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Republic of Korea
ECONOMIC BULLETIN (Republic of Korea)
ECONOMIC
BULLETIN
MOSF/KDI
63 Statistical Appendices
Vol.35 No.6 June 2013
Vol.35 No.6
June 2013
Republic of Korea
Vol.35 No.6
June 2013
Contents
Economic Bulletin
The Green Book: Current Economic Trends
Overview ......................................................................................................................... 03
1. External economic situation ..................................................................................... 04
2. Private consumption .................................................................................................. 09
3. Facility investment ..................................................................................................... 12
4. Construction investment ........................................................................................... 14
5. Exports and imports .................................................................................................. 17
6. Mining and manufacturing production .................................................................. 19
7. Service sector activity ................................................................................................ 22
8. Employment .............................................................................................................. 24
9. Financial markets ........................................................................................................ 28
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
10. Balance of payments ................................................................................................ 32
11. Prices and international commodity prices ......................................................... 35
11.1 Prices
11.2 International oil and commodity prices
12. Real estate market ................................................................................................... 40
12.1 Housing market
12.2 Land market
13. Composite indices of business cycle indicators .................................................. 45
Policy Issues
Campaign pledge funding plan to carry out Park Geun-hye administration
agenda ............................................................................................................................ 47
Roadmap to achieve 70% employment ..................................................................... 53
Despite strong exports and improving construction investment, the Korean economy may continue
to grow slowly as consumption and facility investment remain weak amid lingering uncertainties
due to the struggling eurozone economy and risks from major countries loose monetary policies.
The Korean government will closely watch the global and domestic economic situations and
reinforce its monitoring of global and domestic markets, while continuing to pursue policies to
stimulate the economy.
At the same time, the government will focus on securing the lives of the low- and middle income
classes through job creation and by stabilizing the prices of necessities, while continuing to adopt
policies to improve the health of the economy.
1.
The global economic recovery continues, led by the US and China, but the pace
of the recovery is weak as the economic recession in the eurozone continues. The
OECD forecast the global economy would continue a muted and multiple speed
recovery seen over the last four years, and downgraded its growth rate forecast for
2013 from 3.4 percent in November 2012 to 3.1 percent in May.
External
economic
situation
eurozone (-0.1 [ -0.6 [ -0.2), Germany (0.2 [ -0.7 [ 0.1), France (0.1 [ -0.2 [ -0.2)
(%)
5
4
3
2
1
0
-1
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
The US economy grew 2.4 percent (revised, annualized q-o-q) in the first quarter of
2013, a 0.1 percentage point decrease from the advanced estimate of 2.5 percent,
and economic indicators since March have been somewhat mixed.
US
Growth in the first quarter of 2013 was marginally revised downward due
to decreases in inventory investment and government spending, despite an
improvement in consumption growth.
Contribution to growth rate (advanced estimates [ revised, %p)
2.24 [ 2.40 (private consumption), 0.22 [ 0.23 (business investment), 0.31 [ 0.30 (housing
investment), 1.03 [ 0.63 (inventory investment), -0.50 [ -0.21 (net exports), -0.80 [ -0.97
(government spending)
Industrial production turned negative in April, falling 0.5 percent month-onmonth, and the ISM manufacturing index, which forecasts corporate sentiment,
fell below its baseline of 50.
ISM Manufacturing Index (base=50)
51.6 (Sep 2012) [ 51.7 (Oct) [ 49.9 (Nov) [ 50.2 (Dec) [ 53.1 (Jan 2013) [ 54.2 (Feb) [
51.3 (Mar) [ 50.7 (Apr) [ 49.0 (May)
(%)
8
6
4
2
0
-2
-4
-6
-8
-10
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
2013. Q1
Retail sales changed to positive, increasing by 0.1 percent, and consumer sentiment
greatly improved, posting its largest increase since July 2007.
University of Michigan Consumer Sentiment Index
78.3 (Sep 2012) [ 82.6 (Oct) [ 82.7 (Nov) [ 72.9 (Dec) [ 73.8 (Jan 2013) [ 77.6 (Feb) [
78.6 (Mar) [ 76.4 (Apr) [ 84.5 (May)
-0.4 (Q1 2012) [ 2.2 (Q2) [ 1.7 (Q3) [ 1.9 (Q4) [ 3.2 (Q1 2013)
1.1 (Jan 2013) [ 1.3 (Feb) [ 1.1 (Mar)
The Green Book | 5
-4.9 (Oct 2012) [ 9.0 (Nov) [ -0.5 (Dec) [ 15.7 (Jan 2013) [ -6.3 (Feb) [ 3.5 (Mar) [ 2.3 (Apr)
The employment market showed mixed signs as the unemployment rate in May
marginally increased from the previous month to 7.6 percent while the nonfarm
sector added 175,000 jobs, exceeding the forecast of 163,000.
Nonfarm payroll increase (m-o-m, thousand)
138 (Sep 2012) [ 160 (Oct) [ 247 (Nov) [ 219 (Dec) [ 148 (Jan 2013) [ 332 (Feb) [ 142
(Mar) [ 149 (Apr) [ 175 (May)
Nonfarm payroll increase in May by industry (Out of 175,000 jobs added, thousand)
178 (private sector): 0 (mining), -8 (manufacturing), 7 (construction), 179 (service)
-3 (public sector)
(thousand)
(%)
600
10
400
200
0
-200
-400
-600
-800
-1,000
2001. 1
12
0
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
2011
2012
Annual Annual
2013
Q1
Q2
Q3
Q4
Q1
Jan
Feb
Mar
Apr
May
Real GDP
1.8
2.2
2.0
1.3
3.1
0.4
2.4
2.5
1.9
2.4
1.5
1.6
1.8
3.4
8.6
8.0
7.5
3.6
-1.8
13.2
2.2
-1.4
12.1
20.5
8.5
13.5
17.6
12.1
Industrial production
4.1
3.8
1.4
0.6
0.0
0.6
1.1
-0.1
0.9
0.3
-0.5
Retail sales
8.0
5.0
1.7
-0.3
1.3
1.5
1.0
0.1
1.1
-0.3
0.1
2.4
9.9
5.5
-2.0
5.1
3.3
0.8
1.0
0.8
-0.2
0.6
Unemployment rate
9.0
8.1
8.3
8.2
8.1
7.8
7.7
7.9
7.7
7.6
7.5
7.6
Consumer prices
3.2
2.1
2.8
1.9
1.7
1.9
1.7
1.6
2.0
1.5
1.1
1. Preliminary
2. Annualized rate (%)
3. Seasonally adjusted
Source: US Department of Commerce
Chinese economic growth fell below the market expectation to 7.7 percent in the
first quarter of 2013, and recent indicators have been mixed.
China
Exports and investment grew favorably, but weak consumption growth caused by
the cutting of lavish government spending, anticorruption policies and worries
about food product sanitation led to weaker than expected growth.
The Chinese economy is expected to gradually recover as the promotion of
urbanization boosts investment and quantitative easing begins to have effects,
but factors that constrain recovery remain, such as the lower than expected
manufacturing PMI* and excessive housing market regulations.
* The manufacturing PMI in April was 50.6, falling below market forecasts of 50.7 and below the
2005-2012 April average of 56.0.
2011
2012
2013
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Dec
Q1
Mar
Apr
9.3
9.1
8.9
7.8
8.1
7.6
7.4
7.9
7.7
Industrial production
13.9
13.8
12.8
10.1
11.6
9.5
9.1
10.0
10.3
9.5
8.9
9.3
24.8
24.9
23.8
20.6
20.9
20.4
20.5
20.6
20.6
20.9
20.9
20.6
Retail sales
17.1
17.3
17.5
14.3
14.9
13.9
13.5
14.9
15.2
12.4
12.6
12.8
Exports
20.7
20.7
14.4
8.3
8.8
10.5
4.5
9.5
14.1
18.4
10.0
14.7
Consumer prices
5.4
6.3
4.6
2.6
3.8
2.8
1.9
2.1
2.5
2.4
2.1
2.4
Producer prices
6.0
7.1
3.1
-1.7
0.1
-1.4
-3.3
-2.3
-1.9
-1.7
-1.9
-2.6
Real GDP
1. Preliminary
2. Quarterly change: average of monthly change
Source: China National Bureau of Statistics
(%)
(%)
70
16
60
14
50
12
40
10
30
20
10
4
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
0
2013. Q1
Japan
2011
Annual
Q3
2012
Q4
Annual
Q1
2013
Q2
Q3
Q4
Q1
Mar
Apr
Real GDP
-0.6
2.5
0.1
2.0
1.5
-0.2
-0.9
0.0
0.9
Industrial production
-2.4
4.3
-0.4
-0.3
1.2
-2.0
-4.2
-1.9
2.2
0.2
0.9
Retail sales
-1.2
0.5
-0.5
1.6
1.2
0.3
-0.9
-0.2
0.6
-1.5
0.7
Exports (y-o-y)
-2.7
0.5
-5.5
-2.8
-1.6
4.8
-8.2
-5.5
1.2
1.1
3.8
-0.2
0.0
-0.2
-0.1
0.5
-0.2
-0.3
-0.1
-0.6
-0.9
-0.7
1. Preliminary
Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
(%)
(%)
25
20
15
10
5
0
-5
-2
-10
-15
-4
-20
-6
2001. Q1
2002. Q1
2003. Q1
Eurozone
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
-25
2013. Q1
The eurozone economic recession continues as the unemployment rate in April hit
a record high at 12.2 percent, and the manufacturing PMI fell below the baseline
of 50 for the 22nd consecutive month.
Unemployment rate (%)
11.4 (Jul 2012) [ 11.5 (Aug) [ 11.6 (Sep) [ 11.7 (Oct) [ 11.8 (Nov) [ 11.8 (Dec) [ 12.0 (Jan
2013) [ 12.1 (Feb) [ 12.1 (Mar) [ 12.2 (Apr) (youth unemployment: 24.4)
Manufacturing PMI (base = 50)
45.1 (Aug 2012) [ 46.1 (Sep) [ 45.4 (Oct) [ 46.2 (Nov) [ 46.1 (Dec) [ 47.9 (Jan 2013) [
47.9 (Feb) [ 46.8 (Mar) [ 46.7 (Apr) [ 48.3 (May)
2011
2012
2013
Annual
Q4
Annual
Q1
Q2
Q3
Q4
Q1
Jan
Feb
Mar
Apr
1.4
-0.3
-0.5
0.0
-0.2
-0.1
-0.6
-0.2
Industrial production
3.5
-2.1
-2.4
-0.5
-0.5
0.4
-2.4
0.2
-0.6
0.3
1.0
Retail sales
-0.5
-1.2
-1.7
-0.3
-0.8
0.0
-1.5
0.3
0.9
-0.2
-0.1
Exports (y-o-y)
12.7
8.3
7.4
8.6
8.1
7.4
5.5
1.3
5.2
-1.1
0.1
2.7
2.9
2.1
2.7
2.7
2.5
2.3
1.9
2.0
1.8
1.7
1.2
Real GDP
(%)
(%)
10
8
6
4
2
0
-2
-1
-4
-6
-2
-8
-3
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2.
Private
consumption
2012. Q1
-10
2013. Q1
Private consumption in the first quarter of 2013 (preliminary GDP) fell 0.4 percent
quarter-on-quarter while increasing 1.5 percent year-on-year
2011
Private consumption
(y-o-y)
2012
2013
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
2.4
0.7
0.6
0.1
-0.2
1.7
0.8
0.4
0.7
0.8
-0.4
3.2
3.1
2.1
1.2
1.3
1.0
1.7
2.7
1.5
1. Preliminary
2. National accounts
Source: The Bank of Korea
2011
20131
2012
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
Mar1
Apr1
4.5
1.4
0.8
0.5
0.0
2.3
1.0
0.3
1.2
0.4
-1.3
1.6
-0.5
5.3
6.2
4.0
2.6
2.8
1.4
2.6
2.5
0.1
1.7
2.2
- Durable goods
10.6
3.8
0.5
0.7
-0.9
5.3
2.5
1.9
2.8
2.3
-4.5
-3.2
2.1
Automobiles
7.0
5.2
-3.3
4.6
-11.3
2.4
2.4
9.4
-1.6
9.0
-9.0
4.1
-2.6
- Semi-durable goods
3.7
0.9
1.4
1.7
-2.7
-1.1
-0.4
0.3
-1.1
1.7
1.0
5.5
-4.3
- Nondurable goods
2.1
0.4
0.6
-0.1
1.6
2.3
0.9
-0.6
1.5
-1.1
-0.5
2.5
-0.1
Retail sales
(y-o-y)
1. Preliminary
2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
3. Semi-durable goods: Clothing, footwear, etc.
4. Nondurable goods: Food, medicine, cosmetics, fuel, tobacco, etc.
Source: Statistics Korea
There is a possibility that retail sales in May will somewhat improve compared to
April due to an increase in home appliances and seasonal clothing sales.
Domestic car sales turned negative due to poor sales of mid-sized and full-sized
sedans.
Department store sales turned positive in May as hotter-than-usual temperatures
spurred clothing sales, while sales at large discounters slowed a fall due to a rise in
home appliances sales and without a high base effect from a year ago, when the two
day monthly mandatory closure started.
Gasoline sales turned negative, for refinery facility repairs by some companies led
to a fall in sales volume, despite the domestic price of gasoline continuing to drop.
Gasoline prices (won/liter)
1,915 (5th week Apr), 1,915 (1st week May), 1,904 (2nd week), 1,898 (3rd week), 1,896 (4th week),
1,896 (5th week)
Credit card use rose at a slower pace compared to the previous month, but
maintained its positive trend.
(y-o-y, %)
2012
Oct
Nov
9.2
14.2
-0.4
9.1
-6.6
-1.7
7.9
4.3
2013
Dec
Jan
Feb
Mar
Apr
7.1
6.2
3.4
5.6
4.5
May
3.6
-0.2
-8.2
1.7
7.5
-1.9
1.7
-5.0
-24.6
8.9
-4.4
-9.8
-4.4
3.7
-2.8
2.9
-8.0
7.6
6.5
-1.2
13.2
7.5
1.6
-13.5
-1.0
0.8
-1.9
Sources: Credit Finance Association of Korea, Ministry of Trade, Industry and Energy, Korea National Oil Corporation, Korea Automobile Manufacturers
Association, Ministry of Strategy and Finance (for May data)
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
2013. Q1
Retail sales
Source: Statistics Korea (industrial activity trend)
25
(%)
20
15
10
5
0
-5
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
Durable goods
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Semi-durable goods
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Nondurable goods
3.
Facility
investment
2011
Facility investment
(y-o-y)
Annual
Q3
3.6
-
2012
Q2
2013
Q4
Annual
Q1
Q3
Q4
Q1
-1.8
-3.6
-1.9
10.4
-7.8
-5.2
-1.8
2.6
1.1
-3.6
8.8
-3.5
-6.9
-5.2
-11.9
- Machinery
4.2
-2.3
-1.8
-1.1
11.3
-8.5
-6.0
-3.2
1.1
- Transportation equipment
1.4
-0.1
-10.8
-5.0
6.7
-5.2
-1.7
3.7
7.8
1. Preliminary
2. National accounts
Source: The Bank of Korea
Facility investment
Source: The Bank of Korea (national accounts)
(%)
40
30
20
10
0
-10
-20
-30
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
2013. Q1
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
-40
2001. Q1
2002. Q1
2003. Q1
Transportation equipment
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
2013. Q1
Machinery
2011
2012
Annual Annual
Q1
2013
Q2
Q3
Q4
Q1
Feb
Mar
Apr
6.4
-5.0
-6.8
0.8
-4.6
1.0
- 0.4
- 4.0
10.7
-2.7
-8.2
-6.9
-15.4
-22.5
- 8.1
-12.4
4.0
-2.0
(y-o-y)
- Machinery
2.7
-2.2
8.1
-5.5
-6.9
-3.8
-5.8
0.2
- 3.4
0.7
- Transportation equipment
9.8
-1.1
-1.0
-1.8
-6.7
22.0
0.3
5.2
7.9
-17.9
1. Preliminary
Source: Statistics Korea
2011
2012
Annual Annual
2013
Q1
Q2
Q3
Q4
Q1
Feb
Mar
Apr
-13.4
-1.1
-19.8
-10.4
-21.5
-10.7
-34.1
14.1
2.7
-5.3
-18.7
-2.0
3.9
5.2
-5.8
0.1
2.8
7.6
(q-o-q, m-o-m)
- Public
-2.6
-11.0
126.1
-59.7
86.7
-54.6
-46.2
-75.8
103.0
77.0
- Private
8.8
-13.6
-8.7
-15.1
-16.0
-15.1
-5.5
-18.4
10.9
0.4
Machinery imports
7.1
-3.0
15.3
-4.3
-12.2
-8.2
-11.8
-23.1
-7.2
-7.2
80.2
78.1
79.6
79.0
76.2
77.8
77.1
77.2
75.5
75.9
1.1
-1.4
0.7
-1.3
-3.0
-1.5
-2.9
-10.9
-4.0
0.9
1. Preliminary
2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, Korea International Trade Association
(trillion won)
(y-o-y, %)
60
50
40
30
20
10
0
-10
-20
-30
3
2
2001. Q1
70
-40
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
4.
Construction
investment
2012. Q1
-50
2013. Q1
2011
Construction investment
(y-o-y)
2012
2013
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
-4.7
-0.4
0.1
-2.2
-1.5
-1.3
0.7
-1.2
4.1
-3.6
-1.7
-0.4
-3.1
-0.3
-4.2
2.4
- Building construction
-2.7
-0.3
-1.0
-1.7
0.3
-2.6
0.1
-0.3
4.6
-7.3
-0.7
1.5
-2.9
-3.9
0.4
1.5
-2.4
3.5
1. Preliminary
2. National accounts
Source: The Bank of Korea
2011
2012
Annual Annual
Construction completed (constant)
-6.4
(y-o-y)
2013
Q1
Q2
Q3
Q4
Dec
Q1
Feb
Mar
Apr
-5.8
-5.6
-0.9
1.0
1.4
2.1
4.4
5.5
-2.4
9.4
-4.9
-9.7
-2.3
-5.6
-8.3
5.2
3.6
3.8
19.2
- Building construction
-6.9
-7.6
-4.5
-4.8
1.0
1.8
3.0
7.6
5.4
1.6
8.2
-5.6
-3.5
-6.9
4.1
0.9
1.0
1.1
0.6
5.7
-7.4
11.0
2006. Q1
2007. Q1
2008. Q1
2009. Q1
1. Preliminary
Source: Statistics Korea
Construction investment
Source: The Bank of Korea (national accounts)
(%)
20
15
10
5
0
-5
-10
-15
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2010. Q1
2011. Q1
2012. Q1
2013. Q1
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
2003. 1
Building construction
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Residential buildings
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Despite some positive factors, such as new home sales expected in new towns and
the possibility that the Housing Market Normalization Measures will stimulate the
housing market, construction investment has yet to pick up as construction orders
and other leading indicators continue to be weak.
(Percentage change from same period in previous year)
2011
2012
Annual Annual
Construction orders (current value)
2013
Q1
Q2
Q3
Q4
Dec
Q1
Feb
Mar
Apr
6.1
-8.9
33.3
-0.7
-13.6
-33.1
-43.0
-41.2
-47.0
-20.7
-20.6
15.1
-14.8
-6.1
-20.4
-10.8
-5.9
57.7
-13.5
-5.6
- Building construction
14.0
-8.7
27.4
-7.0
-7.1
-27.4
-37.5
-33.6
-8.8
-13.7
-26.7
-6.0
-9.3
42.0
12.5
-26.3
-43.7
-51.6
-51.3
-72.5
-33.1
-7.3
9.9
-0.5
8.7
1.2
-7.3
-2.3
9.2
-12.4
-17.6
-14.2
-40.6
(q-o-q, m-o-m)
1. Preliminary
Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport
(y-o-y, %)
290
240
190
140
90
40
-10
-60
-110
2001. 1
2002. 1
2003. 1
Construction orders
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
5.
Exports and
imports
Exports grew at a faster pace in May, as weak steel and vessel exports and falling
shipments to Japan were offset by strong IT, rising exports to China and the US,
and an increase in days worked by 0.5 days.
Export growth by item (y-o-y, %)
62.5 (mobile phones), 17.4 (semiconductors), 6.2 (automobiles), -5.1 (petroleum products),
-13.0 (steel), -33.3 (vessels)
Export growth by region (y-o-y, %)
16.6 (China), 11.8 (ASEAN countries), 21.6 (US), -11.6 (Japan), -14.6 (EU), -13.4 (Middle East)
3.9 (Nov 2012) [ 7.1 (Dec) [ 1.7 (Jan 2013) [ 2.5 (Feb) [ 4.7 (Mar) [ -8.0 (Apr) [ 1.0 (May)
2.08 (May 2012), 1.90 (Jan 2013) [ 2.07(Feb) [ 2.11 (Mar) [ 1.93 (Apr) [ 2.10 (May)
The effects of the weakening yen on the economy are continuing; exports to
Japan keep slowing down and exports of items in competition with Japan, such as
automobiles and steel, continue to be poor.
Exports by item
Source: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trend)
160
(y-o-y, %)
140
120
100
80
60
40
20
0
-20
-40
-60
-80
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Automobiles
2007. 1
2008. 1
2009. 1
2010. 1
Semiconductors
2011. 1
2012. 1
2013. 1
Steel
(US$ billion)
2012
Exports
2013
Annual
May
Q1
Q2
Q3
Q4
Q1
Mar
Apr
May
547.87
46.87
134.85
140.13
133.13
139.77
135.47
47.44
46.27
48.37
(y-o-y, %)
-1.3
-1.0
2.9
-1.7
-5.8
-0.4
0.5
0.2
0.4
3.2
2.00
2.08
1.97
2.09
1.90
2.04
2.02
2.11
1.93
2.10
1. Preliminary
Source: Korea Customs Service
Imports by type
Source: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trend)
100
(y-o-y, %)
80
60
40
20
0
-20
-40
-60
-80
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Commodities
2013. 1
Capital goods
(US$ billion)
2012
Imports
2013
Annual
May
Q1
Q2
Q3
Q4
Q1
Mar
Apr
May
519.58
44.48
133.67
130.43
125.65
129.83
129.68
44.15
43.82
42.34
(y-o-y, %)
-0.9
-1.8
7.8
-2.9
-6.9
-1.1
-3.0
-2.0
-0.3
-4.8
1.90
1.98
1.95
1.96
1.79
1.89
1.94
1.96
1.83
1.84
1. Preliminary
Source: Korea Customs Service
(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
2012
Trade balance
2013
Annual
May
Q1
Q2
Q3
Q4
Q1
Mar
Apr
May
28.29
2.39
1.18
9.70
7.47
9.94
5.78
3.29
2.45
6.03
1. Preliminary
Source: Korea Customs Service
6.
Mining and
manufacturing
production
Mining and manufacturing production in April increased 0.8 percent month-onmonth and 1.7 percent year-on-year, led by strong other transportation equipment
and processed metals, despite a fall in refined petroleum and electrical equipment.
Compared to the previous month, production of other transportation equipment
(up 8.8%), processed metals (up 3.4%) and chemical products (up 1.4%) rose, while
refined petroleum (down 8.1%), electrical equipment (down 6.1%) and clothing &
fur (down 3.8%) fell.
Compared to a year ago, production of semiconductors & parts (up 9.9%) and
chemical products (up 6.4%) increased, while audio-visual communications
equipment (down 14.6%), mechanical equipment (down 3.9%) and refined
petroleum (down 7.2%) went down.
The Green Book | 19
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
2013. 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
2013. 1
Inventory growth
( %)
90
80
70]
60
50
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
2012
2013
Annual
Q1
Q2
Q3
1.7
-0.5
-2.2
(y-o-y)
0.8
3.6
1.1
-1.0
Q4
Apr
Q1
Feb
Mar
Apr
2.9
0.5
-0.9
-1.0
-2.4
0.8
-0.1
-0.4
-1.7
-9.5
-2.9
1.7
1.7
-0.5
-2.3
3.0
0.4
-0.9
-1.3
-2.3
0.7
0.8
3.8
1.0
-1.1
-0.2
-0.5
-1.8
-9.8
-3.0
1.8
0.7
1.8
-0.3
-2.4
2.0
0.4
-0.5
-1.5
-1.5
0.0
-1.1
0.7
-0.3
-1.4
1.0
1.8
-0.8
-0.8
-2.8
0.2
- Exports
3.0
3.2
-0.3
-3.6
3.2
-1.1
-0.2
-2.2
0.3
-0.3
Inventory3
2.3
1.6
-1.8
-3.0
2.3
-0.5
0.8
-0.1
0.8
-0.6
78.1
79.6
79.0
76.2
77.8
79.0
77.1
77.2
75.5
75.9
2.2
3.1
2.3
1.9
1.3
2.3
1.1
1.1
1.0
0.9
1. Preliminary
2. Including mining, manufacturing, electricity, and gas industry
3. End-period
4. Percentage change from same period in previous year
Source: Statistics Korea
16.3 (Oct 2012) [ 23.4 (Nov) [ 12.6 (Dec) [ 32.3 (Jan 2013) [ 15.1 (Feb) [ 21.8 (Mar) [
47.9 (Apr) [ 62.5 (May)
-4.4 (Oct 2012) [ 1.3 (Nov) [ -6.3 (Dec) [ 23.2 (Jan 2013) [ -16.3 (Feb) [ -11.5 (Mar) [
-2.6 (Apr) [ 6.2 (May)
The Green Book | 21
7.
Service sector
activity
Service output in April grew 0.2 percent month-on-month and 2.6 percent yearon-year, as growth in professional, scientific & technical services and real estate &
renting offset weaknesses in educational services and wholesale & retail.
Service output grew 0.4 percent in the first quarter of 2013, showing a slight
improvement from the previous quarter, when output remained unchanged.
Wholesale & retail fell 0.6 percent month-on-month as retail sales decreased due
to declining clothing and car fuel sales.
Real estate & renting rose 3.9 percent, with housing transactions increasing from
67,000 in March to 80,000 in April.
Professional, scientific & technical services rose 5.8 percent as an increase in
construction investment led to growth in construction technology and engineering
services.
Publishing & communications services and healthcare & social welfare services
recovered from the previous months slump, growing 1.7 percent and 1.3 percent,
respectively.
(Percentage change from previous period)
Weight
Service activity index
2011
Annual Q1
Q2
20131
2012
Q3
Q4 Annual Q1
0.0
Q3
Q4
Q1
100.0
3.2
1.2
0.5
1.2
0.5
0.1
0.9
0.0
21.6
3.8
1.6
1.0
0.4 -0.3
0.7 -0.1
0.6
0.1
0.7 -1.0
- Transportation services
8.5
4.5
2.6 -0.4
1.1 -1.3
1.2
1.2
0.2
0.9
0.6
0.9
8.4
5.1
0.7
0.7
0.6
14.7
6.8
2.9 -0.5
3.3
1.0
3.9 -0.8
1.6
Q2
3.0 -0.4
2.8
2.3 -2.6
0.5
0.0 -1.0
1.2 -3.7
2.3 -1.3
1.6 -2.8
1.7
1.1
3.9
5.8
5.6
0.5 -3.7
2.7
1.1
4.1
4.0 -0.6
0.8
5.2
1.2
0.5
0.3
3.5
- Educational services
0.7 -0.8
0.5
3.3
0.2
1.2 -0.6
1.6 -0.6
2.9
0.4 -0.8
3.1
- Business services
1.2
Mar1 Apr1
2.3
0.0 -1.1
10.9
2.2
0.5 -1.0
1.1
1.0
0.9
0.6 -1.4
0.0
0.9
7.5
6.4
3.0
1.4
1.5
5.8
1.4
2.5
1.0
0.2
1.2 -0.5
1.4
2.8
0.9
0.9
2.9
2.7
0.4
3.0 -1.0
- Membership organizations
3.6
1.6
0.4
1.9 -0.6
0.6
3.3 -3.2
8.6
0.8
5.8
1.3
2.0 -1.9
1.8
1. Preliminary
Source: Statistics Korea
Service output is expected to improve in May, led by real estate & renting and
wholesale & retail, while financial & insurance services may decline due to falling
stock transactions.
Average daily stock transactions (trillion won)
7.9 (Sep 2012) [ 6.8 (Oct) [ 6.2 (Nov) [ 5.8 (Dec) [ 6.3 (Jan 2013) [ 5.5 (Feb) [ 6.0 (Mar)
[ 6.9 (Apr) [ 6.5 (May)
Service industry
Source: Statistics Korea (service industry activity trend)
20
(%)
15
10
5
0
-5
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
(%)
15
10
5
0
-5
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
5
3
Tot
al i
nde
x
1
-1
&r
eta
il
Tra
nsp
ort
atio
ns
erv
ice
Ho
s
tels
&r
est
aur
ant
s
Pub
lish
ing
&c
om
mu
Fin
nic
anc
atio
ial
ns
&i
ser
nsu
vic
es
ran
c
e se
Rea
rvic
l es
es
tat
e&
ren
Pro
tin
ser fess
g
vic ion
es al,
scie
nti
fic
B
&t
sup usine
ech
por ss fa
nic
al
t se cili
t
rvic y m
es an
age
Edu
me
nt &
cat
ion
bus
al s
ine
erv
ss
i
c
e
He
s
alth
car
e&
soc
ial
we
Ent
lfar
ert
e se
ain
rvic
me
es
nt,
cul
Me
tur
oth mb
al &
er p ersh
spo
ers ip o
rts
ona rga
ser
n
l
vic
ser iza
Sew
es
vic tion
ma era
es s,
ter ge
rep
ial , w
air
rec ast
&
ove e m
ry & an
rem agem
edi ent
atio ,
na
ctiv
itie
s
(y-o-y, %)
Wh
ole
sal
e
-3
-5
8.
Employment
The number of workers on payroll in April increased by 345,000 from a year earlier
to 25,100,000 and the employment rate rose 0.1 percentage point from the previous
year to 59.8 percent.
Month-on-month employment growth improved, with the number of employed
persons increasing in the 300,000 range for the first time in three months and the
employment rate rising for the first time in six months.
Workers in the manufacturing and service sectors grew by a larger margin,
while growth in the number of workers in the construction sector slowed and
employment growth in the agriculture, forestry & fisheries sector turned negative.
By status of workers, regular workers continued to increase while self-employed
workers declined for the fourth straight month.
2010
2011
Annual Annual Q3
Number of employed (million)
2012
Q4 Annual Apr
Q1
2013
Q2
Q3
Q4
Q1
Mar
Apr
23.83 24.24 24.48 24.46 24.68 24.76 23.93 25.00 24.99 24.80 24.18 24.51 25.10
58.7
59.1
59.5
59.4
59.4
59.7
57.8
60.2
60.0
59.4
57.7
58.4
59.8
(Seasonally adjusted)
58.7
59.1
59.1
59.2
59.4
59.4
59.3
59.4
59.5
59.3
59.2
59.2
59.5
323
415
363
474
437
455
467
430
506
342
257
249
345
405
440
414
497
451
484
498
454
504
344
266
244
367
191
63
-12
-75
14
-80 -102
-66
85
140
119
123
165
33
-2
-35
71
22
53
79
33
17
-40
-64
-51
-10
- Services
200
386
472
514
416
525
541
491
397
236
199
156
186
-82
-25
-51
-23
-14
-29
-31
-24
-2
-9
-22
- Wage workers
517
427
392
374
315
322
360
281
317
303
329
322
466
Regular workers
697
575
572
500
436
339
413
379
485
469
554
611
659
Temporary workers
-34
-78
-76
-10
-2
167
110
73
- Manufacturing
- Construction
Daily workers
-146
-89
-57
-73
-61
-194
-11
-29
100
121
133
108
150
189
39
-71
-73 -120
-118
34
125
124
163
149
173
143
33
-28
-48
-90
- Male
181
238
208
257
234
245
238
242
284
172
123
148
189
- Female
142
177
155
216
203
210
230
188
223
170
135
101
156
- 15 to 29
-43
-35
-1
-18
-36
25
-8
-57
- 30 to 39
-4
-47
-83
-56
-31
-75
-65
-80
33
-10
-15
-1
34
- 40 to 49
29
57
46
47
11
28
12
-3
12
-26
- 50 to 59
294
291
270
315
270
252
326
260
273
220
196
213
264
47
149
131
185
222
251
178
251
245
215
181
191
179
- Non-wage workers
Self-employed workers
- 60 or more
Source: Statistics Korea
(thousand)
(million)
26
1,000
25
800
600
24
400
23
200
0
22
-200
21
-400
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 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 70.9 71.1 70.2 69.4
40
7.0
20
7.0
7.0
7.1
7.2
7.3
7.1
7.3
7.1
7.4
7.5
7.6
7.2
7.1
7.2
7.2
7.2
7.2
7.1
7.1
7.1
7.3
7.2
7.2
6.9
6.7
6.9
7.1
17.9 17.8 17.3 16.9 16.8 16.7 16.6 16.5 16.5 16.4 16.5 16.9 17.0 17.1 16.6 16.3 16.2 16.3 16.4 16.5 16.6 16.7 16.9 17.1 17.4 17.3 16.9 16.7
4.9
6.1
6.8
7.2
7.2
6.9
7.0
7.0
7.1
6.5
5.0
2011. 1 2
4.4
10
11
12 2012. 1 2
Services
4.4
4.7
5.6
6.5
7.0
7.0
6.8
6.8
6.8
6.9
6.5
4.9
4.6
5.6
6.3
10
11
12 2013. 1 2
Construction
Manufacturing
4.3
80
(%)
4.7
5.1
5.4
5.6
5.5
5.3
5.3
5.1
5.4
5.2
4.6
4.5
4.5
4.8
5.1
5.4
5.4
5.3
5.3
5.4
5.3
5.2
4.5
4.2
4.2
4.7
5.0
22.8 23.0 23.3 23.2 23.0 22.9 23.0 23.2 23.4 23.2 23.0 22.9 23.1 23.1 23.4 23.4 23.3 23.2 23.4 23.3 23.2 23.1 22.9 22.7 22.7 22.8 23.0 22.8
7.2
60
4.8
7.2
7.3
7.5
7.5
7.6
7.4
7.2
6.4
7.0
7.2
7.0
6.5
6.5
6.3
6.6
6.8
6.7
6.7
6.4
6.4
6.7
6.8
6.6
6.2
6.0
6.0
6.5
20.9 20.5 20.1 20.3 20.5 20.7 20.9 20.5 20.8 20.6 20.5 20.7 20.5 20.5 20.6 20.6 20.5 20.3 20.2 19.9 19.8 19.8 19.9 20.0 19.9 19.7 19.5 19.5
40
46.9 47.3 47.0 46.3
20 44.4 44.5 44.2 43.7 43.4 43.3 43.5 43.7 44.3 43.8 44.1 44.9 45.4 45.4 44.9 44.3 44.0 44.4 44.4 45.1 45.2 45.1 45.2 46.2
0
2011. 1 2
10
11
12 2012. 1 2
Self-employed workers
Daily workers
10
11
Temporary workers
12 2013. 1 2
Regular workers
2010
2011
Annual Annual
2012
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Mar
Apr
920
855
786
740
820
895
947
841
770
722
907
883
825
31
-65
-88
-68
-35
-41
-82
-23
-16
-18
-40
-62
-70
-7
-48
-48
-41
-26
-35
-54
-19
-16
-13
-7
-42
-46
- Male
- Female
Annual Apr
2013
38
-17
-40
-27
-9
-6
-28
-4
-6
-33
-20
-24
3.7
3.4
3.1
2.9
3.2
3.5
3.8
3.3
3.0
2.8
3.6
3.5
3.2
(Seasonally adjusted)
3.7
3.4
3.2
3.1
3.2
3.4
3.5
3.3
3.1
3.0
3.3
3.2
3.1
- 15 to 29
8.0
7.6
6.7
7.1
7.5
8.5
8.2
8.1
6.8
7.0
8.4
8.6
8.4
- 30 to 39
3.5
3.4
3.2
2.9
3.0
3.3
3.2
3.2
2.8
2.7
3.3
3.2
3.1
- 40 to 49
2.5
2.1
2.0
1.9
2.0
2.1
2.4
2.0
2.0
1.8
2.1
2.3
2.2
- 50 to 59
2.5
2.1
2.1
1.8
2.1
2.3
2.3
2.0
2.2
1.8
2.3
2.2
1.9
- 60 or more
2.8
2.6
2.1
1.8
2.4
2.3
4.4
2.0
1.9
1.6
3.4
2.3
1.3
The economically inactive population in April was up 269,000 from a year earlier
to 16,070,000, while the labor force participation rate decreased 0.2 percentage
points to 61.7 percent.
The economically inactive population increased in all categories, including
education (up 164,000), rest (up 71,000) and housework (up 41,000).
2010
2011
Annual Annual Q3
Economically inactive population (million)
2012
Q4 Annual Apr
Q1
2013
Q2
Q3
Q4
Q1
Mar
Apr
15.84 15.95 15.85 16.01 16.08 15.81 16.50 15.67 15.90 16.26 16.83 16.56 16.07
61.0 61.1 61.5 61.1 61.3 61.9 60.1 62.3 61.8 61.1 59.9 60.5 61.7
(seasonally adjusted)
61.0 61.1 61.0 61.1 61.3 61.5 61.4 61.4 61.4 61.1 61.2 61.2 61.3
143
112
191
53
128
92
- Childcare
-125
-5
17
23
-2
- Housework
201
101
143
103
123
163
- Education
12
-51
-78
-69
-12
-82
- Old age
- Rest
Source: Statistics Korea
103
110
57
244
336
359
269
-7
-3
17
85
181
101
126
143
117
41
-28
-64
39
118
136
164
174
156
186
154
129
-68
71
80
-45
-22
148
173
76
-56
182
193
131
-53
-60
126
Employment rate
Source: Statistics Korea (employment trend)
64
(%)
63
62
61
60
59
58
57
56
55
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Original rate
2012. 1
2013. 1
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
2011. 1
Original rate
2012. 1
2013. 1
(%)
64
63
62
61
60
59
58
57
2001. 1
2002. 1
Original rate
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
9.
Financial markets
KOSPI
May 2013
37.1 (1.9%)
563.9
577.9
1,164.2
26.6 (2.3%)
126.4
131.1
4.7 (3.7%)
4.2
-0.2 (-4.5%)
2.5
2.3
-0.2 (-8.0%)
34.5
0.3 (0.9%)
8.5
8.8
0.3 (3.5%)
2008. 1
2010. 1
May 2013
1,964.0
2,001.1
1,137.6
4.4
34.2
Change1
Apr 2013
Apr 2013
KOSDAQ
1
Change
14.0 (2.5%)
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
2009. 1
2011. 1
2012. 1
2013. 1
KOSDAQ
The won/100 yen exchange rate fell to the 1,080 won range as the yen/dollar
exchange rate hit 100 yen, but the fall was pared as the yen adjusted due to the
unstable movements in Japans financial markets.
(End-period)
2008
2009
2010
2011
2012
2013
Dec
Dec
Dec
Dec
Dec
Apr
May
Change1
Won/dollar
1,259.5
1,164.5
1,134.8
1,151.8
1,070.6
1,101.2
1,129.7
-5.2
Won/100 yen
1,396.8
1,264.5
1,393.6
1,481.2
1,238.3
1,126.6
1,120.2
10.5
1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.
(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
2007
2008
2009
2010
2011
2012
2013
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
Change1
5.02
3.02
2.01
2.51
3.29
2.77
2.78
2.50
-28
CD (91 days)
5.82
3.93
2.88
2.80
3.55
2.89
2.81
2.69
-12
5.74
3.41
4.44
3.38
3.34
2.82
2.49
2.78
29
6.77
7.72
5.56
4.27
4.21
3.29
2.85
3.14
29
5.78
3.77
4.98
4.08
3.46
2.97
2.56
2.90
34
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
2012
2013
Q1
Q2
Q3
Q4
Jan
Feb
Mar
Mar1
472.4
M12
-1.8
16.3
11.8
6.6
3.8
1.8
3.6
4.3
5.5
5.8
8.0
7.4
M2
14.3
10.3
8.7
4.2
5.2
5.3
5.6
5.6
4.5
4.8
5.3
5.0
Lf
11.9
7.9
8.2
5.3
7.8
7.5
8.5
7.9
7.1
7.7
8.1
6.8
1,862.4
4
2,500.34
30
20
10
0
-10
-20
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
Reserve money
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
M1
2013. 1
Lf
The growth of bank deposits and AMC deposits turned negative in April.
Bank deposits turned negative (4.7 trillion won [ -4.7 trillion won) as instant access
deposits plummeted due to payments of corporate tax and value-added tax (VAT).
AMC deposits plunged (-1.8 trillion won [ -10.1 trillion won) as a result of rising
short-term market rates and seasonal factors such as tax payments.
(Monthly change, end-period, trillion won)
2009
2010
2011
2012
2013
Annual
Annual
Annual
Apr
Annual
Apr
Mar
Apr
Apr 1
Bank deposits
54.8
36.9
58.9
12.5
37.0
-15.5
1.4
-11.5
1,127.6
AMC deposits
-27.6
-16.7
-16.6
-3.2
18.8
1.8
2.1
-3.9
331.7
20
10
0
-10
-20
2001. 1
2002. 1
10.
Balance of
payments
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
16.1 (China), 8.2 (Southeast Asia), 1.9 (US), -11.3 (Japan), 4.8 (EU)
-0.43 [ -0.45 (travel), 0.90 [ 0.77 (transportation), 1.16 [ 1.18 (construction), -0.47 [ -0.14
(business service), -0.40 [ -0.09 (intellectual property)
The primary income account deficit widened from US$0.22 billion to US$1.09
billion due to cross-border dividend payments by firms whose fiscal year ended
in December. The secondary income account surplus contracted from US$0.09
billion to US$0.02 billion.
(US$ billion)
2012
2013
Annual
Apr
Q1
Q2
Q3
Q4
Q1
Feb
Mar
Apr1
Current account
43.14
1.73
2.56
11.19
14.56
14.94
10.02
2.71
4.93
3.97
- Goods balance
38.34
1.75
2.61
8.52
13.34
13.98
9.39
2.56
4.21
3.59
- Service balance
2.68
0.55
-0.65
2.31
0.65
0.36
-0.48
-0.46
0.91
1.45
4.89
-0.42
1.49
0.82
1.04
1.54
1.38
0.63
-0.22
-1.09
-2.76
-0.14
-0.89
-0.47
-0.47
-0.93
-0.26
-0.02
0.09
0.02
1. Preliminary
Source: The Bank of Korea
The capital and financial account (preliminary) in April posted a net outflow of
US$2.61 billion.
Capital & financial account balance (US$ billion)
The direct investment account swung to a net inflow of US$0.30 billion from a
net outflow of US$1.87 due to an increase in foreign direct investment.
Net outflow in portfolio investment narrowed to US$1.92 billion from US$3.39
billion due to a decrease in overseas equity investment.
Financial derivatives switched to a net outflow of US$0.31 billion from a net
inflow of US$0.15 billion, while the net outflow of the other investment account
widened to US$1.59 billion from US$0.13 billion.
The current account is expected to maintain a surplus, helped by a goods account
surplus resulting from a trade surplus in May.
(US$ billion)
6
4
2
0
-2
-4
-6
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Goods account
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Service account
2012. 1
2013. 1
Current account
(US$ billion)
3
2
1
-1
-2
-3
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Travel balance
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Travel revenue
2012. 1
2013. 1
Travel payment
(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
2013. 1
11.
11.1 Prices
Prices and
international
commodity
prices
Consumer prices in May rose 1.0 percent year-on-year, staying stable at the 1.0
percent range for seven consecutive months. Prices were unchanged from the
previous month.
Core consumer prices, which exclude oil and agricultural products, rose 1.6
percent year-on-year. Core consumer prices based on the OECD method, which
exclude food and energy, rose 1.3 percent year-on-year. Consumer prices for basic
necessities, a barometer of perceived consumer prices, were up 0.2 percent yearon-year but down 0.4 percent month-on-month.
The average expected annual inflation fell 0.2 percentage points from the previous
month and the import prices declined 9.7 percent year-on-year.
Expected inflation (%, over the next 12 months)
3.5 (Aug 2012) [ 3.3 (Sep) [ 3.3 (Oct) [ 3.2 (Nov) [ 3.1 (Dec) [ 3.2 (Jan 2013) [ 3.2 (Feb)
[ 3.2 (Mar) [ 3.1 (Apr) [ 2.9 (May)
-6.4 (Oct 2012) [ -7.9 (Nov) [ -9.0 (Dec) [ -10.6 (Jan 2013) [ -8.6 (Feb) [ -10.8 (Mar) [ -9.7 (Apr)
(%)
2012
2013
Month-on-Month
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
0.0 0.2 -0.1 -0.2 0.4 0.7 -0.1 -0.4 0.2 0.6 0.3 -0.2 -0.1 0.0
Year-on-Year
2.5 2.5 2.2 1.5 1.2 2.0 2.1 1.6 1.4 1.5 1.4 1.3 1.2 1.0
1.8 1.6 1.5 1.2 1.3 1.4 1.5 1.3 1.2 1.2 1.3 1.5 1.4 1.6
1.6 1.5 1.4 1.2 1.2 1.4 1.4 1.4 1.4 1.4 1.2 1.4 1.4 1.3
2.0 2.2 1.8 0.8 0.6 1.7 1.6 1.0 0.7 0.8 0.8 0.8 0.7 0.2
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 (down 3.7%, m-o-m) fell as a result of favorable
weather conditions, and those of oil products (down 2.6%, m-o-m) also declined
due to falling international oil prices, contributing to stabilizing consumer prices.
Agricultural, livestock & fishery product prices decreased 1.6 percent month-onmonth. The prices of livestock (up 2.2%, m-o-m) and fishery products (up 0.8%,
m-o-m) rose, while agricultural product prices (down 3.7%, m-o-m) fell.
Manufactured product prices inched up 0.1 percent month-on-month. The prices
of cosmetics (up 4.5%, m-o-m) and processed food (up 0.4%, m-o-m) rose, while
those of oil products (down 2.6%, m-o-m) and durable goods (down 0.6%, m-o-m)
fell.
Personal service prices increased 0.2 percent month-on-month as dining out
expenses (up 0.1%, m-o-m) and other personal service prices (up 0.2%, m-o-m)
rose.
Total
Month-on-Month (%)
Public
utilities
0.0
-1.6
0.1
-2.6
0.1
0.3
0.0
0.2
Contribution (%p)
0.00
-0.13
0.03
-0.15
0.00
0.03
0.00
0.06
Year-on-Year (%)
1.0
-1.2
-0.1
-7.4
5.9
2.7
0.9
1.3
Contribution (%p)
1.04
-0.10
-0.03
-0.45
0.29
0.25
0.12
0.42
(%)
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
Manufactured products
Housing rents
Personal services
Public utilities
2011
2012
Public services
100.0 (1st week May) [ 101.7 (2nd week) [ 100.1 (3rd week) [ 100.5 (4th week) [ 99.7 (5th week,
down 1.4% from April average)
($/B)
140
120
100
80
60
40
20
0
2001. 1
2002. 1
Dubai crude
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
WTI crude
2010
2011
2012
2013
Annual
Annual
Annual
Nov
Dec
Jan
Feb
Mar
Apr
May
Dubai crude
78.1
105.9
109.0
107.3
106.4
107.9
111.1
105.6
101.7
100.3
Brent crude
79.7
111.0
111.7
109.3
109.2
112.7
116.2
109.0
102.8
102.8
WTI crude
79.5
95.1
93.8
86.6
88.2
94.8
95.3
92.9
92.0
94.7
Domestic oil product prices continued to decrease due to stable international oil
prices, but bounced back slightly helped by rising exchange rates.
Gasoline prices (won/liter)
1,915.1 (1st week May) [ 1,904.1 (2nd week) [ 1,898.1 (3rd week) [ 1,896.3 (4th week) [ 1,896.4
(5th week)
Exchange rate (won/$)
1,104.8 (1st week May) [ 1,092.5 (2nd week) [ 1,110.1 (3rd week) [ 1,116.3 (4th week) [ 1,127.6
(5th week)
(won/liter, period average)
2010
2011
2012
2013
Annual
Annual
Annual
Nov
Dec
Jan
Feb
Mar
Apr
May
Gasoline prices
1,710.4
1,929.3
1,985.8
1,956.0
1,935.6
1,924.6
1,952.5
1,986.5
1,949.4
1,899.9
Diesel prices
1,502.8
1,745.7
1,806.3
1,777.7
1,760.0
1,749.6
1,766.7
1,786.0
1,745.2
1,699.4
(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
2013. 1
The prices of international grain rose slightly due to concerns over unstable supply,
while nonferrous metal prices fell, led by slowing demand.
International grain prices were high as temperatures were unusually low and the
planting of wheat and corn was delayed in the US, but the rise slowed towards the
end of May due to expectations of improved supply.
World grain supply outlook for 2012-13 (US Department of Agriculture, May, m-o-m)
Production (8.3%), demand (5.1%), stocks-to-use ratio (0.8%p)
International grain prices in May (m-o-m, %)
Tin (-4.3), lead (-0.7), nickel (-4.3), copper (0.3), zinc (-1.4), aluminum (-1.4)
<Reuters index*>
(Period average)
2010
2011
2012
2013
Annual
Annual
Annual
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2,553
3,062
3,006
3,110
3,067
3,037
2,996
2,990
2,947
2,880
2,828
4,000
430
390
3,000
350
310
2,000
270
230
1,000
190
150
1997. 1
0
1998. 1
1999. 1
CRB (left)
2000. 1
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
12.
Real estate
market
2012
2013
May May 131 May 201 May 271 Jun 31
Jul
Aug
Sep
Oct
Nov
Feb
Mar
Apr
Nationwide
-0.4
-0.4
-0.3
-0.3
-0.2
-0.3
-0.2
-0.3
-0.2
-0.1
0.2
0.3
Seoul
-0.7
-0.9
-0.7
-0.6
-0.5
-0.6
-0.8
-0.6
-0.4
-0.1
0.1
0.2
Gangnam
-0.9
-1.3
-0.9
-0.7
-0.4
-0.7
-0.2
-0.8
-0.3
0.0
0.5
0.4
-0.5
-0.5
-0.4
-0.5
-0.6
-0.5
-1.4
-0.5
-0.5
-0.3
-0.2
0.0
-0.6
-0.8
-0.7
-0.6
-0.5
-0.6
-1.1
-0.7
-0.4
-0.3
0.1
0.2
5 metropolitan cities
-0.2
-0.3
-0.1
0.0
0.1
0.1
0.7
0.1
0.0
0.0
0.4
0.3
Gangbuk
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board
(m-o-m, %)
3
2
1
0
-1
-2
2009. 1
7
Nationwide
2010. 1
2011. 1
2012. 1
2013. 1
Metropolitan cities
Nationwide apartment rental prices continued to rise in May (up 0.4%, m-o-m).
Rental prices in the Seoul metropolitan area and five metropolitan cities rose 0.3
percent and 0.5 percent each.
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (-0.1), Seocho (-0.3), Songpa (-0.6), Gangdong (-0.9), Seongbuk (1.2)
2012
2013
Jul
Aug
Sep
Oct
Nov
Feb
Mar
Apr
Nationwide
-0.2
-0.1
0.3
0.4
0.4
0.3
2.1
0.3
0.3
0.5
0.7
Seoul
-0.5
-0.3
0.6
0.8
0.7
0.2
2.2
0.4
0.6
0.7
0.4
Gangnam
-0.6
-0.4
0.8
1.0
0.9
0.3
1.9
0.5
0.6
0.6
0.2
-0.4
-0.1
0.4
0.6
0.4
0.1
2.6
0.3
0.6
0.8
0.6
-0.2
0.4
0.5
0.4
0.1
2.1
0.2
0.3
0.5
0.7
5 metropolitan cities
-0.2
0.2
0.3
0.4
0.4
2.3
0.3
0.3
0.4
0.8
Gangbuk
-0.1
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board
(m-o-m, %)
3
2
1
0
-1
-2
2009. 1
7
Nationwide
2010. 1
2011. 1
2012. 1
2013. 1
Metropolitan cities
Apartment sales transactions in April increased 17.0 percent from the previous
months 47,375 to 55,442, and were up 23.0 percent from a year earlier (45,079).
(thousand)
2012
53
48
59
42
18
47
45
46
37
Jul
38
2013
Aug Sep Oct Nov Dec Jan Feb Mar Apr
31
26
45
50
81
17
34
47
55
1. Monthly average
Source: Ministry of Land, Infrastructure and Transport
(thousand)
120
100
80
60
40
20
0
2006. 1
2007. 1
Nationwide
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Land prices continued to rise in areas excluding the Seoul metropolitan area (up
0.13%, m-o-m), with Sejong (up 0.62%, m-o-m) posting the highest growth rate in
the nation for the 14th straight month in April.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.11 (Aug 2012) [ 0.10 (Sep) [ 0.11 (Oct) [ 0.12 (Nov) [ 0.12 (Dec) [ 0.11 (Jan 2013) [
0.11 (Feb) [ 0.12 (Mar) [ 0.13 (Apr)
2009 2010
2011
Q2
2012
Q3
Q4
Annual
Q1
Q2
2013
Q3
Q4
Jan-Apr
Q1
Feb
Mar
Apr
Nationwide
0.96 1.05 1.17 0.29 0.30 0.29 0.29 0.87 0.30 0.33 0.12 0.21 0.34 0.21 0.07 0.11 0.13
Seoul
1.40 0.53 0.97 0.40 0.28 0.17 0.12 0.33 0.17 0.26 -0.14 0.09 0.26 0.10 0.06 0.11 0.16
Gyeonggi
1.22 1.49 1.47 0.26 0.38 0.43 0.39 0.97 0.34 0.34 0.17 1.32 0.27 0.17 0.03 0.10 0.11
Incheon
1.99 1.43 0.66 0.17 0.18 0.15 0.15 0.36 0.21 0.16 -0.03 0.13 0.34 0.21 0.08 0.12 0.14
(%)
12
9
6
3
0
-3
-6
-9
-12
-15
-18
1994
1995
1996
National average
1997
1998
1999
2000
2001
2002
Metropolitan area
2003
2004
2005
2006
2007
City
2008
2009
2010
2011
2012
County
Nationwide land transactions in April were 206,000 land lots, up 13.9 percent from
the previous month and 12.9 percent from 182,000 a year earlier.
Monthly land transactions rose in Seoul (up 16.9%, m-o-m), Daegu (up 38.2%,
m-o-m), Ulsan (up 34.4%, m-o-m) and Sejong (up 22.9%, m-o-m).
Transactions of vacant land increased 5.1 percent month-on-month to 86,000 lots,
making up 41.8 percent of total transactions, and were up 5.0 percent from 82,000
a year earlier.
2012
203
187
208
170
187
2013
Apr May
Jun
Jul
Aug Sep
Oct
Nov Dec
Jan
Feb
Mar
Apr
182
163
167
150
172
185
141
142
181
206
186
133
224
Seoul
22
16
18
13
14
15
15
13
12
10
15
16
20
10
10
15
18
Gyeonggi
46
41
43
33
37
36
35
32
34
30
27
35
36
45
29
28
33
39
Incheon
10
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
2013. 1
13.
Composite
indices of
business cycle
indicators
Industrial output in April increased 1.6 percent month-on-month and 3.7 percent
year-on-year. Output rose in all sectors, including mining & manufacturing (up
0.8%, m-o-m), services (up 0.2%, m-o-m), construction (up 9.4%, m-o-m) and
public administration (up 11.4%, m-o-m).
The cyclical indicator of the coincident composite index rose 0.2 points in April.
Mining & manufacturing production and domestic shipment decreased while
five other components, such as the value of construction completed and imports,
increased.
Components of the coincident composite index in April (m-o-m)
value of construction completed (4.1%), imports (1.4%), nonfarm payroll employment (0.2%),
retail sales (0.2%), service activity (0.5%), mining & manufacturing production (-0.9%),
domestic shipment (-1.1%)
The cyclical indicator of the leading composite index increased 0.1 point from the
previous month.
Four components, including the value of construction orders received and
indicator of inventory cycle, were higher compared to the previous month while
five components, such as the ratio of job openings to job seekers and domestic
shipment of machinery, were lower.
Components of the leading composite index in April (m-o-m)
value of construction orders received (7.3%), indicator of inventory cycle (2.2%p), international
commodity prices (0.3%), ratio of export to import prices (0.4%), ratio of job openings to
job seekers (-3.2%p), domestic shipment of machinery (-2.0%), KOSPI (-0.8%), consumer
expectations index (-0.3p), spreads between long & short term interest rates (-0.1%p)
2012
Sep
Oct
2013
Nov
Dec
Jan
Feb
Mar1
Apr1
1.1
-0.4
1.1
1.0
-0.9
1.1
-1.8
1.6
(y-o-y, %)
1.0
-1.0
1.4
-0.2
3.2
-1.9
-0.6
3.7
0.5
-0.1
0.6
0.5
0.4
0.4
0.0
0.5
99.3
98.9
99.1
99.2
99.2
99.3
98.9
99.1
(m-o-m, p)
0.0
-0.4
0.2
0.1
0.0
0.1
-0.4
0.2
-0.1
0.3
0.7
0.7
0.2
0.3
0.3
0.5
99.4
99.3
99.6
100.0
99.8
99.6
99.5
99.6
(m-o-m, p)
-0.4
-0.1
0.3
0.4
-0.2
-0.2
-0.1
0.1
1. Preliminary
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
2013. 1
(points)
105
100
95
90
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
(points)
105
100
95
90
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
Policy Issues
Policy Issues | 47
The Campaign Pledge Funding Plan is not only about expanding tax revenues
and reducing tax expenditures, but also about upgrading Koreas tax revenueexpenditure system. By modifying tax reductions and exemptions, and
legitimizing the shadow economy, each income class will pay the appropriate
amount in taxes according to the benefits they receive from society. The
government will remove excess fat from the budget by cutting spending, which
will contribute to efficiently reforming the structure of Koreas fiscal expenditures.
Overview
The total cost for the administrations tasks from 2013 to 2017 will be 134.8 trillion
won and therefore the government has prepared funding measures to cover the
entire cost of 134.8 trillion. The cost of the administrations tasks is split into four
pillars: economic revitalization (33.9 trillion won, 25%), Korean peoples happiness
(79.3 trillion won, 59%), blooming of the Korean culture (6.7 trillion won, 5%), and
building a foundation for a peaceful reunification (17.6 trillion won, 13%). These
amounts required will be financed through a 50.7 trillion won expansion in tax
revenues and 84.1 trillion won in tax expenditure cuts.
Amount required
Funding measures
Total
134.8
Economic Revitalization
33.9
79.3
6.7
17.6
Total
134.8
Revenue increase
50.7
Expenditure cuts
84.1
Annual costs will gradually increase as the administrations tasks are phased-in
according to priority. Funding measures are concentrated in 2014 and 2015 in
order to have the strongest effect possible in the shortest amount of time.
(trillion won)
2013-2017
Total
2013
2014
2015
2016
2017
Amount required
134.8
6.6
15.3
29.1
37.6
46.2
Funding
(y-o-y, net growth)
134.8
7.4
(7.4)
17.4
(10.0)
30.5
(13.1)
36.8
(6.3)
42.6
(5.8)
48 | Policy Issues
Action plan
A total of 134.8 trillion won is planned to be spent to carry out the administrations
tasks. Of the total spending, 50.7 trillion won will be financed by tax and nontax
revenues, and 84.1 trillion won will be financed through spending cuts as the
government will adjust public investment priorities and streamline the fiscal
system.
1. Revenue side
The government will finance 48.0 trillion won, or 36 percent of the amount required,
by adjusting tax breaks, legitimatizing the shadow economy and increasing the
capital gains tax.
1) Tax Break Adjustment
Current tax exemptions and reductions will expire as scheduled in principle. In case
the tax breaks need to be extended, they will be redesigned and then reintroduced.
However, tax incentives for small- and medium-sized enterprises (SMEs) and
working classes will be maintained or gradually phased out, while tax incentives
related to increasing employment, restoring economic vitality and developing a
creative economy, in particular those related to core R&Ds and startup venture
businesses, will be increased.
2) Shadow Economy Legitimatization
The government will tighten regulations against tax evasion, while enhancing tax
administration capabilities by utilizing information at the Financial Intelligence
Unit. More businesses will be required to issue cash receipts and electronic tax
invoices, which will increase taxation transparency.
For businesses paying taxes honestly, the government will delay regular tax audits
in order for them to fully concentrate on their businesses.
3) Capital Gains Tax Increase
Capital gains which used to be excluded from the capital gains tax, such as capital
gains from financial products and their transactions, will be taxed.
4) Nontax revenues
Nontax revenues will be increased by 2.7 trillion won through measures to protect
the economically vulnerable and root out illegal practices. Unfair practices will be
subject to increased charges, and public funds outside the government budget will
be included in the government budget system.
Policy Issues | 49
(trillion won)
Total
2013
2014
2015
2016
2017
Total
50.7
2.9
7.9
11.8
13.7
14.4
48.0
18.0
27.2
2.9
2.9
0.1
2.7
-
7.6
1.8
5.5
0.3
11.1
4.8
6.0
0.4
12.9
5.7
6.3
0.9
13.6
5.7
6.7
1.2
2.7
0.3
0.7
0.8
0.9
Nontax revenue
2. Expenditure side
A total of 84.1 trillion won, or 62 percent of the amount required to carry out the
national tasks, will be funded through spending cuts.
Spending cuts are being planned as a strategic and government-wide task, which
aims to provide stable public finance and improve the fiscal expenditure system.
First, the government is pursuing permanent spending cuts rather than temporary
ones based on revised regulations. In addition, discretionary spending cuts will
be reviewed first, and cuts will be expanded to mandatory spending as well. Also,
private as well as public financial resources will be utilized through the method of
government paying the interest rate difference between public funding and private
funding.
1) SOC Spending
Considering the current level of SOC stocks and increased investment* in the past
several years to ride out the economic crisis, there is much room for SOC spending
cuts.
* SOC budget (trillion won): 18.4 (2007) [ 25.0 (2013)
Investment in new projects will be made only when they are part of campaign
pledges or urgently required, while existing investment plans will be reviewed in
terms of appropriateness.
However, the government will continue to maintain construction investment
at an appropriate level by utilizing private finance and investing in cultural or
educational facilities.
2) Industrial, SME and Energy Sectors
The government will find ways to utilize private capacity in the industrial, SME
and energy sectors.
The government will adopt new measures to reduce electricity demand rather
than offering financial incentives for limiting electricity use, and public overseas
resources development projects will be allowed to be invested by various investors.
Similar or overlapping ministry-level projects, such as SME support, will be
adjusted through inter-governmental cooperation.
50 | Policy Issues
Of the loans, 3.5 trillion won will be financed by the private sector through the
method of government paying the interest rate difference between public loans
and private financing.
Loans utilizing private sector finance will be phased in up to 5.5 trillion won
between 2014 and 2017, and the eligibility of the loans will be decided according
to the situations of both policy recipients and private financial institutions.
Policy Issues | 51
Total
Mandatory spending cuts
Discretionary spending cuts
- SOC
- Industry
- Agriculture & Forestry
- Welfare
(Housing)
- Others
Government paying interest rate difference
method
Adjusting overlapping investment with
previous administration
(trillion won)
Total
2013
2014
2015
2016
2017
84.1
4.5
9.5
18.7
23.1
28.1
3.0
0.5
0.7
0.8
0.9
34.8
11.6
4.3
5.2
12.5
(9.5)
1.2
5.8
1.7
0.9
0.8
2.2
(2.1)
0.2
9.6
2.7
1.3
1.3
4.0
(2.9)
0.3
9.5
3.5
1.0
1.3
3.4
(2.5)
0.3
9.9
3.7
1.1
1.8
2.9
(2.0)
0.4
5.5
0.7
1.4
1.7
1.7
40.8
4.5
2.5
7.0
11.2
15.6
Management plan
The government will consistently gather public opinion through various discussions
and local government fiscal councils, and reflect them in improving the plan.
Annual spending and financing plans included in the Campaign Pledge Funding
Plan will be a basis for drawing up the years budget plan, tax revision proposals
and fiscal management plan.
The Campaign Pledge Funding Plan will be implemented as a rolling plan, which
will consistently be reflecting changes in economic and fiscal situations.
The government will regularly review the implementation of the Campaign Pledge
Funding Plan and continue to develop issues regarding fiscal restructuring through
joint public-private committees* and inter-governmental cooperation.
* The Tax Reforming Committee and Fiscal Restructuring Committee
52 | Policy Issues
Policy Issues
Background
The Korean economy has seen growth without employment since the 1990s.
Furthermore, the growth rate has gradually slowed, and the employment rate has
stayed in the 63 to 64 percent range since 2003.
The export and manufacturing-oriented economic structure weakened job
creating capacities, and SMEs and service industries, which account for most of
the employment, have suffered from low productivity. Most jobs are dominated by
males working long hours, and this has been an obstacle to job creation.
Factors negatively affecting employment are difficulties faced by female workers
when they want to be reemployed, youths receiving higher education and early
retirement of baby boomers. These factors make it fundamentally difficult to
achieve 70 percent employment. Since economic growth prospects are uncertain,
the Korean economy needs to bring up a new paradigm for job creation.
Against this backdrop, the Korean government has drawn up the 70 percent
Employment Roadmap. The roadmap has been designed to move the main axis of
employment from the male labor force working long hours in large manufacturers
to the female labor force employed by SMEs or working in the service sector. The
roadmap has been designed to create a family-friendly environment where reduced
work hours are possible along with part time employment and other various types
of employment. The roadmap has been designed to induce tripartite job creation
efforts by government, industry and labor.
Policy Issues | 53
The roadmap
The roadmap aims to create a total of 2.38 million jobs, 476,000 every year, by
2017. To achieve this goal, 34 related laws will be enacted or revised, including
the Service Industry Development Act, and 136 action plans will be prepared by
13 ministries. The government will also work on reducing working hours by 200
hours.
The government will launch the Idea Rich National Startup Project, to help develop
ideas of ordinary people to be commercialized through R&D and by obtaining
patents.
2) New professions and new industries
The government will form a task force to work on future jobs and create 500 new
professions by easing regulations, introducing new licenses and developing new
markets. Spinal orthopedic surgeons and veterinary nurses are examples of those
professions.
The government will also revise regulations that currently obstruct industrial
convergence, reinvigorate training needed to work in converged industries, and
create jobs in a new converged industry.
3) SMEs
Similar or overlapping SME support will be restructured into one designed to
promote employment. Preliminary analyses and adjustments of SME budgets* will
be implemented from 2014.
* A total of 1,124 SME support projects are currently run by 13 ministries and 16 local
governments.
Publicly invested research centers will be obliged to share their R&D outcomes
with SMEs, and to invest a certain amount of publicly invested fund in SME-related
projects. The government will facilitate SMEs growing into leading enterprises
through measures* designed to constantly remove obstacles SMEs face in their
paths towards becoming leading medium-sized enterprises.
54 | Policy Issues
* The government unveiled in June measures to help SMEs grow into leading enterprises.
Foundations for cooperation between large enterprises and SMEs will be laid as
there will be fast adjustments for SME appropriate business items and expansion
of outcome sharing.
4) Service industries
The government will ease key regulations in the medical service, education and
healthcare sectors and make public sector information accessible, in order to
promote the development of high value added service industries. The service
sector R&D investment will be doubled by 2017.
Convergence in the cultural sector will generate creative jobs in five new areas: i)
information and communications technology (ICT) and content convergence, ii)
culture, tourism and sports, iii) space information technology, iv) new industry
based on agriculture that fuses together the primary, secondary and tertiary
industries, v) medical and welfare services. Employment in the five areas will be
strictly managed, and the employment effect will be evaluated according to the
goals of each ministry.
Policy Issues | 55
The government will gradually increase the number of the Smart Work Centers to
promote flexible working; public employees are able to work at the closest Smart
Work Center from their home.
56 | Policy Issues
3) Youths
The government, taking into consideration the shrinking youth population, will
run programs to encourage youths early entrance into job markets. An apprentice
system will be introduced, which will mix on-site training with academic lecturing,
and the government will enact laws to support the system.
Working scholarships and the SME Hope Ladder Scholarships will be expanded,
and work experience can be transferred to college credits, all of which will
strengthen the link between work and higher education.
The government will operate a government-wide task force to reduce the
employment supply/demand mismatch between youths and SMEs. The task
force will discuss increasing support to improve SME employment conditions,
higher incentives for long term employment in SMEs, establishing comprehensive
SME employment information systems for youths and developing labor force
management systems by region.
4) Seniors
The roadmap for the senior age group is aimed at fixing the retirement age for baby
boomers at 60 and building a system to support the post-retirement life.
In order to facilitate the practice of increasing the retirement age to 60, the
government will provide financial aid for workplaces that delay the retirement age,
and will also conduct studies on retirement ages and wage systems.
Those 50 years or older will be given rights to demand reduced working hours,
which is expected to help them make plans for life after retirement. Related
ministries will jointly work on building a system which will help design postretirement life, and the system will cover mentoring services, job training and
reemployment services.
The senior work force can be utilized in the agriculture and fishery industries,
which are currently suffering from a labor shortage.
Policy Issues | 57
Expected effects
The employment increase is projected to gain speed from 2015, following the
establishment of policy foundations including laws and regulations in 2013-2014.
Female employment is expected to greatly improve, particularly led by those
returning to work, while youth employment is projected to jump by more than 7.3
percentage points.
Of the 2.38 million newly created jobs, 1.63 million are likely to be produced in
the creative economy section, such as culture, science & technology and health &
welfare.
Part time jobs are projected to account for 38.7 percent of the total jobs increased.
58 | Policy Issues
20121
2011
20131
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
GDP
1.32
(4.3)2
0.8
(3.5)2
0.8
(3.6)2
0.4
(3.4)2
0.8
(2.8)2
0.3
(2.4)2
0.0
(1.6)2
0.3
(1.5)2
0.8
(1.5)2
-1.2
3.0
-4.8
10.0
-6.5
0.2
-2.6
7.9
-4.4
Manufacturing
3.1
1.1
1.4
-0.2
1.6
-0.2
-0.3
0.2
1.3
-3.0
1.8
1.5
0.1
-1.4
-1.8
0.9
-2.0
4.0
0.9
0.3
0.5
0.6
1.1
0.5
0.3
0.4
0.7
Construction
Services3
Private consumption
0.7
0.6
0.1
-0.2
0.8
0.4
0.7
0.8
-0.4
Government consumption
0.5
1.1
1.0
-0.8
3.5
-0.1
0.8
-0.6
1.2
Facility investment
-2.0
4.0
-1.8
-3.6
10.4
-7.8
-5.2
-1.8
2.6
Construction investment
-2.6
1.7
-0.4
0.1
-1.5
-1.3
0.7
-1.2
4.1
2.2
1.7
2.2
-2.2
3.9
-0.3
1.9
-1.1
3.0
0.6
2.3
1.0
-2.8
4.3
-1.8
1.8
-0.8
2.5
GNI
-0.1
0.9
0.5
0.8
-0.1
1.5
0.7
0.3
0.8
Statistical Appendices
1. National accounts
2. Production, shipment and inventory
3. Production capacity and operation ratio
4. Consumer goods sales index
5. Consumer goods shipment index and consumer sentiment index
6. Machinery orders received, domestic machinery shipment
and estimated facility investment index
7. Value of construction completed and domestic construction orders received
8. Composite indices of business cycle indicators and BSI
9. Balance of payments (I)
10. Balance of payments (II)
11. Prices
12. Employment
13. Financial indicators
14. Monetary indicators
15. Exchange rates
Statistical Appendices | 63
1.
National accounts
Real GDP
Manufacturing
Final
consumption
expenditure
Construction
Facilities
4.0
5.2
5.1
2.3
0.3
6.3
3.7
2.0
Agri., fores.
& fisheries
1.3
1.5
4.0
5.6
3.2
-4.4
-2.1
-0.6
6.2
8.1
7.2
2.8
-1.5
14.7
7.3
2.2
4.6
5.1
5.1
2.0
1.2
4.1
2.3
2.2
1.9
3.4
4.2
-1.9
-1.0
5.8
-1.0
-1.7
-0.4
0.5
1.4
-2.8
3.4
-3.7
-4.7
-2.2
5.3
8.2
9.3
-1.0
-9.8
25.7
3.6
-1.9
Period
2005
2006
2007
2008
2009
2010
2011
2012P
2005
2.7
3.4
4.5
5.1
0.4
4.8
3.8
-3.1
4.8
3.9
6.7
9.3
2.7
4.7
5.9
4.9
-0.3
1.8
1.5
3.9
-3.1
0.9
-0.3
0.3
3.4
2.8
4.1
10.8
2006
6.1
5.1
5.0
4.6
3.9
-0.3
-1.4
4.2
9.4
9.1
8.7
5.4
5.8
4.9
4.6
5.1
3.8
0.1
4.0
5.7
1.9
-4.2
-0.5
5.1
7.2
8.0
12.0
5.7
2007
4.5
5.3
4.9
5.7
1.6
7.0
8.2
-0.7
4.5
7.2
6.3
10.2
5.1
5.4
5.3
4.7
7.3
5.7
1.5
3.1
4.4
2.0
-0.2
0.4
12.6
13.0
4.0
8.0
2008
5.5
4.4
3.3
-3.3
7.8
4.6
4.3
6.5
8.9
8.3
5.3
-9.4
4.3
3.0
2.4
-1.7
-0.6
0.6
2.1
-8.7
-2.5
-0.5
0.4
-7.7
2.8
2.0
5.3
-13.3
2009
-4.2
-2.1
1.0
6.3
2.5
0.0
5.0
5.0
-13.6
-7.1
1.8
13.1
-2.2
0.7
1.5
4.8
-7.5
-3.0
-1.0
6.2
1.6
4.3
3.2
4.0
-21.9
-18.1
-9.4
12.2
2010
8.7
7.6
4.5
4.9
-0.1
-2.2
-7.8
-5.9
22.4
17.6
9.5
11.0
6.1
3.6
3.5
3.0
11.2
5.8
5.6
2.3
1.8
-4.7
-4.9
-5.2
29.6
32.0
26.3
16.9
2011
4.3
3.5
3.6
3.4
-9.7
-2.6
-5.8
7.1
10.3
7.4
6.4
5.5
2.8
2.8
2.4
1.3
-1.4
0.4
-1.4
-1.8
-10.0
-4.7
-3.6
-1.7
10.5
7.7
1.1
-3.6
2012P
2.8
2.4
1.6
1.5
-0.4
-1.8
0.3
-0.5
4.1
2.7
0.9
1.3
2.1
1.6
2.1
2.8
3.7
-2.6
-2.5
-4.2
-0.4
-3.1
-0.3
-4.2
8.8
-3.5
-6.9
-5.2
2013P
1.5
0.3
1.0
1.4
-3.8
2.4
-11.9
P: Preliminary
Source: The Bank of Korea
64 | Statistical Appendices
2.
Production, shipment and inventory
(constant prices, 2010=100)
Production index
Period
2011
2012
Shipment index
Y-o-Y change
(%)
Inventory index
Y-o-Y change
(%)
Y-o-Y change
(%)
Y-o-Y change
(%)
105.9
106.8
5.9
0.8
105.6
106.4
5.6
0.8
120.2
124.1
14.9
3.2
103.2
104.8
3.2
1.6
2011
102.6
107.4
103.9
109.7
9.3
6.1
5.3
3.3
103.3
106.6
103.1
109.2
10.0
5.4
4.6
2.6
104.7
110.0
112.7
120.2
7.7
12.0
11.9
14.9
99.5
103.4
103.2
106.7
2.8
2.9
4.5
2.8
2012
106.3
108.6
102.9
109.6
3.6
1.1
-1.0
-0.1
106.3
108.1
102.6
108.4
2.9
1.4
-0.5
-0.7
117.8
115.2
114.6
124.1
12.5
4.7
1.7
3.2
102.1
104.9
104.7
107.6
2.6
1.5
1.5
0.8
2013
104.5
-1.7
104.1
-2.1
122.4
3.9
103.0
0.9
2011
1
2
3
4
5
6
7
8
9
10
11
12
105.3
91.8
110.6
106.8
107.1
108.3
105.9
101.5
104.4
109.7
109.3
110.1
11.9
6.7
8.9
5.5
6.9
5.9
3.6
5.1
7.2
4.2
3.5
2.3
105.8
93.3
110.8
106.8
106.0
107.0
104.0
101.2
104.2
109.1
108.2
110.3
12.8
8.6
8.6
5.2
6.6
4.5
2.9
4.1
6.9
3.5
1.9
2.5
104.6
102.8
104.7
105.8
108.6
110.0
111.8
112.2
112.7
115.6
117.9
120.2
7.6
4.2
7.7
7.6
9.5
12.0
10.7
10.9
11.9
13.6
15.6
14.9
100.1
94.2
104.1
102.1
103.5
104.7
103.1
103.1
103.3
104.2
103.7
112.3
5.1
0.4
2.6
3.3
2.3
3.1
3.6
5.1
4.4
3.7
3.1
1.9
2012
1
2
3
4
5
6
7
8
9
10
11
12
101.9
105.8
111.2
106.4
110.4
108.9
105.6
99.4
103.6
107.6
111.6
109.7
-3.2
15.3
0.5
-0.4
3.1
0.6
-0.3
-2.1
-0.8
-1.9
2.1
-0.4
102.6
105.8
110.6
105.9
109.6
108.9
104.8
98.5
104.6
106.6
109.5
109.0
-3.0
13.4
-0.2
-0.8
3.4
1.8
0.8
-2.7
0.4
-2.3
1.2
-1.2
119.4
117.5
117.8
116.6
118.4
115.2
115.8
119.5
114.6
115.5
120.4
124.1
14.1
14.3
12.5
10.2
9.0
4.7
3.6
6.5
1.7
-0.1
2.1
3.2
100.5
100.0
105.9
102.7
105.9
106.0
104.7
103.8
105.9
104.6
105.2
113.1
0.4
6.2
1.7
0.6
2.3
1.2
1.6
0.7
2.2
0.4
1.4
0.7
2013
1
2
3P
4P
109.7
95.8
108.0
108.2
7.7
-9.5
-2.9
1.7
107.9
96.4
108.1
107.4
5.2
-8.9
-2.3
1.4
127.8
124.1
122.4
120.4
7.0
5.6
3.9
3.3
101.8
100.3
107.0
105.4
1.3
0.3
1.0
2.6
P: Preliminary
Source: Statistics Korea
Statistical Appendices | 65
3.
Production capacity and operation ratio
Period
2011
2012
Average operation
ratio (%)
104.9
107.2
4.9
2.2
99.8
97.0
-0.2
-2.8
80.2
78.1
2011
103.6
104.7
105.2
106.1
5.9
5.2
4.5
4.0
97.6
103.1
97.3
101.3
2.0
0.4
-0.3
-2.6
81.4
80.4
80.4
78.8
2012
106.8
107.1
107.2
107.5
3.1
2.3
1.9
1.3
96.9
100.3
92.8
97.9
-0.7
-2.7
-4.6
-3.4
79.6
79.0
76.2
77.8
2013
108.0
1.1
92.8
-4.2
77.1
2011
1
2
3
4
5
6
7
8
9
10
11
12
103.2
103.4
104.2
104.6
104.6
104.9
105.1
105.2
105.4
106.0
106.1
106.2
6.1
5.9
5.8
5.7
5.2
4.9
4.7
4.6
4.3
4.2
4.1
3.7
100.3
87.0
105.4
102.3
102.8
104.3
100.4
94.4
97.2
102.4
101.6
99.9
4.6
-0.1
1.3
-1.0
1.5
0.7
-2.6
0.0
2.1
-1.8
-1.8
-4.1
82.5
80.3
81.3
79.6
80.2
81.3
80.9
80.0
80.4
79.7
78.9
77.7
2012
1
2
3
4
5
6
7
8
9
10
11
12
106.7
106.8
106.9
107.0
107.1
107.2
106.9
107.4
107.3
107.4
107.6
107.6
3.4
3.3
2.6
2.3
2.4
2.2
1.7
2.1
1.8
1.3
1.4
1.3
91.8
96.5
102.3
98.2
102.0
100.8
96.8
87.9
93.8
97.7
100.3
95.8
-8.5
10.9
-2.9
-4.0
-0.8
-3.4
-3.6
-6.9
-3.5
-4.6
-1.3
-4.1
79.7
80.4
78.7
79.0
79.5
78.4
77.8
74.0
76.7
77.0
78.0
78.4
2013
1
2
3P
4P
107.9
108.0
108.0
108.0
1.1
1.1
1.0
0.9
97.9
84.1
96.3
97.4
6.6
-12.8
-5.9
-0.8
78.6
77.2
75.5
75.9
P: Preliminary
Source: Statistics Korea
66 | Statistical Appendices
4.
Consumer goods sales index
(constant prices, 2010=100)
Consumer goods sales index
Durable goods
Period
2011
2012
104.5
106.9
Y-o-Y change
(%)
4.5
2.3
Semi-durable goods
110.6
116.5
Y-o-Y change
(%)
10.6
5.3
103.7
102.6
Y-o-Y change
(%)
3.7
-1.1
Non-durable goods
102.1
104.4
Y-o-Y change
(%)
2.1
2.3
2011
100.7
104.8
103.7
108.9
5.3
6.2
4.0
2.6
105.4
112.2
111.4
113.3
11.5
16.9
10.3
4.4
98.3
105.5
94.2
116.7
5.1
5.2
3.6
1.2
99.6
101.2
104.4
103.3
2.7
2.0
1.5
2.4
2012
103.5
106.3
106.4
111.6
2.8
1.4
2.6
2.5
110.0
115.5
118.8
121.8
4.4
2.9
6.6
7.5
98.0
104.4
90.9
117.1
-0.3
-1.0
-3.5
0.3
102.9
102.8
107.5
104.3
3.3
1.6
3.0
1.0
2013
103.6
0.1
111.2
1.1
99.8
1.8
101.9
-1.0
2011
1
2
3
4
5
6
7
8
9
10
11
12
105.4
92.8
103.9
102.5
107.3
104.7
104.2
100.9
106.0
107.4
107.2
112.0
10.9
-0.5
5.6
6.1
6.6
6.1
4.1
4.9
3.2
3.3
1.8
2.7
104.0
97.8
114.5
106.4
112.6
117.5
117.0
109.7
107.6
109.0
116.3
114.5
12.1
8.2
14.2
14.8
19.0
16.7
12.5
11.7
6.9
3.4
7.4
2.3
104.9
90.0
99.8
105.6
109.9
100.9
96.2
86.2
100.1
116.1
111.9
122.1
10.4
1.7
3.1
5.9
4.7
4.9
3.8
3.4
3.7
2.2
-2.6
4.0
106.3
91.7
100.8
99.4
103.6
100.5
101.8
103.4
107.9
102.7
100.9
106.4
10.7
-5.3
2.6
2.4
2.0
1.7
0.2
2.5
1.5
3.6
1.3
2.3
2012
1
2
3
4
5
6
7
8
9
10
11
12
107.5
97.9
105.0
102.9
110.0
105.9
108.0
102.0
109.1
109.0
111.5
114.2
2.0
5.5
1.1
0.4
2.5
1.1
3.6
1.1
2.9
1.5
4.0
2.0
107.7
107.9
114.4
107.8
118.1
120.5
126.2
114.3
115.9
117.1
123.0
125.3
3.6
10.3
-0.1
1.3
4.9
2.6
7.9
4.2
7.7
7.4
5.8
9.4
103.6
91.0
99.3
103.7
110.4
99.2
96.0
80.7
96.0
113.5
117.8
119.9
-1.2
1.1
-0.6
-1.8
0.5
-1.7
-0.2
-6.4
-4.1
-2.2
5.3
-1.8
109.2
96.3
103.1
100.2
106.0
102.1
105.0
105.8
111.7
103.2
103.3
106.5
2.7
5.0
2.3
0.8
2.3
1.6
3.1
2.3
3.5
0.5
2.4
0.1
2013
1
2
3P
4P
104.6
99.5
106.8
105.2
-2.7
1.6
1.7
2.2
112.0
106.6
115.0
113.8
4.0
-1.2
0.5
5.6
101.4
91.1
106.8
104.8
-2.1
0.1
7.6
1.1
102.6
99.9
103.1
101.4
-6.0
3.7
0.0
1.2
P: Preliminary
Source: Statistics Korea
Statistical Appendices | 67
5.
Consumer goods shipment index and consumer sentiment index
Domestic consumer goods shipment index (2010=100)
Durable goods
Period
2011
2012
109.2
101.1
Y-o-Y
change (%)
0.9
0.2
Non-durable goods
100.2
98.5
Y-o-Y
change (%)
0.2
-1.7
101.2
102.3
Y-o-Y
change (%)
1.2
1.1
Consumer
sentiment
index
-
2011
100.8
97.9
101.2
103.8
4.3
1.0
0.6
-2.1
99.5
100.7
100.8
99.9
4.1
3.1
-0.4
-5.3
101.4
96.7
101.4
105.4
4.6
0.2
1.0
-0.8
2012
100.0
99.7
100.9
103.9
-0.8
1.8
-0.3
0.1
97.4
98.9
96.0
101.7
-2.1
-1.8
-4.8
1.8
101.2
100.1
103.0
104.8
-0.2
3.5
1.6
-0.6
2013
98.4
-1.6
95.3
-2.2
99.7
-1.5
2011
1
2
3
4
5
6
7
8
9
10
11
12
108.6
88.7
105.2
98.2
96.1
99.3
99.7
102.1
101.8
105.0
102.1
104.2
7.0
-1.6
7.2
0.9
0.9
1.2
-0.8
2.3
0.4
-1.6
-3.8
-1.0
100.9
92.6
105.1
97.3
99.3
105.4
104.2
98.1
100.0
100.3
98.6
100.9
5.1
1.5
5.4
2.2
4.1
2.9
-1.2
0.4
-0.3
-5.4
-7.4
-3.1
111.9
87.1
105.2
98.6
94.7
96.7
97.8
103.8
102.6
107.0
103.6
105.7
7.8
-2.8
8.0
0.4
-0.4
0.5
-0.6
3.0
0.7
0.1
-2.2
-0.1
111
109
110
102
105
103
103
99
99
101
105
100
2012
1
2
3
4
5
6
7
8
9
10
11
12
100.2
97.9
101.9
98.7
101.9
98.6
101.6
98.5
102.7
103.7
104.2
103.7
-7.7
10.4
-3.1
0.5
6.0
-0.7
1.9
-3.5
0.9
-1.2
2.1
-0.5
92.2
98.0
102.1
93.6
100.2
102.9
105.1
87.5
95.4
98.4
101.0
105.7
-8.6
5.8
-2.9
-3.8
0.9
-2.4
0.9
-10.8
-4.6
-1.9
2.4
4.8
103.7
97.9
101.9
100.9
102.7
96.7
100.1
103.1
105.8
105.9
105.6
102.8
-7.3
12.4
-3.1
2.3
8.4
0.0
2.4
-0.7
3.1
-1.0
1.9
-2.7
98
102
102
106
106
101
100
101
99
100
100
99
2013
1
2
3P
4P
5
104.0
92.3
98.8
98.2
-
3.8
-5.7
-3.0
-0.5
-
96.8
92.7
96.4
95.8
-
5.0
-5.4
-5.6
2.4
-
107.0
92.2
99.8
99.3
-
3.2
-5.8
-2.1
-1.6
-
102
102
104
102
104
6.
Machinery orders received, domestic machinery shipment and estimated
facility investment index
Domestic machinery orders received excluding ship
(billion won, constant value)
Period
2012
Private
Total
Public
21,789
2,142
19,647
Manufacturing
10,482
Estimated
facility investment
index
(2005=100)
Domestic
machinery shipment
excluding ship
(2010=100)
136.4
98.8
2012
6,310
5,391
5,079
5,004
810
285
579
468
5,500
5,106
4,500
4,536
3,055
2,765
2,320
2,339
144.5
145.7
128.1
127.4
103.4
104.6
90.9
96.4
2013
5,633
436
5,197
2,928
122.3
83.3
2012
1
2
3
4
5
6
7
8
9
10
11
12
1,933
2,541
1,836
1,845
1,830
1,716
1,835
1,516
1,729
1,545
1,689
1,771
52
695
63
56
39
190
310
169
100
86
127
255
1,881
1,846
1,773
1,789
1,791
1,526
1,525
1,347
1,629
1,458
1,562
1,516
1,158
1,036
860
927
988
850
779
689
852
733
833
773
139.4
146.8
147.4
143.1
145.9
148.1
140.4
118.2
125.7
119.7
124.4
138.1
95.0
106.0
109.1
104.1
103.8
105.8
96.4
87.8
88.6
92.7
93.8
102.6
2013
1
2
3P
4P
1,864
1,675
2,095
1,895
139
168
128
100
991
858
1,078
962
117.5
113.8
135.5
125.3
81.1
76.6
92.3
87.9
-13.4
-11.0
-25.9
-2.0
-5.3
2012
1,724
1,506
1,966
1,796
Y-o-Y change (%)
-13.6
2012
-1.1
-19.8
-10.4
-21.5
126.1
-59.7
86.7
-54.6
-8.7
-15.1
-16.0
-15.1
-19.0
-27.3
-26.6
-31.4
10.7
-2.7
-8.2
-6.9
4.4
-5.0
-10.7
-9.4
2013
-10.7
-46.2
-5.5
-4.2
-15.4
-19.4
2012
1
2
3
4
5
6
7
8
9
10
11
12
-0.8
25.1
-23.6
-4.4
-14.4
-35.4
-9.4
-13.8
-8.1
-20.8
-26.4
-17.0
-22.2
829.0
-70.9
-10.3
-72.8
-62.2
135.5
105.9
3.5
-72.3
-75.8
31.2
0.0
-5.7
-18.9
-4.3
-10.2
-29.1
-19.5
-19.7
-8.7
-11.0
-11.6
-21.8
3.9
-12.3
-41.7
-22.4
-19.1
-38.7
-25.1
-32.7
-22.4
-24.3
-25.0
-42.0
10.3
27.3
-1.7
2.8
-3.3
-7.0
-0.4
-15.6
-8.6
-3.5
-10.8
-6.3
1.0
16.5
-2.5
-0.3
-6.8
-7.6
-6.9
-12.2
-13.1
-8.5
-8.4
-11.2
2013
1
2
3P
4P
-3.6
-34.1
14.1
2.7
169.8
-75.8
103.0
77.0
-8.3
-18.4
10.9
0.4
-14.4
-17.2
25.3
3.8
-15.7
-22.5
-8.1
-12.4
-14.6
-27.7
-15.4
-15.6
P: Preliminary
Source: Statistics Korea
Statistical Appendices | 69
7.
Value of construction completed and domestic construction orders received
(current prices, billion won)
Period
Value of
construction
completion
(total)
2012
Type of order
Public
Private
Domestic
construction
orders received
(total)
Type of order
Public
Private
88,031
33,578
50,260
86,821
26,103
57,202
2012
19,106
22,203
21,135
25,587
7,385
8,813
7,499
9,881
10,795
12,333
12,584
14,548
21,772
25,136
17,665
22,248
5,531
5,602
5,478
9,492
15,549
18,515
11,632
11,506
2013
20,113
6,984
12,364
12,805
4,279
8,255
2012
1
2
3
4
5
6
7
8
9
10
11
12
5,742
5,979
7,385
6,789
7,225
8,189
6,970
6,508
7,658
7,298
8,030
10,259
2,106
2,358
2,921
2,625
2,839
3,349
2,337
2,292
2,870
2,574
2,974
4,333
3,339
3,371
4,086
3,875
4,066
4,393
4,254
3,907
4,423
4,432
4,742
5,375
7,244
8,122
6,406
6,033
7,215
11,887
6,450
5,120
6,195
5,501
7,232
9,516
1,796
2,165
1,390
1,448
1,072
3,082
2,284
1,341
1,852
1,962
2,148
5,382
5,100
5,812
4,636
4,097
6,034
8,385
3,886
3,738
4,008
3,507
4,743
3,255
2013
1
2
3P
4P
6,258
6,217
7,638
8,040
2,065
2,341
2,579
2,820
3,424
4,304
5,077
4,789
1,306
1,280
1,694
1,546
1,970
2,955
3,329
2,938
-4.0
-4.4
3,948
3,650
4,766
4,926
Y-o-Y change (%)
-2.7
-8.9
-8.8
-7.5
2012
2012
-0.9
-7.7
-1.3
-5.1
0.9
-5.1
-2.4
-8.7
-2.1
-7.5
-0.1
-1.0
33.3
-0.7
-13.6
-33.1
34.3
-11.2
-18.4
-17.3
40.0
4.9
-9.6
-43.1
2013
5.3
-5.4
14.5
-41.2
-22.6
-46.9
2012
1
2
3
4
5
6
7
8
9
10
11
12
-7.2
12.2
-4.8
-5.4
-2.9
-13.3
3.2
-5.6
-1.5
-8.3
2.2
-7.9
-13.6
16.3
2.3
-4.3
1.8
-10.9
-1.7
-6.8
0.9
-11.3
-6.2
-8.8
-4.3
10.1
-8.8
-4.7
-4.3
-12.5
4.8
-4.7
-0.3
-5.1
10.5
-6.2
47.5
99.1
-12.8
-10.1
0.9
3.7
23.1
-32.4
-19.7
-26.6
-20.0
-43.0
50.2
53.7
0.3
1.4
-43.3
3.0
23.1
-10.9
-44.7
-15.3
-28.1
-12.9
75.6
131.7
-18.6
-11.5
27.3
1.3
25.6
-35.4
0.4
-29.7
-19.2
-65.2
2013
1
2
3P
4P
9.0
4.0
3.4
18.4
-2.0
-0.7
-11.7
7.4
18.3
8.3
16.6
27.1
-52.7
-47.0
-20.7
-20.6
-33.9
-40.9
21.8
6.8
-61.4
-49.2
-28.2
-28.3
P: Preliminary
Source: Statistics Korea
70 | Statistical Appendices
8.
Composite indices of business cycle indicators and BSI
Period
Leading index
(2010=100)
Coincident index
(2010=100)
Cycle of
coincident index
(2010=100)
BSI
(results)
BSI
(prospects)
2009
1
2
3
4
5
6
7
8
9
10
11
12
87.4
88.2
88.7
90.5
91.9
93.6
94.3
95.0
95.9
96.9
98.2
98.8
88.5
88.5
89.2
90.3
90.8
92.3
93.1
93.7
94.3
95.3
96.0
96.5
95.3
95.0
95.4
96.1
96.4
97.5
98.0
98.3
98.6
99.2
99.6
99.7
58.1
62.4
89.0
93.7
100.9
96.6
98.5
96.0
110.5
107.5
103.8
104.8
52.0
66.0
76.1
86.7
103.8
100.2
98.7
99.8
117.0
116.5
109.0
105.9
2010
1
2
3
4
5
6
7
8
9
10
11
12
99.2
99.1
99.0
99.0
99.6
100.1
100.7
100.8
101.0
100.5
100.5
100.5
97.0
97.7
98.4
99.1
99.8
100.3
100.9
101.1
101.1
101.0
101.4
102.2
99.9
100.2
100.5
100.8
101.1
101.2
101.4
101.1
100.7
100.2
100.2
100.6
99.2
98.7
113.1
108.9
111.9
109.4
105.0
98.6
104.1
104.3
103.5
102.1
103.1
102.3
116.2
111.2
113.4
108.9
107.3
100.7
111.1
113.1
107.1
104.2
2011
1
2
3
4
5
6
7
8
9
10
11
12
101.3
101.6
101.7
101.3
101.6
102.0
102.6
102.9
103.2
103.3
103.4
103.7
103.5
103.6
104.0
104.0
104.7
105.3
105.9
106.5
106.5
107.0
106.9
107.4
101.4
101.1
101.1
100.7
100.9
101.1
101.2
101.4
101.0
101.0
100.6
100.5
99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
93.0
90.1
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
94.8
2012
1
2
3
4
5
6
7
8
9
10
11
12
104.4
105.4
105.7
106.2
106.3
107.4
108.0
108.1
108.0
108.3
109.1
109.9
107.4
108.2
108.3
108.6
108.7
109.1
109.7
109.6
110.1
110.0
110.7
111.3
100.2
100.5
100.2
100.0
99.7
99.7
99.8
99.3
99.3
98.9
99.1
99.2
88.6
92.2
101.4
97.5
95.7
90.4
82.1
84.4
89.3
88.9
82.2
87.0
88.3
91.0
106.1
98.4
104.7
98.3
89.7
82.7
99.5
97.0
92.5
82.0
2013
1
2
3
4
5
6
110.1
110.4
110.7
111.2
-
111.8
112.3
112.4
113.0
-
99.2
99.3
98.9
99.1
-
85.0
83.0
101.3
94.1
97.6
-
85.7
86.7
104.4
101.5
99.8
97.2
9.
Balance of payments (I)
(million US$)
Current balance
Goods trade balance
Period
2011
2012
Exports
Imports
Services trade
balance
Income trade
Balance
Current transfers
26,068.2
43,138.5
31,660.0
38,337.7
551,765.4
552,565.3
520,105.4
514,227.6
-5,849.5
2,676.2
2,890.9
4,885.5
-2,633.2
-2,760.9
2011
2,610.3
5,492.2
6,896.0
11,506.8
5,842.7
7,661.0
7,197.7
10,248.9
127,691.2
142,722.8
141,393.5
140,756.8
121,848.5
135,061.8
134,195.8
130,507.9
-2,538.0
-796.0
-1,198.2
154.8
387.9
-824.8
1,314.9
1,577.8
-1,082.3
-548.0
-418.5
-474.7
2012
2,559.9
11,188.8
14,561.7
14,828.1
2,612.4
8,520.5
13,341.2
13,863.6
134,627.6
138,784.9
137,086.0
142,066.8
132,015.2
130,264.4
123,744.8
128,203.2
-648.4
2,312.7
654.4
357.5
1,487.6
821.4
1,041.3
1,535.2
-891.7
-465.8
-475.2
-928.2
2013
9,971.8
9,339.8
137,293.0
127,953.2
-483.0
1,375.0
-260.0
2011
1
2
3
4
5
6
7
8
9
10
11
12
154.7
1,126.1
1,329.5
1,277.6
2,183.9
2,030.7
3,773.6
292.6
2,829.8
4,132.9
4,564.6
2,809.3
1,557.9
1,530.8
2,754.0
3,327.6
1,633.8
2,699.6
4,728.0
371.5
2,098.2
3,547.2
3,997.2
2,704.5
42,662.8
37,228.3
47,800.4
47,879.4
47,149.8
47,693.6
48,555.9
45,634.9
47,202.7
46,451.7
46,656.2
47,648.9
41,104.9
35,697.2
45,046.4
44,551.8
45,516.0
44,994.0
43,827.9
45,263.4
45,104.5
42,904.5
42,659.0
44,944.4
-1,640.9
-569.1
-328.0
-178.8
15.5
-632.7
-690.9
-577.9
70.6
2.8
357.2
-205.2
703.7
542.6
-858.4
-1,581.9
517.3
239.8
72.3
699.6
543.0
643.5
445.6
488.7
-466.0
-378.2
-238.1
-289.3
17.3
-276.0
-335.8
-200.6
118.0
-60.6
-243.5
-178.7
2012
1
2
3
4
5
6
7
8
9
10
11
12
-968.8
557.3
2,971.4
1,734.0
3,574.9
5,879.9
6,144.3
2,504.3
5,913.1
5,781.7
6,906.2
2,140.2
-1,624.0
1,310.1
2,926.3
1,750.8
1,715.9
5,053.8
5,340.6
2,514.0
5,486.6
5,168.9
6,777.4
1,917.3
41,383.8
45,863.0
47,380.8
45,820.3
46,162.8
46,801.8
46,620.5
42,895.6
47,569.9
48,144.1
49,636.8
44,285.9
43,007.8
44,552.9
44,454.5
44,069.5
44,446.9
41,748.0
41,279.9
40,381.6
42,083.3
42,975.2
42,859.4
42,368.6
-128.8
-1,219.3
699.7
549.7
1,593.0
170.1
593.3
-262.2
323.3
378.3
-51.6
30.8
1,191.7
613.4
-317.5
-422.0
341.6
901.8
401.9
435.5
203.9
521.9
374.3
639.0
-407.7
-146.9
-337.1
-144.5
-75.6
-245.7
-191.5
-183.0
-100.7
-287.4
-193.9
-446.9
2013P
1
2
3
4
2,331.7
2,712.9
4,927.2
3,972.2
2,617.7
2,562.9
4,159.2
3,588.6
47,163.0
42,218.6
47,911.4
47,556.0
44,545.3
39,655.7
43,752.2
43,967.4
-927.1
-461.0
905.1
1,447.4
968.4
628.9
-222.3
-1,088.6
-327.3
-17.9
85.2
24.8
P: Preliminary
Source: The Bank of Korea
72 | Statistical Appendices
10.
Balance of payments (II)
(million US$)
Capital & financial account
Period
2011
2012
Direct
investment
Portfolio
investment
Financial
derivative
Other
investment
-26,778.0
-43,619.1
-16,410.0
-18,628.1
13,109.3
10,114.8
-1,031.3
3,075.2
-8,468.6
-26,897.7
Errors and
omissions
709.8
480.6
2011
-2,754.1
-6,808.0
-8,320.9
-20,931.2
-4,696.3
-4,138.1
-2,807.6
-2,980.7
-1,379.1
2,035.4
8,108.4
-5,338.8
730.3
-542.9
-1,490.7
1,086.4
6,251.6
-1,432.5
-18,692.6
-11,733.2
-181.4
-111.9
235.5
106.8
-3,479.2
-2,618.0
6,326.1
-2,071.7
143.8
1,315.8
1,424.9
6,103.1
2012
-1,377.1
-7,968.0
-13,342.8
-20,931.2
-7,203.3
-3,015.2
-5,428.9
-2,980.7
15,156.1
-5,481.3
5,778.8
-5,338.8
1,355.0
-65.3
699.1
1,086.4
-4,232.7
-581.2
-10,350.6
-11,733.2
134.3
284.3
76.7
106.8
-6,586.4
890.7
-4,118.0
-2,071.7
-1,182.8
-3,220.8
-1,218.9
6,103.1
2013
-10,901.4
-4,065.9
-5,769.9
1,418.9
1,294.3
152.0
-3,930.8
929.6
2011
1
2
3
4
5
6
7
8
9
10
11
12
-1,282.0
-1,996.2
524.1
394.7
-3,956.7
-3,246.0
-2,469.2
-1,690.6
-4,161.1
-4,391.9
-6,191.9
-3,497.8
-1,725.4
-1,635.1
-1,335.8
-738.8
-1,254.7
-2,144.6
327.1
-1,036.4
-2,098.3
-1,132.2
-2,077.1
-842.7
904.6
-3,004.0
720.3
4,575.0
-1,140.1
-1,399.5
9,258.3
-2,923.0
1,773.1
3,919.1
39.8
-2,411.4
569.3
-363.3
524.3
-206.2
165.1
-501.8
526.6
-1,868.6
-148.7
108.5
-379.9
-160.6
1,773.30
5,126.9
-648.6
-145.9
-821.7
-464.9
-6,581.0
4,638.4
-16,750.0
2,784.7
-6.2
10.1
-120.7
-32.7
-28.0
-33.6
-49.9
-28.4
13.8
41.5
180.2
109.7
98.1
0.0
-2,683.1
-2,088.0
1,291.9
-3,055.8
-855.4
1,293.2
-6,014.0
-542.5
12,882.6
-10,181.7
-3,866.6
-93.2
1,127.3
870.1
-1,853.6
-1,672.3
1,772.8
1,215.3
-1,304.4
1,398.0
1,331.3
259.0
1,627.3
688.5
2012
1
2
3
4
5
6
7
8
9
10
11
12
1,305.6
-920.3
-1,762.4
157.7
-2,897.4
-5,228.3
-7,840.1
-605.0
-4,897.7
-7,259.3
-9,838.2
-3,833.7
-2,013.3
-3,572.6
-1,617.4
-940.4
-1,382.0
-692.8
-1,443.6
-1,607.1
-2,378.2
-975.0
-1,336.2
-669.5
7,737.0
6,115.2
1,303.9
-2,213.3
-937.1
-2,330.9
2,529.2
580.9
2,668.7
-4,657.2
-3,875.8
3,194.2
434.2
214.1
706.7
320.5
-390.4
4.6
267.1
68.3
363.7
-135.3
612.6
609.1
-2,190.4
-1,526.1
-516.2
2,667.4
-1,600.9
-1,647.7
-7,625.3
1,464.0
-4,189.3
-15.5
-2,683.7
-9,034.0
-1.7
36.0
100.0
102.3
144.2
37.8
36.3
8.0
32.4
-6.1
5.8
107.1
-2,660.2
-2,186.8
-1,739.4
221.2
1,268.8
-599.3
-1,603.8
-1,119.2
-1,395.0
-1,470.2
-2,560.9
1,959.4
-336.8
363.0
-1,209.0
-1,891.7
-677.5
-651.6
1,695.8
-1,899.3
-1,015.4
1,477.6
2,932.0
1,693.5
2013P
1
2
3
4
-910.3
-3,269.1
-6,722.0
-2,611.0
-1,417.7
-777.8
-1,870.4
303.3
-4,374.3
1,993.5
-3,389.1
-1,917.5
586.9
686.9
145.1
-313.2
4,643.9
-3,218.3
-131.3
-1,589.3
48.5
37.8
65.7
-36.8
-397.6
-1,991.2
-1,542.0
942.5
-1,421.4
556.2
1,794.8
-1,361.2
P: Preliminary
Source: The Bank of Korea
Statistical Appendices | 73
11.
Prices
(2010=100)
Consumer Prices
Producer prices
Period
All Items
2011
2012
Commodity
Service
Core
All Items
Commodity
Export
Import
104.0
106.3
105.7
108.9
102.7
104.2
103.2
104.9
106.7
107.5
108.7
108.9
100.2
97.9
111.6
110.8
2011
1
2
3
4
5
6
7
8
9
10
11
12
102.2
102.9
103.3
103.4
103.6
103.8
104.3
105.0
104.9
104.7
104.8
105.2
103.4
104.4
104.9
104.6
104.7
105.0
105.9
107.1
107.1
106.6
106.8
107.3
101.2
101.7
102.1
102.4
102.6
102.8
103.1
103.3
103.1
103.2
103.3
103.5
101.4
102.1
102.4
102.6
103.0
103.4
103.7
103.8
103.7
103.6
103.9
104.3
104.3
105.1
106.3
107.0
107.3
107.1
107.2
107.4
107.4
107.3
107.0
107.1
105.7
106.7
108.3
109.1
109.5
109.1
109.3
109.5
109.6
109.4
108.9
109.0
98.7
100.7
103.7
102.3
100.5
99.3
97.4
98.1
101.0
102.2
99.5
99.4
106.3
109.3
113.2
113.9
111.5
110.9
109.5
109.8
113.6
114.8
113.1
113.3
2012
1
2
3
4
5
6
7
8
9
10
11
12
105.7
106.1
106.0
106.0
106.2
106.1
105.9
106.3
107.0
106.9
106.5
106.7
107.9
108.5
109.2
108.9
109.2
108.8
107.9
108.8
110.4
109.8
108.9
109.0
103.9
104.2
103.5
103.7
103.9
104.0
104.2
104.4
104.4
104.6
104.6
104.8
104.6
104.7
104.3
104.4
104.6
104.9
104.9
105.1
105.2
105.2
105.3
105.5
107.7
108.4
108.9
109.0
108.4
107.1
106.6
107.2
107.6
106.8
106.1
105.8
109.5
110.5
111.2
111.1
110.3
108.4
107.6
108.6
109.2
107.8
106.8
106.4
100.4
100.0
100.6
101.0
100.2
98.8
97.5
97.5
97.6
95.6
92.9
92.3
114.4
115.0
116.9
115.6
113.5
109.4
108.5
110.3
111.1
107.4
104.3
103.2
2013
1
2
3
4
5
107.3
107.6
107.4
107.3
107.3
109.8
110.2
110.3
109.8
109.6
105.2
105.5
105.1
105.3
105.4
106.0
106.7
106.3
105.9
105.5
106.8
107.8
107.1
106.6
106.0
92.2
94.4
94.7
95.3
94.3
102.3
105.1
104.3
104.4
102.5
4.0
2.2
5.7
3.0
105.9
106.1
105.9
105.9
106.3
Y-o-Y change (%)
2.7
3.2
1.5
1.6
6.7
0.7
8.7
0.2
0.2
-2.4
11.6
-0.7
2011
2012
2011
1
2
3
4
5
6
7
8
9
10
11
12
3.4
3.9
4.1
3.8
3.9
4.2
4.5
4.7
3.8
3.6
4.2
4.2
5.2
5.9
6.1
5.0
5.2
5.8
6.4
6.8
5.0
4.5
6.0
5.7
2.0
2.3
2.6
2.7
2.7
2.9
2.9
3.0
2.7
2.8
2.7
2.8
2.1
2.6
3.0
3.0
3.2
3.5
3.6
3.5
3.3
3.2
3.5
3.6
6.8
7.4
8.2
8.1
7.5
7.2
7.0
6.9
6.3
5.8
5.1
4.3
9.1
9.8
10.7
10.6
9.7
9.3
9.1
8.9
8.0
7.4
6.5
5.3
0.8
1.6
5.1
3.4
-0.9
-4.8
-6.0
-2.7
1.0
5.3
2.0
-1.0
11.7
14.5
17.7
17.4
11.7
8.6
7.6
8.0
11.9
14.5
10.7
6.1
2012
1
2
3
4
5
6
7
8
9
10
11
12
3.4
3.1
2.6
2.5
2.5
2.2
1.5
1.2
2.0
2.1
1.6
1.4
4.4
3.9
4.1
4.1
4.3
3.6
1.9
1.6
3.1
3.0
2.0
1.6
2.7
2.5
1.4
1.3
1.3
1.2
1.1
1.1
1.3
1.4
1.3
1.3
3.2
2.5
1.9
1.8
1.6
1.5
1.2
1.3
1.4
1.5
1.3
1.2
3.2
3.1
2.4
1.9
1.0
0.0
-0.6
-0.1
0.2
-0.5
-0.9
-1.2
3.6
3.6
2.7
1.9
0.7
-0.7
-1.5
-0.9
-0.4
-1.4
-1.9
-2.3
1.7
-0.7
-3.0
-1.2
-0.3
-0.5
0.1
-0.7
-3.4
-6.5
-6.6
-7.2
7.7
5.2
3.3
1.5
1.8
-1.3
-0.9
0.5
-2.2
-6.4
-7.9
-9.0
2013
1
2
3
4
5
1.5
1.4
1.3
1.2
1.0
1.8
1.6
1.0
0.8
0.4
1.3
1.2
1.5
1.5
1.4
1.2
1.3
1.5
1.4
1.6
-1.6
-1.6
-2.4
-2.8
-2.6
-2.5
-2.5
-3.7
-4.1
-3.8
-8.1
-5.6
-5.9
-5.7
-5.9
-10.6
-8.6
-10.8
-9.7
-9.6
12.
Employment
Economically active 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
1
2
3
4
5
24,901
24,973
25,397
25,928
26,195
24,054
23,984
24,514
25,103
25,398
4,189
4,139
4,141
4,192
4,175
17,581
17,493
17,743
18,145
18,388
11,292
11,336
11,510
11,616
11,726
4,791
4,725
4,769
4,892
4,964
1,498
1,431
1,465
1,636
1,699
1.4
1.6
1.7
1.8
1.6
0.3
18,810
3.4
18,736
4.0
18,989
3.5
19,303
3.2
19,492
3.0
Y-o-Y change (%)
2.1
2.4
-
2.5
1.8
5.7
4.1
-1.5
0.0
-3.9
-6.9
2011
2012
2011
1
2
3
4
5
6
7
8
9
10
11
12
0.1
1.6
2.2
1.5
1.5
1.7
1.0
1.7
0.7
1.6
1.9
1.4
1.4
2.1
2.0
1.6
1.5
1.9
1.4
2.0
1.1
2.1
2.0
1.9
5.7
6.7
5.1
2.9
2.5
2.9
1.0
-0.7
-1.2
-1.3
-2.1
-2.1
1.2
1.4
1.1
1.4
1.3
2.1
1.9
3.1
2.1
3.2
3.2
3.1
3.3
3.5
2.7
2.1
2.2
3.1
2.5
2.7
1.6
2.5
2.0
2.0
6.1
6.2
6.2
6.1
6.3
6.2
6.0
5.5
5.4
5.0
4.9
4.6
-0.3
-1.2
-3.9
-4.3
-3.0
-0.6
-1.5
-1.8
-1.2
0.1
-0.4
-0.3
-2.6
1.6
1.5
-1.3
-5.1
-3.4
-4.9
-0.3
-11.9
-5.0
-7.0
-6.7
2012
1
2
3
4
5
6
7
8
9
10
11
12
2.0
1.6
1.2
1.6
1.8
1.4
1.7
1.4
2.7
1.5
1.3
1.0
2.3
1.9
1.8
1.9
1.9
1.5
1.9
1.5
2.8
1.6
1.4
1.1
-2.8
-2.1
-2.5
-2.0
-1.6
-1.2
0.8
2.0
3.5
3.6
4.0
2.8
3.5
3.2
3.4
3.1
3.0
2.3
2.2
1.6
2.8
1.4
0.9
0.9
2.1
2.2
2.1
1.9
1.8
1.2
1.4
1.3
2.8
2.0
1.7
1.5
4.5
4.0
3.4
3.2
3.3
4.1
4.1
4.6
4.9
4.7
4.1
4.2
0.4
2.0
4.5
3.4
1.8
-0.7
-1.1
-1.9
-1.7
-2.5
-1.7
-2.2
-7.9
-8.5
-12.3
-10.2
-7.4
-10.2
-7.5
-9.8
2.7
-1.5
-3.6
-4.7
2013
1
2
3
4
5
1.3
0.6
0.7
1.1
1.0
1.4
0.8
1.0
1.4
1.1
3.9
1.9
3.1
4.1
2.6
1.0
0.7
0.6
1.0
1.0
2.3
1.6
1.8
2.6
2.5
4.9
4.9
5.6
6.0
6.0
-1.6
-3.1
-4.6
-4.0
-3.7
-3.1
-7.1
-4.0
0.6
-1.1
13.
Financial indicators
(period average)
Yields(%)
Period
Stock
2009
1
2
3
4
5
6
7
8
9
10
11
12
2.4
2.1
1.8
1.8
1.9
1.9
1.9
2.0
2.0
2.0
2.0
2.0
3.2
2.7
2.5
2.4
2.4
2.4
2.4
2.5
2.6
2.8
2.8
2.8
Corporate bonds
(3 years, AA-)
7.3
7.1
6.1
5.7
5.2
5.2
5.5
5.7
5.6
5.6
5.4
5.4
2010
1
2
3
4
5
6
7
8
9
10
11
12
2.0
2.0
2.0
2.0
2.0
2.0
2.2
2.3
2.3
2.3
2.4
2.5
2.9
2.9
2.8
2.5
2.5
2.5
2.6
2.6
2.7
2.7
2.7
2.8
5.4
5.3
5.0
4.7
4.5
4.7
4.8
4.7
4.4
4.1
4.2
4.2
4.3
4.2
3.9
3.8
3.7
3.8
3.9
3.7
3.5
3.2
3.4
3.3
4.8
4.8
4.5
4.4
4.4
4.4
4.5
4.3
3.9
3.7
4.0
4.0
1,602.43
1,594.58
1,692.85
1,741.56
1,641.25
1,698.29
1,759.33
1,742.75
1,872.81
1,882.95
1,904.63
2,051.00
2011
1
2
3
4
5
6
7
8
9
10
11
12
2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3
3.3
2.9
3.1
3.4
3.4
3.5
3.5
3.6
3.6
3.6
3.6
3.6
3.6
4.5
4.7
4.5
4.5
4.4
4.4
4.5
4.2
4.2
4.3
4.2
4.2
3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4
3.4
4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
3.5
3.5
2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
1,880.11
1,769.65
1,909.03
1,847.51
1,825.74
2012
1
2
3
4
5
6
7
8
9
10
11
12
3.3
3.3
3.3
3.3
3.3
3.3
3.1
3.0
3.0
2.8
2.8
2.8
3.6
3.5
3.5
3.5
3.5
3.5
3.3
3.2
3.1
2.9
2.9
2.9
4.2
4.3
4.4
4.3
4.0
3.9
3.6
3.4
3.3
3.3
3.3
3.3
3.4
3.4
3.6
3.5
3.4
3.3
3.0
2.8
2.8
2.8
2.8
2.9
3.5
3.6
3.7
3.6
3.5
3.4
3.1
2.9
2.9
2.9
2.9
3.0
1,955.79
2,030.25
2,014.04
1,981.99
1,843.47
1,854.01
1,881.99
1,905.12
1,996.21
1,912.06
1,932.90
1,997.05
2013
1
2
3
4
5
2.8
2.8
2.7
2.8
2.6
2.9
2.8
2.8
2.8
2.7
3.2
3.1
3.0
2.9
3.0
2.8
2.7
2.6
2.6
2.6
2.9
2.8
2.7
2.6
2.7
1,961.94
2,026.49
2,004.89
1,963.95
2,001.05
CD (91 days)
Treasury bonds
(3 years)
3.4
3.8
3.7
3.8
3.8
4.1
4.1
4.4
4.4
4.5
4.3
4.2
Treasury bonds
(5 years)
4.0
4.6
4.5
4.4
4.5
4.7
4.6
4.9
4.9
4.9
4.8
4.8
KOSPI
(end-period)
1,162.11
1,063.03
1,206.26
1,369.40
1,395.89
1,390.07
1,577.29
1,591.85
1,673.14
1,580.69
1,555.60
1,682.77
14.
Monetary indicators
(billion won)
Period
Reserve money
2011
2012
M1
M2
Lf
75,232.0
82,131.1
425,675.1
441,963.6
1,708,984.5
1,798,625.7
2,208,170.4
2,379,518.7
2011
1
2
3
4
5
6
7
8
9
10
11
12
73,540.8
75,432.1
73,012.7
73,206.1
73,828.5
74,705.5
74,069.7
75,642.3
77,942.2
76,944.6
76,617.3
77,842.5
429,368.1
432,482.8
430,936.6
425,420.5
423,994.7
421,885.3
418,973.1
422,649.3
425,196.4
421,480.1
423,111.9
432,602.2
1,676,448.8
1,674,390.5
1,677,475.9
1,684,792.3
1,690,543.0
1,697,204.2
1,705,451.5
1,719,437.8
1,729,531.1
1,742,645.4
1,753,296.4
1,756,597.4
2,152,814.0
2,148,254.1
2,152,736.5
2,163,485.7
2,175,557.3
2,189,729.2
2,208,624.3
2,230,191.9
2,243,675.6
2,263,627.7
2,279,234.1
2,288,816.9
2012
1
2
3
4
5
6
7
8
9
10
11
12
81,635.4
81,655.3
79,068.0
80,641.8
80,547.7
81,804.0
81,555.7
82,369.1
82,958.7
85,078.6
82,956.5
85,302.7
439,352.9
437,193.9
440,075.4
437,445.3
438,795.3
441,611.0
441,760.6
439,573.2
440,034.3
444,477.8
445,463.9
457,778.9
1,757,058.7
1,762,988.4
1,773,172.9
1,777,114.7
1,784,220.5
1,796,981.5
1,807,289.2
1,817,134.9
1,819,290.1
1,822,420.9
1,830,280.3
1,835,556.7
2,292,213.5
2,302,065.8
2,341,626.9
2,349,723.2
2,357,701.0
2,377,071.3
2,393,737.7
2,405,239.9
2,415,263.5
2,424,000.4
2,440,062.8
2,455,962.9
2013
1
2
3
4
85,839.3
88,855.7
89,523.5
87,729.0
464,914.5
472,239.6
472,430.1
475,330.0
Y-o-Y change (%)
6.6
3.8
1,841,128.1
1,857,135.0
1,862,405.5
1,867,726.3
2,469,789.3
2,488,539.0
2,499,718.1
2,512,459.7
4.2
5.2
5.3
7.8
2011
2012
11.3
9.2
2011
1
2
3
4
5
6
7
8
9
10
11
12
13.0
13.3
11.2
13.9
8.8
12.8
10.6
12.4
10.9
10.1
10.3
8.9
12.6
11.5
11.6
9.6
7.4
5.4
3.8
5.4
5.1
4.1
2.0
1.6
6.5
5.0
4.3
3.9
3.7
3.0
3.2
4.0
4.2
4.4
4.4
4.4
6.6
5.2
4.7
4.5
4.4
4.0
4.6
5.5
5.7
6.1
6.2
6.2
2012
1
2
3
4
5
6
7
8
9
10
11
12
11.0
8.3
8.3
10.2
9.1
9.5
10.1
8.9
6.4
10.6
8.3
9.6
2.3
1.1
2.1
2.8
3.5
4.7
5.4
4.0
3.5
5.5
5.3
5.8
4.8
5.3
5.7
5.5
5.5
5.9
6.0
5.7
5.2
4.6
4.4
4.5
6.5
7.2
8.8
8.6
8.4
8.5
8.4
7.8
7.6
7.1
7.1
7.3
2013
1
2
3
4
5.1
8.8
13.2
8.8
5.8
8.0
7.4
8.7
4.8
5.3
5.0
5.1
7.7
8.1
6.8
6.9
15.
Exchange rates
/US$
/100
/Euro
Period
2011
2012
End-period
Average
End-period
Average
End-period
Average
1,153.3
1,071.1
1,108.1
1,126.9
1,485.2
1,247.5
1,391.3
1,413.1
1,494.1
1,416.3
1,541.4
1,448.2
2011
1
2
3
4
5
6
7
8
9
10
11
12
1,114.3
1,127.9
1,107.2
1,072.3
1,080.6
1,078.1
1,052.6
1,071.7
1,179.5
1,104.5
1,150.3
1,153.3
1,120.1
1,118.1
1,122.5
1,086.8
1,083.5
1,081.3
1,059.5
1,073.2
1,118.6
1,155.5
1,132.3
1,147.5
1,356.6
1,380.7
1,331.9
1,313.8
1,335.6
1,335.7
1,353.2
1,396.8
1,536.6
1,458.0
1,475.7
1,485.2
1,356.3
1,351.0
1,376.2
1,304.8
1,333.6
1,342.8
1,333.4
1,391.4
1,456.5
1,508.2
1,460.0
1,473.4
1,514.0
1,549.5
1,563.5
1,591.2
1,549.7
1,560.5
1,507.9
1,547.3
1,601.4
1,562.7
1,532.9
1,494.1
1,495.4
1,524.6
1,572.6
1,569.4
1,551.3
1,555.4
1,515.4
1,538.7
1,542.4
1,584.0
1,536.6
1,511.0
2012
1
2
3
4
5
6
7
8
9
10
11
12
1,125.0
1,126.5
1,137.8
1,134.2
1,177.8
1,153.8
1,136.2
1,134.6
1,118.6
1,094.1
1,084.7
1,071.1
1,145.9
1,123.4
1,125.9
1,135.6
1,154.3
1,165.5
1,143.4
1,131.7
1,124.8
1,106.9
1,087.5
1,077.0
1,473.1
1,399.2
1,380.7
1,412.0
1,489.1
1,453.8
1,453.6
1,444.0
1,441.1
1,374.5
1,320.6
1,247.5
1,488.7
1,433.7
1,364.1
1,393.9
1,447.1
1,469.1
1,446.4
1,438.4
1,438.6
1,400.9
1,344.0
1,288.1
1,478.2
1,516.3
1,513.4
1,501.7
1,456.6
1,435.0
1,393.1
1,419.6
1,444.3
1,418.3
1,407.3
1,416.3
1,477.2
1,486.0
1,487.1
1,495.6
1,478.6
1,462.3
1,407.0
1,402.8
1,446.0
1,436.0
1,395.9
1,411.4
2013
1
2
3
4
1,082.7
1,085.4
1,112.1
1,108.1
1,065.4
1,086.7
1,102.2
1,121.8
1,196.8
1,166.4
1,161.1
1,148.4
1,469.3
1,425.8
1,425.2
1,451.3
1,415.7
1,452.3
1,427.5
1,459.6
1.3
-7.1
-4.2
1.7
1,188.5
1,176.2
1,180.1
1,132.0
Y-o-Y change (%)
6.3
-16.0
5.4
1.6
-1.3
-5.2
0.6
-6.0
2011
2012
2011
1
2
3
4
5
6
7
8
9
10
11
12
-3.6
-2.6
-2.1
-3.9
-10.0
-10.9
-11.3
-9.9
3.3
-2.0
-0.6
1.3
-1.6
-3.4
-1.3
-2.7
-6.8
-10.8
-12.2
-9.0
-4.1
2.8
0.5
0.0
5.4
6.3
9.4
10.7
1.3
-2.1
-1.2
-0.7
12.7
4.8
7.4
6.3
8.7
5.4
9.6
9.2
5.4
0.7
-3.2
0.8
5.2
10.0
6.8
7.0
-6.2
-1.3
3.0
7.6
5.1
5.8
-2.9
2.7
2.9
-0.4
1.0
-1.3
-8.1
-3.8
1.8
4.5
6.2
5.0
-1.6
1.0
1.6
1.6
-0.3
-0.3
2012
1
2
3
4
5
6
7
8
9
10
11
12
1.0
-0.1
2.8
5.8
9.0
7.0
7.9
5.9
-5.2
-0.9
-5.7
-7.1
2.3
0.5
0.3
4.5
6.5
7.8
7.9
5.5
0.6
-4.2
-4.0
-6.1
8.6
1.3
3.7
7.5
11.5
8.8
7.4
3.4
-6.2
-5.7
-10.5
-16.0
9.8
6.1
-0.9
6.8
8.5
9.4
8.5
3.4
-1.2
-7.1
-7.9
-12.6
-2.4
-2.1
-3.2
-5.6
-6.0
-8.0
-7.6
-8.3
-9.8
-9.2
-8.2
-5.2
-1.2
-2.5
-5.4
-4.7
-4.7
-6.0
-7.2
-8.8
-6.3
-9.3
-9.2
-6.6
2013
1
2
3
4
-3.8
-3.6
-2.3
-2.3
-7.0
-3.3
-2.1
-1.2
-19.3
-15.9
-14.5
-19.8
-19.6
-18.6
-14.9
-17.6
-0.6
-6.0
-5.8
-3.4
-4.2
-2.3
-4.0
-2.4
Editor-in-Chief
Koh Il-Dong (KDI)
Kim Yong-Jin (MOSF)
Editorial Board
Sohn Woong-Ki (MOSF)
Lee Seong-Pyo (KDI)
Lee In-Sook (KDI)
Coordinators
Kim Dae-Hyun (MOSF)
Lee Ji-Youn (KDI)
Editors
David Friedman (MOSF)
Joung Hye-Sun (MOSF)
Park Jin (KDI)
ISSN 2287-7266
Republic of Korea
ECONOMIC BULLETIN (Republic of Korea)
ECONOMIC
BULLETIN
MOSF/KDI
63 Statistical Appendices
Vol.35 No.6 June 2013
Vol.35 No.6
June 2013