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ECONOMIC BULLETIN (Republic of Korea)
ECONOMIC
BULLETIN
MOSF/KDI
55 Statistical Appendices
Vol.35 No.2
February 2013
Republic of Korea
Vol.35 No.2
February 2013
Contents
Economic Bulletin
The Green Book: Current Economic Trends
Overview ......................................................................................................................... 03
1. External economic situation ..................................................................................... 04
2. Private consumption .................................................................................................. 09
3. Facility investment ..................................................................................................... 14
4. Construction investment ........................................................................................... 17
5. Exports and imports .................................................................................................. 19
6. Mining and manufacturing production .................................................................. 22
7. Service sector activity ................................................................................................ 24
8. Employment .............................................................................................................. 27
9. Financial markets ........................................................................................................ 31
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
10. Balance of payments ................................................................................................ 35
11. Prices and international commodity prices ......................................................... 38
11.1 Prices
11.2 International oil and commodity prices
12. Real estate market ................................................................................................... 43
12.1 Housing market
12.2 Land market
13. Composite indices of business cycle indicators .................................................. 48
........................................................................ 50
.............................................................................. 55
The Korean economy has seen inflation remain stable and major economic indicators including
production, investment and exports somewhat improve, but employment growth has been slowing down
and consumption has been sluggish.
In December, the economy added 277,000 jobs year-on-year, but posted a slowdown in employment
growth for the third consecutive month.
Consumer price inflation stayed stable in the 1 percent range in January, up from the previous months
1.4 percent to 1.5 percent, as falling petroleum product prices offset high agricultural product prices
triggered by cold weather and heavy snowfall.
Mining and manufacturing production went up 1.0 percent month-on-month in December thanks to a
rise in audio-visual communications equipment and semiconductors, while service output improved by
0.1 percent with rebounding transportation and financial & insurance services.
In December, retail sales fell 1.1 percent from the previous month due to a decrease in semi-durable and
non-durable goods sales, despite strong durable goods sales.
Facility investment in December jumped 9.9 percent month-on-month due to brisk machinery and
transportation equipment investment. Construction investment went up 5.8 percent helped by an
improvement in building construction.
Exports rose 11.8 percent year-on-year in January with exports to China and the ASEAN countries
continuing to be strong and also due to an increase in the number of working days. The trade balance
remained in the black at US$0.87 billion.
The cyclical indicator of the coincident composite index increased 0.1 point month-on-month in
December, and the leading composite index rose 0.4 points.
In January, both the stock prices and the won fell due to companies poor business performance in the
fourth quarter and increased foreign capital outflows.
Housing prices in January continued to decline, down 0.3 percent, while rental prices increased 0.3
percent month-on-month.
External uncertainties linger, as worries over automatic spending cuts in the US continue, and as the
European economy is slow to recover. Domestic uncertainties also persist due to weak consumption,
unstable investment and increased volatility in exchange rates.
The Korean government will continue to watch the global and domestic economy, strengthen the
monitoring of domestic and foreign markets, and reinforce policy responses to stimulate the economy.
At the same time, the government will focus on securing the lives of the low- and middle-income classes
through job creation and by stabilizing the prices of necessities, while continuing to adopt policies to
improve the health of the economy.
The Green Book | 3
1.
External
economic
situation
In the US, fiscal anxiety was temporarily relieved when legislation to push back the
debt ceiling to May 19 was passed, but uncertainty remains as automatic spending
cuts are set to take effect at the end of February and differences between political
parties surrounding fiscal consolidation go on.
Meanwhile, downside risks persist in the eurozone, as there is a possibility that
political uncertainty will worsen as Italy faces early elections on February 24 and
25, and large amounts of sovereign debt are due to mature in the first half of the
year.
Italian sovereign debt to come due (billion euros)
21.8 (Jan 2013) [ 49.8 (Feb) [ 27.3 (Mar) [ 47.6 (Apr) [ 19.8 (May) [ 37.0 (Jun)
28.6 (Jan 2013) [ 10.2 (Feb) [ 15.0 [ (Mar) 25.8 [ (Apr) 9.2 [ (May) [ 9.7 (Jun)
(%)
5
4
3
2
1
0
-1
2001
US
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Government spending (-1.33), inventory change (-1.27), exports (-0.81), net exports (-0.25)
52.5 (May 2012) [ 50.2 (Jun) [ 50.5 (Jul) [ 50.7 (Aug) [ 51.6 (Sep) [ 51.7 (Oct) [ 49.9
(Nov) [ 50.2 (Dec) [ 53.1 (Jan 2013)
Housing prices increased for ten months in a row, and existing home sales in 2012
rose by 9.0 percent compared with the previous year, the highest increase in five
years.
Case-Shiller Home Price Index (seasonally adjusted)
140.2 (May 2012) [ 141.6 (Jun) [ 142.0 (Jul) [ 142.7 (Aug) [ 143.2 (Sep) [ 144.1 (Oct) [
145.0 (Nov)
In January 2013, increases in nonfarm payrolls remained steady and the long-term
unemployment rate fell compared to the previous month, but the unemployment
rate marginally increased.
Nonfarm payroll increase (m-o-m, thousand)
87 (Jun 2012) [ 153 (Jul) [ 165 (Aug) [ 138 (Sep) [ 160 (Oct) [ 247 (Nov) [ 196 (Dec)
[157 (Jan 2013)
41.7 (Jun 2012) [ 40.6 (Jul) [ 40.0 (Aug) [ 40.3 (Sep) [ 40.8 (Oct) [ 40.0 (Nov) [ 39.1
(Dec) [ 38.1 (Jan 2013)
(Percentage change from previous period)
2010
2011
Annual Annual
Real GDP
2.4
1.8
1.8
0.7
Q3
2012
Q4
Annual
Q1
Q2
2013
Q4
Dec
Jan
3.1
-0.1
1.5
1.6
2.2
3.6
-1.8
8.4
8.5
13.5
15.3
1.4
0.6
0.0
0.2
0.3
1.7
-0.3
1.3
1.4
0.5
9.0
4.6
-0.7
2.8
5.0
-1.0
8.1
8.3
8.2
8.1
7.8
7.8
7.9
2.1
0.6
0.2
0.6
0.5
0.0
1.3
4.1
2.2
2.0
1.3
2.5
1.7
2.0
1.9
2.4
8.6
19.0
9.5
7.7
7.5
-3.7
-1.4
1.4
12.1
11.9
20.5
Industrial production
5.3
4.1
1.7
0.9
3.7
Retail sales
5.5
8.0
1.2
1.9
3.4
-3.4
2.4
1.7
2.8
Unemployment rate
9.6
9.0
9.1
8.7
Consumer prices
1.6
3.2
0.8
0.2
Q3
1. Preliminary
2. Annualized rate (%)
3. Seasonally adjusted
Source: US Department of Commerce
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
800
600
10
400
200
0
-200
-400
-600
-800
-1,000
2001. 1
2002. 1
2003. 1
2004. 1
China
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
0
2013. 1
Chinese economic indicators improved across the board in the fourth quarter of
2012, as the economy rebounded for the first time in two years helped by steady
exports, consumption and production.
However, consumer prices, which had been stable, have rebounded since
November, rising for two consecutive months.
2011
Annual
Real GDP
Q3
2012
Q4
Annual
Q1
Q2
Q3
Q4
Oct
Nov
Dec
9.2
9.1
8.9
7.8
8.1
7.6
7.4
7.9
Industrial production
13.9
13.8
12.8
10.1
11.6
9.5
9.1
10.0
9.6
10.1
10.3
25.1
28.0
28.0
20.6
21.3
20.8
21.0
20.6
20.7
20.7
20.6
Retail sales
17.1
17.3
17.5
14.3
14.9
13.9
13.5
14.9
14.5
14.9
15.2
Exports
20.3
20.5
14.3
8.3
7.6
10.5
4.5
9.5
11.6
2.9
14.1
Consumer prices
5.4
6.3
4.6
2.6
3.8
2.8
1.9
2.1
1.7
2.0
2.5
Producer prices
6.0
7.1
3.1
-1.7
0.1
-1.4
-3.3
-2.3
-2.8
-2.2
-1.9
1. Preliminary
2. Quarterly change: average of monthly change
Source: China National Bureau of Statistics
(%)
(%)
70
16
60
14
50
12
40
10
30
20
10
4
2001. Q1
0
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
Japan
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Japanese exports continued to be poor as Japan posted a trade account deficit for
the sixth straight month in December, but real indicators, such as retail sales and
industrial production, marginally improved.
Trade account balance (billion yen)
-1,481 (Jan 2012) [ 25 (Feb) [ -87 (Mar) [ -524 (Apr) [ -917 (May) [ 59 (Jun) [ -523 (Jul)
[ -764 (Aug) [ -565 (Sep) [ -551 (Oct) [ -955 (Nov) [ -642 (Dec)
2010
2011
Annual Annual
Real GDP
Industrial production
Retail sales (y-o-y)
2012
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Oct
Nov
Dec
4.4
-0.8
-2.0
-0.5
1.8
0.1
1.3
0.1
-0.9
17.3
-2.4
-2.0
-4.0
4.3
-0.4
1.3
-2.0
-4.2
1.6
-1.4
2.5
2.5
-1.2
-2.7
-1.6
-1.0
0.7
5.2
3.2
0.5
-1.2
1.2
0.4
Exports (y-o-y)
26.1
-2.6
2.7
-8.1
0.6
-5.4
1.0
9.2
-4.2
-6.5
-4.1
-5.8
-0.7
-0.3
-0.5
-0.4
0.1
-0.3
0.3
0.1
-0.4
-0.4
-0.2
-0.1
1. Preliminary
2. Quarterly change: average of monthly change
Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
(%)
(%)
25
20
15
10
5
0
-5
-2
-10
-15
-4
-20
-6
2001. Q1
-25
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
Eurozone
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Retail sales in the eurozone took its largest fall since April 2012 in December,
declining 0.8 percent month-on-month. The manufacturing PMI marginally rose
from the previous month in January 2013, but remained below its baseline of 50
for the 18th consecutive month.
Manufacturing PMI (base = 50)
45.1 (Jun 2012) [ 44.0 (Jul) [ 45.1 (Aug) [ 46.1 (Sep) [ 45.4 (Oct) [ 46.2 (Nov) [ 46.1
(Dec) [ 47.9 (Jan 2013)
The unemployment rate in December showed little change compared with the
previous month, remaining at 11.7 percent. The youth unemployment rate was
24.0 percent.
Unemployment rate (%)
11.4 (Jun 2012) [ 11.4 (Jul) [ 11.5 (Aug) [ 11.6 (Sep) [ 11.7 (Oct) [ 11.7 (Nov) [ 11.7 (Dec)
23.0 (Jun 2012) [ 23.3 (Jul) [ 23.3 (Aug) [ 23.6 (Sep) [ 23.9 (Oct) [ 24.0 (Nov) [ 24.0
(Dec; 55.6% in Spain)
8 | The Green Book
2010
2011
Annual Annual
2012
Real GDP
2.0
1.4
0.6
0.2
0.1
-0.3
0.0
-0.2
-0.1
Q4
-
Industrial production
7.4
3.5
0.9
0.2
0.8
-2.1
-0.5
-0.5
0.4
-0.3
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Nov
Dec
0.9
-0.5
-0.1
-0.4
0.3
-1.2
-0.3
-0.8
0.0
-1.6
-0.1
-0.8
20.1
12.7
21.5
13.0
9.4
8.3
8.5
8.1
7.3
5.4
1.6
2.7
2.5
2.8
2.7
2.9
2.7
2.7
2.5
2.3
2.2
2.2
1. Preliminary
Source: Eurostat
(%)
(%)
10
8
6
4
2
0
-2
-1
-4
-6
-2
-8
-3
2001. Q1
-10
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2.
Private
consumption
2011. Q1
2012. Q1
2011
Private consumption
(y-o-y)
2012
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
2.3
0.6
0.8
0.2
-0.4
1.8
1.0
0.4
0.7
0.8
2.9
3.0
2.1
1.1
1.6
1.1
1.6
2.8
1. Preliminary
2. National accounts
Source: The Bank of Korea
Private consumption
Source: The Bank of Korea (national accounts)
14
(%)
12
10
8
6
4
2
0
-2
-4
-6
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Retail sales fell 1.1 percent month-on-month in December despite strong durable
goods sales, as sales of semi-durable goods, such as clothing, and non-durable
goods, such as car fuel, fell. However, the index rose 1.5 percent year-on-year.
Durable goods sales went up 3.5 percent with automobile sales increasing ahead
of the expiration of the individual consumption tax cut. Semi-durable goods and
non-durable goods sales fell month-on-month by 5.1 percent and 3.3 percent,
respectively, due to a base effect and a decline in outdoor activities attributed to
the cold weather and heavy snowfall.
(Percentage change from previous period)
1
2011
2012
Annual
Q1
Q2
Q3
Q4
Annual1
Q1
Q2
Q3
Retail sales
4.3
1.5
0.1
1.6
-1.3
1.8
1.0
0.2
(y-o-y)
5.4
5.7
4.7
1.9
2.0
1.0
- Durable goods
10.8
4.3
-0.5
1.8
-2.4
5.1
3.0
Automobiles
5.9
5.9
-4.9
3.6
-11.3
1.4
2.8
4.2
0.8
0.7
1.2
-0.3
0.5
-0.3
- Semi-durable goods
- Non-durable goods
1.1
0.2
0.0
2.1
-0.5
0.9
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
0.7
Nov
Dec
1.6
Q4
0.2
2.5
-1.1
1.6
2.5
4.1
1.5
1.3
4.0
1.9
0.0
3.5
8.1
-0.8
8.2
-2.8
3.5
-0.3
-1.4
4.1
5.9
-5.1
1.7
-2.1
2.5
-3.3
-1.0
Retail sales
Source: Statistics Korea (industrial activity trend)
25
(%)
20
15
10
5
0
-5
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Durable goods
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Semi-durable goods
Non-durable goods
2011
2012
1
Annual
Q1
Q2
Q3
Q4
Annual
Department stores
8.1
2.2
0.5
1.2
-0.6
1.7
3.9
1.2
1.0
0.2
0.3
-1.0
Q1
Nov
Dec1
0.8
Q41
2.7
7.3
-8.5
2.3
-0.7
7.9
-4.6
0.4
-0.2
-3.0
-1.3
Q2
Q3
-0.8
1.1
-1.2
-2.1
Specialized retailers
3.3
1.3
-0.5
2.1
-3.1
0.7
1.5
-0.2
1.7
-0.1
Nonstore retailers
8.6
1.4
1.2
2.8
0.6
7.1
2.7
2.4
0.5
1.7
1. Preliminary
2. Specialized retailers are defined as stores carrying a few (1 to 3) specialized items.
Source: Statistics Korea
January retail sales may slow down owing to temporary factors, such as the
Lunar New Year holiday falling late this year and the expiration of the individual
consumption tax cut.
Domestic sales of automobiles slowed down in January due to the end of the
individual consumption tax cut.
In January, department store and large discount store sales declined, affected by
the Lunar New Year holiday falling late this year, which fell on February instead of
January last year.
Gasoline sales in January recovered somewhat from poor sales in the previous
month and increased year-on-year as the prices of gasoline fell and temporary
factors such as heavy snowfall were alleviated.
Gasoline prices (won/liter)
1,932 (4th week Dec) [ 1,930 (1st week Jan) [ 1,927 (2nd week) [ 1,925 (3rd week) [ 1,922 (4th
week) [ 1,920 (5th week)
Growth in credit card use decreased due to a slowdown in department store and
large discount store sales.
(y-o-y, %)
2012
Jun
Jul
Aug
2013
15.3
13.7
13.7
8.0
15.7
9.2
14.2
7.1
Jan
6.2
1.0
-2.0
-1.3
-6.9
-0.8
-0.4
9.1
-0.2
-8.4
-5.7
-7.2
-8.2
-3.3
0.2
-6.6
-1.7
-5.0
-24.3
5.2
8.2
-2.1
-2.7
1.6
7.9
3.7
-2.8
2.7
1.3
-3.7
-4.0
-20.2
-3.1
4.3
13.2
7.5
1.6
May
Sep
Oct
Nov
Dec
Sources: Credit Finance Association of Korea, Ministry of Knowledge Economy, Korea National Oil Corporation, Korea Automobile Manufacturers Association
Ministry of Strategy and Finance (for January data)
(y-o-y, %)
30
20
10
0
-10
-20
-30
2004. 1
2005. 1
Department store sales
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
(thousand)
(y-o-y, %)
100
80
160
60
140
40
20
120
100
-20
80
60
2001. 1
-40
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
-60
2013. 1
2.5 (Apr 2012) [ 2.5 (May) [ 2.2 (Jun) [ 1.5 (Jul) [ 1.2 (Aug) [ 2.0 (Sep) [ 2.1 (Oct) [ 1.6
(Nov) [ 1.4 (Dec) [ 1.5 (Jan 2013)
472 (May 2012) [ 365 (Jun) [ 470 (Jul) [ 364 (Aug) [ 685 (Sep) [ 396 (Oct) [ 353 (Nov)
[ 277 (Dec)
102 (Mar 2012) [ 106 (Apr) [ 106 (May) [ 101 (Jun) [ 100 (Jul) [ 101 (Aug) [ 99 (Sep) [
100 (Oct) [ 100 (Nov) [ 99 (Dec) [ (Jan 2013) 102
(base=100)
120
110
100
90
80
70
2001. Q1
2004. Q1
3.
Facility
investment
2007. Q1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Facility investment (advanced estimates of GDP) decreased 2.8 percent quarter-onquarter and 5.1 percent year-on-year in the fourth quarter of 2012.
2010
Facility investment
(y-o-y)
- Machinery
- Transportation equipment
1. Preliminary
2. National accounts
Source: The Bank of Korea
2011
2012
Annual
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
25.7
3.7
-1.8
-4.3
-1.8
10.3
-7.0
-4.8
-2.8
1.2
-3.3
8.6
-3.5
-6.5
-5.1
31.2
4.1
-2.5
-2.5
11.4
-7.5
-5.9
8.3
1.9
0.9
-11.2
6.1
-4.6
-0.6
Facility investment
Source: The Bank of Korea (national accounts)
40
(%)
30
20
10
0
-10
-20
-30
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
-40
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Transportation equipment
Machinery
2010
2011
Annual Annual
Facility investment index
(y-o-y)
- Machinery
- Transportation equipment
Q3
2012
Q4
Annual
Q3
Q4
Oct
Nov
Dec
24.2
0.7
-1.5
-5.0
-1.1
-9.3
-1.1
-2.8
-0.7
9.9
-3.1
-4.7
-7.1
-5.6
-0.6
-9.3
-6.3
29.4
1.7
-2.2
-3.1
-1.3
-8.6
-2.8
-2.2
0.0
6.1
4.5
-4.1
1.6
-12.9
0.5
-13.3
8.2
-5.6
-2.9
27.8
1. Preliminary
Source: Statistics Korea
2010
2011
Annual Annual
Q3
2012
Q4
Annual
Q3
Q4
Oct
Nov
Dec
8.3
11.0
3.4
11.5
-12.3
-8.9
-18.7
-19.9
-25.8
-9.9
(q-o-q, m-o-m)
-5.4
8.8
2.2
0.1
-13.3
11.2
10.6
- Public
-37.7
11.2
6.1
-3.1
-10.1
25.0
-50.9
-71.3
-77.2
32.4
- Private
18.3
11.0
3.2
14.7
-12.5
-11.5
-12.8
-10.7
-12.6
-14.9
Machinery imports
40.4
7.1
9.7
1.4
-3.0
-12.2
-8.3
1.6
-17.1
-7.6
80.9
79.9
79.6
78.0
77.8
75.3
77.3
75.9
77.5
78.4
8.9
1.6
1.0
0.8
-1.2
-2.9
-0.8
-2.8
1.2
-1.0
1. Preliminary
2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, Korea International Trade Association
(trillion won)
(y-o-y, %)
50
40
30
20
10
0
-10
-20
-30
3
2
2001. Q1
70
60
-40
-50
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
4.
Construction
investment
2010
2011
Annual
Annual
Q3
-3.7
-5.0
- Building construction
-1.6
-6.2
Construction investment
(y-o-y)
2012
Q4
Annual
Q1
Q2
Q3
Q4
-0.5
0.1
-1.5
-1.2
-4.0
-2.1
1.5
-0.4
0.1
-1.3
-2.1
-0.2
-4.1
-4.1
-1.1
-0.6
-6.0
0.3
1.0
3.8
-3.6
-2.0
-7.7
4.4
2.8
1. Preliminary
2. National accounts
Source: The Bank of Korea
Construction investment
Source: The Bank of Korea (national accounts)
20
(%)
15
10
5
0
-5
-10
-15
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
2010
2011
Annual Annual
Construction completed (constant)
(y-o-y)
-3.3
2012
Q3
Q4
Annual
Nov
Dec
-6.7
-4.3
5.7
-7.2
Q3
1.5
Q4
2.6
Oct
-1.8
2.2
5.8
-8.4
-0.5
-4.4
-8.7
-11.7
-2.0
-11.3
- Building construction
-7.0
-8.4
-3.7
4.9
-8.3
1.2
3.5
-0.1
-1.7
9.7
2.2
-4.5
-5.1
6.6
-5.7
1.7
1.6
-3.7
6.9
1.2
1. Preliminary
Source: Statistics Korea
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Building construction
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Residential buildings
2012. 1
-29.3 (Jun 2012) [ -22.1 (Jul) [ -34.6 (Aug) [ -44.3 (Sep) [ -15.2 (Oct) [ -8.4 (Nov) [ 2.4
(Dec)
(Percentage change from same period in previous year)
2010
2011
Annual Annual
Construction orders (current value)
(q-o-q, m-o-m)
- Building construction
2012
Q3
Q4
Annual
Q3
Q4
Oct
Nov
Dec
-17.7
4.0
1.5
22.4
-6.5
-10.4
-31.4
-22.7
-17.4
-42.5
3.3
-1.9
-9.6
-18.2
-4.5
-2.3
-22.4
-8.9
10.9
9.8
40.6
-5.9
-2.8
-26.3
-15.7
-16.7
-37.1
-28.3
-6.6
-11.0
-1.1
-7.5
-24.4
-40.8
-37.6
-18.8
-51.1
19.3
9.9
58.7
-14.8
-0.5
-7.3
-2.3
-21.7
3.1
9.2
1. Preliminary
Sources: Statistics Korea, Ministry of Land, Transport and Maritime Affairs
(y-o-y, %)
290
240
190
140
90
40
-10
-60
-110
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
Construction orders
5.
Exports and
imports
2010. 1
2011. 1
2012. 1
Building permit area
22 (Jan 2012) [ 24 (Jan 2013) (While the Lunar New Year holiday fell in January last year, it was
in February this year.)
Export growth in January was led by a strong performance from most major export
items excluding vessels.
Export growth by item (y-o-y, %)
32.8 (mobile phones), 6.4 (semiconductors), 16.4 (LCDs), 11.7 (petroleum products), 24.3
(automobiles), 20.8 (automobile parts), -8.0 (steel), -19.9 (vessels)
Adjusting for days worked, average daily exports stood at US$1.92 billion, up 2.5
percent or US$1.87 billion year-on-year, posting growth for the third consecutive
month since November.
Average daily export growth by month (y-o-y, %)
-6.0 (Aug 2012) [ -2.4 (Sep) [-1.2 (Oct) [ 3.9 (Nov) [ 7.5 (Dec) [ 2.5 (Jan 2013)
1.87 (Jan 2012), 1.97 (Q1), 2.10 (Q2), 1.90 (Q3), 1.99 (Nov), 2.09 (Dec), 1.92 (Jan 2013)
January is not usually a good month for exports because it follows the year-end
holiday shopping season.
Exports to China rose for the fifth straight month, and exports to the US and
ASEAN countries increased. However, exports to the EU slightly contracted.
Export growth by region (y-o-y, %)
16.6 (China), 17.0 (ASEAN countries), 21.2 (US), 6.6 (Japan), -3.2 (EU)
(US$ billion)
2011
Exports
Q1
Q2
Q3
2013
Annual
Annual
555.21
548.17
134.86
140.18
133.13
139.91
47.78
45.03
46.09
19.0
2.01
-1.3
2.00
3.0
1.97
-1.7
2.09
-5.7
1.90
-0.3
2.04
3.8
1.99
-5.7
2.09
11.8
1.92
524.41
519.54
133.62
130.45
125.62
129.89
43.40
43.11
45.21
(y-o-y, %)
Average daily exports
Imports
2012
Q4
Nov
Dec
Jan
(y-o-y, %)
23.3
-0.9
7.8
-2.8
-6.9
-1.0
0.9
-5.2
3.9
1.91
1.90
1.95
1.96
1.79
1.89
1.81
2.00
1.88
1. Preliminary
Source: Korea Customs Service
2011
Trade balance
1. Preliminary
Source: Korea Customs Service
2012
2013
Annual
Annual
Q1
Q2
Q3
Q4
Nov
Dec
Jan
30.80
28.63
1.23
9.73
7.51
10.02
4.38
1.92
0.87
(US$ billion)
50
40
30
20
10
0
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
Trade balance
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Exports
2013. 1
Imports
Exports by type
Source: Korea Customs Service, Ministry of Knowledge Economy (export and import trend)
160
(y-o-y, %)
140
120
100
80
60
40
20
0
-20
-40
-60
-80
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Automobiles
2009. 1
2010. 1
2011. 1
2012. 1
Semiconductors
2013. 1
Steel
Imports by type
Source: Korea Customs Service, Ministry of Knowledge Economy (export and import trend)
100
(y-o-y, %)
80
60
40
20
0
-20
-40
-60
-80
2001.1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Commodities
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Capital goods
6.
Mining and
manufacturing
production
Mining and manufacturing production in December increased 1.0 percent monthon-month backed by strong growth in audio-visual communications equipment,
automobiles and semiconductors & parts. On a yearly basis, output rose 0.8 percent.
Compared to the previous month, production of audio-visual communications
equipment (up 20.4%), automobiles (up 2.3%) and semiconductors & parts (up
1.4%) rose, while production of clothing & fur (down 11.1%), electric equipment
(down 2.9%) and machinery (down 1.6%) fell.
Compared to a year ago, production of semiconductors & parts (up 17.1%), audiovisual communications equipment (up 9.8%) and chemical products (up 3.4%)
increased, while production of mechanical equipment (down 15.4%), nonmetallic
minerals (down 12.6%) and automobiles (down 6.2%) went down.
The manufacturing inventory-shipment ratio decreased by 3.7 percentage points
month-on-month as inventories fell 0.9 percent and shipments rose 2.4 percent.
Inventories of refined petroleum products (up 26.1%), clothing & fur (up 5.9%)
and chemical products (up 2.6%) rose month-on-month, while audio-visual
communications equipment (down 8.9%), mechanical equipment (down 6.0%),
and semiconductors & parts (down 2.9%) declined.
Shipments of semiconductors & parts (up 1.9%), audio-visual communications
equipment (up 26.0%) and mechanical equipment (up 5.9%) climbed, while
inventories of nonmetallic minerals (down 6.2%), clothing & fur (down 7.7%) and
groceries (down 1.3%) slipped.
The average operation ratio of the manufacturing sector rose by 0.9 percentage
points month-on-month to 78.4 percent.
(Percentage change from previous quarter or month)
2011
2012
1
Annual
Q4
Dec
Annual
Q3
Q4
Oct
Nov
Dec
6.9
-0.1
5.0
-0.6
2.9
1.7
-2.0
0.3
3.0
1.1
0.7
-0.6
2.6
3.2
1.0
0.8
7.0
0.1
5.3
-0.9
2.9
1.8
-2.3
0.4
3.5
1.2
0.8
-0.7
2.8
3.1
1.4
1.2
6.7
-0.3
0.0
1.3
-2.6
1.9
-1.1
1.3
2.4
3.3
-2.0
-0.6
-1.1
-1.7
0.7
0.5
0.4
2.6
- Exports
10.8
1.5
0.6
3.9
-3.6
3.1
-2.9
2.2
2.2
Inventory3
20.8
9.3
2.6
0.2
1.7
3.9
2.3
2.5
-0.9
79.9
78.0
76.9
77.8
75.3
77.3
75.9
77.5
78.4
5.4
4.3
4.2
3.3
3.2
2.8
2.1
1.9
2.2
1. Preliminary
2. Including mining, manufacturing, electricity, and gas industry
3. End-period
4. Percentage change from same period in previous year
Source: Statistics Korea
-6.0 (Aug 2012) [ -2.3 (Sep) [ -1.2 (Oct) [ 3.8 (Nov) [ 7.5 (Dec) [ 2.5 (Jan 2013)
Industrial production
Source: Statistics Korea (industrial activity trend)
50
(%)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
(m-o-m, %)
8
6
4
2
0
-2
-4
-6
-8
-10
2001. 1
2002. 1
2003. 1
Shipment growth
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Inventory growth
( %)
90
80
70]
60
50
2001. 1
2002. 1
7.
Service sector
activity
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Service activity in December rose 0.1 percent month-on-month and 1.0 percent
year-on-year as growth in transportation services and real estate & renting offset
weaknesses in wholesale & retail.
Wholesale & retail declined 0.2 percent month-on-month due to sluggish retail
sales of semi-durable and non-durable goods.
Transportation services rose 1.7 percent, as export growth led to increased cargo
transportation.
Average daily export growth by month (y-o-y, %)
-6.0 (Aug 2012) [ -2.3 (Sep) [ -1.2 (Oct) [ 3.8 (Nov) [ 7.5 (Dec)
-4.5 (Aug 2012) [ 6.6 (Sep) [ -1.2 (Oct) [ 0.1 (Nov) [ 2.0 (Dec)
Hotels & restaurants weakened for the fifth straight month, declining 0.3 percent
due to poor consumer confidence.
Real estate & renting rose 1.2 percent from the previous month, as housing sales
increased before the property acquisition tax cut ended on December 31, 2012.
Housing transactions rose from 72,000 in November to 108,000 in December.
Financial & insurance services and educational services showed a slight
improvement from the previous months slump, growing 0.3 percent and 1.8
percent, respectively.
Weight
Service activity index
- Wholesale & retail
2011
Annual Q1
Q2
2012
Q3
Q4 Annual Q1
Q2
Q3
100.0
3.3
1.6
0.2
1.3
-0.5
1.7
1.0
0.1
0.9
-0.2
0.8
0.1
21.8
3.8
1.4
1.4
0.7
-0.7
0.9
0.1
0.6
0.7
-0.2
2.2
-0.2
- Transportation services
9.0
3.9
2.6
-1.6
1.0
-1.0
0.9
1.5
-0.2
0.2
1.0
1.7
1.7
7.7
-0.5
-0.4
1.0
-0.3
-1.5
-0.1
-0.2
2.5
-0.5
-1.6
-0.5
-0.3
8.4
4.4
1.1
0.5
2.8
0.3
3.3
1.0
0.5
0.9
0.0
3.7
-1.4
15.3
7.3
3.0
0.1
2.7
0.1
2.8
1.4
-1.8
2.8
0.2
-0.4
0.3
6.3 -10.2
3.3
-2.2
-0.3
-6.4
-3.6
-0.2
3.1
1.1
-1.2
0.3
1.2
4.8
0.3
-1.5
2.0
1.0
1.4
2.9
1.8
-0.9
1.4
-2.0
1.8
-0.8
- Business services
2.9
4.3
0.8
0.9
0.2
0.4
2.5
1.7
1.1
-0.8
-0.4
-0.5
1.1
- Educational services
10.8
2.4
0.2
-0.9
1.7
0.4
1.1
1.2
-1.3
-0.1
0.1
-0.8
1.8
6.0
6.3
3.3
0.6
1.4
1.6
5.9
1.7
2.4
0.6
0.0
-0.1
0.3
2.9
2.3
1.1
0.0
0.7
0.1
2.4
4.3
-2.7
-1.1
0.4
-0.1
-6.8
- Membership organizations
3.8
1.1
-0.3
1.1
-0.3
-2.1
-1.0
-0.2
0.4
0.7
0.3
-0.1
-0.5
0.4
0.0
0.1
-0.5
0.2
3.1
6.4
1.0
3.8
-1.7
5.1
-2.7
4.1
1. Preliminary
Source: Statistics Korea
Service industry
Source: Statistics Korea (service industry activity trend)
20
(%)
15
10
5
0
-5
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
(%)
15
10
5
0
-5
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Wh
ole
sal
e
Tot
al i
nde
x
&r
eta
il
Tra
nsp
ort
atio
ns
erv
ice
Pub
s
lish
ing
&c
om
mu
Ho
nic
tels
atio
&r
ns
est
ser
aur
vic
ant
es
s
Fin
anc
ial
&i
nsu
ran
ce s
Rea
erv
l es
ice
tat
s
e&
ren
Pro
t
i
n
ser fess
g
vic ion
es al,
scie
nti
fic
B
&t
sup usine
ech
por ss fa
nic
al
t se cili
rvic ty m
es an
age
He
me
alth
nt &
car
bus
e&
ine
soc
ss
i
a
lw
Edu
elfa
cat
re s
ion
al s
erv
ice
erv
s
ice
s
Ent
ert
ain
me
nt,
cul
Me
tur
m
oth b
al &
er p ersh
spo
ers ip o
rts
ona rga
ser
n
l se iz
vic
S
rvic atio
es
ma ewera
es ns,
ter ge
rep
ial , w
air
rec ast
&
ove e m
ry & an
rem agem
edi ent
atio ,
na
ctiv
itie
s
-2
-4
Service activity is expected to decline in January, led by wholesale & retail and real
estate & renting, due to the end of individual consumption tax and acquisition tax
cuts.
8.
Employment
2011
Q1
2012
Q2
Q3
Q4
Nov
Dec
Q1
Q2
Q3
Q4
23.83 24.24 24.13 23.46 24.57 24.48 24.46 24.94 24.40 23.93 25.00 24.99 24.80
58.7
59.1
58.5
57.4
59.9
59.5
59.4
59.7
58.3
57.8
60.2
60.0
59.4
(Seasonally adjusted)
58.7
59.1
59.2
58.8
59.1
59.1
59.2
59.2
59.1
59.3
59.4
59.5
59.2
323
415
441
423
402
363
474
353
277
467
430
506
342
405
440
466
451
399
414
497
328
289
498
454
504
344
191
63
-85
228
112
-12
-75
164
112 -102
-66
85
140
33
-2
106
-3
-41
-35
71
-35
-82
79
33
17
-40
- Manufacturing
- Construction
- Services
200
386
462
224
331
472
514
187
252
541
491
397
236
-82
-25
-25
-28
-51
-23
25
-12
-31
-24
-2
- Wage workers
517
427
343
519
421
392
374
292
267
360
281
317
303
697
575
477
605
621
572
500
443
458
413
379
485
469
-34
-78
-13
-88 -137
-76
-10
-87 -111
110
73
Regular workers
Temporary workers
Daily workers
- Non-wage workers
Self-employed workers
-146
-70 -122
-194
-11
-118
98
-79 -109
-64
-89
-57
-96
-19
-29
100
61
10
108
150
189
39
133 -115
-39
34
125
38
12
149
173
143
33
- Male
181
238
256
266
221
208
257
169
91
238
242
284
172
- Female
142
177
184
157
181
155
216
184
186
230
188
223
170
- 15 to 29
-43
-35
-37
-49
-74
-1
-18
-70
-77
-8
-57
-80
- 30 to 39
-4
-47
-46
-34
-13
-83
-56
-18
-40
-65
-80
33
-10
- 40 to 49
29
57
45
77
59
46
47
-7
-8
28
12
-3
- 50 to 59
294
291
334
286
294
270
315
233
197
326
260
273
220
47
149
146
143
137
131
185
214
205
178
251
245
215
- 60 or more
Source: Statistics Korea
(thousand)
(million)
26
1,000
25
800
600
24
400
23
200
0
22
-200
-400
2001. 1
21
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
(%)
80
60
70.3
69.9
69.2
68.8
68.4
68.4
69.1
68.9
69.1
68.7
69.2
70.2
71.0
70.8
70.3
69.7
69.2
69.1
69.3
69.2
69.0
68.7
69.0
70.4
7.0
7.0
7.0
7.1
7.2
7.3
7.1
7.3
7.1
7.4
7.5
7.6
7.2
7.1
7.2
7.2
7.2
7.2
7.1
7.1
7.1
7.3
7.2
7.2
17.9
17.8
17.3
16.9
16.8
16.7
16.6
16.5
16.5
16.4
16.5
16.9
17.0
17.1
16.6
16.3
16.2
16.3
16.4
16.5
16.6
16.7
16.9
17.1
4.4
4.9
6.1
6.8
7.2
7.2
6.9
7.0
7.0
7.1
6.5
5.0
4.4
4.7
5.6
6.5
7.0
7.0
6.8
6.8
6.8
6.9
6.5
4.9
2011. 1 2
10
11
12 2012. 1
10
11
12
40
20
Services
Construction
Manufacturing
80
60
(%)
4.7
4.8
5.1
5.4
5.6
5.5
5.3
5.3
5.1
5.4
5.2
4.6
4.5
4.5
4.8
5.1
5.4
5.4
5.3
5.3
5.4
5.3
5.2
4.5
22.8
23.0
23.3
23.2
23.0
22.9
23.0
23.2
23.4
23.2
23.0
22.9
23.1
23.1
23.4
23.4
23.3
23.2
23.4
23.3
23.2
23.1
22.9
22.7
7.2
7.2
7.3
7.5
7.5
7.6
7.4
7.2
6.4
7.0
7.2
7.0
6.5
6.5
6.3
6.6
6.8
6.7
6.7
6.4
6.4
6.7
6.8
6.6
20.9
20.5
20.1
20.3
20.5
20.7
20.9
20.5
20.8
20.6
20.5
20.7
20.5
20.5
20.6
20.6
20.5
20.3
20.2
19.9
19.8
19.8
19.9
20.0
44.4
44.5
44.2
43.7
43.4
43.3
43.5
43.7
44.3
43.8
44.1
44.9
45.4
45.4
44.9
44.3
44.0
44.4
44.4
45.1
45.2
45.1
45.2
46.2
10
11
10
11
12
40
20
0
2011. 1 2
Self-employed workers
12 2012. 1 2
Daily workers
Temporary workers
Regular workers
The number of unemployed persons in December decreased by 18,000 year-onyear to 737,000, while the unemployment rate fell 0.1 percentage point from the
previous year to 2.9 percent.
The unemployment rate either fell or remained unchanged from the previous year
in all age brackets excluding the over-60 group.
2010
2011
Q1
2012
Q2
Q3
Q4
Nov
Dec
Q1
Q2
Q3
Q4
920
855
754 1,028
865
786
740
710
737
947
841
770
722
31
-65
-99 -101
-3
-88
-68
-19
-18
-82
-23
-16
-18
- Male
-7
-48
-59
-70
-32
-48
-41
-14
10
-54
-19
-16
-13
- Female
38
-17
-40
-32
29
-40
-27
-5
-28
-28
-4
-6
3.7
3.4
3.0
4.2
3.4
3.1
2.9
2.8
2.9
3.8
3.3
3.0
2.8
(Seasonally adjusted)
3.7
3.4
3.1
3.8
3.4
3.2
3.1
3.0
3.0
3.5
3.3
3.1
3.0
- 15 to 29
8.0
7.6
7.7
8.8
7.9
6.7
7.1
6.7
7.5
8.2
8.1
6.8
7.0
- 30 to 39
3.5
3.4
2.8
4.0
3.5
3.2
2.9
2.8
2.7
3.2
3.2
2.8
2.7
- 40 to 49
2.5
2.1
1.9
2.5
2.1
2.0
1.9
1.9
1.7
2.4
2.0
2.0
1.8
- 50 to 59
2.5
2.1
1.8
2.7
2.0
2.1
1.8
1.8
1.8
2.3
2.0
2.2
1.8
- 60 or more
2.8
2.6
1.8
4.5
2.3
2.1
1.8
1.5
1.9
4.4
2.0
1.9
1.6
2010
2011
Q1
2012
Q2
Q3
Q4
Nov
Dec
Q1
Q2
Q3
Q4
15.84 15.95 16.39 16.39 15.56 15.85 16.01 16.12 16.71 16.50 15.67 15.90 16.26
61.0 61.1 60.3 59.9 62.0 61.5 61.1 61.4 60.1 60.1 62.3 61.8 61.1
(seasonally adjusted)
61.0 61.1 61.1 61.1 61.2 61.0 61.1 61.1 60.9 61.4 61.4 61.4 61.1
143
112
129
138
66
191
53
234
315
103
110
57
244
- Childcare
-125
-5
19
-44
-16
17
23
-5
-7
-3
- Housework
201
101
90
130
27
143
103
93
178
85
181
101
126
- Education
12
-51
-20
-16
-39
-78
-69
42
45
-28
-64
39
181
195
76
174
156
186
126
- Old age
80
-45
-56
182
11 -103
182
241
-58
-22
163
193
Employment rate
Source: Statistics Korea (employment trend)
64
(%)
63
62
61
60
59
58
57
56
55
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Original rate
2012. 1
Seasonally adjusted rate
Unemployment rate
Source: Statistics Korea (employment trend)
6
(%)
2
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
Original rate
2011. 1
2012. 1
Seasonally adjusted rate
(%)
64
63
62
61
60
59
58
57
2001. 1
2002. 1
Original rate
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Seasonally adjusted rate
9.
Financial markets
KOSPI
KOSDAQ
1
Change1
Dec 2012
Jan 2013
Change
Dec 2012
Jan 2013
1,997.1
1,961.9
-35.2 (-1.8%)
496.3
503.7
7.4 (1.5%)
Market capitalization
1,154.3
1,135.2
-19.1 (-1.7%)
109.1
111.1
2.0 (1.8%)
4.2
4.4
0.2 (4.8%)
1.60
1.82
0.22 (13.8%)
34.8
34.5
-0.3 (-0.9%)
8.23
8.30
0.07 (0.9%)
Stock prices
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
KOSPI
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
KOSDAQ
The won/100 yen exchange rate appreciated 3.4 percent in January due to a weak
yen resulting from additional quantitative easing (QE) by the Bank of Japan (BOJ).
The BOJ adopted a 2 percent inflation target and added 10 trillion yen to its assetbuying scheme.
(End-period)
2008
2009
2010
2011
2012
2013
Dec
Dec
Dec
Dec
Nov
Jan
Change1
Won/dollar
1,259.5
1,164.5
1,134.8
1,151.8
1,070.6
1,089.0
-1.7
Won/100 yen
1,396.8
1,264.5
1,393.6
1,481.2
1,238.3
1,197.6
3.4
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
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Won/dollar
2012. 1
2013. 1
Won/100 yen
()
1,600
1,400
1,200
1,000
800
600
2008. 1. 2
2008. 8. 11
Won/dollar
2009. 3. 18
2009. 10. 19
2010. 5. 25
2010. 12. 27
2011. 8. 3
2012. 3. 9
2012. 10. 16
Won/100 yen
2006
2007
2008
2009
2010
2011
2012
2013
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Change1
4.60
5.02
3.02
2.01
2.51
3.29
2.77
2.76
-1
CD (91 days)
4.86
5.82
3.93
2.88
2.80
3.55
2.89
2.84
-5
4.92
5.74
3.41
4.44
3.38
3.34
2.82
2.76
-6
5.29
6.77
7.72
5.56
4.27
4.21
3.29
3.13
-16
5.00
5.78
3.77
4.98
4.08
3.46
2.97
2.89
-8
Interest rates
Source: The Bank of Korea
10
9
8
7
6
5
4
3
2
1
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
2008
2009
2010
2011
Q3
2012
Q4
Q1
Q2
Q3
Oct
Nov
Nov 1
M12
-1.8
16.3
11.8
6.6
4.8
2.6
1.8
3.6
4.3
5.5
5.3
450.1
M2
14.3
10.3
8.7
4.2
3.8
4.4
5.3
5.6
5.6
4.6
4.4
1,831.3
Lf3
11.9
7.9
8.2
5.3
5.3
6.2
7.5
8.5
7.9
7.1
7.14
2,440.44
30
20
10
0
-10
-20
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Reserve money
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
M1
Lf
2009
2010
Annual
Annual
Bank deposits
54.8
36.9
AMC deposits
-27.6
-16.7
2011
2012
Annual
Dec
Nov
Dec
Dec1
-8.7
58.9
-1.2
7.7
6.5
1,135.8
-11.2
-16.6
-19.4
-3.0
-6.7
317.2
Dec
20
10
0
-10
-20
2001. 1
10.
Balance of
payments
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Working days
Taking into consideration days worked, average daily exports have continued to
improve since July.
Average daily export growth (y-o-y, %)
-10.6 (Jul 2012) [ -6.0 (Aug) [ -2.4 (Sep) [ -1.2 (Oct) [ 3.9 (Nov) [ 7.5 (Dec)
Although the travel account has deteriorated due to a lower exchange rate, the
service account swung to a surplus of US$0.03 billion from a deficit of US$0.05
in the previous month thanks to improvements in the construction service and
transportation accounts. Foreign tourist arrivals in December declined 0.9 percent
year-on-year, while the number of overseas travelers increased 14.6 percent.
The Green Book | 35
The primary income account surplus widened to US$0.64 billion from US$0.37
billion as the investment income balance improved due to an increase in interest
income. The secondary income deficit expanded to US$0.45 billion from US$0.19
billion in the previous month due to an increase in foreign aid.
(US$ billion)
2011
2012
Annual
Q3
Q4
Q1
Q2
Q3
Q4
Nov
Dec1
Annual1
Current account
26.07
7.89
11.39
2.56
11.19
14.56
14.94
6.91
2.25
43.25
- Goods balance
31.66
7.47
10.86
2.61
8.52
13.34
13.98
6.78
2.03
38.45
- Service balance
-5.85
-0.52
-0.45
-0.65
2.31
0.65
0.36
-0.05
0.03
2.68
2.89
1.45
1.50
1.49
0.82
1.04
1.54
0.37
0.64
4.89
-2.63
-0.51
-0.51
-0.89
-0.47
-0.47
0.93
-0.19
-0.45
-2.76
1. Preliminary
Source: The Bank of Korea
The capital and financial account (preliminary) in December posted a net outflow
of US$3.86 billion.
Capital & financial account balance (US$ billion)
-1.38 (Q1 2012) [ 7.97 (Q2) [ -13.34 (Q3) [ -20.96 (Q4) [ -3.86 (Dec) [ -44.25 (Jan-Dec)
8
6
4
2
0
-2
-4
-6
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Goods account
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Service account
Current account
Travel balance
Source: The Bank of Korea (balance of payments trend)
(US$ billion)
4
3
2
1
-1
-2
-3
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Travel balance
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Travel revenue
Travel payment
(US$ billion)
10
5
0
-5
-10
-15
2001. 1
2002. 1
2003. 1
Portfolio investment
2004. 1
2005. 1
2006. 1
Direct investment
2007. 1
2008. 1
2009. 1
Financial derivatives
2010. 1
2011. 1
2012. 1
11.
11.1 Prices
Prices and
international
commodity
prices
Consumer prices in January rose 1.5 percent year-on-year and 0.6 percent monthon-month, staying stable at the 1 percent range for three consecutive months.
Core consumer prices, which exclude oil and agricultural products, rose 1.2 percent
year-on-year and 0.4 percent month-on-month. Core consumer prices based on
the OECD method, which exclude food and energy, rose 1.4 percent year-onyear and 0.4 percent month-on-month. Consumer prices for basic necessities, a
barometer of perceived consumer prices, were up 0.8 percent year-on-year and 0.8
percent month-on-month.
The average annual expected inflation is 3.2 percent and import prices declined 8.8
percent year-on-year.
Expected inflation (%)
4.2 (Jan 2012) [ 4.1 (Feb) [ 4.1 (Mar) [ 3.9 (Apr) [ 3.8 (May) [ 3.8 (Jun) [ 3.7 (Jul) [ 3.5
(Aug) [ 3.3 (Sep) [ 3.3 (Oct) [ 3.2 (Nov) [ 3.1 (Dec) [ 3.2 (Jan 2013)
2.1 (May 2012) [ -1.2 (Jun) [ -1.0 (Jul) [ 0.3 (Aug) [ -2.4 (Sep) [ -6.4 (Oct) [ -7.6 (Nov)
[ -8.8 (Dec)
(%)
2012
Jan Feb Mar Apr May Jun
2013
Month-on-Month
0.5
0.4 -0.1
0.0
Year-on-Year
3.4
3.1
2.6
2.5
2.5
2.2
1.5
1.2
2.0
2.1
1.6
1.4
1.5
3.2
2.5
1.9
1.8
1.6
1.5
1.2
1.3
1.4
1.5
1.3
1.2
1.2
2.5
2.6
1.7
1.6
1.5
1.4
1.2
1.2
1.4
1.4
1.4
1.4
1.4
3.3
2.8
2.0
2.0
2.2
1.8
0.8
0.6
1.7
1.6
1.0
0.7
0.8
Prices
Source: Statistics Korea (consumer price trend) & The Bank of Korea (producer prices)
16
(y-o-y, %)
13
10
7
4
1
-2
-5
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Core inflation
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
The prices of agricultural products rose due to the heavy snow and cold weather,
but those of manufactured products stabilized as a result of lower oil product
prices, allowing the growth in overall consumer prices to decelerate.
Agricultural, livestock & fishery product prices increased 3.3 percent month-onmonth. Agricultural (up 5.6%, m-o-m) and fishery product prices rose (up 0.8%,
m-o-m) while the prices of livestock products fell (down 0.5%, m-o-m).
Manufactured products prices climbed 0.1 percent month-on-month. The prices
of oil products fell (down 0.5%, m-o-m), but those of durable goods (up 0.8%,
m-o-m) and processed food increased (up 0.4%, m-o-m).
Personal service prices rose 0.4 percent month-on-month due to rising dining out
expenses (up 0.3%, m-o-m) and other personal service prices (up 0.5%, m-o-m).
Total
Month-on-Month (%)
0.6
Public
utilities
0.9
0.2
0.7
0.4
Contribution (%p)
0.56
0.27
0.03
-0.03
0.05
0.02
0.09
0.12
Year-on-Year (%)
1.5
1.51
2.1
0.18
1.3
0.42
0.6
-0.04
4.4
0.22
3.2
0.30
1.2
0.16
0.8
0.24
Contribution (%p)
Source: Statistics Korea
(%)
6
5
4
3
2
1
0
-1
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
(%p)
4
3
2
1
0
-1
2004
2003
2005
2006
2007
2008
2009
2010
2011
Manufactured products
Housing rents
Personal services
Public utilities
2012
2013. 1
Public services
107.7 (1st week Jan) [ 107.6 (2nd week) [ 106.9 (3rd week) [ 108.3 (4th week) [ 109.7 (5th week,
up 1.5% since end of December 2012)
($/B)
140
120
100
80
60
40
20
0
2001. 1
2002. 1
Dubai crude
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
WTI crude
2010
2011
Annual
Annual
Annual
2012
Dubai crude
78.1
105.9
Brent crude
79.7
111.0
WTI crude
79.5
95.1
2013
Jul
Aug
Sep
Oct
Nov
Dec
Jan
109.0
99.1
108.6
111.2
109.0
107.3
106.4
107.9
111.7
102.7
113.0
113.0
111.6
109.3
109.2
112.7
93.8
87.9
94.1
94.5
89.5
86.6
88.2
94.8
Domestic oil product prices continued a downward trend. As of the fifth week
of January 2013, domestic oil product prices had been falling for 20 consecutive
weeks.
Gasoline prices (won/liter)
1,929.5 (1st week Jan) [ 1,927.2 (2nd week) [ 1,925.3 (3rd week) [ 1,922.5 (4th week) [ 1,920.2
(5th week)
2010
2011
Annual
Annual
Annual
Jul
Aug
2012
Sep
Oct
Nov
Dec
2013
Jan
Gasoline prices
1,710.4
1,929.3
1,985.8
1,901.4
1,971.3
2,024.5
2,005.7
1,956.0
1,935.6
1,924.6
Diesel prices
1,502.8
1,745.7
1,806.3
1,726.6
1,784.8
1,836.6
1,820.8
1,777.7
1,760.0
1,749.6
(thousand won/B)
($/B)
160
140
140
120
120
100
100
80
80
60
60
40
40
20
2004. 1
20
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
International grain prices and nonferrous metal prices generally rose in January.
Amid supply-side uncertainties caused by bad weather conditions in the US and
Argentina and a downward revision of the inventory outlook, the prices of major
grains mostly increased due to a growth in demand, with soybean imports to
China surging.
Weather conditions in major countries
US: The drought ratio has fallen from 73.8% in December 25, 2012 to 69.8% in January 2013,
but still remains at a high level.
Argentina: Hot and dry conditions persist in the mid-south area.
Brazil: Heavy rain lead to concerns that sowing would have to be delayed.
Nonferrous metal prices mostly climbed compared to the previous month due to
expectations on recovering demand as economic indicators improved in major
countries including China, US, and Europe.
Prices of nonferrous metals in January (m-o-m, %)
Tin (7.9), zinc (6.8), lead (2.6), copper (1.2), nickel (0.3), aluminum (-1.1)
<Reuters index*>
2010
2011
Annual
2,553
Annual
3,062
(Period average)
Annual
3,006
Jul
Aug
2012
Sep
3,065
3,108
3,172
2013
Oct
Nov
Dec
Jan
3,110
3,067
3,037
2,996
470
430
390
3,000
350
310
2,000
270
230
1,000
190
150
1997. 1
1998. 1
1999. 1
CRB (left)
2000. 1
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
0
2013. 1
12.
Real estate
market
2012
2013
1
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Nationwide
0.0
-0.1
-0.1
-0.3
-0.4
-0.4
-0.3
-0.3
-0.2
-0.3
-0.3
Seoul
-0.4
-0.6
-0.5
-0.8
-0.7
-0.9
-0.7
-0.6
-0.5
-0.6
-0.6
-0.6
-0.7
-0.6
-1.0
-0.9
-1.3
-0.9
-0.7
-0.4
-0.7
-0.8
-0.3
-0.3
-0.4
-0.4
-0.5
-0.4
-0.6
-0.6
-0.5
-0.6
-0.5
-0.8
-0.4
-0.7
-0.5
-0.6
-0.6
-0.5
-0.5
-0.6
-0.5
-0.7
5 metropolitan cities
0.2
0.1
0.1
-0.1
-0.2
-0.3
-0.1
0.0
0.1
0.1
0.1
Gangnam2
3
Gangbuk
Jan 7
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board (since Jan 2013)
(m-o-m, %)
2
1
0
-1
-2
2009. 1
7
Nationwide
2010. 1
2011. 1
Seoul metropolitan area
2012. 1
2013. 1
Metropolitan cities
Nationwide apartment rental prices continued to rise in January (up 0.3%, m-o-m).
Rental prices in the Seoul metropolitan area and the five metropolitan cities rose
0.2 percent and 0.3 percent, respectively.
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (0.5), Seocho (0.8), Songpa (0.9), Dongjak (0.7), Seongdong (0.9)
2012
2013
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Nationwide
0.2
0.1
0.0
-0.1
-0.2
-0.1
0.3
0.4
0.4
0.3
0.3
Seoul
-0.1
-0.4
-0.5
-0.4
-0.5
-0.3
0.6
0.8
0.7
0.2
0.4
-0.2
-0.5
-0.5
-0.4
-0.6
-0.4
0.8
1.0
0.9
0.3
0.5
0.08
0.18
0.13
0.18
0.0
-0.1
-0.3
-0.2
-0.4
-0.2
-0.4
-0.2
-0.4
-0.4
-0.1
-0.2
0.4
0.4
0.6
0.5
0.4
0.4
0.1
0.1
0.3
0.2
0.13
0.06
0.12
0.09
0.12
0.05
0.19
0.09
5 metropolitan cities
0.4
0.3
0.3
0.1
-0.1
-0.2
0.2
0.3
0.4
0.4
0.3
0.09
0.11
0.07
0.07
Gangnam2
3
Gangbuk
Jan 7
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board (since Jan 2013)
(m-o-m, %)
4
3
2
1
0
-1
-2
-3
2009. 1
7
Nationwide
2010. 1
2011. 1
Seoul metropolitan area
2012. 1
2013. 1
Metropolitan cities
2009 2010
2011
2012
53
48
51
50
55
55
Jul
77
18
38
2009. 1
39
47
45
46
2010. 1
37
(thousand)
120
100
80
60
40
20
0
2006. 1
7
Nationwide
2007. 1
2008. 1
2011. 1
2012. 1
0.11 (Apr 2012) [ 0.10 (May) [ 0.10 (Jun) [ 0.03 (Jul) [ -0.01 (Aug) [ -0.02 (Sep) [ 0.03
(Oct) [ 0.04 (Nov) [ 0.06 (Dec)
Land prices continued to rise in areas excluding the Seoul metropolitan area (up
0.12%, m-o-m), with Sejong (up 0.49%, m-o-m) posting the highest growth rate in
the nation for the tenth straight month in December.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.14 (Mar 2012) [ 0.14 (Apr) [ 0.14 (May) [ 0.13 (Jun) [ 0.13 (Jul) [ 0.11 (Aug) [ 0.10
(Sep) [ 0.11 (Oct) [ 0.12 (Nov) [ 0.12 (Dec)
2011
2012
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Oct
Nov
Dec
Nationwide
-0.31
0.96
1.05
1.17
0.29
0.30
0.29
0.29
0.87
0.30
0.33
0.12
0.21
0.06
0.07
0.08
Seoul
-1.00
1.40
0.53
0.97
0.40
0.28
0.17
0.12
0.33
0.17
0.26 -0.14
0.09
0.01
0.03
0.05
Gyeonggi
-0.26
1.22
1.49
1.47
0.26
0.38
0.43
0.39
0.97
0.34
0.34
0.17
1.32
0.06
0.06
0.07
Incheon
1.37
1.99
1.43
0.66
0.17
0.18
0.15
0.15
0.36
0.21
0.16 -0.03
0.13
0.03
0.00
0.10
2004
2005
(%)
12
9
6
3
0
-3
-6
-9
-12
-15
-18
1994
1995
1996
National average
1997
1998
1999
2000
2001
2002
Metropolitan area
2003
2006
2007
City
2008
2009
2010
2011
2012
County
Nationwide land transactions in December were 224,000 land lots, up 20.7 percent
from the previous month but down 6.8 percent from 240,000 a year earlier.
Monthly land transactions surged in Busan (up 31.8%, m-o-m), Daejeon (up
31.0%, m-o-m), Gwangju (up 58.5%, m-o-m), and North Jeolla Province (up 52.0%,
m-o-m).
Transactions of vacant land decreased 0.05 percent month-on-month to 75,000
lots, making up 33.3 percent of the total amount of transactions, and were down
16.9 percent from 90,000 a year earlier.
2011
2012
Jul
208 203 187 208 184 195 240 129 165 187 182 186 163 167 150 133 172 185 224
Seoul
26
22
16
18
15
15
19
12
14
15
15
13
12
10
15
16
20
Gyeonggi
45
46
41
43
37
39
48
24
30
37
36
35
32
34
30
27
35
36
45
Incheon
13
10
10
10
10
10
1. Monthly average
Source: Korea Land & Housing Corporation
(y-o-y, %)
50
40
30
20
10
0
-10
-20
1975
1980
1985
1990
1995
2000
2005
2010
2012
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
13.
Composite
indices of
business cycle
indicators
value of construction completed (2.1%), mining & manufacturing production (1.5%), imports
(1.2%), domestic shipment (1.0%), wholesale & retail sales (0.2%), service activity (-0.2%),
nonfarm payroll employment (-0.1%)
The cyclical indicator of the leading composite index rose 0.4 points from the
previous month.
The value of construction orders received and international commodity prices
were lower compared to the previous month while seven components, including
the indicator of inventory cycle and consumer expectations index, rose.
Components of the leading composite index in December (m-o-m)
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
1.0
1.3
-1.1
-0.2
0.6
-0.2
0.2
-1.7
1.0
-0.3
1.3
0.8
(y-o-y, %)
-1.0
8.7
0.5
0.4
1.8
0.3
1.5
-0.2
1.3
-0.5
2.0
0.3
0.1
0.8
0.1
0.2
-0.1
0.4
0.6
-0.1
0.4
-0.1
0.6
0.5
99.6 100.0 99.6 99.4 98.9 98.9 99.1 98.6 98.6 98.1 98.3 98.4
(m-o-m, p)
-0.2
0.4
-0.4
-0.2
-0.5
0.0
0.2
-0.5
0.0
-0.5
0.2
0.1
0.7
1.0
0.4
0.4
0.1
1.1
0.6
0.2
-0.2
0.1
0.8
0.9
99.2 99.9 99.8 99.8 99.4 100.1 100.3 100.1 99.4 99.2 99.5 99.9
0.2
0.7
-0.1
0.0
-0.4
0.7
0.2
-0.2
-0.7
-0.2
0.3
0.4
Industrial output
Source: Statistics Korea (industrial activity trend)
20
(%)
15
10
5
0
-5
-10
-15
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Industrial output (y-o-y)
(y-o-y, %)
105
100
95
90
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
(y-o-y, %)
105
100
95
90
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
20121
2011
Annual
Q1
Q2
Q3
Q4
0.8
(3.5)2
4.5
0.8
(3.6)2
-5.2
0.3
(3.3)2
8.2
Annual
Q1
Q2
Q3
Q4
-1.0
0.9
(2.8)2
-5.6
0.3
(2.3)2
2.0
0.1
(1.5)2
-4.1
0.4
(1.5)2
5.7
GDP
3.6
-2.0
1.3
(4.2)2
-3.0
Manufacturing
7.2
3.3
1.2
1.1
-0.3
2.2
2.0
-0.2
-0.4
0.0
Construction
-4.6
2.6
-4.3
1.0
1.8
Services3
Private consumption
0.3
2.8
0.4
-0.2
0.7
-1.3
2.4
-1.7
1.1
-2.7
0.5
2.8
0.1
-0.7
0.5
2.3
0.6
0.8
0.2
-0.4
1.8
1.0
0.4
0.7
0.8
Government consumption
0.7
-0.8
3.6
3.4
-0.3
0.7
-0.7
Construction investment
-5.0
-1.6
-4.4
0.8
4.7
1.2
Facility investment
2.1
3.7
3.5
-1.8
-0.5
-4.3
0.1
-1.8
-1.5
10.3
-1.2
-7.0
-0.4
-4.8
0.1
-2.8
-1.3
Exports
2.0
9.5
2.8
0.8
3.1
-2.3
3.7
3.0
-0.6
2.8
-1.2
Imports
6.5
1.4
1.9
1.3
-3.0
2.3
4.3
-1.9
1.8
-1.1
GDI
1.3
-0.1
0.5
0.6
0.6
2.3
0.2
0.9
1.1
0.1
Current
Credit rating
Credit limit as a
percentage of
export volume
A, B
up to 90%
up to 60%
C, D
up to 80%
up to 50%
E, F
up to 70%
up to 40%
up to 60%
Credit rating
Credit limit as a
percentage of
export volume
A, B
up to 70%
C, D
E, F
G
Revised
(trillion won)
2008
2009
2010
2011
2012
2013
13.0
20.0
20.0
15.0
20.0
30.0
17.0
14.0
8.0
19.2
fluctuations due to the significant presence of real estate mortgage loans and loans
to low-credit groups, it is necessary to improve the mutual finance industrys risk
management and loss absorbing abilities.
In order to preemptively manage the industrys underlying risks, an early
warning system will be adopted, where the national federations of mutual finance
firms assume responsibility for the day-to-day supervision of their respective
cooperatives, while the Financial Supervisory Service (FSS) selects firms that bear
potential risks and manages them separately. In addition, external auditing will be
expanded to boost the firms accounting transparency.
2008
th
2010
th
2012
Ranking
11
12
10
8th
59
85
94
100
th
Statistical Appendices
1. National accounts
2. Production, shipment and inventory
3. Production capacity and operation ratio
4. Consumer goods sales index
5. Consumer goods shipment index and consumer sentiment index
6. Machinery orders received, domestic machinery shipment
and estimated facility investment index
7. Value of construction completed and domestic construction orders received
8. Composite indices of business cycle indicators and BSI
9. Balance of payments (I)
10. Balance of payments (II)
11. Prices
12. Employment
13. Financial indicators
14. Monetary indicators
15. Exchange rates
Statistical Appendices | 55
1.
National accounts
Real GDP
Manufacturing
Final
consumption
expenditure
4.6
4.0
5.2
5.1
2.3
0.3
6.3
3.6
2.0
Agri., fores.
& fisheries
9.1
1.3
1.5
4.0
5.6
3.2
-4.4
-2.0
-1.0
10.0
6.2
8.1
7.2
2.8
-1.5
14.7
7.2
2.2
1.0
4.6
5.1
5.1
2.0
1.2
4.1
2.2
2.2
Period
2004
2005
2006
2007
2008
2009
2010
2011P
2012P
Facilities
2.1
1.9
3.4
4.2
-1.9
-1.0
5.8
-1.1
-1.3
1.3
-0.4
0.5
1.4
-2.8
3.4
-3.7
-5.0
-1.5
3.8
5.3
8.2
9.3
-1.0
-9.8
25.7
3.7
-1.8
2004
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
2.7
3.4
4.5
5.1
0.4
4.8
3.8
-3.1
4.8
3.9
6.7
9.3
2.7
4.7
5.9
4.9
-0.3
1.8
1.5
3.9
-3.1
0.9
-0.3
0.3
3.4
2.8
4.1
10.8
2006
6.1
5.1
5.0
4.6
3.9
-0.3
-1.4
4.2
9.4
9.1
8.7
5.4
5.8
4.9
4.6
5.1
3.8
0.1
4.0
5.7
1.9
-4.2
-0.5
5.1
7.2
8.0
12.0
5.7
2007
4.5
5.3
4.9
5.7
1.6
7.0
8.2
-0.7
4.5
7.2
6.3
10.2
5.1
5.4
5.3
4.7
7.3
5.7
1.5
3.1
4.4
2.0
-0.2
0.4
12.6
13.0
4.0
8.0
2008
5.5
4.4
3.3
-3.3
7.8
4.6
4.3
6.5
8.9
8.3
5.3
-9.4
4.3
3.0
2.4
-1.7
-0.6
0.6
2.1
-8.7
-2.5
-0.5
0.4
-7.7
2.8
2.0
5.3
-13.3
2009
-4.2
-2.1
1.0
6.3
2.5
0.0
5.0
5.0
-13.6
-7.1
1.8
13.1
-2.2
0.7
1.5
4.8
-7.5
-3.0
-1.0
6.2
1.6
4.3
3.2
4.0
-21.9
-18.1
-9.4
12.2
2010
8.7
7.6
4.5
4.9
-0.1
-2.2
-7.8
-5.9
22.4
17.6
9.5
11.0
6.1
3.6
3.5
3.0
11.2
5.8
5.6
2.3
1.8
-4.7
-4.9
-5.2
29.6
32.0
26.3
16.9
2011P
4.2
3.5
3.6
3.3
-7.9
-1.9
-4.1
3.7
10
7.5
6.3
5.4
2.6
2.7
2.3
1.3
-2.1
0.7
-1.5
-1.8
-11.0
-4.2
-4.0
-2.1
10.3
7.7
1.2
-3.3
2012P
2.8
2.3
1.5
1.5
0.7
-1.6
-0.2
-2.2
4.1
2.6
1.1
1.3
2.2
1.7
2.0
2.9
4.6
-2.1
-2.3
-4.1
1.5
-2.1
-0.2
-4.1
8.6
-3.5
-6.5
-5.1
P: Preliminary
Source: The Bank of Korea
56 | Statistical Appendices
2.
Production, shipment and inventory
(constant prices, 2005=100)
Production index
Period
2010
2011
2012P
139.1
148.8
151.3
Y-o-Y change
(%)
16.2
6.9
1.7
Shipment index
133.5
142.1
143.8
Y-o-Y change
(%)
14.4
6.5
1.2
Inventory index
135.6
163.6
163.9
Y-o-Y change
(%)
17.4
20.7
0.2
122.9
127.0
129.2
Y-o-Y change
(%)
3.9
3.3
1.7
2010
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
143.6
151.2
146.1
154.0
10.6
7.2
5.1
5.0
138.7
144.8
139.3
146.4
11.9
7.2
5.0
3.3
137.4
142.7
149.0
163.6
10.3
10.0
10.7
20.7
123.1
126.8
127.1
130.8
2.8
3.2
4.5
2.7
2012
149.1
153.4
146.9
155.7
3.8
1.5
0.4
1.1
142.5
146.6
139.6
146.4
3.0
1.5
0.4
0.0
159.0
155.7
156.6
163.9
16.0
9.8
5.6
0.2
126.2
128.9
129.1
132.5
2.5
1.7
1.6
1.3
2010
1
2
3
4
5
6
7
8
9
10
11
12
149.1
119.1
141.1
140.0
140.0
142.9
143.1
136.5
137.3
145.3
145.3
149.2
3.8
18.3
22.4
19.5
20.6
16.5
14.8
15.9
2.9
13.4
11.2
10.7
142.5
113.6
135.2
134.7
133.4
137.3
135.7
131.0
131.4
140.8
141.4
143.9
3.0
13.3
18.8
16.5
17.2
13.9
13.0
15.3
2.4
13.5
11.7
10.6
159.0
123.3
124.6
126.3
129.9
129.7
134.1
134.5
134.6
133.5
132.8
135.6
16.0
4.8
7.5
12.5
16.5
17.5
20.3
20.1
19.1
18.8
16.9
17.4
126.2
116.7
124.4
121.5
123.3
124.0
122.4
120.9
121.6
123.2
123.8
134.9
2.5
6.2
6.6
3.8
4.8
4.0
3.8
3.3
-0.2
3.3
3.8
2.5
2011
1
2
3
4
5
6
7
8
9
10
11
12
146.9
129.8
154.0
149.7
151.5
152.3
148.7
142.9
146.8
154.6
153.7
153.7
13.6
9.0
9.1
6.9
8.2
6.6
3.9
4.7
6.9
6.4
5.8
2.8
141.4
125.2
149.6
144.6
144.4
145.4
139.9
136.5
141.3
147.0
145.8
147.0
14.9
10.2
10.7
7.3
8.2
5.9
3.1
4.2
7.5
4.4
3.1
2.4
135.4
137.1
137.4
137.3
140.2
142.7
147.2
150.4
149.1
153.1
157.4
163.6
13.0
11.2
10.3
8.7
7.9
10.0
9.8
11.8
10.8
14.7
18.5
20.7
124.1
116.9
128.2
125.2
127.4
128.4
127.0
126.8
126.2
127.4
127.2
137.1
4.7
0.2
3.1
3.0
3.3
3.5
3.8
4.9
3.8
3.4
2.7
1.6
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
143.7
148.4
155.2
149.6
155.9
154.6
148.9
143.4
148.3
153.7
158.6
154.9
-2.1
14.4
0.6
0.0
2.9
1.6
0.2
0.3
0.7
-0.6
3.2
0.8
137.2
141.7
148.5
142.8
149.0
148.0
141.0
135.0
142.8
144.7
148.3
146.1
-2.6
13.5
-0.5
-1.0
3.5
2.1
1.1
-1.0
1.0
-1.4
2.0
-0.6
164.0
164.0
159.0
158.6
160.9
155.7
157.8
164.1
156.6
159.3
162.7
163.9
21.4
20.0
16.0
16.2
15.4
9.8
7.7
9.5
5.6
4.5
3.8
0.2
124.7
123.6
130.4
126.7
129.9
130.0
129.2
128.2
130.0
128.9
130.1
138.5
0.6
5.6
1.6
1.0
2.4
1.4
1.5
0.8
2.6
0.8
2.0
1.0
P: Preliminary
Source: The Bank of Korea
Statistical Appendices | 57
3.
Production capacity and operation ratio
Period
2010
2011
2012P
128.7
135.7
139.8
Average operation
ratio (%)
80.9
79.9
77.8
2010
124.9
127.3
130.4
132.1
6.8
7.9
8.6
8.1
97.1
105.3
99.3
105.0
18.8
10.5
1.5
4.7
80.3
81.9
80.6
80.8
2011
133.7
135.2
136.0
138.1
7.0
6.2
4.3
4.5
99.0
103.7
98.0
101.4
2.0
-1.5
-1.3
-3.4
82.2
79.9
79.6
78.0
2012
138.3
139.6
140.4
140.9
3.4
3.3
3.2
2.0
97.6
101.0
93.3
98.1
-1.4
-2.6
-4.8
-3.3
79.9
78.9
75.3
77.3
2010
1
2
3
4
5
6
7
8
9
10
11
12
124.2
124.5
125.9
126.3
127.4
128.3
129.5
130.6
131.1
131.6
131.9
132.9
6.2
6.5
7.5
7.3
8.2
8.3
8.5
9.0
8.3
8.2
8.2
8.0
96.9
88.1
106.4
105.8
103.5
106.7
104.9
96.1
96.8
106.1
104.8
104.2
31.5
10.4
16.2
12.4
10.9
8.4
6.2
5.6
-6.6
7.1
4.3
3.0
79.2
80.5
81.2
81.7
81.7
82.2
81.7
80.4
79.7
79.5
80.5
82.3
2011
1
2
3
4
5
6
7
8
9
10
11
12
133.1
133.4
134.5
135.0
135.2
135.4
135.7
135.8
136.6
137.8
138.2
138.2
7.2
7.1
6.8
6.9
6.1
5.5
4.8
4.0
4.2
4.7
4.8
4.0
101.6
88.5
106.8
103.0
103.1
104.9
101.0
95.3
97.6
102.9
101.9
99.5
4.9
0.5
0.4
-2.6
-0.4
-1.7
-3.7
-0.8
0.8
-3.0
-2.8
-4.5
83.6
81.8
81.3
79.4
79.9
80.5
79.9
79.8
79.0
78.8
78.4
76.9
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
138.2
138.3
138.5
138.7
139.8
140.3
140.4
140.4
140.4
140.7
140.8
141.2
3.8
3.7
3.0
2.7
3.4
3.6
3.5
3.4
2.8
2.1
1.9
2.2
92.6
97.6
102.6
98.8
102.4
101.9
97.5
88.7
93.7
98.1
100.7
95.5
-8.9
10.3
-3.9
-4.1
-0.7
-2.9
-3.5
-6.9
-4.0
-4.7
-1.2
-4.0
80.5
81.0
78.1
79.2
79.3
78.1
77.0
73.7
75.2
75.9
77.5
78.4
P: Preliminary
Source: The Bank of Korea
58 | Statistical Appendices
4.
Consumer goods sales index
(constant prices, 2005=100)
Consumer goods sales index
Durable goods
Period
2010
2011
2012P
121.2
126.4
128.7
Y-o-Y change
(%)
6.7
4.3
1.8
Semi-durable goods
157.1
174.0
182.8
Y-o-Y change
(%)
14.8
10.8
5.1
Non-durable goods
113.5
118.3
118.9
Y-o-Y change
(%)
6.8
4.2
0.5
113.8
115.0
116.0
Y-o-Y change
(%)
2.2
1.1
0.9
2010
116.6
118.8
120.4
128.8
9.5
4.8
7.6
5.2
148.7
149.9
158.5
171.5
29.6
5.6
17.0
10.6
105.9
114.6
100.4
133.3
2.7
6.4
6.5
10.9
110.8
112.9
118.0
113.4
2.9
3.4
3.2
-0.4
2011
122.9
125.6
126.0
131.2
5.4
5.7
4.7
1.9
167.3
175.9
175.6
177.3
12.5
17.3
10.8
3.4
112.0
120.3
104.5
136.5
5.8
5.0
4.1
2.4
112.4
112.2
120.1
115.3
1.4
-0.6
1.8
1.7
2012
125.3
126.9
128.0
134.5
2.0
1.0
1.6
2.5
173.3
179.7
186.3
192.0
3.6
2.2
6.1
8.3
112.8
120.8
102.6
139.3
0.7
0.4
-1.8
2.1
115.0
113.4
120.6
115.0
2.3
1.1
0.4
-0.3
2010
1
2
3
4
5
6
7
8
9
10
11
12
115.5
113.9
120.3
116.5
121.2
118.8
120.8
116.6
123.9
125.8
127.8
132.9
6.5
12.5
9.7
7.3
3.6
3.7
9.0
9.3
4.8
4.3
6.9
4.6
145.5
141.4
159.2
144.5
147.1
158.0
163.9
154.4
157.1
165.3
171.9
177.3
39.8
21.9
28.4
16.6
2.2
0.0
18.6
26.0
7.7
14.2
12.0
6.1
108.4
99.7
109.6
113.6
120.9
109.2
103.4
90.1
107.6
129.8
133.0
137.0
4.6
2.7
1.0
3.9
6.7
8.8
8.4
4.2
6.4
11.8
9.2
11.7
108.2
111.7
112.6
110.5
116.0
112.1
115.4
116.3
122.3
111.7
111.9
116.7
-5.7
12.6
3.1
3.5
2.6
4.2
4.2
3.0
2.5
-4.2
2.5
0.6
2011
1
2
3
4
5
6
7
8
9
10
11
12
128.2
113.5
126.9
122.6
128.6
125.7
127.5
123.1
127.5
128.8
129.3
135.6
11.0
-0.4
5.5
5.2
6.1
5.8
5.5
5.6
2.9
2.4
1.2
2.0
164.9
153.7
183.2
167.0
175.8
184.9
185.5
173.3
167.9
169.8
183.0
179.0
13.3
8.7
15.1
15.6
19.5
17.0
13.2
12.2
6.9
2.7
6.5
1.0
120.1
101.7
114.1
120.9
126.4
113.7
107.5
93.4
112.6
134.7
130.2
144.6
10.8
2.0
4.1
6.4
4.5
4.1
4.0
3.7
4.6
3.8
-2.1
5.5
119.2
104.6
113.3
109.0
115.9
111.7
117.7
119.5
123.1
114.8
112.2
119.0
10.2
-6.4
0.6
-1.4
-0.1
-0.4
2.0
2.8
0.7
2.8
0.3
2.0
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
129.2
119.6
127.0
123.0
131.4
126.4
131.0
122.6
130.4
131.3
134.6
137.6
0.8
5.4
0.1
0.3
2.2
0.6
2.7
-0.4
2.3
1.9
4.1
1.5
168.0
170.8
181.1
167.5
183.7
187.9
199.1
179.2
180.5
185.1
194.2
196.6
1.9
11.1
-1.1
0.3
4.5
1.6
7.3
3.4
7.5
9.0
6.1
9.8
119.4
104.2
114.9
120.1
128.8
113.4
108.8
89.3
109.8
133.5
140.1
144.2
-0.6
2.5
0.7
-0.7
1.9
-0.3
1.2
-4.4
-2.5
-0.9
7.6
-0.3
121.9
108.4
114.7
110.6
117.5
112.2
118.3
118.5
125.1
114.5
114.5
116.0
2.3
3.6
1.2
1.5
1.4
0.4
0.5
-0.8
1.6
-0.3
2.0
-2.5
P: Preliminary
Source: The Bank of Korea
Statistical Appendices | 59
5.
Consumer goods shipment index and consumer sentiment index
Domestic consumer goods shipment index (2005=100)
Durable goods
Period
2010
2011
2012P
122.4
121.1
122.2
Y-o-Y
change (%)
5.2
-1.1
0.9
Non-durable goods
140.5
135.4
137.2
Y-o-Y
change (%)
4.0
-3.6
1.3
115.2
115.3
116.2
Y-o-Y
change (%)
5.8
0.1
0.8
Consumer
sentiment
index
-
2010
118.9
120.2
122.6
128.1
10.4
4.7
2.3
3.9
137.3
140.2
140.3
144.1
21.1
0.2
0.6
-2.5
111.4
112.2
115.5
121.7
5.8
7.2
3.1
7.3
2011
121.3
117.9
121.7
123.3
2.0
-1.9
-0.7
-3.7
135.5
135.2
137.1
133.9
-1.3
-3.6
-2.3
-7.1
115.6
111.0
115.5
119.1
3.8
-1.1
0.0
-2.1
2012
119.9
120.7
122.0
126.3
-1.2
2.4
0.2
2.4
135.5
136.9
132.0
144.2
0.0
1.3
-3.7
7.7
113.6
114.3
117.9
119.1
-1.7
3.0
2.1
0.0
2010
1
2
3
4
5
6
7
8
9
10
11
12
124.2
110.7
121.7
120.8
117.6
122.2
122.4
121.3
124.1
129.7
128.7
125.9
15.4
6.6
9.0
7.3
3.6
3.2
2.9
9.4
-4.3
6.6
8.6
-2.9
136.5
130.2
145.1
136.0
136.2
148.4
146.7
134.7
139.6
146.7
145.8
139.9
37.9
12.7
15.4
12.8
-3.2
-6.3
0.3
7.1
-4.4
5.2
-0.6
-10.9
119.2
102.8
112.3
114.8
110.2
111.7
112.7
116.0
117.9
122.9
121.9
120.2
7.4
3.8
5.9
5.0
7.4
9.2
4.4
10.6
-4.2
7.3
13.7
1.3
115
113
112
112
112
114
114
112
111
110
113
112
2011
1
2
3
4
5
6
7
8
9
10
11
12
130.2
106.3
127.3
118.8
115.8
119.2
120.2
122.2
122.6
124.3
121.5
124.2
4.8
-4.0
4.6
-1.7
-1.5
-2.5
-1.8
0.7
-1.2
-4.2
-5.6
-1.4
134.0
126.1
146.5
133.7
132.0
139.9
142.5
132.9
136.0
132.5
131.4
137.8
-1.8
-3.1
1.0
-1.7
-3.1
-5.7
-2.9
-1.3
-2.6
-9.7
-9.9
-1.5
128.7
98.4
119.6
112.8
109.3
110.9
111.3
117.9
117.3
121.0
117.5
118.7
8.0
-4.3
6.5
-1.7
-0.8
-0.7
-1.2
1.6
-0.5
-1.5
-3.6
-1.2
111
109
110
102
105
103
103
99
99
101
105
100
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
120.4
117.3
122.1
119.7
123.2
119.4
122.1
119.0
124.8
125.8
125.3
127.7
-7.5
10.3
-4.1
0.8
6.4
0.2
1.6
-2.6
1.8
1.2
3.1
2.8
128.2
136.6
141.6
129.4
139.1
142.3
141.8
120.8
133.5
136.7
139.7
156.1
-4.3
8.3
-3.3
-3.2
5.4
1.7
-0.5
-9.1
-1.8
3.2
6.3
13.3
117.2
109.5
114.2
115.9
116.9
110.2
114.2
118.2
121.4
121.4
119.6
116.3
-8.9
11.3
-4.5
2.7
7.0
-0.6
2.6
0.3
3.5
0.3
1.8
-2.0
98
102
102
106
106
101
100
101
99
100
100
99
2013
102
6.
Machinery orders received, domestic machinery shipment and estimated
facility investment index
Domestic machinery orders received excluding ship
(billion won, constant value)
Period
2011
2012P
Private
Total
Public
25,240
22,140
2,599
2,338
22,641
19,803
Manufacturing
13,848
10,495
Estimated
facility investment
index
(2005=100)
Domestic
machinery shipment
excluding ship
(2005=100)
133.1
131.7
134.2
126.5
2011
6,445
6,676
5,703
6,416
470
728
404
998
5,975
5,948
5,300
5,418
3,695
3,677
3,109
3,367
126.7
144.5
133.3
127.9
127.8
147.3
128.4
133.2
2012
6,292
5,440
5,194
5,214
960
383
504
490
5,332
5,057
4,689
4,724
2,986
2,770
2,368
2,371
138.5
143.9
123.8
120.7
130.3
137.2
118.9
119.7
2011
7
8
9
10
11
12
1,990
1,800
1,913
1,977
2,317
2,122
152
115
137
301
474
223
1,838
1,685
1,776
1,676
1,843
1,899
1,027
1,006
1,076
966
1,124
1,277
133.7
135.0
131.3
114.8
129.3
139.3
135.2
124.1
125.8
122.5
127.3
149.8
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
2,012
2,490
1,790
1,816
1,883
1,741
1,855
1,569
1,769
1,583
1,719
1,911
115
712
133
98
82
204
263
150
92
86
108
295
1,131
1,013
842
941
972
858
802
707
858
738
847
787
129.3
139.8
146.4
141.3
144.9
145.5
135.4
115.5
120.6
114.1
117.3
130.7
119.7
132.5
138.6
134.0
135.2
142.4
129.0
115.3
112.4
112.2
116.7
130.2
11.0
-12.3
11.2
-10.1
12.8
-24.2
0.7
-1.1
1.4
-5.7
2011
2012P
1,897
1,778
1,658
1,719
1,801
1,537
1,593
1,420
1,677
1,497
1,611
1,616
Y-o-Y change (%)
11.0
-12.5
2011
19.5
10.0
3.4
11.5
-10.5
81.1
6.1
-3.1
22.7
4.9
3.2
14.7
26.8
3.1
3.1
21.0
5.4
5.7
-3.1
-4.7
9.2
3.6
-2.9
-3.7
2012
-2.4
-18.5
-8.9
-18.7
104.5
-47.3
25.0
-50.9
-10.8
-15.0
-11.5
-12.8
-19.2
-24.7
-23.9
-29.6
9.3
-0.4
-7.1
-5.6
2.0
-6.9
-7.4
-10.1
2011
7
8
9
10
11
12
-1.7
6.8
6.1
18.0
33.9
-9.6
44.9
8.0
-19.1
197.7
333.3
-72.8
-4.3
6.7
8.8
6.4
13.7
24.3
-3.9
12.0
2.5
0.0
13.6
54.4
-3.0
-2.9
-3.2
-10.9
-2.8
-1.0
-0.2
-3.5
-5.3
-4.7
-4.5
-2.0
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
0.1
21.8
-25.1
-6.9
-10.9
-33.3
-6.8
-12.8
-7.5
-19.9
-25.8
-9.9
0.2
485.1
-43.0
-1.2
-42.4
-58.1
72.7
30.2
-32.6
-71.3
-77.2
32.4
0.1
-7.5
-23.2
-7.2
-8.6
-27.6
-13.4
-15.8
-5.6
-10.7
-12.6
-14.9
2.0
-11.6
-41.6
-18.6
-18.1
-35.8
-21.9
-29.7
-20.3
-23.6
-24.6
-38.4
4.9
24.4
1.3
5.1
-1.3
-4.5
1.3
-14.4
-8.1
-0.6
-9.3
-6.3
-1.5
12.0
-3.5
-2.5
-9.5
-8.1
-4.6
-7.1
-10.7
-8.4
-8.3
-13.1
P: Preliminary
Source: The Bank of Korea
Statistical Appendices | 61
7.
Value of construction completed and domestic construction orders received
(current prices, billion won)
Period
2011
2012P
Value of
construction
completion
(total)
91,638
87,141
Type of order
Public
Private
35,508
33,320
51,273
49,645
Domestic
construction
orders received
(total)
93,428
87,364
Type of order
Public
Private
28,458
26,145
60,333
57,789
2011
19,088
23,904
21,499
27,146
7,325
9,324
7,841
11,017
10,852
13,182
12,533
14,706
16,276
25,101
19,638
32,413
4,095
6,307
6,593
11,463
11,102
17,509
12,245
19,477
2012
19,195
21,925
20,872
25,150
7,496
8,731
7,439
9,654
10,778
12,143
12,386
14,337
22,232
25,304
17,595
22,234
5,640
5,557
5,463
9,486
15,959
18,782
11,550
11,498
2011
7
8
9
10
11
12
6,786
6,901
7,813
8,022
7,945
11,179
2,432
2,513
2,896
2,963
3,250
4,804
4,046
4,056
4,431
4,678
4,300
5,729
5,098
7,300
7,240
7,111
8,745
16,556
1,819
1,504
3,270
2,295
2,948
6,220
3,103
5,509
3,633
4,630
5,668
9,179
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
5,901
5,978
7,316
6,714
7,139
8,071
6,885
6,435
7,552
7,186
7,902
10,061
2,227
2,364
2,905
2,608
2,822
3,301
2,324
2,278
2,836
2,496
2,944
4,213
7,033
8,193
7,006
6,374
7,186
11,744
6,311
5,117
6,167
5,494
7,224
9,516
1,973
2,175
1,491
1,438
1,063
3,056
2,292
1,329
1,842
1,956
2,148
5,382
4,920
5,912
5,127
4,483
6,028
8,271
3,813
3,747
3,991
3,507
4,736
3,255
-0.7
-4.9
1.0
-6.2
3,382
3,363
4,034
3,818
3,997
4,328
4,184
3,849
4,353
4,402
4,647
5,288
Y-o-Y change (%)
-2.9
-3.2
4.0
-6.5
-2.5
-8.1
9.5
-4.2
2011
2012P
2011
-6.2
-0.7
-2.4
5.1
-2.1
2.2
0.5
2.5
-9.4
-5.4
-4.7
6.9
-11.8
-1.7
1.5
22.4
-49.2
-8.4
-3.1
54.2
20.2
3.8
6.7
11.3
2012
0.6
-8.3
-2.9
-7.4
2.3
-6.4
-5.1
-12.4
-0.7
-7.9
-1.2
-2.5
36.6
0.8
-10.4
-31.4
37.7
-11.9
-17.1
-17.2
43.7
7.3
-5.7
-41.0
2011
7
8
9
10
11
12
-8.9
-3.4
5.3
8.8
-0.9
7.1
-9.7
2.2
9.2
3.9
-0.1
3.4
-8.3
-7.1
1.3
12.4
-2.3
10.4
-32.8
72.8
-3.9
61.4
14.1
15.0
-53.1
12.5
105.4
94.1
44.7
47.6
-8.4
101.8
-32.2
52.0
7.1
0.1
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
-5.0
13.9
-4.1
-4.8
-3.9
-14.3
1.5
-6.8
-3.3
-10.4
-0.5
-10.0
-10.2
17.3
2.6
-4.2
0.2
-12.7
-4.5
-9.3
-2.1
-15.8
-9.4
-12.3
-2.7
12.4
-8.0
-4.0
-5.3
-13.1
3.4
-5.1
-1.8
-5.9
8.1
-7.7
42.8
100.4
-3.5
-4.4
2.9
2.6
23.8
-29.9
-14.8
-22.7
-17.4
-42.5
48.4
55.7
9.0
0.4
-43.9
2.6
26.0
-11.7
-43.7
-14.8
-27.1
-13.5
69.4
132.2
-9.3
-2.7
31.1
-0.4
22.9
-32.0
9.9
-24.2
-16.4
-64.5
P: Preliminary
Source: The Bank of Korea
62 | Statistical Appendices
8.
Composite indices of business cycle indicators and BSI
Period
Leading index
(2005=100)
Coincident index
(2005=100)
Cycle of
coincident index
(2005=100)
BSI
(results)
BSI
(prospects)
2009
1
2
3
4
5
6
7
8
9
10
11
12
115.5
116.6
117.4
119.7
121.5
123.7
124.6
125.6
126.7
128.5
130.1
131.0
116.7
116.7
117.7
119.2
120.0
122.0
123.0
123.8
124.7
125.8
126.8
127.5
95.6
95.2
95.6
96.4
96.7
97.7
98.3
98.5
98.8
99.2
99.6
99.7
58.1
62.4
89.0
93.7
100.9
96.6
98.5
96.0
110.5
107.5
103.8
104.8
52.0
66.0
76.1
86.7
103.8
100.2
98.7
99.8
117.0
116.5
109.0
105.9
2010
1
2
3
4
5
6
7
8
9
10
11
12
131.5
131.5
131.5
131.2
131.6
132.1
132.9
133.2
133.5
133.0
133.3
133.5
128.2
129.4
130.2
131.1
131.8
132.4
133.3
133.6
133.6
133.5
134.0
135.0
99.8
100.3
100.5
100.7
100.8
100.9
101.1
100.9
100.5
99.9
99.9
100.2
99.2
98.7
113.1
108.9
111.9
109.4
105.0
98.6
104.1
104.3
103.5
102.1
103.1
102.3
116.2
111.2
113.4
108.9
107.3
100.7
111.1
113.1
107.1
104.2
2011
1
2
3
4
5
6
7
8
9
10
11
12
134.6
134.8
134.7
134.3
134.8
135.7
136.4
136.6
136.6
136.8
137.1
137.7
136.7
137.1
137.6
137.5
138.2
139.1
140.0
140.7
140.7
141.1
141.1
141.7
101.1
100.9
100.8
100.3
100.4
100.6
100.8
100.9
100.4
100.3
99.8
99.8
99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
93.0
90.1
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
94.8
2012
1
2
3
4
5
6
7
8
9
10
11
12
138.7
140.1
140.6
141.2
141.3
142.8
143.7
144.0
143.7
143.9
145.0
146.3
141.9
143.1
143.3
143.6
143.5
144.1
145.0
144.9
145.5
145.4
146.3
147.1
99.6
100.0
99.6
99.4
98.9
98.9
99.1
98.6
98.6
98.1
98.3
98.4
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
85.0
-
85.7
86.7
9.
Balance of payments (I)
(million US$)
Current balance
Goods trade balance
Period
2010
2011
2012P
29,393.5
26,068.2
43,251.2
40,082.5
31,660.0
38,454.2
Exports
461,444.9
551,765.4
552,721.5
Imports
421,362.4
520,105.4
514,267.3
Services trade
balance
Income trade
Balance
Current transfers
-8,626.0
-5,849.5
2,676.1
1,015.9
2,890.9
4,885.5
-3,078.9
-2,633.2
-2,764.6
2010
67.8
10,734.7
10,121.7
8,469.3
4,296.2
12,307.0
11,566.2
11,913.1
100,951.1
117,120.4
116,756.4
126,617.0
96,654.9
104,813.4
105,190.2
114,703.9
-4,067.7
-200.0
-1,787.5
-2,570.8
595.6
-901.4
1,289.2
32.5
-756.3
-470.9
-946.2
-905.5
2011
2,610.3
5,492.2
6,896.0
11,506.8
5,842.7
7,661.0
7,197.7
10,248.9
127,691.2
142,722.8
141,393.5
140,756.8
121,848.5
135,061.8
134,195.8
130,507.9
-2,538.0
-796.0
-1,198.2
154.8
387.9
-824.8
1,314.9
1,577.8
-1,082.3
-548.0
-418.5
-474.7
2012P
2,559.9
11,188.8
14,561.7
14,940.8
2,612.4
8,520.5
13,341.2
13,980.1
134,627.6
138,784.9
137,086.0
142,223.0
132,015.2
130,264.4
123,744.8
128,242.9
-648.4
2,312.7
654.4
357.4
1,487.6
821.4
1,041.3
1,535.2
-891.7
-465.8
-475.2
-931.9
2010
1
2
3
4
5
6
7
8
9
10
11
12
-599.5
-549.2
1,216.5
724.5
4,923.1
5,087.1
4,779.0
1,668.5
3,674.2
5,489.1
2,024.4
955.8
891.0
633.2
2,772.0
3,333.9
3,625.4
5,347.7
4,934.9
2,224.0
4,407.3
5,403.2
3,241.2
3,268.7
31,782.7
31,111.0
38,057.4
38,740.1
38,083.5
40,296.8
40,473.4
37,186.1
39,096.9
42,008.4
41,822.0
42,786.6
30,891.7
30,477.8
35,285.4
35,406.2
34,458.1
34,949.1
35,538.5
34,962.1
34,689.6
36,605.2
38,580.8
39,517.9
-1,596.2
-1,495.3
-976.2
-561.5
932.8
-571.3
-219.6
-630.1
-937.8
-352.6
-201.2
-2,017.0
456.5
549.9
-410.8
-1,514.5
390.0
223.1
359.9
540.2
389.1
654.2
-775.6
153.9
-350.8
-237.0
-168.5
-533.4
-25.1
87.6
-296.2
-465.6
-184.4
-215.7
-240.0
-449.8
2011
1
2
3
4
5
6
7
8
9
10
11
12
154.7
1,126.1
1,329.5
1,277.6
2,183.9
2,030.7
3,773.6
292.6
2,829.8
4,132.9
4,564.6
2,809.3
1,557.9
1,530.8
2,754.0
3,327.6
1,633.8
2,699.6
4,728.0
371.5
2,098.2
3,547.2
3,997.2
2,704.5
42,662.8
37,228.3
47,800.4
47,879.4
47,149.8
47,693.6
48,555.9
45,634.9
47,202.7
46,451.7
46,656.2
47,648.9
41,104.9
35,697.2
45,046.4
44,551.8
45,516.0
44,994.0
43,827.9
45,263.4
45,104.5
42,904.5
42,659.0
44,944.4
-1,640.9
-569.1
-328.0
-178.8
15.5
-632.7
-690.9
-577.9
70.6
2.8
357.2
-205.2
703.7
542.6
-858.4
-1,581.9
517.3
239.8
72.3
699.6
543.0
643.5
445.6
488.7
-466.0
-378.2
-238.1
-289.3
17.3
-276.0
-335.8
-200.6
118.0
-60.6
-243.5
-178.7
2012P
1
2
3
4
5
6
7
8
9
10
11
12
-968.8
557.3
2,971.4
1,734.0
3,574.9
5,879.9
6,144.3
2,504.3
5,913.1
5,781.7
6,906.2
2,252.9
-1,624.0
1,310.1
2,926.3
1,750.8
1,715.9
5,053.8
5,340.6
2,514.0
5,486.6
5,168.9
6,777.4
2,033.8
41,383.8
45,863.0
47,380.8
45,820.3
46,162.8
46,801.8
46,620.5
42,895.6
47,569.9
48,144.1
49,636.8
44,442.1
43,007.8
44,552.9
44,454.5
44,069.5
44,446.9
41,748.0
41,279.9
40,381.6
42,083.3
42,975.2
42,859.4
42,408.3
-128.8
-1,219.3
699.7
549.7
1,593.0
170.1
593.3
-262.2
323.3
378.3
-51.6
30.7
1,191.7
613.4
-317.5
-422.0
341.6
901.8
401.9
435.5
203.9
521.9
374.3
639.0
-407.7
-146.9
-337.1
-144.5
-75.6
-245.7
-191.5
-183.0
-100.7
-287.4
-193.9
-450.6
P: Preliminary
Source: The Bank of Korea
64 | Statistical Appendices
10.
Balance of payments (II)
(million US$)
Capital & financial account
Period
2010
2011
2012P
Direct
investment
Portfolio
investment
Financial
derivative
Other
investment
-27,478.5
-26,778.0
-43,652.2
-22,184.3
-16,410.0
-18,628.1
42,479.8
13,109.3
10,114.8
828.9
-1,031.3
3,075.2
-21,414.4
-8,468.6
-26,930.8
Errors and
omissions
-1,915.0
709.8
401.0
2010
743.2
-8,818.0
-9,103.9
-10,299.8
-2,873.4
-2,898.6
-6,617.3
-9,795.0
11,725.9
7,207.0
15,659.9
7,887.0
829.9
-882.1
-241.4
1,122.5
-191.2
-6,727.8
-7,519.0
-6,976.4
-179.8
20.3
-8.2
-50.2
-8,568.2
-5,536.8
-10,377.9
-2,487.7
-811.0
-1,916.7
-1,017.8
1,830.5
2011
-2,754.1
-6,808.0
-8,320.9
-14,081.6
-4,696.3
-4,138.1
-2,807.6
-4,052.0
-1,379.1
2,035.4
8,108.4
1,547.5
730.3
-542.9
-1,490.7
-432.0
6,251.6
-1,432.5
-18,692.6
2,788.6
-181.4
-111.9
235.5
207.8
-3,479.2
-2,618.0
6,326.1
-14,141.5
143.8
1,315.8
1,424.9
2,574.8
2012P
-1,377.1
-7,968.0
-13,342.8
-20,964.3
-7,203.3
-3,015.2
-5,428.9
-2,980.7
15,156.1
-5,481.3
5,778.8
-5,338.8
1,355.0
-65.3
699.1
1,086.4
-4,232.7
-581.2
-10,350.6
-11,766.3
134.3
284.3
76.7
106.8
-6,586.4
890.7
-4,118.0
-2,071.7
-1,182.8
-3,220.8
-1,218.9
6,023.5
2010
1
2
3
4
5
6
7
8
9
10
11
12
-1,176.7
2,454.3
-534.4
1,044.1
-5,831.6
-4,030.5
-3,182.5
-615.0
-5,306.4
-4,519.4
-3,996.0
-1,784.4
-936.1
-549.9
-1,387.4
-1,102.5
-677.6
-1,118.5
-1,758.4
-1,139.5
-3,719.4
-6,893.6
-1,119.5
-1,781.9
171.9
2,771.5
8,782.5
6,093.5
1,073.0
40.5
8,698.4
1,650.2
5,311.3
8,528.1
2,243.9
-2,885.0
230.0
593.4
6.5
126.2
-799.8
-208.5
-227.3
124.6
-138.7
366.2
251.4
504.9
6,410.8
-912.6
-5,689.4
5,337.6
-12,610.7
545.3
-3,633.0
-25.7
-3,860.3
-3,814.4
-3,627.2
465.2
-70.6
-46.1
-63.1
-120.5
100.2
40.6
-0.5
12.0
-19.7
-47.1
-25.3
22.2
-6,982.7
598.0
-2,183.5
-9,290.2
7,083.3
-3,329.9
-6,261.7
-1,236.6
-2,879.6
-2,658.6
-1,719.3
1,890.2
1,776.2
-1,905.1
-682.1
-1,768.6
908.5
-1,056.6
-1,596.5
-1,053.5
1,632.2
-969.7
1,971.6
828.6
2011
1
2
3
4
5
6
7
8
9
10
11
12
-1,282.0
-1,996.2
524.1
394.7
-3,956.7
-3,246.0
-2,469.2
-1,690.6
-4,161.1
-4,391.9
-6,191.9
-3,497.8
-1,725.4
-1,635.1
-1,335.8
-738.8
-1,254.7
-2,144.6
327.1
-1,036.4
-2,098.3
-1,132.2
-2,077.1
-842.7
904.6
-3,004.0
720.3
4,575.0
-1,140.1
-1,399.5
9,258.3
-2,923.0
1,773.1
3,919.1
39.8
-2,411.4
569.3
-363.3
524.3
-206.2
165.1
-501.8
526.6
-1,868.6
-148.7
108.5
-379.9
-160.6
1,773.30
5,126.9
-648.6
-145.9
-821.7
-464.9
-6,581.0
4,638.4
-16,750.0
2,784.7
-6.2
10.1
-120.7
-32.7
-28.0
-33.6
-49.9
-28.4
13.8
41.5
180.2
109.7
98.1
0.0
-2,683.1
-2,088.0
1,291.9
-3,055.8
-855.4
1,293.2
-6,014.0
-542.5
12,882.6
-10,181.7
-3,866.6
-93.2
1,127.3
870.1
-1,853.6
-1,672.3
1,772.8
1,215.3
-1,304.4
1,398.0
1,331.3
259.0
1,627.3
688.5
2012P
1
2
3
4
5
6
7
8
9
10
11
12
1,305.6
-920.3
-1,762.4
157.7
-2,897.4
-5,228.3
-7,840.1
-605.0
-4,897.7
-7,259.3
-9,838.2
-3,866.8
-2,013.3
-3,572.6
-1,617.4
-940.4
-1,382.0
-692.8
-1,443.6
-1,607.1
-2,378.2
-975.0
-1,336.2
-669.5
7,737.0
6,115.2
1,303.9
-2,213.3
-937.1
-2,330.9
2,529.2
580.9
2,668.7
-4,657.2
-3,875.8
3,194.2
434.2
214.1
706.7
320.5
-390.4
4.6
267.1
68.3
363.7
-135.3
612.6
609.1
-2,190.4
-1,526.1
-516.2
2,667.4
-1,600.9
-1,647.7
-7,625.3
1,464.0
-4,189.3
-15.5
-2,683.7
-9,067.1
-1.7
36.0
100.0
102.3
144.2
37.8
36.3
8.0
32.4
-6.1
5.8
107.1
-2,660.2
-2,186.8
-1,739.4
221.2
1,268.8
-599.3
-1,603.8
-1,119.2
-1,395.0
-1,470.2
-2,560.9
1,959.4
-336.8
363.0
-1,209.0
-1,891.7
-677.5
-651.6
1,695.8
-1,899.3
-1,015.4
1,477.6
2,932.0
1,613.9
P: Preliminary
Source: The Bank of Korea
Statistical Appendices | 65
11.
Prices
(2010=100)
Consumer Prices
Producer prices
Period
All Items
2011
2012
Export
Import
104.0
106.3
Commodity
105.7
108.9
Service
102.7
104.2
Core
103.2
104.9
All Items
106.7
107.5
Commodity
108.7
108.9
100.2
97.9
111.6
110.8
2011
1
2
3
4
5
6
7
8
9
10
11
12
102.2
102.9
103.3
103.4
103.6
103.8
104.3
105.0
104.9
104.7
104.8
105.2
103.4
104.4
104.9
104.6
104.7
105.0
105.9
107.1
107.1
106.6
106.8
107.3
101.2
101.7
102.1
102.4
102.6
102.8
103.1
103.3
103.1
103.2
103.3
103.5
101.4
102.1
102.4
102.6
103.0
103.4
103.7
103.8
103.7
103.6
103.9
104.3
104.3
105.1
106.3
107.0
107.3
107.1
107.2
107.4
107.4
107.3
107.0
107.1
105.7
106.7
108.3
109.1
109.5
109.1
109.3
109.5
109.6
109.4
108.9
109.0
98.7
100.7
103.7
102.3
100.5
99.3
97.4
98.1
101.0
102.2
99.5
99.4
106.3
109.3
113.2
113.9
111.5
110.9
109.5
109.8
113.6
114.8
113.1
113.3
2012
1
2
3
4
5
6
7
8
9
10
11
12
105.7
106.1
106.0
106.0
106.2
106.1
105.9
106.3
107.0
106.9
106.5
106.7
107.9
108.5
109.2
108.9
109.2
108.8
107.9
108.8
110.4
109.8
108.9
109.0
103.9
104.2
103.5
103.7
103.9
104.0
104.2
104.4
104.4
104.6
104.6
104.8
104.6
104.7
104.3
104.4
104.6
104.9
104.9
105.1
105.2
105.2
105.3
105.5
107.7
108.4
108.9
109.0
108.4
107.1
106.6
107.2
107.6
106.8
106.1
105.8
109.5
110.5
111.2
111.1
110.3
108.4
107.6
108.6
109.2
107.8
106.8
106.4
100.4
100.0
100.6
101.0
100.2
98.8
97.5
97.5
97.6
95.6
92.9
92.3
114.4
115.0
116.9
115.6
113.5
109.4
108.5
110.3
111.1
107.4
104.3
103.2
2013
107.3
109.8
105.2
106.0
106.8
92.2
102.3
4.0
2.2
5.7
3.0
105.9
Y-o-Y change (%)
2.7
3.2
1.5
1.6
6.7
0.7
8.7
0.2
0.2
-2.4
11.6
-0.7
2011
2012
2011
1
2
3
4
5
6
7
8
9
10
11
12
3.4
3.9
4.1
3.8
3.9
4.2
4.5
4.7
3.8
3.6
4.2
4.2
5.2
5.9
6.1
5.0
5.2
5.8
6.4
6.8
5.0
4.5
6.0
5.7
2.0
2.3
2.6
2.7
2.7
2.9
2.9
3.0
2.7
2.8
2.7
2.8
2.1
2.6
3.0
3.0
3.2
3.5
3.6
3.5
3.3
3.2
3.5
3.6
6.8
7.4
8.2
8.1
7.5
7.2
7.0
6.9
6.3
5.8
5.1
4.3
9.1
9.8
10.7
10.6
9.7
9.3
9.1
8.9
8.0
7.4
6.5
5.3
0.8
1.6
5.1
3.4
-0.9
-4.8
-6.0
-2.7
1.0
5.3
2.0
-1.0
11.7
14.5
17.7
17.4
11.7
8.6
7.6
8.0
11.9
14.5
10.7
6.1
2012
1
2
3
4
5
6
7
8
9
10
11
12
3.4
3.1
2.6
2.5
2.5
2.2
1.5
1.2
2.0
2.1
1.6
1.4
4.4
3.9
4.1
4.1
4.3
3.6
1.9
1.6
3.1
3.0
2.0
1.6
2.7
2.5
1.4
1.3
1.3
1.2
1.1
1.1
1.3
1.4
1.3
1.3
3.2
2.5
1.9
1.8
1.6
1.5
1.2
1.3
1.4
1.5
1.3
1.2
3.2
3.1
2.4
1.9
1.0
0.0
-0.6
-0.1
0.2
-0.5
-0.9
-1.2
3.6
3.6
2.7
1.9
0.7
-0.7
-1.5
-0.9
-0.4
-1.4
-1.9
-2.3
1.7
-0.7
-3.0
-1.2
-0.3
-0.5
0.1
-0.7
-3.4
-6.5
-6.6
-7.2
7.7
5.2
3.3
1.5
1.8
-1.3
-0.9
0.5
-2.2
-6.4
-7.9
-9.0
2013
1.5
1.8
1.3
1.2
-1.6
-2.5
-8.1
-10.6
12.
Employment
Economically active persons (thous.)
Employed persons (thous.)
Period
2011
2012
Wage workers
25,099
25,501
S.O.C &
service
18,595
19,033
Status of Worker
Unemployment (%)
Regular
Temporary
Daily
3.4
3.2
17,397
17,712
10,661
11,097
4,990
4,988
1,746
1,627
2011
1
2
3
4
5
6
7
8
9
10
11
12
24,114
24,431
24,918
25,240
25,480
25,592
25,473
25,257
25,076
25,409
25,318
24,880
23,196
23,336
23,846
24,303
24,661
24,752
24,636
24,495
24,318
24,673
24,589
24,125
4,148
4,149
4,122
4,108
4,137
4,135
4,079
4,031
4,014
4,044
4,054
4,071
18,007
18,019
18,244
18,536
18,731
18,812
18,844
18,739
18,595
18,856
18,921
18,833
3.8
4.5
4.3
3.7
3.2
3.3
3.3
3.0
3.0
2.9
2.9
3.0
16,832
16,856
17,065
17,357
17,626
17,720
17,667
17,510
17,378
17,608
17,650
17,496
10,305
10,390
10,543
10,618
10,708
10,716
10,718
10,710
10,764
10,796
10,838
10,824
4,848
4,781
4,782
4,928
5,064
5,132
5,137
5,031
5,047
5,094
5,047
4,986
1,680
1,684
1,740
1,812
1,854
1,872
1,811
1,769
1,567
1,718
1,765
1,686
2012
1
2
3
4
5
6
7
8
9
10
11
12
24,585
24,825
25,210
25,653
25,939
25,939
25,901
25,623
25,755
25,787
25,652
25,139
23,732
23,783
24,265
24,758
25,133
25,117
25,106
24,859
25,003
25,069
24,941
24,402
4,034
4,060
4,018
4,027
4,071
4,084
4,114
4,111
4,153
4,188
4,218
4,183
18,631
18,599
18,870
19,103
19,292
19,248
19,265
19,040
19,125
19,128
19,088
19,010
3.5
4.2
3.7
3.5
3.1
3.2
3.1
3.0
2.9
2.8
2.8
2.9
17,184
17,225
17,421
17,679
17,935
17,932
17,911
17,734
17,862
17,958
17,941
17,763
10,769
10,807
10,899
10,957
11,064
11,157
11,153
11,203
11,291
11,302
11,281
11,282
4,868
4,877
4,997
5,095
5,153
5,094
5,081
4,935
4,961
4,964
4,960
4,875
1,547
1,542
1,525
1,627
1,718
1,681
1,676
1,595
1,610
1,692
1,700
1,606
2013
24,901
24,054
4,189
17,581
11,292
4,791
1,498
1.4
1.6
1.7
1.8
1.6
0.3
18,810
3.4
Y-o-Y change (%)
2.1
2.4
-
2.5
1.8
5.7
4.1
-1.5
0.0
-3.9
-6.9
2011
2012
2011
1
2
3
4
5
6
7
8
9
10
11
12
0.1
1.6
2.2
1.5
1.5
1.7
1.0
1.7
0.7
1.6
1.9
1.4
1.4
2.1
2.0
1.6
1.5
1.9
1.4
2.0
1.1
2.1
2.0
1.9
5.7
6.7
5.1
2.9
2.5
2.9
1.0
-0.7
-1.2
-1.3
-2.1
-2.1
1.2
1.4
1.1
1.4
1.3
2.1
1.9
3.1
2.1
3.2
3.2
3.1
3.3
3.5
2.7
2.1
2.2
3.1
2.5
2.7
1.6
2.5
2.0
2.0
6.1
6.2
6.2
6.1
6.3
6.2
6.0
5.5
5.4
5.0
4.9
4.6
-0.3
-1.2
-3.9
-4.3
-3.0
-0.6
-1.5
-1.8
-1.2
0.1
-0.4
-0.3
-2.6
1.6
1.5
-1.3
-5.1
-3.4
-4.9
-0.3
-11.9
-5.0
-7.0
-6.7
2012
1
2
3
4
5
6
7
8
9
10
11
12
2.0
1.6
1.2
1.6
1.8
1.4
1.7
1.4
2.7
1.5
1.3
1.0
2.3
1.9
1.8
1.9
1.9
1.5
1.9
1.5
2.8
1.6
1.4
1.1
-2.8
-2.1
-2.5
-2.0
-1.6
-1.2
0.8
2.0
3.5
3.6
4.0
2.8
3.5
3.2
3.4
3.1
3.0
2.3
2.2
1.6
2.8
1.4
0.9
0.9
2.1
2.2
2.1
1.9
1.8
1.2
1.4
1.3
2.8
2.0
1.7
1.5
4.5
4.0
3.4
3.2
3.3
4.1
4.1
4.6
4.9
4.7
4.1
4.2
0.4
2.0
4.5
3.4
1.8
-0.7
-1.1
-1.9
-1.7
-2.5
-1.7
-2.2
-7.9
-8.5
-12.3
-10.2
-7.4
-10.2
-7.5
-9.8
2.7
-1.5
-3.6
-4.7
2013
1.3
1.4
3.9
1.0
2.3
4.9
-1.6
-3.1
13.
Financial indicators
(period average)
Yields(%)
Period
Stock
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
Corporate bonds
(3 years, AA-)
6.6
6.3
6.1
5.9
6.2
6.7
7.0
7.1
7.5
8.0
8.6
8.4
2009
1
2
3
4
5
6
7
8
9
10
11
12
2.4
2.1
1.8
1.8
1.9
1.9
1.9
2.0
2.0
2.0
2.0
2.0
3.2
2.7
2.5
2.4
2.4
2.4
2.4
2.5
2.6
2.8
2.8
2.8
7.3
7.1
6.1
5.7
5.2
5.2
5.5
5.7
5.6
5.6
5.4
5.4
3.4
3.8
3.7
3.8
3.8
4.1
4.1
4.4
4.4
4.5
4.3
4.2
4.0
4.6
4.5
4.4
4.5
4.7
4.6
4.9
4.9
4.9
4.8
4.8
1,162.11
1,063.03
1,206.26
1,369.40
1,395.89
1,390.07
1,577.29
1,591.85
1,673.14
1,580.69
1,555.60
1,682.77
2010
1
2
3
4
5
6
7
8
9
10
11
12
2.0
2.0
2.0
2.0
2.0
2.0
2.2
2.3
2.3
2.3
2.4
2.5
2.9
2.9
2.8
2.5
2.5
2.5
2.6
2.6
2.7
2.7
2.7
2.8
5.4
5.3
5.0
4.7
4.5
4.7
4.8
4.7
4.4
4.1
4.2
4.2
4.3
4.2
3.9
3.8
3.7
3.8
3.9
3.7
3.5
3.2
3.4
3.3
4.8
4.8
4.5
4.4
4.4
4.4
4.5
4.3
3.9
3.7
4.0
4.0
1,602.43
1,594.58
1,692.85
1,741.56
1,641.25
1,698.29
1,759.33
1,742.75
1,872.81
1,882.95
1,904.63
2,051.00
2011
1
2
3
4
5
6
7
8
9
10
11
12
2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3
3.3
2.9
3.1
3.4
3.4
3.5
3.5
3.6
3.6
3.6
3.6
3.6
3.6
4.5
4.7
4.5
4.5
4.4
4.4
4.5
4.2
4.2
4.3
4.2
4.2
3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4
3.4
4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
3.5
3.5
2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
1,880.11
1,769.65
1,909.03
1,847.51
1,825.74
2012
1
2
3
4
5
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
2.8
2.9
3.2
2.8
2.9
1,961.94
CD (91 days)
Treasury bonds
(3 years)
5.4
5.1
5.2
5.0
5.3
5.7
6.0
5.8
5.8
5.1
5.0
4.0
Treasury bonds
(5 years)
5.5
5.1
5.2
5.0
5.4
5.8
6.0
5.8
5.8
5.2
5.2
4.3
KOSPI
(end-period)
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
14.
Monetary indicators
(billion won)
Period
2011
2012
Reserve money
M1
M2
Lf
75,232.0
82,131.1
425,675.1
441,963.6
1,708,984.5
1,798,625.7
2,208,170.4
2,379,429.1
2011
1
2
3
4
5
6
7
8
9
10
11
12
73,540.8
75,432.1
73,012.7
73,206.1
73,828.5
74,705.5
74,069.7
75,642.3
77,942.2
76,944.6
76,617.3
77,842.5
429,368.1
432,482.8
430,936.6
425,420.5
423,994.7
421,885.3
418,973.1
422,649.3
425,196.4
421,480.1
423,111.9
432,602.2
1,676,448.8
1,674,390.5
1,677,475.9
1,684,792.3
1,690,543.0
1,697,204.2
1,705,451.5
1,719,437.8
1,729,531.1
1,742,645.4
1,753,296.4
1,756,597.4
2,152,814.0
2,148,254.1
2,152,736.5
2,163,485.7
2,175,557.3
2,189,729.2
2,208,624.3
2,230,191.9
2,243,675.6
2,263,627.7
2,279,234.1
2,288,816.9
2012
1
2
3
4
5
6
7
8
9
10
11
12
81,635.4
81,655.3
79,068.0
80,641.8
80,547.7
81,804.0
81,555.7
82,369.1
82,958.7
85,078.6
82,956.5
85,302.7
439,352.9
437,193.9
440,075.4
437,445.3
438,795.3
441,611.0
441,760.6
439,573.2
440,034.3
444,477.8
445,463.9
457,778.9
Y-o-Y change (%)
6.6
3.8
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
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
2,454,887.6
4.2
5.2
5.3
7.8
2011
2012
11.3
9.2
2011
1
2
3
4
5
6
7
8
9
10
11
12
13.0
13.3
11.2
13.9
8.8
12.8
10.6
12.4
10.9
10.1
10.3
8.9
12.6
11.5
11.6
9.6
7.4
5.4
3.8
5.4
5.1
4.1
2.0
1.6
6.5
5.0
4.3
3.9
3.7
3.0
3.2
4.0
4.2
4.4
4.4
4.4
6.6
5.2
4.7
4.5
4.4
4.0
4.6
5.5
5.7
6.1
6.2
6.2
2012
1
2
3
4
5
6
7
8
9
10
11
12
11.0
8.3
8.3
10.2
9.1
9.5
10.1
8.9
6.4
10.6
8.3
9.6
2.3
1.1
2.1
2.8
3.5
4.7
5.4
4.0
3.5
5.5
5.3
5.8
4.8
5.3
5.7
5.5
5.5
5.9
6.0
5.7
5.2
4.6
4.4
4.5
6.5
7.2
8.8
8.6
8.4
8.5
8.4
7.8
7.6
7.1
7.1
7.3
15.
Exchange rates
/US$
/100
/Euro
Period
2011
2012
End-period
Average
End-period
Average
End-period
Average
1,153.3
1,071.1
1,108.1
1,126.9
1,485.2
1,247.5
1,391.3
1,413.1
1,494.1
1,416.3
1,541.4
1,448.2
2011
1
2
3
4
5
6
7
8
9
10
11
12
1,114.3
1,127.9
1,107.2
1,072.3
1,080.6
1,078.1
1,052.6
1,071.7
1,179.5
1,104.5
1,150.3
1,153.3
1,120.1
1,118.1
1,122.5
1,086.8
1,083.5
1,081.3
1,059.5
1,073.2
1,118.6
1,155.5
1,132.3
1,147.5
1,356.6
1,380.7
1,331.9
1,313.8
1,335.6
1,335.7
1,353.2
1,396.8
1,536.6
1,458.0
1,475.7
1,485.2
1,356.3
1,351.0
1,376.2
1,304.8
1,333.6
1,342.8
1,333.4
1,391.4
1,456.5
1,508.2
1,460.0
1,473.4
1,514.0
1,549.5
1,563.5
1,591.2
1,549.7
1,560.5
1,507.9
1,547.3
1,601.4
1,562.7
1,532.9
1,494.1
1,495.4
1,524.6
1,572.6
1,569.4
1,551.3
1,555.4
1,515.4
1,538.7
1,542.4
1,584.0
1,536.6
1,511.0
2012
1
2
3
4
5
6
7
8
9
10
11
12
1,125.0
1,126.5
1,137.8
1,134.2
1,177.8
1,153.8
1,136.2
1,134.6
1,118.6
1,094.1
1,084.7
1,071.1
1,145.9
1,123.4
1,125.9
1,135.6
1,154.3
1,165.5
1,143.4
1,131.7
1,124.8
1,106.9
1,087.5
1,077.0
1,473.1
1,399.2
1,380.7
1,412.0
1,489.1
1,453.8
1,453.6
1,444.0
1,441.1
1,374.5
1,320.6
1,247.5
1,488.7
1,433.7
1,364.1
1,393.9
1,447.1
1,469.1
1,446.4
1,438.4
1,438.6
1,400.9
1,344.0
1,288.1
1,478.2
1,516.3
1,513.4
1,501.7
1,456.6
1,435.0
1,393.1
1,419.6
1,444.3
1,418.3
1,407.3
1,416.3
1,477.2
1,486.0
1,487.1
1,495.6
1,478.6
1,462.3
1,407.0
1,402.8
1,446.0
1,436.0
1,395.9
1,411.4
2013
1,082.7
1,065.4
1,196.8
1,469.3
1,415.7
1.3
-7.1
-4.2
1.7
1,188.5
Y-o-Y change (%)
6.3
-16.0
5.4
1.6
-1.3
-5.2
0.6
-6.0
2011
2012
2011
1
2
3
4
5
6
7
8
9
10
11
12
-3.6
-2.6
-2.1
-3.9
-10.0
-10.9
-11.3
-9.9
3.3
-2.0
-0.6
1.3
-1.6
-3.4
-1.3
-2.7
-6.8
-10.8
-12.2
-9.0
-4.1
2.8
0.5
0.0
5.4
6.3
9.4
10.7
1.3
-2.1
-1.2
-0.7
12.7
4.8
7.4
6.3
8.7
5.4
9.6
9.2
5.4
0.7
-3.2
0.8
5.2
10.0
6.8
7.0
-6.2
-1.3
3.0
7.6
5.1
5.8
-2.9
2.7
2.9
-0.4
1.0
-1.3
-8.1
-3.8
1.8
4.5
6.2
5.0
-1.6
1.0
1.6
1.6
-0.3
-0.3
2012
1
2
3
4
5
6
7
8
9
10
11
12
1.0
-0.1
2.8
5.8
9.0
7.0
7.9
5.9
-5.2
-0.9
-5.7
-7.1
2.3
0.5
0.3
4.5
6.5
7.8
7.9
5.5
0.6
-4.2
-4.0
-6.1
8.6
1.3
3.7
7.5
11.5
8.8
7.4
3.4
-6.2
-5.7
-10.5
-16.0
9.8
6.1
-0.9
6.8
8.5
9.4
8.5
3.4
-1.2
-7.1
-7.9
-12.6
-2.4
-2.1
-3.2
-5.6
-6.0
-8.0
-7.6
-8.3
-9.8
-9.2
-8.2
-5.2
-1.2
-2.5
-5.4
-4.7
-4.7
-6.0
-7.2
-8.8
-6.3
-9.3
-9.2
-6.6
2013
-3.8
-7.0
-19.3
-19.6
-0.6
-4.2
Editor-in-Chief
Koh Il-Dong (KDI)
Park Chun-Sup (MOSF)
Editorial Board
Lauren Kang (MOSF)
Lee Seong-Pyo (KDI)
Lee In-Sook (KDI)
Coordinators
Kim Dae-Hyun (MOSF)
Lee Ji-Youn (KDI)
Editors
David Friedman (MOSF)
Kim Jae-Yeon (MOSF)
Park Jin (KDI)
ISSN 2287-7266
Republic of Korea
ECONOMIC BULLETIN (Republic of Korea)
ECONOMIC
BULLETIN
Vol.35 No.2
February 2013
55 Statistical Appendices
MOSF/KDI