301.3
-1,727.4
-863.1
4,252.0
-222.9
3,387.9
5,370.0
7,529.7
2,118.1
6,246.8
7,472.8
8,580.9
7,261.2
44,738.1
48,304.2
51,217.8
49,330.2
50,854.0
50,649.8
51,530.7
47,379.6
50,709.2
53,409.2
54,492.4
50,894.0
46,465.5
49,167.3
46,965.8
49,553.1
47,466.1
45,279.8
44,001.0
45,261.5
44,462.4
45,936.4
45,911.5
43,632.8
-1,017.2
-2,018.3
64.7
288.4
545.9
-662.3
110.0
-844.3
54.5
-415.4
-833.9
-485.7
1,243.3
873.2
-71.2
364.5
1,660.1
1,917.7
1,260.7
965.2
746.3
867.8
988.6
1,300.5
-649.9
-401.3
-430.8
-342.2
-328.4
-373.6
-487.4
-430.3
-382.5
-431.0
-442.0
-774.7
2013 1
2
3
4
5
6
7
8
9
10
11
12
1,969.3
2,146.5
6,342.3
4,552.9
9,752.2
6,499.6
7,985.1
7,198.0
8,598.9
11,107.9
6,854.8
6,876.1
2,855.2
2,733.1
6,487.5
5,103.3
9,591.6
5,303.6
7,911.7
7,378.1
8,586.7
9,816.8
8,175.6
6,625.4
51,027.4
44,778.4
51,128.1
51,587.2
53,548.1
48,846.1
53,353.6
49,839.2
50,562.0
56,702.8
52,756.9
52,997.8
48,172.2
42,045.3
44,640.6
46,483.9
43,956.5
43,542.5
45,441.9
42,461.1
41,975.3
46,886.0
44,581.3
46,372.4
-1,783.5
-1,394.1
-334.6
5.7
-298.2
-117.3
-1,058.1
-805.9
-198.7
393.5
-1,923.2
-413.0
1,434.6
1,035.1
312.9
-354.1
670.3
1,518.8
1,396.1
912.4
854.3
1,260.6
1,010.9
1,372.9
-537.0
-227.6
-123.5
-202.0
-211.5
-205.5
-264.6
-286.6
-643.4
-363.0
-408.5
-709.1
2014P 1
2
3
4
5
6
7
3,285.3
4,499.1
7,286.3
7,124.7
9,080.8
7,919.7
7,908.8
4,367.0
5,403.4
7,974.8
10,648.0
9,133.5
6,646.6
6,859.9
50,599.8
47,993.3
54,095.5
56,721.4
52,383.0
50,281.0
53,887.2
46,232.8
42,589.9
46,120.7
46,073.4
43,249.5
43,634.4
47,027.3
-1,912.1
-1,058.7
-647.8
-1,042.8
-336.1
-575.0
-7.4
1,211.4
371.8
322.6
-1,619.7
725.1
2,225.5
1,488.8
-381.0
-217.4
-363.3
-860.8
-441.8
-337.4
-432.5
Period
66
Exports
Imports
E c o n o m i c B u l le t i n
P: Preliminary
Source: The Bank of Korea
EB 9 .indd 66
Direct
investment
Portfolio
investment
Financial
derivatives
Other
investment
2011
2012
2013
-24,315.8
-51,582.4
-76,881.1
-19,931.7
-21,136.2
-16,951.5
13,142.7
6,747.8
-8,287.1
-1,031.3
2,627.8
3,839.7
-2,542.7
-26,637.3
-41,003.7
-112.0
-41.7
-27.8
-13,952.8
-13,184.5
-14,478.5
2011
3,231.1
-8.5
-11,957.3
-15,581.1
-4,872.2
-5,028.1
-4,652.9
-5,378.5
-472.1
4,043.3
8,344.5
1,227.0
922.4
-160.6
-1,535.5
-257.6
11,172.4
3,754.9
-20,439.5
2,969.5
-30.0
-9.7
-5.4
-66.9
-3,519.4
-2,618.0
6,326.1
-14,141.5
2012
-4,564.4
-4,278.7
-18,096.1
-24,643.2
-7,579.6
-4,057.3
-5,705.4
-3,793.9
14,759.6
-6,803.0
4,177.7
-5,386.5
1,198.5
-270.6
595.3
1,104.6
-6,495.1
6,181.1
-13,247.2
-13,076.1
-19.2
-6.7
-9.0
-6.8
-6,447.8
671.1
-3,916.5
-3,491.3
2013
-11,560.0
-16,194.8
-23,107.8
-26,018.5
-5,148.2
-3,297.9
-3,988.6
-4,516.8
-6,461.9
-8,919.2
8,996.0
-1,902.0
1,418.9
-604.6
1,694.0
1,331.4
2,562.0
-7,439.0
-23,231.0
-12,895.7
-3.5
-27.5
12.8
-9.6
-3,930.8
4,065.9
-6,578.2
-8,035.4
2014P
-17177.8
-24,208.1
-3,657.7
-7,552.9
-13,596.7
-5,867.2
892.6
2,083.5
6,207.4
-1,701.9
-2.1
-4.3
-7,023.4
-11,169.6
2012 1
2
3
4
5
6
7
8
9
10
11
12
-1,295.1
435.0
-3,704.3
1,566.7
-2,645.3
-3,200.1
-9,113.6
-3,219.3
-5,763.2
-7,172.4
-9,211.9
-8,258.9
-2,022.6
-3,631.3
-1,925.7
-1,225.9
-1,687.4
-1,144.0
-1,695.4
-1,719.8
-2,290.2
-1,001.3
-1,599.7
-1,192.9
7,904.1
6,238.0
617.5
-3,114.3
-1,893.6
-1,795.1
1,730.8
646.6
1,800.3
-4,742.4
-3,886.7
3,242.6
452.6
245.8
500.1
215.0
-480.7
-4.9
358.8
-35.5
272.0
-137.8
631.8
610.6
-5,167.1
-190.9
-1,137.1
5,832.0
147.6
201.5
-8,171.9
-1,016.0
-4,059.3
185.2
-1,759.5
-11,501.8
-9.6
-5.8
-3.8
0.3
-1.0
-6.0
-5.5
-1.9
-1.6
-4.9
0.7
-2.6
-2,462.1
-2,226.6
-1,759.1
-140.1
1,268.8
-457.6
-1,335.9
-1,094.6
-1,486.0
-1,476.1
-2,597.8
582.6
2013 1
2
3
4
5
6
7
8
9
10
11
12
-3,288.5
-3,297.9
-4,973.6
-1,908.3
-9,945.6
-4,340.9
-9,155.6
-7,937.6
-6,014.6
-9,880.0
-8,399.9
-7,738.6
-1,631.9
-1,145.9
-2,370.4
-21.0
-1,659.7
-1,617.2
-1,301.4
-1,275.8
-1,411.4
-296.1
-2,303.1
-1,917.6
-5,226.0
2,023.2
-3,259.1
-1,873.5
-1,091.4
-5,954.3
1,825.5
1,435.1
5,735.4
4,467.7
-1,522.8
-4,846.9
586.9
686.9
145.1
-313.2
649.2
-940.6
443.3
218.1
1,032.6
713.1
14.0
604.3
3,380.1
-2,870.9
2,052.8
-643.1
-6,804.3
8.4
-8,131.5
-6,631.3
-8,468.2
-10,064.8
-1,742.0
-1,088.9
-8.0
-3.3
7.8
-1.4
-11.2
-14.9
1.1
18.2
-6.5
-2.0
0.0
-7.6
-397.6
-1,991.2
-1,542.0
942.5
-1,039.4
4,162.8
-1,991.5
-1,683.7
-2,903.0
-4,699.9
-2,846.0
-489.5
2014P 1
2
3
4
5
6
7
-4,477.0
-6,920.5
-5,780.3
-6,238.8
-8,132.4
-9,836.9
-5,916.9
529.9
-2,163.5
-2,024.1
-2,157.8
-3,338.8
-2,056.3
-1,011.5
-4,193.1
-7,394.4
-2,009.2
1,662.3
-3,311.0
-4,218.5
-1,743.7
155.5
223.1
514.0
858.1
534.5
690.9
504.1
1,937.4
4,739.0
-469.0
-5,935.6
3,950.6
283.1
-338.1
-3.0
3.5
-2.6
2.6
-4.3
-2.6
-6.3
-2,906.7
-2,324.7
-1,792.0
-665.8
-5,967.7
-4,536.1
-3,327.7
67
Statistical Appendices
Capital &
financial
account
Period
P: Preliminary
Source: The Bank of Korea
EB 9 .indd 67
Statistical A ppendic es
11. Prices
(2010=100)
Consumer Prices
Period
All Items
Commodity
y-o-y
change (%)
68
Producer prices
Services
y-o-y
change (%)
Core
y-o-y
change (%)
All Items
y-o-y
change (%)
Commodity
y-o-y
change (%)
y-o-y
change (%)
E c o n o m i c B u l le t i n
2011
2012
2013
104.0
106.3
107.7
4.0
2.2
1.3
105.7
108.9
110.1
5.7
3.0
1.0
102.7
104.2
105.8
2.7
1.4
1.5
103.2
104.9
106.6
3.2
1.6
1.6
106.7
107.5
105.7
6.7
0.7
-1.6
108.7
108.9
106.2
8.7
0.2
-2.5
2011 7
8
9
10
11
12
104.3
105.0
104.9
104.7
104.8
105.2
4.5
4.7
3.8
3.6
4.2
4.2
105.9
107.1
107.1
106.6
106.8
107.3
6.4
6.8
5.0
4.5
6.0
5.7
103.1
103.3
103.1
103.2
103.3
103.5
2.9
3.0
2.7
2.8
2.7
2.8
103.7
103.8
103.7
103.6
103.9
104.3
3.6
3.5
3.3
3.2
3.5
3.6
107.2
107.4
107.4
107.3
107.0
107.1
7.0
6.9
6.3
5.8
5.1
4.3
109.3
109.5
109.6
109.4
108.9
109.0
9.1
8.9
8.0
7.4
6.5
5.3
2012 1
2
3
4
5
6
7
8
9
10
11
12
105.7
106.1
106.0
106.0
106.2
106.1
105.9
106.3
107.0
106.9
106.5
106.7
3.4
3.1
2.6
2.5
2.5
2.2
1.5
1.2
2.0
2.1
1.6
1.4
107.9
108.5
109.2
108.9
109.2
108.8
107.9
108.8
110.4
109.8
108.9
109.0
4.4
3.9
4.1
4.1
4.3
3.6
1.9
1.6
3.1
3.0
2.0
1.6
103.9
104.2
103.5
103.7
103.9
104.0
104.2
104.4
104.4
104.6
104.6
104.8
2.7
2.5
1.4
1.3
1.3
1.2
1.1
1.1
1.3
1.4
1.3
1.3
104.6
104.7
104.3
104.4
104.6
104.9
104.9
105.1
105.2
105.2
105.3
105.5
3.2
2.5
1.9
1.8
1.6
1.5
1.2
1.3
1.4
1.5
1.3
1.2
107.7
108.4
108.9
109.0
108.4
107.1
106.6
107.2
107.6
106.8
106.1
105.8
3.2
3.1
2.4
1.9
1.0
0.0
-0.6
-0.1
0.2
-0.5
-0.9
-1.2
109.5
110.5
111.2
111.1
110.3
108.4
107.6
108.6
109.2
107.8
106.8
106.4
3.6
3.6
2.7
1.9
0.7
-0.7
-1.5
-0.9
-0.4
-1.4
-1.9
-2.3
2013 1
2
3
4
5
6
7
8
9
10
11
12
107.3
107.7
107.6
107.5
107.5
107.3
107.6
107.9
108.1
107.8
107.8
107.9
1.6
1.6
1.5
1.3
1.1
1.2
1.6
1.5
1.0
0.9
1.2
1.1
109.9
110.4
110.4
109.9
109.6
109.4
109.7
110.3
110.9
110.1
110.1
110.2
1.7
1.6
1.1
0.9
0.4
0.7
1.7
1.5
0.4
0.3
1.0
0.9
105.3
105.6
105.4
105.6
105.7
105.7
105.9
106.1
106.0
106.0
106.0
106.2
1.5
1.5
1.7
1.7
1.8
1.6
1.5
1.5
1.5
1.4
1.3
1.3
105.9
106.2
106.0
106.0
106.4
106.6
106.7
106.7
107.0
107.1
107.4
107.5
1.3
1.4
1.6
1.6
1.7
1.6
1.7
1.5
1.7
1.8
2.0
1.9
106.0
106.7
106.3
105.9
105.6
105.5
105.5
105.8
105.7
105.3
105.1
105.4
-1.6
-1.6
-2.4
-2.8
-2.6
-1.4
-1.0
-1.3
-1.8
-1.4
-0.9
-0.4
106.8
107.8
107.1
106.6
106.1
106.0
106.0
106.2
106.1
105.5
105.2
105.5
-2.5
-2.5
-3.7
-4.1
-3.8
-2.2
-1.6
-2.1
-2.8
-2.2
-1.5
-0.9
2014 1
2
3
4
5
6
7
108.5
108.8
109.0
109.1
109.2
109.1
109.3
1.1
1.0
1.3
1.5
1.7
1.7
1.6
110.9
111.4
111.6
111.3
111.5
111.2
111.2
0.9
0.9
1.1
1.3
1.7
1.7
1.4
106.6
106.7
107.0
107.3
107.5
107.4
107.7
1.3
1.1
1.5
1.6
1.6
1.6
1.7
107.7
108.0
108.3
108.5
108.8
108.9
109.1
1.7
1.7
2.1
2.3
2.2
2.1
2.2
105.6
105.8
105.7
105.6
105.5
105.6
105.7
-0.3
-0.9
-0.5
-0.3
0
0.1
0.2
105.7
105.9
105.7
105.4
105.3
105.4
105.5
-1.0
-1.7
-1.3
-1.1
-0.7
-0.6
-0.4
EB 9 .indd 68
12. Employment
Period
Economically active
persons (thousand)
y-o-y
change (%)
Manufacturing
y-o-y
change (%)
y-o-y
change (%)
y-o-y
change (%)
Unemployment
(%)
25,099
25,501
25,873
1.4
1.6
1.5
24,244
24,681
25,066
1.7
1.8
1.6
4,091
4,105
4,184
1.6
0.3
1.9
18,595
19,033
19,347
2.1
2.4
1.6
3.4
3.2
3.1
2011 7
8
9
10
11
12
25,473
25,257
25,076
25,409
25,318
24,880
1.0
1.7
0.7
1.6
1.9
1.4
24,636
24,495
24,318
24,673
24,589
24,125
1.4
2.0
1.1
2.1
2.0
1.9
4,079
4,031
4,014
4,044
4,054
4,071
1.0
-0.7
-1.2
-1.3
-2.1
-2.1
18,844
18,739
18,595
18,856
18,921
18,833
1.9
3.1
2.1
3.2
3.2
3.1
3.3
3.0
3.0
2.9
2.9
3.0
2012 1
2
3
4
5
6
7
8
9
10
11
12
24,585
24,825
25,210
25,653
25,939
25,939
25,901
25,623
25,755
25,787
25,652
25,139
2.0
1.6
1.2
1.6
1.8
1.4
1.7
1.4
2.7
1.5
1.3
1.0
23,732
23,783
24,265
24,758
25,133
25,117
25,106
24,859
25,003
25,069
24,941
24,402
2.3
1.9
1.8
1.9
1.9
1.5
1.9
1.5
2.8
1.6
1.4
1.1
4,034
4,060
4,018
4,027
4,071
4,084
4,114
4,111
4,153
4,188
4,218
4,183
-2.8
-2.1
-2.5
-2.0
-1.6
-1.2
0.8
2.0
3.5
3.6
4.0
2.8
18,631
18,599
18,870
19,103
19,292
19,248
19,265
19,040
19,125
19,128
19,088
19,010
3.5
3.2
3.4
3.1
3.0
2.3
2.2
1.6
2.8
1.4
0.9
0.9
3.5
4.2
3.7
3.5
3.1
3.2
3.1
3.0
2.9
2.8
2.8
2.9
2013 1
2
3
4
5
6
7
8
9
10
11
12
24,901
24,973
25,397
25,928
26,195
26,291
26,301
26,074
26,186
26,268
26,230
25,736
1.3
0.6
0.7
1.1
1.0
1.4
1.5
1.7
1.7
1.9
2.3
2.4
24,054
23,984
24,514
25,103
25,398
25,478
25,473
25,291
25,466
25,545
25,530
24,962
1.4
0.8
1.0
1.4
1.1
1.4
1.5
1.7
1.9
1.9
2.4
2.3
4,189
4,139
4,141
4,192
4,175
4,180
4,167
4,116
4,174
4,218
4,253
4,264
3.9
1.9
3.1
4.1
2.6
2.3
1.3
0.1
0.5
0.7
0.8
2.0
18,810
18,736
18,989
19,303
19,492
19,531
19,577
19,438
19,540
19,558
19,670
19,514
1.0
0.7
0.6
1.0
1.0
1.5
1.6
2.1
2.2
2.2
3.0
2.7
3.4
4.0
3.5
3.2
3.0
3.1
3.1
3.0
2.7
2.8
2.7
3.0
2014 1
2
3
4
5
6
7
8
25,650
25,997
26,187
26,714
26,762
26,825
26,891
26,775
3.0
4.1
3.1
3.0
2.2
2.0
2.2
2.7
24,759
24,819
25,163
25,684
25,811
25,875
25,979
25,885
2.9
3.5
2.6
2.3
1.6
1.6
2.0
2.3
4,280
4,274
4,284
4,288
4,324
4,345
4,358
4,335
2.2
3.3
3.5
2.3
3.6
3.9
4.6
5.3
19,376
19,407
19,538
19,819
19,815
19,841
20,003
19,940
3.0
3.6
2.9
2.7
1.7
1.6
2.2
2.6
3.5
4.5
3.9
3.9
3.6
3.5
3.4
3.3
69
Statistical Appendices
2011
2012
2013
EB 9 .indd 69
Statistical A ppendic es
13. Financial indicators
(period average)
Period
70
Yields(%)
Stock
E c o n o m i c B u l le t i n
CD (91 days)
Corporate bonds
(3 years, AA-)
Treasury bonds
(3 years)
Treasury bonds
(5 years)
KOSPI(end-period)
2010 7
8
9
10
11
12
2.2
2.3
2.3
2.3
2.4
2.5
2.6
2.6
2.7
2.7
2.7
2.8
4.8
4.7
4.4
4.1
4.2
4.2
3.9
3.7
3.5
3.2
3.4
3.3
4.5
4.3
3.9
3.7
4.0
4.0
1,759.33
1,742.75
1,872.81
1,882.95
1,904.63
2,051.00
2011 1
2
3
4
5
6
7
8
9
10
11
12
2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3
3.3
2.9
3.1
3.4
3.4
3.5
3.5
3.6
3.6
3.6
3.6
3.6
3.6
4.5
4.7
4.5
4.5
4.4
4.4
4.5
4.2
4.2
4.3
4.2
4.2
3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4
3.4
4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
3.5
3.5
2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
1,880.11
1,769.65
1,909.03
1,847.51
1,825.74
2012 1
2
3
4
5
6
7
8
9
10
11
12
3.3
3.3
3.3
3.3
3.3
3.3
3.1
3.0
3.0
2.8
2.8
2.8
3.6
3.5
3.5
3.5
3.5
3.5
3.3
3.2
3.1
2.9
2.9
2.9
4.2
4.3
4.4
4.3
4.0
3.9
3.6
3.4
3.3
3.3
3.3
3.3
3.4
3.4
3.6
3.5
3.4
3.3
3.0
2.8
2.8
2.8
2.8
2.9
3.5
3.6
3.7
3.6
3.5
3.4
3.1
2.9
2.9
2.9
2.9
3.0
1,955.79
2,030.25
2,014.04
1,981.99
1,843.47
1,854.01
1,881.99
1,905.12
1,996.21
1,912.06
1,932.90
1,997.05
2013 1
2
3
4
5
6
7
8
9
10
11
12
2.8
2.8
2.7
2.8
2.6
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.9
2.8
2.8
2.8
2.7
2.7
2.7
2.7
2.7
2.7
2.7
2.7
3.2
3.1
3.0
2.9
3.0
3.2
3.4
3.3
3.3
3.3
3.4
3.4
2.8
2.7
2.6
2.6
2.6
2.9
2.9
2.9
2.9
2.8
2.9
2.9
2.9
2.8
2.7
2.6
2.7
3.1
3.2
3.2
3.2
3.1
3.2
3.3
1,961.94
2,026.49
2,004.89
1,963.95
2,001.05
1,863.32
1,914.03
1,926.36
1,996.96
2,030.09
2,044.87
2,011.34
2014 1
2
3
4
5
6
7
8
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.3
2.7
2.7
2.7
2.7
2.7
2.7
2.7
2.5
3.3
3.3
3.3
3.3
3.3
3.2
3.0
3.0
2.9
2.9
2.9
2.9
2.8
2.7
2.6
2.5
3.3
3.2
3.2
3.2
3.1
3.0
2.8
2.8
1,941.15
1,979.99
1,985.61
1,961.79
1,994.96
2,002.21
2,076.12
2,068.54
EB 9 .indd 70
Reserve money
M1
y-o-y
change (%)
M2
y-o-y
change (%)
Lf
y-o-y
change (%)
y-o-y
change (%)
75,232.0
82,131.1
91,379.4
11.3
9.2
11.3
425,675.1
441,963.6
484,062.9
6.6
3.8
9.5
1,708,984.5
1,798,625.7
1,885,781.3
4.2
5.2
4.8
2,208,170.4
2,379,518.7
2,543,299.4
5.3
7.8
6.9
2011 7
8
9
10
11
12
74,069.7
75,642.3
77,942.2
76,944.6
76,617.3
77,842.5
10.6
12.4
10.9
10.1
10.3
8.9
418,973.1
422,649.3
425,196.4
421,480.1
423,111.9
432,602.2
3.8
5.4
5.1
4.1
2.0
1.6
1,705,451.5
1,719,437.8
1,729,531.1
1,742,645.4
1,753,296.4
1,756,597.4
3.2
4.0
4.2
4.4
4.4
4.4
2,208,624.3
2,230,191.9
2,243,675.6
2,263,627.7
2,279,234.1
2,288,816.9
4.6
5.5
5.7
6.1
6.2
6.2
2012 1
2
3
4
5
6
7
8
9
10
11
12
81,635.4
81,655.3
79,068.0
80,641.8
80,547.7
81,804.0
81,555.7
82,369.1
82,958.7
85,078.6
82,956.5
85,302.7
11.0
8.3
8.3
10.2
9.1
9.5
10.1
8.9
6.4
10.6
8.3
9.6
439,352.9
437,193.9
440,075.4
437,445.3
438,795.3
441,611.0
441,760.6
439,573.2
440,034.3
444,477.8
445,463.9
457,778.9
2.3
1.1
2.1
2.8
3.5
4.7
5.4
4.0
3.5
5.5
5.3
5.8
1,757,058.7
1,762,988.4
1,773,172.9
1,777,114.7
1,784,220.5
1,796,981.5
1,807,289.2
1,817,134.9
1,819,290.1
1,822,420.9
1,830,280.3
1,835,556.7
4.8
5.3
5.7
5.5
5.5
5.9
6.0
5.7
5.2
4.6
4.4
4.5
2,292,213.5
2,302,065.8
2,341,626.9
2,349,723.2
2,357,701.0
2,377,071.3
2,393,737.7
2,405,239.9
2,415,263.5
2,424,000.4
2,440,062.8
2,455,962.9
6.5
7.2
8.8
8.6
8.4
8.5
8.4
7.8
7.6
7.1
7.1
7.3
2013 1
2
3
4
5
6
7
8
9
10
11
12
85,839.3
88,855.7
89,523.5
87,729.0
89,654.8
91,207.6
90,643.7
93,729.6
95,130.6
93,640.4
93,609.9
96,988.5
5.1
8.8
13.2
8.8
11.3
11.5
11.1
13.8
14.7
10.1
12.8
13.7
464,914.5
472,239.6
472,430.1
475,330.0
475,526.7
486,587.5
488,982.7
481,416.9
490,518.7
491,947.9
499,242.7
509,617.9
5.8
8.0
7.4
8.7
8.4
10.2
10.7
9.5
11.5
10.7
12.1
11.3
1,841,128.1
1,857,135.0
1,862,405.5
1,867,726.3
1,870,289.7
1,884,193.2
1,890,728.6
1,888,658.4
1,903,187.1
1,908,557.6
1,923,339.2
1,932,026.4
4.8
5.3
5.0
5.1
4.8
4.9
4.6
3.9
4.6
4.7
5.1
5.3
2,469,789.3
2,488,539.0
2,499,718.1
2,512,459.7
2,518,239.1
2,533,750.8
2,549,443.5
2,557,336.3
2,577,546.7
2,587,071.4
2,605,873.9
2,619,029.5
7.7
8.1
6.8
6.9
6.8
6.6
6.5
6.3
6.7
6.7
6.8
6.6
2013 1
2
3
4
5
6
7
98,541.6
100,547.9
100,624.0
98,898.5
101,791.4
101,412.3
101,164.2
14.8
13.2
12.4
12.7
13.5
11.2
11.6
515,742.5
518,475.5
520,299.0
518,809.3
523,069.9
532,041.2
534,028.8
10.9
9.8
10.1
9.1
10.0
9.3
9.2
1,937,045.6
1,954,340.7
1,964,954.0
1,970,361.6
1,982,390.9
1,999,376.3
2,013,935.1
5.2
5.2
5.5
5.5
6.0
6.1
6.5
2,635,100.1
2,647,674.0
2,659,370.7
2,669,341.4
2,684,643.9
2,703,088.1
2,725,737.6
6.7
6.4
6.4
6.2
6.6
6.7
6.9
71
Statistical Appendices
2011
2012
2013
EB 9 .indd 71
Statistical A ppendic es
15. Exchange rates
(end-period)
\/US $
Period
72
\/100
E c o n o m i c B u l le t i n
Won
y-o-y
change (%)
Won
2011
2012
2013
1,153.3
1,071.1
1,055.3
1.3
-7.1
-1.5
1,485.2
1,247.5
1,004.7
2011 7
8
9
10
11
12
1,052.6
1,071.7
1,179.5
1,104.5
1,150.3
1,153.3
-11.3
-9.9
3.3
-2.0
-0.6
1.3
2012 1
2
3
4
5
6
7
8
9
10
11
12
1,125.0
1,126.5
1,137.8
1,134.2
1,177.8
1,153.8
1,136.2
1,134.6
1,118.6
1,094.1
1,084.7
1,071.1
2013 1
2
3
4
5
6
7
8
9
10
11
12
2014 1
2
3
4
5
6
7
8
\/Euro
y-o-y
change (%)
Won
y-o-y
change (%)
6.3
-16.0
-19.5
1,494.1
1,416.3
1,456.3
-1.3
-5.2
2.8
1,353.2
1,396.8
1,536.6
1,458.0
1,475.7
1,485.2
-1.2
-0.7
12.7
4.8
7.4
6.3
1,507.9
1,547.3
1,601.4
1,562.7
1,532.9
1,494.1
-2.9
2.7
2.9
-0.4
1.0
-1.3
1.0
-0.1
2.8
5.8
9.0
7.0
7.9
5.9
-5.2
-0.9
-5.7
-7.1
1,473.1
1,399.2
1,380.7
1,412.0
1,489.1
1,453.8
1,453.6
1,444.0
1,441.1
1,374.5
1,320.6
1,247.5
8.6
1.3
3.7
7.5
11.5
8.8
7.4
3.4
-6.2
-5.7
-10.5
-16.0
1,478.2
1,516.3
1,513.4
1,501.7
1,456.6
1,435.0
1,393.1
1,419.6
1,444.3
1,418.3
1,407.3
1,416.3
-2.4
-2.1
-3.2
-5.6
-6.0
-8.0
-7.6
-8.3
-9.8
-9.2
-8.2
-5.2
1,082.7
1,085.4
1,112.1
1,108.1
1,128.3
1,149.7
1,113.6
1,110.9
1,075.6
1,061.4
1,062.1
1,055.3
-3.8
-3.6
-2.3
-2.3
-4.2
-0.4
-2.0
-2.1
-3.8
-3.0
-2.1
-1.5
1,188.5
1,176.2
1,180.1
1,132.0
1,116.6
1,167.2
1,135.4
1,129.2
1,098.7
1,077.5
1,038.2
1,004.7
-19.3
-15.9
-14.5
-19.8
-25.0
-19.7
-21.9
-21.8
-23.8
-21.6
-21.4
-19.5
1,469.3
1,425.8
1,425.2
1,451.3
1,471.4
1,498.2
1,476.7
1,470.6
1,451.3
1,456.6
1,444.8
1,456.3
-0.6
-6.0
-5.8
-3.4
1.0
4.4
6.0
3.6
0.5
2.7
2.7
2.8
1,079.2
1,067.7
1,068.8
1,031.7
1,021.6
1,014.4
1,024.3
1,013.6
-0.3
-1.6
-3.9
-6.9
-9.5
-11.8
-8.0
-8.8
1,043.7
1,044.8
1,038.7
1,005.3
1,004.2
1,000.0
995.7
977.6
-12.2
-11.2
-12.0
-11.2
-10.1
-14.3
-12.3
-13.4
1,473.6
1,463.6
1,469.4
1,425.0
1,389.6
1,384.2
1,371.8
1,336.2
0.3
2.7
3.1
-1.8
-5.6
-7.6
-7.1
-9.1
EB 9 .indd 72
EB 9 .indd 2
Statistics Korea
http://kostat.go.kr/portal/english
ISSN 2287-7266
Republic of Korea
Vol.36 No.9
September 2014
conomic
u l l e t i n
Statistical Appendices
ECONOMIC
BULLETIN
(Republic of Korea)
September 2014
Sejong, 339-012
Republic of Korea
Tel. +82 2 731 1530
Fax. +82 2 731 1540
E-mail. fppr@mosf.go.kr
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Economic Information and Education Center
Korea Development Institute
15 Giljae-gil (Bangok-dong)
Sejong, 339-007
Republic of Korea
Fax. +82 44 550 4941
E-mail. jiyounlee@kdi.re.kr
MOSF / KDI
Website. http://eiec.kdi.re.kr
EB 9 .indd 1