Professional Documents
Culture Documents
Republic of Korea
Vol.36 No.11
November 2014
conomic
u l l e t i n
Statistical Appendices
ECONOMIC
BULLETIN
(Republic of Korea)
November 2014
Sejong, 339-012
Republic of Korea
Tel. +82 2 731 1530
Fax. +82 2 731 1540
E-mail. fppr@mosf.go.kr
Website. http://english.mosf.go.kr
Economic Information and Education Center
Korea Development Institute
15 Giljae-gil (Bangok-dong)
Sejong, 339-007
Republic of Korea
Fax. +82 44 550 4941
E-mail. jiyounlee@kdi.re.kr
MOSF / KDI
Website. http://eiec.kdi.re.kr
EB 11 .indd 1
Useful websites
Ministry of Strategy and Finance
http://english.mosf.go.kr
Ministry of Trade, Industry and Energy
http://www.motie.go.kr/language/eng
Financial Services Commission
http://www.fsc.go.kr/eng
Financial Supervisory Service
http://english.fss.or.kr
Fair Trade Commission
http://eng.ftc.go.kr
Ministry of Employment and Labor
http://www.moel.go.kr/english
The Bank of Korea
http://www.bok.or.kr/eng
Statistics Korea
http://kostat.go.kr/portal/english
EB 11 .indd 2
contents
Overview
04
09
2. Private consumption
11
3. Facility investment
13
4. Construction investment
15
17
19
21
8. Employment
25
9. Financial markets
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
29
31
37
42
44 Policy Issues
45
47
Editor-in-Chief
Editorial Board
Coordinators
Editors
EB 11 .indd 2
Th
Gr e
ee
nB
oo
k
Cu
rre
nt
E c o n o m i c B u l le t i n
Ec
on
om
ic T
ren
ds
Overview
EB 11 .indd 2
OVERVIEW
EB 11 .indd 3
3
The Green Book
1. External
economic situation
US
E c o n o m i c B u l le t i n
-0.7 (Dec 2013) > 3.4 (Jan 2014) > -5.5 (Feb) > -6.7 (Mar) > 2.5
UniversityofMichiganConsumerSentimentIndex(1966=100)
81.2 (Jan 2014) > 81.6 (Feb) > 80.0 (Mar) > 84.1 (Apr) >
81.9 (May) > 82.5 (Jun) > 81.8 (Jul) > 82.5 (Aug) > 84.6
(Sep) > 86.9 (Oct)
EB 11 .indd 4
(Apr) > 1.1 (May) > 1.0 (Jun) > 0.6 (Jul) > 0.2 (Aug)
(Apr) > 10.9 (May) > -8.5 (Jun) > 1.9 (Jul) > 18.0 (Aug) > 0.2 (Sep)
(%)
6
4
2
0
-2
-4
-6
-8
-10
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
5
US nonfarm payroll growth and unemployment rate
Source: US Department of Labor
(thousands)
(%)
12
600
10
400
8
200
0
6
-200
800
-400
-600
2
-800
-1000
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2012
Annual Annual
Real GDP
- Personal consumption expenditure
- Nonresidential fixed investment
- Residential fixed investment
Industrial production
Retail sales
Existing home sales
Unemployment rate
Consumer prices (y-o-y)
2.3
1.8
7.2
13.5
3.8
5.1
8.9
8.1
2.1
2.2
2.4
3.0
11.9
2.9
4.2
8.9
7.4
1.5
Q1
2.7
3.6
1.5
7.8
1.0
1.5
0.7
7.7
1.7
2013
Q2
Q3
Q4
Q1
Q2
2014
Q3
Sep
1.8
1.8
1.6
19.0
0.5
0.3
3.5
7.5
1.4
4.5
2.0
5.5
11.2
0.6
1.0
4.4
7.2
1.5
3.5
3.7
10.4
-8.5
1.2
0.9
-7.1
7.0
1.2
-2.1
1.2
1.6
-5.3
1.0
0.2
-1.9
6.7
1.4
4.6
2.5
8.4
7.2
1.3
2.3
3.1
6.2
2.1
3.5
1.8
5.5
1.8
0.8
1.0
0.9
6.1
1.8
1.0
-0.3
2.4
5.9
1.7
EB 11 .indd 5
China
Chinas economic growth slowed from 7.5 percent in the second quarter of 2014 to 7.3 percent in the third
quarter. Exports and production improved, but consumption and investment remained poor.
Manufacturing PMI (base=50)
50.2 (Feb 2014) > 50.3 (Mar) > 50.4 (Apr) > 50.8 (May) > 51.0 (Jun) > 51.7 (Jul) > 51.1 (Aug) > 51.1 (Sep) > 50.8 (Oct)
2012
Annual Annual
6
Real GDP
Q1
2013
Q2
Q3
Q4
Q1
Q2
2014
Q3
Aug
Sep
E c o n o m i c B u l le t i n
7.7
7.7
7.7
7.5
7.8
7.7
7.4
7.5
7.3
Industrial production
10.0
9.7
9.5
9.1
10.1
10.0
8.7
8.9
8.0
6.9
8.0
20.6
19.6
20.9
20.1
20.2
19.6
17.6
17.3
15.7
16.5
15.7
Retail sales
14.3
13.1
12.4
13.0
13.3
13.5
12.0
12.3
11.9
11.9
11.6
Exports
8.3
8.6
18.9
4.2
4.0
7.5
-4.7
5.0
1.2
9.4
15.3
Consumer prices
2.6
2.6
2.4
2.4
2.8
2.9
2.3
2.2
2.0
2.0
1.6
Producer prices
-1.7
-1.9
-1.7
-2.7
-1.7
-1.4
-2.0
-1.5
-1.3
-1.2
-1.8
(%)
(%)
16
60
14
50
12
40
10
30
20
10
2004.Q1
2005.Q1
EB 11 .indd 6
70
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Japan
The Japanese economy has started to shake off the impact of the consumption tax hike and showed signs of
recovery, with consumption and production improving in September.
The Bank of Japan (BOJ) announced on October 31 that it will expand its monetary stimulus. The central bank
will increase its asset buying program from 60 to 70 trillion yen a year to 80 trillion yen, by stepping up annual
purchases of long-term bonds (50 trillion yen > 80 trillion yen), exchange traded funds (1 trillion yen > 3 trillion
yen) and real estate investment trusts (30 billion yen > 90 billion yen).
2012
Annual Annual
Q3
Q4
Q1
Q2
2014
Q3
Aug
Sep
1.4
1.5
1.1
1.0
0.2
0.2
1.5
-1.8
-0.5
0.2
0.1
-0.1
1.3
0.6
2.9
-3.8
-1.9
-1.5
2.7
0.0
0.2
0.1
0.4
0.4
0.1
3.9
-7.0
3.5
1.9
2.7
Exports (y-o-y)
-2.8
9.7
1.2
7.1
12.8
17.4
7.0
0.1
3.2
-1.3
6.9
-0.0
0.4
-0.6
-0.3
0.9
1.4
1.5
3.6
3.3
3.3
3.2
Industrial production
Retail sales
1. Preliminary
7
The Green Book
Real GDP
Q1
2013
Q2
Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
6
(%)
(%)
4
20
15
10
5
0
-5
-2
-10
-15
-4
-20
-6
-25
-30
-8
2004.Q1 2005.Q1
EB 11 .indd 7
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Eurozone
The outlook for the eurozone economy is deteriorating, with the manufacturing PMI (down 1.8% in August) and
retail sales (down 1.3% in September) falling month-on-month amid persistently high unemployment (11.5% in
September) and low inflation (0.4% in October).
Manufacturing PMI (base=50)
54.0 (Jan 2014) > 53.2 (Feb) > 53.0 (Mar) > 53.4 (Apr) > 52.2 (May) > 51.8 (Jun) > 51.8 (Jul) > 50.7 (Aug) > 50.3 (Sep) > 50.6 (Oct)
On November 6, the European Central Bank (ECB) kept its benchmark interest rate, deposit rate and marginal
lending rate unchanged, and ECB president Mario Draghi mentioned that the central bank will adopt additional
unconventional measures if necessary.
2012
Annual Annual
Q1
2013
Q2
Q3
Q4
Q1
Q2
2014
Aug
Sep
Oct
E c o n o m i c B u l le t i n
Real GDP
-0.6
-0.4
-0.2
0.3
0.1
0.3
0.2
0.0
Industrial production
-2.5
-0.7
0.3
0.6
0.0
0.5
0.2
0.0
-1.8
Retail sales
-1.7
-0.9
0.0
0.1
0.5
-0.4
0.6
0.3
0.9
-1.3
Exports (y-o-y)
7.6
1.0
1.0
1.8
0.3
1.0
1.2
0.6
-2.9
2.5
1.4
1.9
1.4
1.3
0.8
0.7
0.6
0.4
0.3
0.4
1. Preliminary
Sources: Eurostat, Bloomberg
(%)
(%)
10
8
6
4
2
0
-2
-1
-4
-6
-2
-8
-10
-3
2004.Q1
2005.Q1
EB 11 .indd 8
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
2. Private
consumption
2012
Q1
Q2
Q3
Q4
Annual
Q1
2013
Q2
Q3
Q4
Q1
2014
Q2
Q3
1.9
0.8
0.2
1.2
0.4
2.0
-0.1
0.7
1.0
0.6
0.2
-0.3
1.1
1.7
0.7
2.6
2.7
1.7
2.1
2.1
2.2
2.5
1.5
1.6
Annual
Private consumption
(y-o-y)
1. Preliminary 2. National accounts
Source: The Bank of Korea
Private consumption
(%)
10
8
6
4
2
0
-2
-4
-6
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Retail sales in September declined 3.2 percent compared to the previous month as declines in nondurable
goods (down 5.7%) and semi-durable goods (down 5.0%) offset gains in durable goods (up 2.8%). Compared
to a year ago, retail sales rose 1.6 percent.
Retail sales
Source: Statistics Korea (industrial activity trends)
15
(%)
10
5
0
-5
-10
2004.1
2005.1
EB 11 .indd 9
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
2004.1
10
2005.1
2006.1
2007.1
2008.1
2009.1
Durable goods
2010.1
2011.1
2012.1
2013.1
2014.1
Nondurable goods
Semi-durable goods
E c o n o m i c B u l le t i n
2012
Annual Q3
Q4
Annual
2013
Q1
Q2
Q3
Q4
Q1
Q2
2014
Q3 Aug
Sep
Retail sales
1.4
-0.1
-1.0
0.9
0.8
0.3
0.3
-0.5
1.4
2.9
-3.2
(y-o-y)
2.4
2.7
2.5
0.8
0.3
1.2
0.7
1.2
2.5
0.7
1.4
2.3
1.6
- Durable goods
5.3
3.2
2.1
0.3
-4.1
1.8
-0.3
0.2
4.4
-1.1
2.5
1.3
2.8
Automobiles
2.4
-4.4
12.0
2.1
-7.2
2.2
2.1
-2.1
12.0
4.6
0.5
-3.4
2.1
-0.4
-0.1
1.1
2.0
1.4
-0.4
0.9
-0.8
-1.5
-1.3
4.4
8.7
-5.0
2.0
1.3
-1.8
0.6
-0.6
1.3
1.5
0.8
-1.0
0.2
-0.4
1.3
-5.7
- Semi-durable goods
- Nondurable goods4
1. Preliminary 2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
3. Semi-durable goods: Clothing, footwear, etc. 4. Nondurable goods: Food, medicine, cosmetics, fuel, tobacco, etc.
Source: Statistics Korea
In October, nondurable goods sales will recover, but sales of durable and semi-durable goods are expected to
falter due to a decline in cellphone service transfer sales and department store sales.
Cellphone service transfer sales fell in line with a lack of demand for new cellphones.
Cellphone service transfer sales (thousands, Korea Telecommunications Operators Association)
592 (Mar 2014) > 398 (Apr) > 890 (May) > 865 (Jun) > 644 (Jul) > 523 (Aug) > 626 (Sep) > 375 (Oct)
Department store sales continued to fall, and sales at large discount stores declined at a slower pace, backed
by promotions and discounts. Credit card use continued to rise, and gasoline sales increased faster.
EB 11 .indd 10
(y-o-y, %)
2014
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
7.0
5.2
3.8
5.2
5.1
8.6
5.3
7.5
-1.1
-1.4
0.8
-4.6
2.0
10.5
-6.3
-0.9
-3.7
-4.1
1.2
-5.9
-4.6
3.2
-10.1
-0.4
-0.2
-0.9
2.5
2.2
0.6
-4.5
0.6
3.9
0.9
10.1
3.9
7.5
0.7
-4.8
10.4
2.1
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 October data)
3. Facility
investment
11
Q1
2013
Q2
Q3
Q4
Q1
2014
Q2
Q3
1.5
1.0
2.7
5.6
-1.9
1.1
-0.8
-12.7
-3.9
1.5
10.9
7.3
7.7
3.9
Facility investment
0.1
-1.5
(y-o-y)
0.3
-3.5
-2.6
4.4
6.5
3.7
-4.9
0.2
-0.4
4.0
11.3
-6.4
-6.5
10.7
5.5
3.1
- Machinery
- Transportation equipment
1. Preliminary 2. National accounts
2012
Annual Annual
Facility investment
Source: The Bank of Korea (national accounts)
40
(%)
30
20
10
0
-10
-20
-30
2004.Q1 2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
The facility investment index in September was up 13.2 percent month-on-month as both machinery
investment and transportation equipment investment rose. The index rose 12.7 percent year-on-year.
EB 11 .indd 11
2012
Annual Annual
Facility investment index
-2.8
(y-o-y)
Q1
2013
Q2
Q3
Q4
Q1
Q2
2014
Q3
Aug
Sep
-1.3
-3.1
1.1
5.0
5.9
-5.2
2.1
-1.0
-10.8
13.2
-13.1
-4.0
2.7
10.4
5.9
6.2
1.4
-9.9
12.7
- Machinery
-2.7
-2.6
-3.5
2.9
4.5
7.3
-8.6
1.5
-0.6
-5.9
12.6
- Transportation equipment
-3.0
2.3
-2.0
-4.0
6.4
2.5
4.7
3.4
-2.2
-21.0
14.6
1. Preliminary
Source: Statistics Korea
(y-o-y, %)
40
30
12
20
10
E c o n o m i c B u l le t i n
0
-10
-20
-30
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
Transportation equipment
2013.Q1
2014.Q1
Machinery
(trillion won)
(y-o-y, %)
60
50
40
30
20
10
0
-10
-20
-30
-40
2
2004.Q1
2005.Q1
2006.Q1
EB 11 .indd 12
70
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
-50
2012
Annual Annual
Domestic machinery orders
-13.9
6.7
-Public
-11.0
20.6
-Private
(q-o-q, m-o-m)
2013
Q2
Q1
Q3
Q4
Q1
2014
Q3 Aug
Q2
Sep
-11.4
8.8
2.2
32.4
17.9
4.4
50.2 152.3
15.4
6.8
3.9
-6.9
27.7
-2.8
-9.6
38.2 139.4
-55.9
-47.0
94.2
10.6
-14.2
5.2
-6.1
4.0
3.8
22.1
4.1
9.6
8.6
1.6
15.7
Machinery imports
-3.0
6.5
-11.8
-2.1
6.8
13.2
2.4
11.8
1.6
-15.2
12.6
78.5
76.2
77.3
75.9
75.1
76.6
77.2
76.3
75.8
74.0
75.2
-0.7
-1.4
-2.6
-1.6
-1.7
0.1
-0.6
-0.9
-0.3
-4.2
0.4
1. Preliminary 2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, Korea International Trade Association
13
Construction investment (advanced GDP) in the
third quarter of 2014 rose 2.9 percent quarter-onquarter and 3.0 percent year-on-year.
Construction investment
(y-o-y)
2012
Annual
Q1
2013
Q2
Annual
Q3
Q4
Q1
2014
Q2
-3.9
6.7
6.5
4.6
0.2
-5.2
5.1
0.4
2.9
1.9
9.8
8.8
5.4
4.3
0.2
3.0
Q3
- Building construction
-1.6
8.8
5.4
7.2
0.5
-4.0
5.1
2.3
-7.1
3.7
8.1
1.0
-0.1
-6.9
5.1
-2.5
4. Construction
investment
Construction investment
Source: The Bank of Korea (national accounts)
15
(%)
10
-5
-10
2004.Q1
2005.Q1
2006.Q1
EB 11 .indd 13
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
14.1Q
2012
Annual Annual
-5.0
10.1
-6.6
14.8
-3.0
4.3
Q1
3.5
4.4
5.6
1.0
2013
Q2
6.3
15.0
7.7
4.6
Q3
-0.1
10.5
0.4
-0.9
Q4
-0.7
9.7
2.9
-5.5
Q1
1.5
6.5
6.0
-5.0
Q2
0.2
0.1
2.9
-4.1
2014
Q3 Aug
-3.2
0.5
-1.9 -0.9
-5.4
0.3
0.5
1.0
Sep
-5.8
-3.9
-6.2
-5.2
2012.Q1
2013.Q1
2014.Q1
1. Preliminary
Source: Statistics Korea
14
40
(y-o-y, %)
30
20
E c o n o m i c B u l le t i n
10
0
-10
-20
-30
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
Residential buildings
Building construction
Construction investment is expected to improve, led by a decrease in unsold houses and an increase in new
apartment supplies.
Unsold houses (thousands, Ministry of Land, Infrastructure and Transport)
59 (Jan 2014) > 52 (Feb) > 48 (Mar) > 46 (Apr) > 49 (May) > 50 (Jun) > 51 (Jul) > 45 (Aug) > 42 (Sep)
New apartment supplies (thousands, Ministry of Land, Infrastructure and Transport)
6 (Jan 2014) > 11 (Feb) > 24 (Mar) > 39 (Apr) > 39 (May) > 29 (Jun) > 18 (Jul) > 23 (Aug) > 49 (Sep) > 6.1 (Oct)
(Percentage change from same period in previous year)
2012
Annual
-6.2
-4.7
-9.1
-0.5
Annual
-15.3
-13.4
-19.2
-7.3
Q1
-40.8
-2.2
-34.0
-50.4
-12.4
2013
Q2
Q3
-29.5 -10.6
0.3 16.8
-29.6 -10.8
-29.4 -10.0
-14.6 -3.4
Q4
22.4
2.9
17.9
33.4
-0.2
Q1
Q2
15.5 26.1
-1.4 10.5
10.7 47.0
24.4 -11.2
18.4 21.6
2014
Q3 Aug Sep
44.3 81.3 36.8
30.4 59.5 -25.1
63.1 130.2 54.2
-4.6 -32.1
1.7
14.7 27.7
7.9
1. Preliminary
Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport
EB 11 .indd 14
(y-o-y, %)
290
240
190
140
90
40
-10
-60
-110
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Construction orders
2014.1
5. Exports and
Imports
15
3.7 (China)
(US $ billion)
2013
Annual
Exports
(y-o-y, %)
Average daily exports
Q1
Q2
Q3
Q4
Oct
Q1
Q2
2014
Q3
Sep
Oct
47.75
51.75
2.1
0.3
0.7
2.8
4.7
7.2
1.7
3.2
3.9
6.9
2.5
2.05
2.02
2.06
2.00
2.11
2.19
2.07
2.19
2.07
2.27
2.25
1. Preliminary
Source: Korea Customs Service
EB 11 .indd 15
(y-o-y, %)
100
80
60
40
20
0
-20
-40
-60
-80
2004.1
2005.1
2006.1
2007.1
16
2008.1
2009.1
2010.1
Semiconductors
2011.1
2012.1
2013.1
2014.1
Automobiles
Steel
E c o n o m i c B u l le t i n
Imports of commodities declined due to falling oil prices and supplies, while imports of capital goods declined
due to sluggish investment and a high base effect.
Import growth by category (y-o-y, %)
-2.8 (commodities), -8.2 (capital goods), 9.0 (consumer goods)
(US $ billion)
2013
Annual
Imports
Q1
Q2
Q3
Q4
Oct
Q1
Q2
2014
Q3
Sep
Oct
44.32
44.25
(y-o-y, %)
-0.8
-2.9
-2.8
0.3
2.5
5.1
2.0
3.2
5.6
8.0
-3.0
1.89
1.94
1.85
1.84
1.91
1.98
1.99
1.97
1.94
2.11
1.92
1. Preliminary
Source: Korea Customs Service
Imports by item
Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)
100
80
(y-o-y, %)
60
40
20
0
-20
-40
-60
-80
2004.1
2005.1
EB 11 .indd 16
2006.1
2007.1
2008.1
2009.1
2010.1
Commodities
2011.1
2012.1
2013.1
2014.1
Capital goods
(US$ billion)
60
50
40
30
20
10
0
-10
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
Trade balance
2010.1
2011.1
2012.1
2013.1
2014.1
Exports
Imports
(US $ billion)
2013
Annual
Q1
Q2
Q3
Q4
Oct
Q1
Q2
2014
Q3
44.05
5.59
14.40
10.76
13.30
4.87
5.21
14.88
9.06
Trade balance
Sep
Oct
3.43
7.50
1. Preliminary
Source: Korea Customs Service
The trade balance (preliminary) in October remained in the black for the 33th consecutive month, posting a
surplus of US $7.50 billion.
17
EB 11 .indd 17
(%)
40
30
20
10
0
-10
-20
-30
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
18
Annual Q1
2013
Q2 Q3
Q4
Sep
Q1
Q2
2014
Q3 Aug Sep
E c o n o m i c B u l le t i n
-0.5 -0.9
0.1
1.9 -2.1
(y-o-y)
0.3
-0.8
0.0
0.2
1.7 -3.8
0.7
1.1 -2.8
1.9
-0.4 -1.0
0.0
2.1 -2.2
0.0
0.3
-0.8
0.1
1.8 -4.1
0.6
2.0
0.4
-1.7 -1.1
1.7 -2.8
Mining and
(y-o-y)
manufacturing
Shipment
activity
- Domestic demand
- Exports
-1.4
2.3
Inventory
5.0
76.2
0.0
1.6
5.7
0.3
0.3
1.2 -2.7
0.1
0.3
1.7 -1.8
0.7
77.3 75.9 75.1 76.5 74.3 77.2 76.3 75.8 74.0 75.2
1.7
1.8
1. Preliminary
3. End-period
1.6
1.8
1.7
1.9
1.2
1.2
1.5
1.5
1.6
The manufacturing inventory-shipment ratio rose 0.9 percentage points month-on-month to 123.8
percent as inventories rose 0.7 percent and shipments fell 0.1 percent.
Inventories of refined petroleum (up 8.1%) , mechanical equipment (up 3.6%) and electrical equipment (up
6.1%) rose, while semiconductors & parts (down 6.4%) , primary metals (down 1.1%) and processed
metals (down 2.4%) declined.
Shipments of mechanical equipment (up 4.9%), primary metals (up 3.1%) and other transportation
equipment (up 4.8%) rose, while semiconductors & parts (down 3.8%), refined petroleum (down 3.6%) and
automobiles (down 2.0%) fell.
The average operation ratio of the manufacturing sector rose 1.2 percentage points month-on-month to
75.2 percent.
EB 11 .indd 18
(m-o-m, %)
6
4
2
0
-2
-4
-6
-8
-10
-12
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Shipment growth
2014.1
Inventory growth
19
100
90
80
70
60
50
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Mining and manufacturing production will continue to recover in October as auto workers ended strikes, but
growing external uncertainies may hamper the recovery momentum.
EB 11 .indd 19
(%)
10
-5
-10
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
20
Wholesale & retail
E c o n o m i c B u l le t i n
(%)
10
-5
-10
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
(y-o-y, %)
8
6
4
2
Wholesale
& retail
Publishing &
communications
services
Hotels &
restaurants
Professional,
scientific &
technical
services
Education
services
Entertainment,
cultural &
sports services
Sewerage &
waste
management
0
-2
-4
-6
Total index
Transportation
services
Real estate
& renting
Financial &
insurance services
Business
services
Health &
social welfare
services
Membership
organizations &
personal services
-8
EB 11 .indd 20
2012
2013
Weight
Annual Annual Q1 Q2
Q3
Q4
Q1
Q2
100.0
1.6
0.2
0.9
0.5
0.0
21.6
0.8
0.1 -0.1
0.6
- Transportation services
8.5
1.2
1.1
0.7
0.1 -1.0
0.6
1.1 -0.3
7.2 -1.2
0.4
0.1
0.6
8.4
3.0
1.9
0.6 -1.0
14.7
2.8
1.4
0.2
-0.2 -0.8
0.4
2014
Q3 Aug Sep
1.1
0.3
0.1
1.3 -0.6
1.5 -0.7
0.6
5.5
0.0
3.1
3.4 -2.0
0.8 -0.3
0.4
1.3
0.6
1.4
0.9 -1.2
2.7
1.5
5.3 -4.8
2.5 -2.2
7.4 -3.6
3.6 -3.2
7.6 -1.3
5.6
3.7
3.3
0.2
4.9 -2.9
0.7
0.4
- Business services
3.3
3.5
2.2
1.6 -0.4
1.6
0.4
1.6 -0.5
0.8
0.9
- Education services
10.9
0.9
0.8
0.8 -1.0
1.2
0.7
1.1 -2.3
1.5
2.8 -3.4
7.5
6.7
5.0
0.8
1.1
2.5
1.6
1.5
2.0
2.0
1.9
2.9
2.8
-0.5
1.7
0.6
0.2 -0.2
1.4 -6.8
7.9 -5.3
7.9
3.6 -1.4
5.3
3.1 -0.7
3.5
0.2
0.1 -3.5
0.6 -0.6
-0.4
0.5
0.9
1.2
0.2 -1.4
3.6
0.5
1. Preliminary
Source: Statistics Korea
Service output in October will be affected by positive factors, such as increasing stock transactions and the
recovering real estate market, and also by negative factors, such as a decline in sales at department stores.
21
The Green Book
0.6
0.4
1.0
8. Employment
The number of workers on payroll in September increased by 451,000 from a year earlier to 25,920,000 and
the employment rate rose 0.4 percentage points to 60.8 percent.
By industry, employment in services and manufacturing continued to grow, but at a slower pace.
By employment status, regular workers continued to lead employment growth, while temporary and daily
workers grew slowly. Self-employed workers increased for the second consecutive month.
EB 11 .indd 21
(thousands)
(millions)
1,000
27
26
26
800
25
600
25
24
400
24
200
23
23
22
-200
22
-400
21
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
22
E c o n o m i c B u l le t i n
2013
Q2 Q3
Q4
Sep
Q1
Q2
2014
Q3 Aug Sep
23.83 24.24 24.68 25.07 24.18 25.33 25.41 25.35 25.47 24.91 25.79 25.93 25.89 25.92
58.7 59.1 59.4 59.5 57.7 60.2 60.3 60.0 60.4 58.8 60.8 60.9 60.8 60.8
(Seasonally adjusted)
58.7 59.1 59.4 59.5 59.2 59.4 59.7 59.9 59.8 60.4 59.9 60.3 60.5 60.3
323 415 437 386 257 324 421 541 463 729 464 517 594
451
405 440 451 394 266 351 402 556 437 717 518 638 719
579
- Manufacturing
191
63
14
173
33
-2
22
- Construction
79 119 122
-9
51
200 386 416 318 199 212 354 507 397 570 387 403 453
367
-82
- Wage workers
517 427 315 483 329 472 526 604 567 711 485 519 536
489
Regular workers
697 575 436 615 554 638 632 637 597 606 478 333 323
324
Temporary workers
-34
201
-37
-38
-78
-14
-2
-8
-6
49
- Services
-25
-19 -64
26
-9 -27
19 -15
26
2 -24
3 -42 -35
-6
27
12
57
Daily workers
-146
-70 -120
-37 -73
- Nonwage workers
-194
-11 121
19 -22
-3
57
Self-employed workers
-118
1 124
-7 -14
19
57
18
- Male
181 238 234 186 123 179 179 262 206 373 228 268 294
222
- Female
142 177 203 200 135 145 242 279 257 357 236 249 300
229
- 15 to 29
-43
-35
-36
- 30 to 39
-4
-47
-31
-21 -15
- 40 to 49
29
57
11
- 50 to 59
- 60 or more
46
38
53 102 147
52
-6 -42
-7
-5
-32
99
15
19
27
294 291 270 254 196 254 279 285 264 323 227 215 235
206
47 149 222 181 181 156 187 200 178 218 192 192 199
198
22
12
97
-6
30
53
13
34
EB 11 .indd 22
Employment rate
Source: Statistics Korea (employment trends)
62
(%)
61
60
59
58
57
56
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Original data
2014.1
23
Employment by industry
100
80
60
69.7 69.2 69.1 69.3 69.2 69.0 68.7 69.0 70.4 70.9 71.1 70.2 69.4 69.2 69.1 69.4 69.6 69.4 69.1 69.7 70.8 71.1 71.2 70.6 69.7 69.4 69.3 69.6 69.7 69.6
40
20
7.2 7.2 7.2 7.1 7.1 7.1 7.3 7.2 7.2 6.9 6.7 6.9 7.1 7.1 7.1 7.0 6.9 7.0 7.1 7.0 7.0 6.8 6.7 6.8 6.9 7.1 7.1 7.1 7.0 7.1
16.3 16.2 16.3 16.4 16.5 16.6 16.7 16.9 17.1 17.4 17.3 16.9 16.7 16.4 16.4 16.4 16.3 16.4 16.5 16.7 17.1 17.3 17.2 17.0 16.7 16.8 16.8 16.8 16.7 16.8
0 6.5 7.0 7.0 6.8 6.8 6.8 6.9 6.5 4.9 4.3 4.6 5.6 6.3 6.7 6.9 6.7 6.8 6.8 6.9 6.2 4.7 4.4 4.5 5.3 6.1 6.4 6.5 6.2 6.2 6.2
2012.4 5
10
Services
11 12 2013.1 2
Construction
10
Manufacturing
11 12 2014.1 2
23.4 23.3 23.2 23.4 23.3 23.2 23.1 22.9 22.7 22.7 22.8 23.0 22.8 22.6 22.5 22.6 22.7 22.5 22.4 22.2 21.9 22.1 22.0 22.3 22.2 22.1 22.1 22.1 22.4 22.2
6.6 6.8 6.7 6.7 6.4 6.4 6.7 6.8 6.6 6.2 6.0 6.0 6.5 6.7 6.7 6.3 6.1 6.3 6.5 6.4 6.4 6.3 6.0 5.7 6.0 6.1 6.1 6.0 5.8 6.1
60
19.5 19.2 19.4 19.6 19.7 19.7 19.5 20.1 19.7 19.8
20.6 20.5 20.3 20.2 19.9 19.8 19.8 19.9 20.0 19.9 19.7 19.5 19.5 19.5 19.5 19.6 19.2 19.4 19.4 19.5
40
20
44.3 44.0 44.4 44.4 45.1 45.2 45.1 45.2 46.2 46.9 47.3 47.0 46.3 46.2 46.1 46.4 46.8 46.7 46.5 46.9 47.8 48.3 48.2 47.8 47.3 47.1 47.2 46.8 47.0 47.1
0
2012.4
EB 11 .indd 23
10
11 12 2013.1 2
Self-employed workers
Daily workers
10
11 12 2014.1 2
Temporary workers
Regular workers
Unemployment rate
Source: Statistics Korea (employment trends)
6
(%)
24
E c o n o m i c B u l le t i n
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Original data
2014.1
2013
Q2 Q3 Q4 Sep Q1
2014
Q2 Q3 Aug Sep
920
855
820
807
907 812 777 733 720 1,031 977 884 890 849
31
-65
-35
-13
-40 -29
11 -32
- Male
-7
-48
-26
-6
-7 -20
11
-7 -21
- Female
38
-17
-9
-7
-4
18 -11
3.7
3.4
3.2
3.1
-33
-9
62
37
41
72
84 103
70
66
57
(Seasonally adjusted)
3.7
3.4
3.2
3.1
-15 to 29
8.0
7.6
7.5
8.0
- 30 to 39
3.5
3.4
3.0
3.0
- 40 to 49
2.5
2.1
2.0
2.0
- 50 to 59
2.5
2.1
2.1
1.9
- 60 or more
2.8
2.6
2.4
1.8
The economically inactive population in September was down 163,000 from a year earlier to 15,850,000, while
the labor force participation rate rose 0.7 percentage points to 62.8 percent.
The number of those economically inactive due to old age (up 98,000, y-o-y) and disabilities (up 13,000, y-o-y)
increased, while those due to housework (down 110,000, y-o-y), education (down 74,000, y-o-y), and rest (down
64,000, y-o-y) decreased.
EB 11 .indd 24
(%)
64
63
62
61
60
59
58
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Original data
2014.1
2013
Q2 Q3
Q4
Sep
Q1
Q2
2014
Q3 Aug Sep
Economically inactive population (millions) 15.84 15.95 16.08 16.22 16.83 15.91 15.98 16.17 16.01 16.40 15.69 15.76 15.80 15.85
Labor force participation rate (%)
61.0 61.1 61.3 61.5 59.9 62.2 62.1 61.7 62.1 61.3 63.1 63.0 62.9 62.8
(Seasonally adjusted)
Growth in economically inactive
population (y-o-y, thousands)
61.0 61.1 61.3 61.5 61.2 61.3 61.6 61.7 61.7 62.6 62.2 62.5 62.6 62.4
143
112
128
141
- Childcare
-125
-5
-2
- Housework
201
101
123
-3
143
- Education
12
-51
-12
77
118 147
88 -44
- Old age
80
-45
148
54
154
32
21
39
80
98
-56
182
-53
-7 -106
44
12
21
-64
- Rest
336 242
10
78 -91
9 -14
25
-29
91
-74
9. Financial markets
9.1 Stock market
The KOSPI in October fell 55.7 points to 1,964 points from 2,020 points in the previous month. The KOSPI
declined due to concerns over a global economic slowdown, poor corporate earnings and foreigners net
selling of Korean shares. Net selling by foreign investors continued for 11 consecutive trading days.
Despite falling stock prices and foreign investors net selling, the volume of stock transactions increased and
the foreign stock ownership ratio also rose.
EB 11 .indd 25
(monthly average)
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
KOSPI
2014.1
KOSDAQ
(Closing rate)
26
E c o n o m i c B u l le t i n
Sep 2014
KOSPI
Oct 2014
Change
Sep 2014
KOSDAQ
Oct 2014
2,020.1
1,964.4
-55.7 (-2.8%)
573.2
558.7
-14.5 (2.5%)
1,205.7
1,176.1
-29.6 (-2.5%)
140.2
143.5
3.3 (2.4%)
4.2
4.5
0.3 (7.1%)
2.3
2.3
35.0
35.2
0.2 (0.6%)
10.9
11.0
Change
0.1 (0.9%)
(month-end, \)
1,600
1,400
1,200
1,000
800
600
2004.1
2005.1
Dollar-Won
EB 11 .indd 26
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
100 Yen-Won
(\)
1,600
1,400
1,200
1,000
800
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Dollar-Won
100 Yen-Won
(Closing rate)
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
Sep
2014
Oct
Change
Dollar-Won
1,259.5
1,164.5
1,134.8
1,151.8
1,070.6
1,055.4
1,055.2
1,068.5
-1.2
100 Yen-Won
1,396.8
1,264.5
1,393.6
1,481.2
1,238.3
1,002.3
965.0
963.1
4.1
1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.
2008
Dec
27
Interest rates
Source: The Bank of Korea
10
9
8
7
6
5
4
3
2
1
2004.1
2005.1
2006.1
EB 11 .indd 27
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
Jul
Aug
2014
Sep
Oct
Change
2.01
2.51
3.29
2.77
2.52
2.49
2.24
2.24
1.97
-27
CD (91 days)
2.88
2.80
3.55
2.89
2.66
2.65
2.40
2.35
2.14
-21
4.44
3.38
3.34
2.82
2.86
2.52
2.51
2.30
2.14
-16
5.56
4.27
4.21
3.29
3.29
2.92
2.88
2.68
2.49
-19
4.98
4.08
3.46
2.97
3.23
2.76
2.74
2.50
2.29
-21
28
E c o n o m i c B u l le t i n
2009
Annual
2010
Annual
2011
Annual
2012
Annual
2013
Annual
Jun
Jul
2014
Aug
Aug
M1
16.3
11.8
6.6
3.8
9.5
9.3
9.2
11.9
538.6
M2
10.3
8.7
4.2
5.2
4.8
6.1
6.5
7.6
2,031.8
Lf
7.9
8.2
5.3
7.8
6.9
6.7
6.9
7.3
2,744.0
2010.1
2011.1
30
20
10
-10
-20
2004.1
2005.1
Reserve money
EB 11 .indd 28
2006.1
2007.1
2008.1
2009.1
M1
2012.1
2013.1
2014.1
Lf
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
Jun
Jul
2014
Aug
Sep
Sep
Bank deposits
54.8
36.9
58.9
37.0
41.0
9.3
-8.8
7.8
3.7
1,210.3
AMC deposits
-27.6
-16.7
-16.6
18.8
17.7
-1.1
11.5
5.4
2.7
365.9
29
20
10
-10
-20
2004.1
2005.1
2006.1
2007.1
10. Balance of
payments
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
EB 11 .indd 29
-0.77 > -0.21 (travel), 0.84 > 1.11 (construction), -0.38 >
(consumer goods)
30
E c o n o m i c B u l le t i n
(US$ billion)
8
6
4
2
0
-2
-4
-6
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Services account
Goods account
Current account
(US $ billion)
2013
2014
Annual
Q1
Q2
Q3
Q4
Sep
Q1
Q2
Q3
Sep
Current account
79.88
10.46
20.80
23.78
24.84
8.60
15.07
24.13
22.66
7.62
- Goods balance
80.57
12.08
20.00
23.88
24.62
8.59
17.75
26.42
21.89
7.73
- Service balance
-7.93
-3.51
-0.41
-2.06
-1.94
-0.20
-3.62
-1.95
-1.02
-0.28
11.42
2.78
1.84
3.16
3.64
0.85
1.91
1.33
3.14
0.61
-4.18
-0.89
-0.62
-1.19
-1.48
-0.64
-0.96
-1.68
-1.35
-0.43
1. Preliminary
Source: The Bank of Korea
EB 11 .indd 30
-4.48 (Jan 2014) > -6.92 (Feb) > -5.78 (Mar) > -6.24 (Apr)
> -8.13 (May) > -9.84 (Jun) > -5.93 (Jul) > -7.79 (Aug) >
-8.76 (Sep)
31
15
(US$ billion)
10
5
0
-5
-10
-15
2004.1
2005.1
Direct investment
2006.1
2007.1
2008.1
Portfolio investment
EB 11 .indd 31
2009.1
2010.1
2011.1
2012.1
Financial derivatives
2013.1
2014.1
11.1 Prices
Consumer prices fell 0.3 percent month-on-month
in October, declining for the second consecutive
month. Compared to the same month of the
previous year, consumer prices rose 1.2 percent,
up from 1.1 percent in September.
Month-on-Month
(%)
Oct
2013
Nov
Dec
Jan
Feb
Mar
Apr
-0.3
0.0
0.1
0.5
0.3
0.2
0.1
0.2
0.9
1.2
1.1
1.1
1.0
1.3
1.5
1.7
Year-on-Year
2014
May Jun
Jul
Aug
Sep
Oct
-0.1
0.1
0.2
-0.1
-0.3
1.7
1.6
1.4
1.1
1.2
(%)
6
5
32
4
3
E c o n o m i c B u l le t i n
2
1
0
-1
-2
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
EB 11 .indd 32
5
4
3
2
1
0
2003
2004
2005
2006
2007
2008
2009
2010
2012
2013
2014
Manufactured products
Housing rents
Public services
Personal services
Public utilities
33
previous month, fresh food prices fell 5.6 percent.
Fresh food price increases (y-o-y, %)
-12.9 (Jan 2014) > -12.4 (Feb) > -11.3 (Mar) > -12.0 (Apr)
> -9.2 (May) > -7.7 (Jun) > -8.3 (Jul) > -11.8 (Aug) > -8.6
Prices
Source: Statistics Korea (consumer price trends)
16
(y-o-y, %)
13
10
7
4
1
-2
-5
2004.1
2005.1
2006.1
EB 11 .indd 33
2007.1
2008.1
2009.1
2010.1
Core inflation
2011.1
2012.1
2013.1
2014.1
(y-o-y, %)
2013
2014
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Consumer prices excluding oil and agricultural products 1.8 2.0 1.9 1.7 1.7 2.1 2.3 2.2 2.1 2.2 2.4 1.9
1.8
1.6 1.7 1.6 1.5 1.4 1.7 1.9 1.8 1.7 1.9 2.1 1.7
1.6
0.0 0.5 0.5 0.6 0.4 0.8 1.0 1.4 1.4 1.4 0.8 0.6
0.7
The expected annual inflation declined 0.1 percentage points from the previous month to 2.7 percent, while
import prices fell 8.8 percent year-on-year.
Expected inflation (%, over the next 12 months)
2.9 (Jan 2014) > 2.9 (Feb) > 2.8 (Mar) > 2.9 (Apr) > 2.8 (May) > 2.8 (Jun) > 2.8 (Jul) > 2.8 (Aug) > 2.8 (Sep) > 2.7 (Oct)
34
E c o n o m i c B u l le t i n
2011 2012
2013
Annual Annual Annual Nov
Dec
Jan
Feb
Mar
Apr
2014
May Jun
Jul
Aug
Sep
Oct
Dubai crude
105.9
109.0
105.3
105.5 107.5 104.0 105.0 104.4 104.6 105.6 107.9 106.1 101.9
96.6
86.8
Brent crude
111.0
111.7
108.7
108.0 110.7 107.7 108.9 107.7 107.8 109.4 111.8 107.4 102.6
98.0
87.8
95.1
93.8
98.0
93.2
84.4
WTI crude
94.0
97.9
96.3
EB 11 .indd 34
($/B)
120
100
80
60
40
20
0
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Dubai crude
WTI
35
2011 2012
2013
Annual Annual Annual Nov
Dec
Jan
Feb
Mar
Apr
2014
May Jun
Jul
Aug
Sep
Domestic gasoline prices fell to about 1,700 won in October, as falling international oil prices were reflected
with a time lag.
Oct
Gasoline prices 1,929.3 1,985.8 1,924.5 1,880.0 1,881.1 1,886.4 1,880.7 1,880.8 1,875.9 1,869.5 1,861.7 1,856.7 1,842.0 1,817.1 1,781.1
Diesel prices 1,745.7 1,806.3 1,729.6 1,692.9 1,699.1 1,705.1 1,698.5 1,696.0 1,688.9 1,680.9 1,670.8 1,661.8 1,644.5 1,620.9 1,585.0
Source: Korea National Oil Corporation
(thousand won/B)
($/B)
160
140
140
120
120
100
100
80
80
60
60
40
40
20
2004.1
20
2005.1
2006.1
2007.1
EB 11 .indd 35
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Nonferrous metal prices fell month-on-month as demand was expected to slow due to poor economic data in
China and the eurozone.
Nonferrous metal price increases in October (m-o-m, %)
nickel (-12.8), tin (-5.8), lead (-4.0), aluminum (-2.7), copper (-1.9), zinc (-1.4)
36
Reuters index*
(Period average)
E c o n o m i c B u l le t i n
2011
2012
Annual Annual Annual
3,062
3,006
2,774
2013
Nov
2,623
Dec
Jan
Feb
Mar
Apr
2014
May Jun
Jul
Aug
Sep
2,642 2,574 2,586 2,641 2,650 2,608 2,569 2,548 2,510 2,415
Oct
2,395
470
430
3000
390
350
2000
310
270
1000
230
190
150
2004.1
2005.1
CRB (left)
EB 11 .indd 36
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
(m-o-m, %)
Busan (0.1), Daegu (0.4), Gwangju (0.1), Daejeon (0.2),
Ulsan (0.3)
Apr
May
2014
Jun
Jul
Aug
Sep
Oct
0.0
0.0
0.1
0.2
0.2
1.9
6.9
0.0
0.3
1.4
0.2
0.1
0.0
-1.7
0.5
-3.0
-1.1
1.2
0.3
0.0
-0.1
0.0
0.0
0.1
0.3
0.3
Seoul
-1.2
0.3
-2.9
-1.4
1.0
0.2
0.0
-0.1
-0.1
0.0
0.0
0.2
0.2
Gangnam
-1.0
0.3
-3.5
-1.1
1.1
0.2
-0.1
-0.1
-0.1
0.0
0.0
0.3
0.3
Gangbuk
-1.4
0.3
-2.3
-1.7
0.9
0.2
0.1
0.0
0.0
-0.1
0.1
0.1
0.2
6.4
15.1
3.1
1.7
1.5
0.2
0.1
0.1
0.1
0.1
0.1
0.2
0.2
Nationwide
Mar
37
(m-o-m, %)
2.0
1.0
0.0
-1.0
2009.1
Nationwide
EB 11 .indd 37
2010.1
2011.1
2012.1
2013.1
2014.1
38
Apr
May
2014
Jun
E c o n o m i c B u l le t i n
Jul
Aug
Sep
Oct
Nationwide
7.1
12.3
3.5
4.7
2.8
0.5
0.1
0.1
0.1
0.1
0.2
0.3
0.3
6.3
11.0
2.1
6.2
4.0
0.7
0.1
0.0
0.1
0.2
0.2
0.5
0.4
Seoul
6.4
10.8
2.1
6.6
3.0
0.5
0.1
0.0
0.0
0.1
0.1
0.3
0.4
Gangnam
7.6
11.1
2.4
6.7
2.8
0.0
0.1
0.2
0.3
0.4
Gangbuk
5.1
10.6
1.8
6.4
3.2
0.6
0.2
0.1
0.1
0.1
0.1
0.3
0.4
9.2
14.5
4.6
3.3
1.8
0.2
0.2
0.1
0.1
0.1
0.1
0.2
0.2
(m-o-m, %)
2.0
1.0
0.0
-1.0
-2.0
2009.1
Nationwide
EB 11 .indd 38
2010.1
2001.1
2012.1
2013.1
2014.1
Apartment sales transactions in September increased 13.4 percent from 75,973 transactions in the previous
month to 86,186 transactions, and were up 51.9 percent from a year earlier (56,733).
73
67
82
61
57
90
85
93
59
79
89
93
78
73
Jul
Aug Sep
77
76
86
(thousands)
140
39
120
100
60
40
20
0
2009.1
2010.1
Nationwide
2011.1
2012.1
2013.1
2014.1
80
Land price growth also accelerated in areas excluding the Seoul metropolitan area (up 0.18%), which include
Busan (up 0.19%), Daegu (up 0.27%) and Ulsan (up 0.17%).
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.14 (Feb 2014) > 0.17 (Mar) > 0.18 (Apr) > 0.15 (May) > 0.18 (Jun) > 0.20 (Jul) > 0.15 (Aug) > 0.18 (Sep)
EB 11 .indd 39
2013
Q2
Q3
Q4 Annual
2014
Q2
Jul
Q1
Aug
Sep
Nationwide
-0.31 0.96 1.05 1.17 0.87 1.14 0.21 0.37 0.10 0.46 1.43 0.45 0.48 0.17 0.14 0.19
Seoul
-1.00 1.40 0.53 0.97 0.33 1.21 0.10 0.41 0.08 0.61 1.98 0.69 0.59 0.21 0.19 0.29
Gyeonggi
-0.26 1.22 1.49 1.47 0.97 0.91 0.17 0.33 0.07 0.34 0.90 0.26 0.37 0.11 0.08 0.09
Incheon
1.37 1.99 1.43 0.66 0.36 0.87 0.21 0.37 0.07 0.23 0.95 0.37 0.25 0.07 0.12 0.13
40
(%)
12
9
6
E c o n o m i c B u l le t i n
3
0
-3
-6
-9
-12
-15
-18
1994
1995
1996
1997
1998
1999
National average
2000
2001
2002
2003
2004
2005
2006
Metropolitan city
2007
2008
2009
2010
2011 2012
City
2013
County
(y-o-y, %)
50
40
30
20
10
0
-10
-20
1974
1977
EB 11 .indd 40
1980
1983
1986
1989
1992
1995
1998
2001
2004
2007
2010
2013
There were 214,000 land transactions in September, up 4.5 percent from the previous month and 48.2 percent
from 144,000 a year earlier.
Land transactions rose in Seoul (up 11.4%, m-o-m) and Incheon (up 16.1%, m-o-m) , as well as in Ulsan (up
10.9%, m-o-m), Gwangju (up 19.0%, m-o-m) and Sejong (up 19.4%, m-o-m).
Vacant land transactions, which accounted for 34.7 percent of the total land transactions, fell 2.4 percent
month-on-month to 74,000 but were up 30.5 percent from 57,000 a year earlier.
Land transactions
2008
2009
2010
2011
2012
2013
2014
Annual Annual Annual Annual Annual Annual Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Nationwide
203
187
208
170
187
26
22
16
18
13
17
208 201 236 183 205 227 233 207 199 219 204 214
20
19
22
17
20
24
22
18
18
21
21
23
Gyeonggi
45
46
41
43
33
37
44
41
50
37
42
47
49
42
39
45
42
46
Incheon
13
10
10
10
10
10
11
10
1. Monthly average
Source: Korea Land & Housing Corporation
208
Seoul
41
400,000
300,000
200,000
100,000
0
2004.1
2005.1
2006.1
EB 11 .indd 41
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
42
20
(%)
15
E c o n o m i c B u l le t i n
10
-5
-10
-15
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
2014
Index of all industry production (m-o-m, %)
(y-o-y, %)
Coincident composite index (m-o-m, %)
Cyclical indicator of coincident composite index
(m-o-m, p)
Leading composite index (m-o-m, %)
Cyclical indicator of leading composite index
(m-o-m, p)
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
-1.5
1.4
0.7
2.7
-0.6
1.4
-1.0
-0.6
2.3
1.7
0.3
2.7
-0.7
0.4
-0.9
1.8
0.3
0.4
0.1
0.0
0.3
0.4
0.7
0.2
100.6
-0.1
100.7
0.1
100.5
-0.2
100.1
-0.4
100.1
0.0
100.2
0.1
100.5
0.3
100.3
-0.2
0.3
0.2
0.5
0.3
0.6
0.4
1.2
1.0
101.5
-0.1
101.3
-0.2
101.4
0.1
101.3
-0.1
101.6
0.3
101.6
0.0
102.4
0.8
103.0
0.6
1. Preliminary
EB 11 .indd 42
The cyclical indicator of the coincident composite index fell 0.2 points month-on-month in September. Among
the components of the coincident composite index, service output, imports and nonfarm payroll employment
rose, while mining & manufacturing production, the value of construction completed, retail sales and domestic
shipments declined.
Components of the coincident composite index in September (m-o-m)
service output (0.1%), imports (2.2%), nonfarm payroll employment (0.4%), mining & manufacturing production (-0.7%),
value of construction completed (-2.3%), retail sales (-0.1%), domestic shipments (-0.9%)
(points)
43
100
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
The cyclical indicator of the leading composite index rose 0.6 points. Among the components of the leading
composite index, the consumer expectations index, domestic shipments of machinery and spreads between
long & short term interest rates declined, while six others, including the ratio of export to import prices and
value of construction orders received, rose.
90
(points)
100
90
2004.1
EB 11 .indd 43
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
44
E c o n o m i c B u l le t i n
PO
LIC
Y
ISS
UE
S
Korea and China Set to Sign FTA
Measures to Stimulate Direct Won-Yuan Transactions
EB 11 .indd 44
Korea and China announced progress in their free trade agreement negotiations at the Korea-China
Summit held on November 10, 2014. The two countries have been negotiating the deal for 30 months.
45
Policy Issues
Expected effects
The Korea-China FTA will be a great opportunity for Korean businesses as China is Koreas largest export
destination and its market is huge. When the deal takes effect, US $8.7 billion in tariffs will be lifted
immediately, with an additional US $45.8 billion in tariffs being lifted over 10 years. Trade between Korea and
China is expected to reach US $300 billion in 2015.
Chinese domestic market (KIEP, US $ trillion): 4.7 (2013) > 5.7 (2015) > 9.9 (2020)
Chinese domestic consumption expenditure (WB, billion yuan): 15,342.2 (2008) > 29,216.6 (2013)
Small- and medium-sized exporters will particularly benefit from the trade pact as clothing, leisure goods,
healthcare products and high-end electronics will become competitive in the Chinese market, in addition to
major intermediate goods including steel and petrochemical products.
About 71 percent (5,846) of items exported to China, worth US $110.5 billion and accounting for 66 percent of
total export value, will be free of tariffs within 10 years, and 91 percent (7,482) of items, worth US $141.7 billion
and accounting for 85 percent of total export value, will be made tariff-free within 20 years. Meanwhile, 79
percent (9,690) of Chinese items, worth US $62.3 billion which is 77 percent of the total imports from China,
will be free of tariffs within 10 years, and 92 percent (11,272) of items, worth US $73.6 billion which is 91
percent of total imports, will be made tariff-free within 20 years.
EB 11 .indd 45
Policy Issues
46
Chinese tourists are shopping at a duty free shop in Seoul on September 29. Tourism is one of the sectors that are expected to
benefit from the free trade pact between Korea and China.
E c o n o m i c B u l le t i n
China agreed to allow Korean businesses to enter construction, distribution, legal services and entertainment
markets, and lower trade barriers in network services. Financial sector negotiations will continue until the end
of the year. Once the FTA takes effect, Korea and China will begin negotiations in order to adopt a negative list
approach in order to allow Korean companies to export more services to China, and these negotiations are
expected to take about two years.
The FTA will also help Korean exporters with nontariff difficulties, such as receiving visas, submitting
certificates of origin, clearing customs in under 48 hours, meeting special shipment reporting duties and
prosecuting intellectual property right infringement. Korean companies will also receive support from Chinese
local government offices designated to help Korean exporters. Korea and China will recognize their trading
partners product tests done by international agencies, support the establishment of product test centers in
their partner countries, and improve the customs clearance process for product samples.
The Korea-China FTA will attract Chinese investment as Chinese corporations will be able to utilize Koreas
other FTAs, including the Korea-US and Korea-EU FTAs. Likewise, US, EU and Japanese investment is also
expected to increase, which wants to use Korea as a springboard for entering China. This will also contribute
to creating quality jobs in Korea.
The Korea-China FTA will further improve Korea-China relations, as China is not only the biggest trade partner
and most important corporate investment destination, but also boasts the highest level of private-sector
exchange between Korea and another country. The Korea-China FTA will encourage joint production of cultural
content, closer cooperation in broadcasting services and tourism, and the joint establishment of entertainment
companies.
EB 11 .indd 46
A cargo ship is entering Gamman Port in Busan on April 1. When the Korea-China FTA takes effect, trade between Korea and
China is expected to reach US $300 billion in 2015.
Policy Issues
The Korea-China FTA has less complicated country-of-origin regulations than other FTAs Korea has signed,
and products manufactured in the Gyeseong industrial complex will be treated as Korean products.
47
Future plans
Korea and China will initial their bilateral trade pact by the end of the year after further discussing details and
reviewing legal matters. The official agreement will be made public after the pact is initialed.
Measures to Stimulate
Direct Won-Yuan Transactions
As a follow up to agreements made at the Korea-China Leaders Summit held on July 3, the government will
stimulate direct won-yuan transactions by increasing yuan-based transactions for trade settlement and
setting up infrastructure to support yuan-denominated financial services.
The agreements made at the Korea-China Leaders Summit are: opening a direct won-yuan currency market, allowing for
yuan clearing houses to operate in Korea, obtaining an 80 billion yuan quota for Korea investors through the Renminbi Qualified
Foreign Institutional Investor (RQFII) program, allowing Korean investors to participate in the Qualified Foreign Institutional
Investor (QFII) program, and issuing yuan-denominated bonds in Korea.
EB 11 .indd 47
Policy Issues
Increase the use of yuan for trade settlement
In order to encourage corporations to complete transactions using yuan, the government will:
-increase short-term export insurance coverage by 5-20 percent for exports paid in yuan
-promote yuan financial services
-distribute yuan transaction guide that provides information on yuan performance in the international market
and the benefits
48
E c o n o m i c B u l le t i n
-build an electronic brokerage system and designate dealers in December before the won-yuan direct exchange
market opens
-develop support measures for the yuan clearing house that opened in Seoul on October 30. One example of
the measures can be reforming regulations, such as exempting yuan clearing banks from the Foreign
Exchange Stability Levy on yuan-denominated debt
-increase participation in Chinese asset markets through the RQFII, China Interbank Bond Market (CIMB) and
QFII by easing regulations related to foreign debt investment and foreign exchange transactions
-increase opportunities for private equity funds to invest in yuan-denominated bonds which will be issued in
Korea by Chinese enterprises and other foreign financial institutions
-promote a stable and healthy yuan-denominated financial market by ensuring that large quantities of yuan
flows through the market. This will be done in three ways: promoting yuan-denominated transactions,
encouraging the yuan clearing bank to provide yuan-based loans, and utilizing funds provided by the Peoples
Bank of China and Korea-China Currency Swap Arrangement
Future plans
The government will increase the ratio of yuan trade
settlement from 1.2 percent (as of 2013) to 20 percent in
the mid- to long-term, while encouraging yuandenominated financial asset growth in bonds, derivatives
and deposits in order to become the third largest investor
in yuan among foreign countries. The government will also
consider issuing yuan-denominated Foreign Exchange
Equalization Bonds in order to prepare for the day the yuan
becomes a reserve currency. A mid- to long-term plan for
the yuan financial market will be developed in 2015.
EB 11 .indd 48
Ec
o
Ne no
ws mi
c
Br
iefi
ng
49
E co n o m i c New s B r i e f i n g
EB 11 .indd 49
50
ITU Secretary General Hamadoun Toure is delivering a speech at the closing ceremony of the 2014 ITU Plenipotentiary Conference in
Busan on November 7.
E c o n o m i c B u l le t i n
EB 11 .indd 50
Korea ranks 5th in World Banks
Doing Business report
51
E co n o m i c New s B r i e f i n g
EB 11 .indd 51
S
A
On the expenditure side, private consumption rose 1.1 percent, led by semi-durable goods and services. Facility
investment declined 0.8 percent, while construction investment rose 2.9 percent. Intellectual property
investment rose 0.5 percent, led by investment in software.
52
Exports declined 2.6 percent, led by LCD and chemical products, and imports were down 0.7 percent, led by
machinery and natural gas.
E c o n o m i c B u l le t i n
2012
GDP
Agriculture, forestry & fisheries
Manufacturing
Electricity, gas & water supply
Q1
0.5
(2.6)
Q2
0.5
(2.4)
Q3
0.4
(2.1)
Q4
0.6
(2.1)
Q1
0.6
(2.1)
2013
Q2
Q3
1.0
1.1
(2.7) (3.4)
Q4
0.9
(3.7)
Q1
0.9
(3.9)
2014
Q2
0.5
(3.5)
-6.7
-0.2
-0.4
6.1
-4.1
1.9
4.6
7.4
-4.4
-3.7
1.9
1.5
0.3
0.3
0.1
1.2
1.2
1.2
0.8
2.2
0.9
-0.9
Q3
0.9
(3.2)
0.1
2.6
-0.1
5.8
-3.2
-2.6
-0.3
8.3
-4.5
-2.3
4.7
-2.9
-0.2
0.4
-1.2
2.7
1.7
1.9
-2.4
1.2
0.2
1.8
Services
0.9
0.7
0.4
0.6
0.5
1.2
0.7
0.8
0.6
0.6
1.4
Private consumption
0.8
0.2
1.2
0.4
-0.1
0.7
1.0
0.6
0.2
-0.3
1.1
Government consumption
2.4
-0.4
1.0
0.2
0.5
1.6
0.4
0.9
0.0
0.3
2.2
Facility investment
11.5
-8.0
-3.2
-3.3
1.5
1.0
2.7
5.6
-1.9
1.1
-0.8
Construction investment
-2.1
-3.0
1.2
-2.4
6.5
4.6
0.2
-5.2
5.1
0.4
2.9
9.0
-3.2
3.3
-2.8
9.4
-2.2
1.2
1.8
6.5
-3.6
0.6
Exports
0.5
2.5
1.9
0.9
0.2
2.6
-1.1
1.4
1.5
1.7
-2.6
Imports
3.0
-0.2
0.3
-1.3
0.6
1.8
-0.4
2.9
-0.8
1.1
-0.7
Construction
EB 11 .indd 52
1. National accounts
53
Statistical Appendices
Sta
tist
App ic
a
en l
dic
es
2. Production, shipment and inventory
3. Production capacity and operation ratio
4. Consumer goods sales index
5. Consumer goods shipment index and consumer sentiment index
6 Machinery orders received and estimated facility investment index
7. Value of construction completed and domestic construction orders received
8. Composite indices of business cycle indicators and BSI
9. Balance of payments (I)
10. Balance of payments (II)
11. Prices
12. Employment
13. Financial indicators
14. Monetary indicators
15. Exchange rates
EB 11 .indd 53
Statistical A ppendic es
1. National accounts
(year-on-year change, %, chained 2010 year prices)
Real GDP
Period
54
Manufacturing
Final
consumption
expenditure
Facilities
E c o n o m i c B u l le t i n
2005
2006
2007
2008
2009
2010
2011
2012
2013P
3.9
5.2
5.5
2.8
0.7
6.5
3.7
2.3
3.0
1.4
1.6
4.1
5.6
3.2
-4.3
-2.0
-0.9
5.8
5.8
7.7
8.4
3.7
-0.5
13.7
6.5
2.4
3.3
4.4
5.2
5.3
2.2
1.3
4.3
2.7
2.2
2.2
2.0
3.6
5.0
-0.9
0.3
5.5
0.8
-0.5
4.2
-0.1
0.7
1.5
-2.7
3.5
-3.7
-3.4
-3.9
6.7
4.8
8.4
9.7
-0.2
-7.7
22.0
4.7
0.1
-1.5
2005
2.5
3.6
4.5
4.9
0.5
4.8
3.8
-3.1
3.6
4.5
7.0
8.1
2.6
4.5
5.4
5.3
0.6
1.7
2.1
3.3
-2.5
1.1
0.0
0.3
3.7
2.1
4.3
9.1
2006
6.3
4.7
2.1
4.8
4.1
-0.2
-1.3
4.2
9.6
7.4
8.2
6.1
5.9
5.1
4.7
5.0
3.0
0.7
4.3
5.9
1.7
-4.1
-0.3
5.4
4.6
8.8
13.5
6.8
2007
4.7
5.6
5.1
6.3
1.7
7.0
8.1
-0.6
6.5
8.6
7.4
10.9
5.2
5.6
5.5
5.0
6.6
6.3
2.1
5.2
3.8
2.0
0.0
0.9
10.3
14.2
2.1
12.2
2008
5.5
4.1
3.9
-1.6
7.7
4.6
4.3
6.4
8.2
7.1
6.1
-5.3
4.7
3.1
2.4
-1.4
1.8
0.9
2.3
-7.0
-2.0
-0.7
0.2
-7.3
7.0
1.4
5.6
-13.0
2009
-1.9
-1.1
0.9
4.8
2.5
0.0
5.0
5.0
-8.4
-5.7
1.6
10.4
-1.9
0.9
1.7
4.5
-5.4
-1.1
0.8
5.8
1.9
4.4
3.1
4.1
-19.4
-13.6
-5.9
9.5
2010
7.2
7.4
5.4
6.0
0.0
-2.2
-7.8
-5.7
16.1
17.2
10.1
11.9
6.2
3.6
3.9
3.4
12.0
6.8
3.8
1.2
1.6
-4.8
-4.8
-5.2
27.6
28.8
20.6
12.9
2011
4.9
3.6
3.3
3.1
-9.2
-2.4
-5.8
7.0
11.4
6.5
5.6
3.4
3.3
3.3
2.8
1.7
-0.7
2.5
1.7
-0.3
-8.3
-2.5
-2.1
-2.0
8.2
8.3
3.4
-0.9
2012
2.6
2.4
2.1
2.1
-0.3
-2.2
-0.1
-0.7
2.7
2.8
2.0
2.0
2.2
1.3
2.7
2.7
6.2
-2.3
-1.0
-3.4
-0.2
-5.4
-2.7
-6.2
11.1
-1.8
-4.2
-4.0
2013P
2.1
2.7
3.4
3.7
0.4
2.9
7.4
9.9
1.8
2.8
3.8
4.5
1.6
2.4
2.3
2.4
-2.6
5.0
5.9
7.8
1.9
9.8
8.8
5.4
-12.7
-3.9
1.5
10.9
2014P
3.9
3.5
3.2
7.7
3.4
0.6
5.6
5.3
3.1
2.6
1.5
2.0
5.9
3.4
3.7
4.3
0.2
3.0
7.3
7.7
3.9
P: Preliminary
Source: The Bank of Korea
EB 11 .indd 54
Production index
Shipment index
y-o-y
change(%)
Inventory index
y-o-y
change(%)
y-o-y
change(%)
y-o-y
change(%)
106.0
107.4
107.7
6.0
1.3
0.3
105.6
107.2
107.6
5.6
1.5
0.4
119.9
125.2
131.4
15.0
4.4
5.0
103.2
104.8
106.3
3.2
1.6
1.4
2011
102.6
107.5
104.0
109.7
9.1
6.2
5.4
3.4
103.4
106.6
103.2
109.3
10.0
5.4
4.7
2.8
104.9
109.8
112.3
119.9
7.8
11.8
11.4
15.0
99.4
103.4
103.2
106.7
2.8
2.7
4.2
3.0
2012
106.6
108.9
103.7
110.6
3.9
1.3
-0.3
0.8
106.6
108.4
103.8
109.8
3.1
1.7
0.6
0.5
117.7
114.8
114.5
125.2
12.2
4.6
2.0
4.4
102.0
104.9
104.8
107.6
2.6
1.5
1.6
0.8
2013
105.7
108.9
103.9
112.5
-0.8
0.0
0.2
1.9
105.7
108.9
104.0
111.8
-0.8
0.5
0.2
2.0
123.1
119.4
125.0
131.4
4.6
4.0
9.2
6.2
102.9
106.7
105.6
109.9
0.9
1.7
0.8
2.1
2014
106.4
109.2
105.0
0.7
0.3
1.1
105.9
108.7
104.2
0.2
-0.2
0.2
130.1
128.6
129.1
5.7
7.7
3.3
104.9
108.2
108.2
1.9
1.4
2.5
2012 1
2
3
4
5
6
7
8
9
10
11
12
102.0
106.1
111.6
106.8
110.7
109.2
106.0
100.3
104.7
108.8
112.6
110.3
-3.1
15.3
0.9
0.0
3.3
0.7
0.0
-1.3
0.3
-0.8
3.0
0.1
102.8
106.1
111.0
106.2
109.9
109.2
105.2
99.9
106.2
108.2
111.0
110.1
-2.8
13.5
0.1
-0.6
3.7
2.0
1.0
-1.4
1.9
-0.9
2.6
-0.3
119.3
117.4
117.7
116.5
118.2
114.8
115.4
119.3
114.5
116.1
121.3
125.2
14.2
14.1
12.2
10.2
8.8
4.6
3.2
6.5
2.0
0.6
3.1
4.4
100.3
99.9
105.7
102.8
105.9
105.9
104.8
103.9
105.7
104.7
105.5
112.7
0.3
6.2
1.5
0.7
2.4
1.2
1.6
0.8
2.2
0.5
1.5
0.7
2013 1
2
3
4
5
6
7
8
9
10
11
12
110.9
96.9
109.2
109.1
110.2
107.4
107.5
103.5
100.7
112.7
111.8
113.0
8.7
-8.7
-2.2
2.2
-0.5
-1.6
1.4
3.2
-3.8
3.6
-0.7
2.4
109.5
97.8
109.8
108.8
109.8
108.1
106.6
104.4
100.9
112.0
111.3
112.1
6.5
-7.8
-1.1
2.4
-0.1
-1.0
1.3
4.5
-5.0
3.5
0.3
1.8
128.3
124.6
123.1
121.0
122.2
119.4
124.2
123.8
125.0
126.9
129.2
131.4
7.5
6.1
4.6
3.9
3.4
4.0
7.6
3.8
9.2
9.3
6.5
5.0
102.1
100.2
106.4
105.4
107.7
107.0
105.6
105.6
105.5
107.7
107.4
114.7
1.8
0.3
0.7
2.5
1.7
1.0
0.8
1.6
-0.2
2.9
1.8
1.8
2014 1
2
3
4
5
6
7
8P
9P
106.1
100.7
112.3
111.8
107.9
107.9
111.8
100.6
102.6
-4.3
3.9
2.8
2.5
-2.1
0.5
4.0
-2.8
1.9
104.5
100.8
112.5
110.8
108.1
107.3
108.9
101.0
102.7
-4.6
3.1
2.5
1.8
-1.5
-0.7
2.2
-3.3
1.8
133.1
129.3
130.1
131.3
129.8
128.6
133.0
130.3
129.1
3.7
3.8
5.7
8.5
6.2
7.7
7.1
5.3
3.3
104.3
101.3
109.0
106.4
108.5
109.7
108.4
107.7
108.5
2.2
1.1
2.4
0.9
0.7
2.5
2.7
2.0
2.8
55
Statistical Appendices
2011
2012
2013
P: Preliminary
Source: Statistics Korea
EB 11 .indd 55
Statistical A ppendic es
3. Production capacity and operation ratio
Period
Average operation
ratio (%)
2011
2012
2013
104.7
106.9
108.7
4.7
2.1
1.7
100.2
97.5
94.8
0.2
-2.7
-2.8
80.5
78.5
76.2
2011
103.5
104.5
105.0
105.6
5.7
5.1
4.3
3.5
97.8
103.5
97.7
101.9
2.2
0.8
0.1
-2.0
81.4
80.6
80.9
79.1
2012
106.3
106.7
107.0
107.5
2.7
2.1
1.9
1.8
97.5
101.0
93.2
98.3
-0.3
-2.4
-4.6
-3.5
79.9
79.5
76.6
78.0
56
2013
108.2
108.4
108.9
109.3
1.8
1.6
1.8
1.7
93.3
97.4
90.5
97.9
-4.3
-3.6
-2.9
-0.4
77.3
75.9
75.1
76.5
E c o n o m i c B u l le t i n
2014
109.5
109.7
110.5
1.2
1.2
1.5
92.5
96.8
91.2
-0.9
-0.6
0.8
77.2
76.3
75.8
2012 1
2
3
4
5
6
7
8
9
10
11
12
106.2
106.2
106.4
106.6
106.7
106.8
106.7
107.2
107.0
107.3
107.5
107.6
2.9
2.7
2.4
2.1
2.2
2.1
1.8
2.1
1.7
1.4
1.9
1.9
92.5
97.2
102.9
98.9
102.6
101.4
97.2
88.3
94.1
98.1
100.7
96.1
-8.0
11.3
-2.6
-3.6
-0.6
-3.1
-3.5
-6.9
-3.6
-4.6
-1.7
-4.5
80.0
80.4
79.2
79.6
79.9
78.9
78.4
74.3
77.2
77.4
78.3
78.2
2013 1
2
3
4
5
6
7
8
9
10
11
12
108.1
108.2
108.2
108.2
108.4
108.6
108.7
109.0
109.0
109.1
109.3
109.6
1.8
1.9
1.7
1.5
1.6
1.7
1.9
1.7
1.9
1.7
1.7
1.9
98.5
84.5
96.8
97.4
99.0
95.9
94.3
90.4
86.7
99.2
97.9
96.7
6.5
-13.1
-5.9
-1.5
-3.5
-5.4
-3.0
2.4
-7.9
1.1
-2.8
0.6
78.8
77.1
75.9
75.9
75.9
75.9
74.8
76.3
74.3
76.2
76.2
77.2
2014 1
2
3
4
5
6
7
8P
9P
109.6
109.5
109.5
109.5
109.7
109.8
110.3
110.6
110.7
1.4
1.2
1.2
1.2
1.2
1.1
1.5
1.5
1.6
91.6
87.2
98.7
99.8
95.6
95.1
98.4
86.4
88.9
-7.0
3.2
2.0
2.5
-3.4
-0.8
4.3
-4.4
2.5
78.2
75.8
77.5
77.8
74.6
76.4
78.2
74.0
75.2
P: Preliminary
Source: Statistics Korea
EB 11 .indd 56
y-o-y
change (%)
Durable goods
y-o-y
change (%)
Semi-durable goods
y-o-y
change (%)
Nondurable goods
y-o-y
change (%)
104.5
107.0
107.9
4.5
2.4
0.8
110.6
116.2
116.6
10.6
5.3
0.3
103.7
103.8
105.9
3.7
-0.4
2.0
102.1
104.1
104.7
2.1
2.0
0.6
2011
100.7
104.8
103.7
108.9
5.3
6.2
4.0
2.6
105.4
112.2
111.4
113.3
11.5
16.9
10.3
4.4
98.3
105.5
94.2
116.7
5.1
5.2
3.6
1.2
99.6
101.2
104.4
103.3
2.7
2.0
1.5
2.4
2012
103.4
106.4
106.5
111.6
2.8
1.4
2.7
2.5
109.4
114.9
118.4
122.0
4.0
2.6
6.4
8.3
99.0
105.5
92.3
118.4
0.6
-0.5
-2.3
0.5
102.6
102.8
107.2
103.8
3.1
1.7
2.8
0.5
2013
103.7
107.7
107.2
112.9
0.3
1.2
0.7
1.2
110.9
118.2
116.8
120.2
1.4
2.9
-1.4
-1.5
101.7
107.2
95.0
119.6
2.7
1.6
2.9
1.0
101.2
103.0
108.0
106.7
-1.4
0.2
0.7
2.8
2014
106.3
108.5
108.7
2.5
0.7
1.4
117.5
121.2
123.8
6.0
2.5
6.0
99.9
104.6
95.5
-1.8
-2.4
0.5
103.9
104.3
107.5
2.7
1.3
-0.5
2012 1
2
3
4
5
6
7
8
9
10
11
12
107.5
97.8
105.0
103.0
110.1
106.1
108.2
102.3
109.1
109.0
111.6
114.3
2.1
5.5
1.1
0.4
2.6
1.2
3.8
1.3
2.9
1.5
4.1
2.1
107.2
107.2
113.7
107.3
117.3
120.0
125.6
114.0
115.7
117.1
123.1
125.9
3.3
9.8
-0.4
1.0
4.4
2.2
7.4
4.0
7.6
8.0
6.5
10.6
104.7
91.9
100.4
104.8
111.4
100.3
97.3
82.1
97.6
114.8
118.8
121.5
-0.2
2.0
0.1
-1.3
0.8
-0.9
0.9
-5.1
-3.0
-2.0
5.1
-1.4
108.8
96.0
102.9
100.1
106.1
102.1
104.9
105.7
111.1
102.7
103.0
105.8
2.4
4.8
2.2
0.8
2.4
1.6
3.0
2.2
3.2
0.0
2.2
-0.5
2013 1
2
3
4
5
6
7
8
9
10
11
12
104.6
99.5
107.0
105.3
110.8
106.9
109.2
104.6
107.7
111.2
113.1
114.5
-2.7
1.7
1.9
2.2
0.6
0.8
0.9
2.2
-1.3
2.0
1.3
0.2
112.2
105.9
114.7
115.0
119.5
120.2
127.4
116.3
106.8
120.4
120.2
120.0
4.7
-1.2
0.9
7.2
1.9
0.2
1.4
2.0
-7.7
2.8
-2.4
-4.7
102.9
93.1
109.2
106.4
113.8
101.5
98.1
87.1
99.9
113.6
123.5
121.8
-1.7
1.3
8.8
1.5
2.2
1.2
0.8
6.1
2.4
-1.0
4.0
0.2
101.7
99.3
102.5
100.3
105.5
103.1
105.5
106.9
111.6
105.9
105.3
108.8
-6.5
3.4
-0.4
0.2
-0.6
1.0
0.6
1.1
0.5
3.1
2.2
2.8
2014 1
2
3
4
5
6
7
8P
9P
110.5
99.1
109.3
105.5
112.0
108.0
109.8
107.0
109.4
5.6
-0.4
2.1
0.2
1.1
1.0
0.5
2.3
1.6
116.8
117.1
118.6
114.1
121.7
127.6
131.2
118.4
121.7
4.1
10.6
3.4
-0.8
1.8
6.2
3.0
1.8
14.0
100.2
91.6
107.9
105.4
111.3
97.2
95.2
91.1
100.2
-2.6
-1.6
-1.2
-0.9
-2.2
-4.2
-3.0
4.6
0.3
112.1
94.0
105.5
101.5
107.8
103.6
106.1
108.6
107.7
10.2
-5.3
2.9
1.2
2.2
0.5
0.6
1.6
-3.5
57
Statistical Appendices
2011
2012
2013
P: Preliminary
Source: Statistics Korea
EB 11 .indd 57
Statistical A ppendic es
5. Consumer goods shipment index and consumer
sentiment index
Domestic consumer goods shipment index (2010=100)
Durable goods
Period
58
y-o-y
change (%)
Nondurable goods
y-o-y
change (%)
y-o-y
change (%)
Consumer
sentiment
index
E c o n o m i c B u l le t i n
2011
2012
2013
100.9
102.5
101.9
0.9
1.6
-0.6
100.3
102.8
103.1
0.3
2.5
0.3
101.2
102.4
101.4
1.2
1.2
-1.0
2011
101.0
97.9
101.5
103.3
4.6
0.9
0.8
-2.2
99.5
100.7
100.9
100.1
3.8
3.1
-0.1
-5.0
101.6
96.8
101.7
104.6
4.7
0.2
1.1
-1.1
2012
100.8
99.9
103.5
106.0
-0.2
2.0
2.0
2.6
97.8
99.1
102.5
112.0
-1.7
-1.6
1.6
11.9
102.0
100.2
103.9
103.4
0.4
3.5
2.2
-1.1
2013
102.8
98.4
102.1
104.5
2.0
-1.5
-1.4
-1.4
108.0
100.6
102.3
101.5
10.4
1.5
-0.2
-9.4
100.5
97.4
101.9
105.8
-1.5
-2.8
-1.9
2.3
2014
100.4
99.9
101.9
-2.3
1.5
-0.2
103.2
102.6
100.1
-4.4
2.0
-2.2
99.2
98.7
102.7
-1.3
1.3
0.8
2012 1
2
3
4
5
6
7
8
9
10
11
12
100.6
98.6
103.1
99.2
101.6
98.9
102.8
101.5
106.1
106.6
105.7
105.7
-7.0
10.9
-2.6
0.9
5.9
-0.6
2.4
-0.8
4.3
1.7
4.7
1.5
92.5
98.3
102.5
94.1
100.4
102.8
105.3
98.4
103.9
108.5
110.9
116.5
-8.3
6.0
-2.4
-3.6
1.2
-2.4
0.7
0.1
4.1
8.0
12.0
15.5
104.0
98.7
103.3
101.3
102.1
97.3
101.8
102.9
107.0
105.7
103.5
101.1
-6.6
13.1
-2.6
2.6
8.0
0.2
3.4
-1.1
4.4
-0.8
1.6
-4.1
98
102
102
106
106
101
100
101
99
100
100
99
2013 1
2
3
4
5
6
7
8
9
10
11
12
108.4
96.7
103.2
99.1
99.3
96.7
103.2
103.7
99.3
108.7
102.8
102.0
7.8
-1.9
0.1
-0.1
-2.3
-2.2
0.4
2.2
-6.4
2.0
-2.7
-3.5
110.4
106.1
107.6
97.9
101.3
102.6
108.8
103.6
94.6
104.3
102.9
97.4
19.4
7.9
5.0
4.0
0.9
-0.2
3.3
5.3
-9.0
-3.9
-7.2
-16.4
107.5
92.6
101.3
99.6
98.5
94.1
100.8
103.7
101.3
110.6
102.7
104.0
3.4
-6.2
-1.9
-1.7
-3.5
-3.3
-1.0
0.8
-5.3
4.6
-0.8
2.8
102
102
104
102
104
105
105
105
102
106
107
107
2014 1
2
3
4
5
6
7
8P
9P
10
102.2
96.3
102.6
101.2
99.6
98.9
104.2
99.7
101.9
-
-5.7
-0.4
-0.6
2.1
0.3
2.3
1.0
-3.9
2.6
-
99.8
106.5
103.3
97.8
103.4
106.7
106.8
94.1
102.0
-
-9.6
0.4
-4.0
-0.1
2.1
4.0
-1.8
-9.2
-1.6
-
103.3
91.9
102.3
102.7
97.9
95.5
103.1
102.0
103.0
-
-3.9
-0.8
1.0
3.1
-0.6
1.5
2.3
-1.6
1.7
-
109
108
108
108
105
107
105
107
107
105
P: Preliminary
Source: Statistics Korea
EB 11 .indd 58
Period
2011
2012
2013
Public
y-o-y
change (%)
Private
y-o-y
change (%)
y-o-y change
(%)
change (%)
7.6
-13.9
6.7
2,407
2,142
2,580
-2.6
-11.0
20.5
22,741
19,506
20,524
8.8
-14.2
5.2
103.5
100.6
99.3
3.5
-2.8
-1.3
2011
6,383
6,723
5,666
6,376
15.3
9.6
-0.7
6.4
358
708
310
1,031
-36.7
83.1
-18.6
-9.5
6,025
6,015
5,356
5,345
21.2
4.6
0.6
10.1
97.0
109.4
104.5
103.0
5.2
7.4
3.2
-1.4
2012
6,310
5,391
5,036
4,910
-1.1
-19.8
-11.1
-23.0
810
285
579
468
126.1
-59.7
86.7
-54.6
5,500
5,106
4,458
4,442
-8.7
-15.1
-16.8
-16.9
105.0
104.8
96.2
96.4
8.2
-4.2
-7.9
-6.4
2013
5,592
5,867
5,148
6,498
-11.4
8.8
2.2
32.4
429
554
522
1,075
-47.0
94.2
-9.7
129.7
5,163
5,313
4,625
5,423
-6.1
4.0
3.8
22.1
91.2
100.6
98.8
106.4
-13.1
-4.0
2.7
10.4
2014
6,594
6,126
7,733
17.9
4.4
50.2
1,221
305
2,708
184.6
-45.0
418.5
5,373
5,821
5,025
4.1
9.6
8.6
96.6
106.8
100.2
5.9
6.2
1.4
2012 1
2
3
4
5
6
7
8
9
10
11
12
1,933
2,541
1,836
1,845
1,830
1,716
1,835
1,509
1,693
1,511
1,656
1,743
-0.8
25.1
-23.6
-4.4
-14.4
-35.4
-9.4
-14.2
-10
-22.5
-27.8
-18.3
52
695
63
56
39
190
310
169
100
86
127
255
-22.2
829.0
-70.9
-10.3
-72.8
-62.2
135.5
105.9
3.5
-72.3
-75.8
31.2
1,881
1,846
1,773
1,789
1,791
1,526
1,525
1,339
1,593
1,425
1,529
1,488
0.0
-5.7
-18.9
-4.3
-10.2
-29.1
-19.5
-20.1
-10.7
-13.1
-13.5
-23.3
97.7
109.1
108.2
106.2
105.8
102.3
105.4
90.1
93.1
94.5
92.4
102.2
5.6
26.4
-3.5
3.0
-4.9
-10.2
-1.6
-16.5
-5.5
1.1
-10
-9.3
2013 1
2
3
4
5
6
7
8
9
10
11
12
1,847
1,666
2,079
1,846
2,127
1,894
1,935
1,623
1,589
2,606
2,109
1,784
-4.4
-34.4
13.2
0
16.2
10.4
5.5
7.6
-6.1
72.4
27.4
2.4
139
168
121
92
250
212
359
92
71
788
163
124
169.8
-75.8
92.2
63.8
542.9
11.5
15.8
-45.4
-28.5
815.4
28.2
-51.4
1,708
1,498
1,957
1,754
1,877
1,682
1,576
1,531
1,518
1,818
1,946
1,660
-9.2
-18.8
10.4
-2.0
4.8
10.2
3.4
14.3
-4.7
27.5
27.3
11.6
89.8
83.5
100.4
98.2
101.6
102.0
108.0
100.1
88.2
108.9
101.4
108.9
-8.1
-23.5
-7.2
-7.5
-4
-0.3
2.5
11.1
-5.3
15.2
9.7
6.6
2014 1
2
3
4
5
6
7
8P
9P
1,716
1,848
3,029
2,283
1,842
2,001
1,802
4,097
1,835
-7.1
10.9
45.7
23.7
-13.4
5.7
-6.9
152.3
15.4
88
120
1,013
97
116
92
89
2,541
79
-36.9
-28.8
735.6
5.1
-53.4
-56.7
-75.3
2653.2
10.6
1,628
1,728
2,016
2,187
1,726
1,910
1,713
1,556
1,756
-4.7
15.4
3.0
24.7
-8.1
13.6
8.7
1.6
15.7
88.4
93.8
107.6
108.7
107.2
104.4
111.1
90.2
99.4
-1.6
12.3
7.2
10.7
5.5
2.4
2.9
-9.9
12.7
59
Statistical Appendices
25,148
21,648
23,105
P: Preliminary
Source: Statistics Korea
EB 11 .indd 59
Statistical A ppendic es
7. Value of construction completed and domestic
construction orders received
(current value, billion won)
Period
60
Value of
construction y-o-y
completed change
(Total)
(%)
Type of order
Public
Private
y-o-y
change (%)
Domestic
construction
y-o-y
orders
change
received
y-o-y
(%)
(Total)
change (%)
Type of order
Public
Private
y-o-y
change (%)
y-o-y
change (%)
E c o n o m i c B u l le t i n
2011
2012
2013
91,717
88,713
97,938
-0.6 35,120
-3.3 33,807
10.4 34,532
-0.1
-3.7
2.1
51,663
50,622
59,492
-2.2
-2.0
17.5
95,332
89,395
75,644
6.1
-6.2
-15.4
28,624
26,071
24,574
-2.0
-8.9
-5.7
61,839
59,811
48,888
12.3
-3.3
-18.3
2011
19,277
24,057
21,423
26,960
-5.2 7,322
-0.1 9,290
-2.7 7,684
4.4 10,825
-2.1
1.8
-1.5
0.7
11,031
13,339
12,597
14,696
-7.9
-4.3
-4.3
6.9
16,335
25,319
20,444
33,233
-11.5
-0.9
5.6
25.5
4,119
6,311
6,711
11,483
-49.0
-8.4
-1.4
54.5
11,107
17,653
12,871
20,209
20.3
4.7
12.1
15.4
2012
19,275
22,410
21,351
25,676
0.0
-6.8
-0.3
-4.8
7,442
8,892
7,598
9,876
1.6
-4.3
-1.1
-8.8
10,893
12,440
12,676
14,613
-1.2
-6.7
0.6
-0.6
22,671
25,732
18,395
22,596
38.8
1.6
-10.0
-32.0
5,655
5,570
5,401
9,443
37.3
-11.7
-19.5
-17.8
16,309
19,100
12,522
11,877
46.8
8.2
-2.7
-41.2
2013
20,145
25,707
23,679
28,407
4.5 7,005
14.7 9,345
10.9 8,083
10.6 10,099
-5.9
5.1
6.4
2.3
12,375
15,377
14,674
17,066
13.6
23.6
15.8
16.8
13,425
18,143
16,454
27,621
-40.8
-29.5
-10.6
22.2
4,289
5,348
4,910
10,025
-24.1
-4.0
-9.1
6.2
8,781
12,108
11,165
16,832
-46.2
-36.6
-10.8
41.7
2014
21,626
26,116
23,560
7.4
1.6
-0.5
7,144
8,697
7,225
2.0
-6.9
-10.6
13,630
16,470
15,335
10.1
7.1
4.5
15,501
22,881
23,744
15.5
26.1
44.3
5,968
6,578
5,261
39.1
23.0
7.1
9,102
16,002
17,907
3.6
32.2
60.4
2012 1
2
3
4
5
6
7
8
9
10
11
12
5,796
6,035
7,444
6,844
7,307
8,259
7,037
6,582
7,732
7,343
8,098
10,235
-6.3
13.2
-4.1
-4.5
-1.8
-12.6
4.2
-4.6
-0.5
-7.8
3.0
-8.1
2,123
2,373
2,945
2,644
2,873
3,374
2,372
2,322
2,904
2,591
3,003
4,282
-12.9
17.0
3.1
-3.6
3.0
-10.2
-0.3
-5.6
2.1
-10.7
-5.3
-9.9
3,373
3,405
4,115
3,903
4,106
4,431
4,281
3,943
4,452
4,452
4,773
5,387
-3.3
11.3
-8.2
-4.0
-3.4
-11.8
5.4
-3.8
0.3
-4.7
11.2
-6.0
7,468
8,488
6,714
6,428
7,310
11,993
6,823
5,390
6,181
5,800
7,239
9,556
52.0
108.1
-8.6
-4.2
2.3
4.6
32.3
-28.8
-19.9
-22.6
-19.9
-42.8
2,034
2,218
1,402
1,453
1,061
3,056
2,304
1,316
1,780
1,970
2,105
5,366
54.6
57.5
0.6
1.7
-43.9
2.2
24.2
-12.5
-46.9
-14.9
-29.5
-13.1
5,269 81.4
6,121 144.1
4,918 -13.6
4,461 -3.6
6,133 29.4
8,505
2.7
4,329 39.9
4,032 -30.3
4,161
4.2
3,787 -24.1
4,798 -18.3
3,290 -64.8
2013 1
2
3
4
5
6
7
8
9
10
11
12
6,266
6,222
7,657
8,089
8,142
9,476
7,839
7,657
8,183
8,628
9,083
10,696
8.1
3.1
2.9
18.2
11.4
14.7
11.4
16.3
5.8
17.5
12.2
4.5
2,072
2,345
2,589
2,839
2,805
3,700
2,643
2,561
2,878
2,958
3,124
4,017
-2.4
-1.2
-12.1
7.4
-2.4
9.7
11.5
10.3
-0.9
14.2
4.0
-6.2
3,956
3,650
4,769
4,954
5,062
5,361
4,885
4,810
4,979
5,329
5,625
6,112
17.3
7.2
15.9
26.9
23.3
21.0
14.1
22.0
11.8
19.7
17.8
13.5
3,546
4,431
5,447
4,946
6,073
7,124
5,675
4,708
6,070
7,346
7,895
12,379
-52.5
-47.8
-18.9
-23.1
-16.9
-40.6
-16.8
-12.6
-1.8
26.7
9.1
29.5
1,289
1,287
1,713
1,558
1,559
2,231
1,412
1,493
2,004
1,500
2,648
5,877
-36.6
-42.0
22.1
7.2
47.0
-27.0
-38.7
13.5
12.6
-23.9
25.8
9.5
2,108
2,992
3,680
2,962
4,393
4,753
4,153
3,171
3,840
5,756
5,004
6,070
2014 1
2
3
4
5
6
7
8P
9P
7,034
6,654
7,938
8,457
8,173
9,486
7,896
7,705
7,959
12.3
6.9
3.7
4.6
0.4
0.1
0.7
0.6
-2.7
2,310
2,207
2,627
2,737
2,580
3,380
2,427
2,320
2,479
11.5 4,434
-5.9 4,226.0
1.5 4,971.0
-3.6 5,445
-8.0 5,302
-8.7 5,723
-8.2 5,134
-9.4 5,101
-13.9 5,099
12.1
15.8
4.2
9.9
4.8
6.7
5.1
6.1
2.4
5,300
5,393
4,807
7,290
6,427
9,163
6,902
8,535
8,307
49.5
21.7
-11.8
47.4
5.8
28.6
21.6
81.3
36.8
2,102
2,242
1,625
1,892
2,000
2,686
1,555
1,633
2,073
62.9
74.2
-5.2
21.4
28.3
20.4
10.1
9.4
3.4
-60.0
-51.1
-25.2
-33.6
-28.4
-44.1
-4.1
-21.4
-7.7
52.0
4.3
84.5
3,026 43.5
3,001
0.3
3,075 -16.4
5,388 81.9
4,359 -0.8
6,256 31.6
5,281 27.1
6,713 111.7
5,914 54.0
P: Preliminary
Source: Statistics Korea
EB 11 .indd 60
Coincident index
(2010=100)
Cyclical indicator
of coincident
index (2010=100)
BSI (results)
BSI (prospects)
2011 1
2
3
4
5
6
7
8
9
10
11
12
101.2
101.5
101.6
101.3
101.6
102.1
102.5
102.8
103.0
103.1
103.1
103.4
100.8
100.7
100.4
99.6
99.4
99.4
99.5
99.3
99.0
98.7
98.3
98.1
103.3
103.4
104.0
104.0
104.8
105.4
106.0
106.5
106.5
106.9
106.8
107.2
101.1
100.9
101.0
100.6
101.0
101.2
101.3
101.4
101.0
101.0
100.5
100.5
99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
93.0
90.1
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
94.8
2012 1
2
3
4
5
6
7
8
9
10
11
12
104.2
105.3
105.8
106.3
106.5
107.5
107.9
108.0
107.8
108.1
108.8
109.5
98.5
99.2
99.2
99.4
99.1
99.7
99.8
99.5
98.9
98.8
99.1
99.4
107.3
108.1
108.4
108.6
108.8
109.2
109.9
109.8
110.3
110.2
110.8
111.4
100.2
100.6
100.5
100.4
100.2
100.2
100.5
100.0
100.1
99.6
99.8
100.0
88.6
92.2
101.4
97.5
95.7
90.4
82.1
84.4
89.3
88.9
82.2
87.0
88.3
91.0
106.1
98.4
104.7
98.3
89.7
82.7
99.5
97.0
92.5
82.0
2013 1
2
3
4
5
6
7
8
9
10
11
12
109.8
110.1
110.7
111.3
112.0
113.1
113.8
114.4
114.6
115.3
116.2
117.0
99.2
99.2
99.3
99.5
99.7
100.3
100.5
100.7
100.4
100.8
101.1
101.5
111.7
112.2
112.3
112.9
113.2
113.9
114.3
114.9
115.1
115.7
116.1
116.7
100.0
100.0
99.7
99.9
99.8
100.1
100.1
100.3
100.1
100.2
100.2
100.4
85.0
83.0
101.3
94.1
97.6
95.0
91.1
89.8
93.0
94.7
91.9
90.5
85.7
86.7
104.4
101.5
99.8
97.2
90.7
92.7
94.4
101.1
94.7
92.6
2014 1
2
3
4
5
6
7
8
9
10
11
117.6
118.0
118.2
118.8
119.1
119.8
120.3
121.7
122.9
-
101.6
101.5
101.3
101.5
101.3
101.6
101.6
102.4
103.0
-
117.5
117.9
118.4
118.5
118.5
118.9
119.5
120.2
120.5
-
100.7
100.6
100.7
100.4
100.1
100.1
100.2
100.5
100.3
-
89.4
87.0
100.7
95.8
93.0
91.3
90.8
89.0
92.3
93.1
-
93.4
88.7
104.4
99.5
101.7
94.5
94.0
91.6
93.1
100.7
93.6
61
Statistical Appendices
Leading index
(2010=100)
Period
EB 11 .indd 61
Statistical A ppendic es
9. Balance of payments (I)
(US $ million)
Current
account
Goods
2011
2012
2013
18,655.8
50,835.0
79,883.6
29,089.9
49,406.0
80,568.6
587,099.7
603,509.2
617,127.6
2011
-3,769.1
-1,921.2
11,994.5
12,351.6
2,453.6
2,520.5
11,435.4
12,680.4
2012
-746.0
11,605.1
16,886.8
23,089.1
2013
Services
Primary
income
Secondary
income
558,009.8
554,103.2
536,559.0
-12,279.1
-5,213.6
-7,927.4
6,560.6
12,116.7
11,424.8
-4,715.6
-5,474.1
-4,182.3
133,839.7
150,171.3
150,723.9
152,364.8
131,386.1
147,650.8
139,288.5
139,684.4
-4,746.0
-3,468.8
-2,163.6
-1,900.7
-195.2
372.1
3,723.5
2,660.2
-1,281.5
-1,345.0
-1,000.8
-1,088.3
1,661.5
8,535.0
15,894.6
23,314.9
144,260.1
150,834.0
149,619.5
158,795.6
142,598.6
142,299.0
133,724.9
135,480.7
-2,970.8
172.0
-679.8
-1,735.0
2,045.3
3,942.3
2,972.2
3,156.9
-1,482.0
-1,044.2
-1,300.2
-1,647.7
10,458.1
20,804.7
23,782.0
24,838.8
12,075.8
19,998.5
23,876.5
24,617.8
146,933.9
153,981.4
153,754.8
162,457.5
134,858.1
133,982.9
129,878.3
137,839.7
-3,512.2
-409.8
-2,062.7
-1,942.7
2,782.6
1,835.0
3,162.8
3,644.4
-888.1
-619.0
-1,194.6
-1,480.6
2014P
15,070.7
24,125.2
22,664.6
17,745.2
26,428.1
21,889.8
152,688.6
159,385.4
153,713.0
134,943.4
132,957.3
131,823.2
-3,618.6
-1,953.9
-1,018.9
1,905.8
1,330.9
3,143.5
-961.7
-1,679.9
-1,349.8
2012 1
2
3
4
5
6
7
8
9
10
11
12
-2,151.2
-2,409.5
3,814.7
87.8
5,265.5
6,251.8
8,413.0
1,808.7
6,665.1
7,494.2
8,293.6
7,301.3
-1,727.4
-863.1
4,252.0
-222.9
3,387.9
5,370.0
7,529.7
2,118.1
6,246.8
7,472.8
8,580.9
7,261.2
44,738.1
48,304.2
51,217.8
49,330.2
50,854.0
50,649.8
51,530.7
47,379.6
50,709.2
53,409.2
54,492.4
50,894.0
46,465.5
49,167.3
46,965.8
49,553.1
47,466.1
45,279.8
44,001.0
45,261.5
44,462.4
45,936.4
45,911.5
43,632.8
-1,017.2
-2,018.3
64.7
288.4
545.9
-662.3
110.0
-844.3
54.5
-415.4
-833.9
-485.7
1,243.3
873.2
-71.2
364.5
1,660.1
1,917.7
1,260.7
965.2
746.3
867.8
988.6
1,300.5
-649.9
-401.3
-430.8
-342.2
-328.4
-373.6
-487.4
-430.3
-382.5
-431.0
-442.0
-774.7
2013 1
2
3
4
5
6
7
8
9
10
11
12
1,969.3
2,146.5
6,342.3
4,552.9
9,752.2
6,499.6
7,985.1
7,198.0
8,598.9
11,107.9
6,854.8
6,876.1
2,855.2
2,733.1
6,487.5
5,103.3
9,591.6
5,303.6
7,911.7
7,378.1
8,586.7
9,816.8
8,175.6
6,625.4
51,027.4
44,778.4
51,128.1
51,587.2
53,548.1
48,846.1
53,353.6
49,839.2
50,562.0
56,702.8
52,756.9
52,997.8
48,172.2
42,045.3
44,640.6
46,483.9
43,956.5
43,542.5
45,441.9
42,461.1
41,975.3
46,886.0
44,581.3
46,372.4
-1,783.5
-1,394.1
-334.6
5.7
-298.2
-117.3
-1,058.1
-805.9
-198.7
393.5
-1,923.2
-413.0
1,434.6
1,035.1
312.9
-354.1
670.3
1,518.8
1,396.1
912.4
854.3
1,260.6
1,010.9
1,372.9
-537.0
-227.6
-123.5
-202.0
-211.5
-205.5
-264.6
-286.6
-643.4
-363.0
-408.5
-709.1
2014P 1
2
3
4
5
6
7
8
9
3,285.3
4,499.1
7,286.3
7,124.7
9,080.8
7,919.7
7,843.3
7,196.7
7,624.6
4,367.0
5,403.4
7,974.8
10,648.0
9,133.5
6,646.6
6,794.4
7,367.3
7,728.1
50,599.8
47,993.3
54,095.5
56,721.4
52,383.0
50,281.0
53,811.7
48,920.1
50,981.2
46,232.8
42,589.9
46,120.7
46,073.4
43,249.5
43,634.4
47,017.3
41,552.8
43,253.1
-1,912.1
-1,058.7
-647.8
-1,042.8
-336.1
-575.0
-7.4
-732.7
-278.8
1,211.4
371.8
322.6
-1,619.7
725.1
2,225.5
1,488.8
1,048.0
606.7
-381.0
-217.4
-363.3
-860.8
-441.8
-337.4
-432.5
-485.9
-431.4
Period
62
Exports
Imports
E c o n o m i c B u l le t i n
P: Preliminary
Source: The Bank of Korea
EB 11 .indd 62
Direct
investment
Portfolio
investment
Financial
derivatives
Other
investment
2011
2012
2013
-24,315.8
-51,582.4
-76,881.1
-19,931.7
-21,136.2
-16,951.5
13,142.7
6,747.8
-8,287.1
-1,031.3
2,627.8
3,839.7
-2,542.7
-26,637.3
-41,003.7
-112.0
-41.7
-27.8
-13,952.8
-13,184.5
-14,478.5
2011
3,231.1
-8.5
-11,957.3
-15,581.1
-4,872.2
-5,028.1
-4,652.9
-5,378.5
-472.1
4,043.3
8,344.5
1,227.0
922.4
-160.6
-1,535.5
-257.6
11,172.4
3,754.9
-20,439.5
2,969.5
-30.0
-9.7
-5.4
-66.9
-3,519.4
-2,618.0
6,326.1
-14,141.5
2012
-4,564.4
-4,278.7
-18,096.1
-24,643.2
-7,579.6
-4,057.3
-5,705.4
-3,793.9
14,759.6
-6,803.0
4,177.7
-5,386.5
1,198.5
-270.6
595.3
1,104.6
-6,495.1
6,181.1
-13,247.2
-13,076.1
-19.2
-6.7
-9.0
-6.8
-6,447.8
671.1
-3,916.5
-3,491.3
2013
-11,560.0
-16,194.8
-23,107.8
-26,018.5
-5,148.2
-3,297.9
-3,988.6
-4,516.8
-6,461.9
-8,919.2
8,996.0
-1,902.0
1,418.9
-604.6
1,694.0
1,331.4
2,562.0
-7,439.0
-23,231.0
-12,895.7
-3.5
-27.5
12.8
-9.6
-3,930.8
4,065.9
-6,578.2
-8,035.4
2014P
-17177.8
-24,208.1
-22,481.5
-3,657.7
-7,552.9
-3,908.6
-13,596.7
-5,867.2
-4,762.4
892.6
2,083.5
1,531.9
6,207.4
-1,701.9
-9,510.4
-2.1
-4.3
3.6
-7,023.4
-11,169.6
-5,832.0
2012 1
2
3
4
5
6
7
8
9
10
11
12
-1,295.1
435.0
-3,704.3
1,566.7
-2,645.3
-3,200.1
-9,113.6
-3,219.3
-5,763.2
-7,172.4
-9,211.9
-8,258.9
-2,022.6
-3,631.3
-1,925.7
-1,225.9
-1,687.4
-1,144.0
-1,695.4
-1,719.8
-2,290.2
-1,001.3
-1,599.7
-1,192.9
7,904.1
6,238.0
617.5
-3,114.3
-1,893.6
-1,795.1
1,730.8
646.6
1,800.3
-4,742.4
-3,886.7
3,242.6
452.6
245.8
500.1
215.0
-480.7
-4.9
358.8
-35.5
272.0
-137.8
631.8
610.6
-5,167.1
-190.9
-1,137.1
5,832.0
147.6
201.5
-8,171.9
-1,016.0
-4,059.3
185.2
-1,759.5
-11,501.8
-9.6
-5.8
-3.8
0.3
-1.0
-6.0
-5.5
-1.9
-1.6
-4.9
0.7
-2.6
-2,462.1
-2,226.6
-1,759.1
-140.1
1,268.8
-457.6
-1,335.9
-1,094.6
-1,486.0
-1,476.1
-2,597.8
582.6
2013 1
2
3
4
5
6
7
8
9
10
11
12
-3,288.5
-3,297.9
-4,973.6
-1,908.3
-9,945.6
-4,340.9
-9,155.6
-7,937.6
-6,014.6
-9,880.0
-8,399.9
-7,738.6
-1,631.9
-1,145.9
-2,370.4
-21.0
-1,659.7
-1,617.2
-1,301.4
-1,275.8
-1,411.4
-296.1
-2,303.1
-1,917.6
-5,226.0
2,023.2
-3,259.1
-1,873.5
-1,091.4
-5,954.3
1,825.5
1,435.1
5,735.4
4,467.7
-1,522.8
-4,846.9
586.9
686.9
145.1
-313.2
649.2
-940.6
443.3
218.1
1,032.6
713.1
14.0
604.3
3,380.1
-2,870.9
2,052.8
-643.1
-6,804.3
8.4
-8,131.5
-6,631.3
-8,468.2
-10,064.8
-1,742.0
-1,088.9
-8.0
-3.3
7.8
-1.4
-11.2
-14.9
1.1
18.2
-6.5
-2.0
0.0
-7.6
-397.6
-1,991.2
-1,542.0
942.5
-1,039.4
4,162.8
-1,991.5
-1,683.7
-2,903.0
-4,699.9
-2,846.0
-489.5
2014P 1
2
3
4
5
6
7
8
9
-4,477.0
-6,920.5
-5,780.3
-6,238.8
-8,132.4
-9,836.9
-5,916.9
-7,802.4
-8,762.2
529.9
-2,163.5
-2,024.1
-2,157.8
-3,338.8
-2,056.3
-1,011.5
-749.5
-2,147.6
-4,193.1
-7,394.4
-2,009.2
1,662.3
-3,311.0
-4,218.5
-1,743.7
504.4
-3,523.1
155.5
223.1
514.0
858.1
534.5
690.9
504.1
557.7
470.1
1,937.4
4,739.0
-469.0
-5,935.6
3,950.6
283.1
-338.1
-7,288.1
-1,884.2
-3.0
3.5
-2.6
2.6
-4.3
-2.6
-6.3
11.2
-1.3
-2,906.7
-2,324.7
-1,792.0
-665.8
-5,967.7
-4,536.1
-3,327.7
-826.9
-1,677.4
63
Statistical Appendices
Capital &
financial
account
Period
P: Preliminary
Source: The Bank of Korea
EB 11 .indd 63
Statistical A ppendic es
11. Prices
(2010=100)
Consumer Prices
Period
All Items
Commodity
y-o-y
change (%)
64
Producer prices
Services
y-o-y
change (%)
Core
y-o-y
change (%)
All Items
y-o-y
change (%)
Commodity
y-o-y
change (%)
y-o-y
change (%)
E c o n o m i c B u l le t i n
2011
2012
2013
104.0
106.3
107.7
4.0
2.2
1.3
105.7
108.9
110.1
5.7
3.0
1.0
102.7
104.2
105.8
2.7
1.4
1.5
103.2
104.9
106.6
3.2
1.6
1.6
106.7
107.5
105.7
6.7
0.7
-1.6
108.7
108.9
106.2
8.7
0.2
-2.5
2011 7
8
9
10
11
12
104.3
105.0
104.9
104.7
104.8
105.2
4.5
4.7
3.8
3.6
4.2
4.2
105.9
107.1
107.1
106.6
106.8
107.3
6.4
6.8
5.0
4.5
6.0
5.7
103.1
103.3
103.1
103.2
103.3
103.5
2.9
3.0
2.7
2.8
2.7
2.8
103.7
103.8
103.7
103.6
103.9
104.3
3.6
3.5
3.3
3.2
3.5
3.6
107.2
107.4
107.4
107.3
107.0
107.1
7.0
6.9
6.3
5.8
5.1
4.3
109.3
109.5
109.6
109.4
108.9
109.0
9.1
8.9
8.0
7.4
6.5
5.3
2012 1
2
3
4
5
6
7
8
9
10
11
12
105.7
106.1
106.0
106.0
106.2
106.1
105.9
106.3
107.0
106.9
106.5
106.7
3.4
3.1
2.6
2.5
2.5
2.2
1.5
1.2
2.0
2.1
1.6
1.4
107.9
108.5
109.2
108.9
109.2
108.8
107.9
108.8
110.4
109.8
108.9
109.0
4.4
3.9
4.1
4.1
4.3
3.6
1.9
1.6
3.1
3.0
2.0
1.6
103.9
104.2
103.5
103.7
103.9
104.0
104.2
104.4
104.4
104.6
104.6
104.8
2.7
2.5
1.4
1.3
1.3
1.2
1.1
1.1
1.3
1.4
1.3
1.3
104.6
104.7
104.3
104.4
104.6
104.9
104.9
105.1
105.2
105.2
105.3
105.5
3.2
2.5
1.9
1.8
1.6
1.5
1.2
1.3
1.4
1.5
1.3
1.2
107.7
108.4
108.9
109.0
108.4
107.1
106.6
107.2
107.6
106.8
106.1
105.8
3.2
3.1
2.4
1.9
1.0
0.0
-0.6
-0.1
0.2
-0.5
-0.9
-1.2
109.5
110.5
111.2
111.1
110.3
108.4
107.6
108.6
109.2
107.8
106.8
106.4
3.6
3.6
2.7
1.9
0.7
-0.7
-1.5
-0.9
-0.4
-1.4
-1.9
-2.3
2013 1
2
3
4
5
6
7
8
9
10
11
12
107.3
107.7
107.6
107.5
107.5
107.3
107.6
107.9
108.1
107.8
107.8
107.9
1.6
1.6
1.5
1.3
1.1
1.2
1.6
1.5
1.0
0.9
1.2
1.1
109.9
110.4
110.4
109.9
109.6
109.4
109.7
110.3
110.9
110.1
110.1
110.2
1.7
1.6
1.1
0.9
0.4
0.7
1.7
1.5
0.4
0.3
1.0
0.9
105.3
105.6
105.4
105.6
105.7
105.7
105.9
106.1
106.0
106.0
106.0
106.2
1.5
1.5
1.7
1.7
1.8
1.6
1.5
1.5
1.5
1.4
1.3
1.3
105.9
106.2
106.0
106.0
106.4
106.6
106.7
106.7
107.0
107.1
107.4
107.5
1.3
1.4
1.6
1.6
1.7
1.6
1.7
1.5
1.7
1.8
2.0
1.9
106.0
106.7
106.3
105.9
105.6
105.5
105.5
105.8
105.7
105.3
105.1
105.4
-1.6
-1.6
-2.4
-2.8
-2.6
-1.4
-1.0
-1.3
-1.8
-1.4
-0.9
-0.4
106.8
107.8
107.1
106.6
106.1
106.0
106.0
106.2
106.1
105.5
105.2
105.5
-2.5
-2.5
-3.7
-4.1
-3.8
-2.2
-1.6
-2.1
-2.8
-2.2
-1.5
-0.9
2014 1
2
3
4
5
6
7
8
9
108.5
108.8
109.0
109.1
109.2
109.1
109.3
109.5
109.4
1.1
1.0
1.3
1.5
1.7
1.7
1.6
1.4
1.1
110.9
111.4
111.6
111.3
111.5
111.2
111.2
111.4
111.5
0.9
0.9
1.1
1.3
1.7
1.7
1.4
1.0
0.5
106.6
106.7
107.0
107.3
107.5
107.4
107.7
107.9
107.8
1.3
1.1
1.5
1.6
1.6
1.6
1.7
1.7
1.7
107.7
108.0
108.3
108.5
108.8
108.9
109.1
109.2
109.1
1.7
1.7
2.1
2.3
2.2
2.1
2.2
2.4
1.9
105.6
105.8
105.7
105.6
105.5
105.6
105.7
105.6
105.2
-0.3
-0.9
-0.5
-0.3
0
0.1
0.2
-0.2
-0.4
105.7
105.9
105.7
105.4
105.3
105.4
105.5
105.1
104.7
-1.0
-1.7
-1.3
-1.1
-0.7
-0.6
-0.4
-1.1
-1.3
EB 11 .indd 64
12. Employment
Period
Economically active
persons (thousand)
y-o-y
change (%)
Manufacturing
y-o-y
change (%)
y-o-y
change (%)
y-o-y
change (%)
Unemployment
(%)
25,099
25,501
25,873
1.4
1.6
1.5
24,244
24,681
25,066
1.7
1.8
1.6
4,091
4,105
4,184
1.6
0.3
1.9
18,595
19,033
19,347
2.1
2.4
1.6
3.4
3.2
3.1
2011 7
8
9
10
11
12
25,473
25,257
25,076
25,409
25,318
24,880
1.0
1.7
0.7
1.6
1.9
1.4
24,636
24,495
24,318
24,673
24,589
24,125
1.4
2.0
1.1
2.1
2.0
1.9
4,079
4,031
4,014
4,044
4,054
4,071
1.0
-0.7
-1.2
-1.3
-2.1
-2.1
18,844
18,739
18,595
18,856
18,921
18,833
1.9
3.1
2.1
3.2
3.2
3.1
3.3
3.0
3.0
2.9
2.9
3.0
2012 1
2
3
4
5
6
7
8
9
10
11
12
24,585
24,825
25,210
25,653
25,939
25,939
25,901
25,623
25,755
25,787
25,652
25,139
2.0
1.6
1.2
1.6
1.8
1.4
1.7
1.4
2.7
1.5
1.3
1.0
23,732
23,783
24,265
24,758
25,133
25,117
25,106
24,859
25,003
25,069
24,941
24,402
2.3
1.9
1.8
1.9
1.9
1.5
1.9
1.5
2.8
1.6
1.4
1.1
4,034
4,060
4,018
4,027
4,071
4,084
4,114
4,111
4,153
4,188
4,218
4,183
-2.8
-2.1
-2.5
-2.0
-1.6
-1.2
0.8
2.0
3.5
3.6
4.0
2.8
18,631
18,599
18,870
19,103
19,292
19,248
19,265
19,040
19,125
19,128
19,088
19,010
3.5
3.2
3.4
3.1
3.0
2.3
2.2
1.6
2.8
1.4
0.9
0.9
3.5
4.2
3.7
3.5
3.1
3.2
3.1
3.0
2.9
2.8
2.8
2.9
2013 1
2
3
4
5
6
7
8
9
10
11
12
24,901
24,973
25,397
25,928
26,195
26,291
26,301
26,074
26,186
26,268
26,230
25,736
1.3
0.6
0.7
1.1
1.0
1.4
1.5
1.7
1.7
1.9
2.3
2.4
24,054
23,984
24,514
25,103
25,398
25,478
25,473
25,291
25,466
25,545
25,530
24,962
1.4
0.8
1.0
1.4
1.1
1.4
1.5
1.7
1.9
1.9
2.4
2.3
4,189
4,139
4,141
4,192
4,175
4,180
4,167
4,116
4,174
4,218
4,253
4,264
3.9
1.9
3.1
4.1
2.6
2.3
1.3
0.1
0.5
0.7
0.8
2.0
18,810
18,736
18,989
19,303
19,492
19,531
19,577
19,438
19,540
19,558
19,670
19,514
1.0
0.7
0.6
1.0
1.0
1.5
1.6
2.1
2.2
2.2
3.0
2.7
3.4
4.0
3.5
3.2
3.0
3.1
3.1
3.0
2.7
2.8
2.7
3.0
2014 1
2
3
4
5
6
7
8
9
10
25,650
25,997
26,187
26,714
26,762
26,825
26,891
26,775
26,766
26,809
3.0
4.1
3.1
3.0
2.2
2.0
2.2
2.7
2.2
2.1
24,759
24,819
25,163
25,684
25,811
25,875
25,979
25,885
25,917
25,951
2.9
3.5
2.6
2.3
1.6
1.6
2.0
2.3
1.8
1.6
4,280
4,274
4,284
4,288
4,324
4,345
4,358
4,335
4,347
4,361
2.2
3.3
3.5
2.3
3.6
3.9
4.6
5.3
4.1
3.4
19,376
19,407
19,538
19,819
19,815
19,841
20,003
19,940
19,949
19,973
3.0
3.6
2.9
2.7
1.7
1.6
2.2
2.6
2.1
2.1
3.5
4.5
3.9
3.9
3.6
3.5
3.4
3.3
3.2
3.2
65
Statistical Appendices
2011
2012
2013
EB 11 .indd 65
Statistical A ppendic es
13. Financial indicators
(period average)
Period
66
Yields(%)
Stock
E c o n o m i c B u l le t i n
CD (91 days)
Corporate bonds
(3 years, AA-)
Treasury bonds
(3 years)
Treasury bonds
(5 years)
KOSPI(end-period)
2010 7
8
9
10
11
12
2.2
2.3
2.3
2.3
2.4
2.5
2.6
2.6
2.7
2.7
2.7
2.8
4.8
4.7
4.4
4.1
4.2
4.2
3.9
3.7
3.5
3.2
3.4
3.3
4.5
4.3
3.9
3.7
4.0
4.0
1,759.33
1,742.75
1,872.81
1,882.95
1,904.63
2,051.00
2011 1
2
3
4
5
6
7
8
9
10
11
12
2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3
3.3
2.9
3.1
3.4
3.4
3.5
3.5
3.6
3.6
3.6
3.6
3.6
3.6
4.5
4.7
4.5
4.5
4.4
4.4
4.5
4.2
4.2
4.3
4.2
4.2
3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4
3.4
4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
3.5
3.5
2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
1,880.11
1,769.65
1,909.03
1,847.51
1,825.74
2012 1
2
3
4
5
6
7
8
9
10
11
12
3.3
3.3
3.3
3.3
3.3
3.3
3.1
3.0
3.0
2.8
2.8
2.8
3.6
3.5
3.5
3.5
3.5
3.5
3.3
3.2
3.1
2.9
2.9
2.9
4.2
4.3
4.4
4.3
4.0
3.9
3.6
3.4
3.3
3.3
3.3
3.3
3.4
3.4
3.6
3.5
3.4
3.3
3.0
2.8
2.8
2.8
2.8
2.9
3.5
3.6
3.7
3.6
3.5
3.4
3.1
2.9
2.9
2.9
2.9
3.0
1,955.79
2,030.25
2,014.04
1,981.99
1,843.47
1,854.01
1,881.99
1,905.12
1,996.21
1,912.06
1,932.90
1,997.05
2013 1
2
3
4
5
6
7
8
9
10
11
12
2.8
2.8
2.7
2.8
2.6
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.9
2.8
2.8
2.8
2.7
2.7
2.7
2.7
2.7
2.7
2.7
2.7
3.2
3.1
3.0
2.9
3.0
3.2
3.4
3.3
3.3
3.3
3.4
3.4
2.8
2.7
2.6
2.6
2.6
2.9
2.9
2.9
2.9
2.8
2.9
2.9
2.9
2.8
2.7
2.6
2.7
3.1
3.2
3.2
3.2
3.1
3.2
3.3
1,961.94
2,026.49
2,004.89
1,963.95
2,001.05
1,863.32
1,914.03
1,926.36
1,996.96
2,030.09
2,044.87
2,011.34
2014 1
2
3
4
5
6
7
8
9
10
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.3
2.2
2.1
2.7
2.7
2.7
2.7
2.7
2.7
2.7
2.5
2.4
2.2
3.3
3.3
3.3
3.3
3.3
3.2
3.0
3.0
2.8
2.6
2.9
2.9
2.9
2.9
2.8
2.7
2.6
2.5
2.4
2.2
3.3
3.2
3.2
3.2
3.1
3.0
2.8
2.8
2.6
2.4
1,941.15
1,979.99
1,985.61
1,961.79
1,994.96
2,002.21
2,076.12
2,068.54
2,020.09
1,964.43
EB 11 .indd 66
Reserve money
M1
y-o-y
change (%)
M2
y-o-y
change (%)
Lf
y-o-y
change (%)
y-o-y
change (%)
75,232.0
82,131.1
91,379.4
11.3
9.2
11.3
425,675.1
441,963.6
484,062.9
6.6
3.8
9.5
1,708,984.5
1,798,625.7
1,885,781.3
4.2
5.2
4.8
2,208,170.4
2,379,518.7
2,543,299.4
5.3
7.8
6.9
2011 7
8
9
10
11
12
74,069.7
75,642.3
77,942.2
76,944.6
76,617.3
77,842.5
10.6
12.4
10.9
10.1
10.3
8.9
418,973.1
422,649.3
425,196.4
421,480.1
423,111.9
432,602.2
3.8
5.4
5.1
4.1
2.0
1.6
1,705,451.5
1,719,437.8
1,729,531.1
1,742,645.4
1,753,296.4
1,756,597.4
3.2
4.0
4.2
4.4
4.4
4.4
2,208,624.3
2,230,191.9
2,243,675.6
2,263,627.7
2,279,234.1
2,288,816.9
4.6
5.5
5.7
6.1
6.2
6.2
2012 1
2
3
4
5
6
7
8
9
10
11
12
81,635.4
81,655.3
79,068.0
80,641.8
80,547.7
81,804.0
81,555.7
82,369.1
82,958.7
85,078.6
82,956.5
85,302.7
11.0
8.3
8.3
10.2
9.1
9.5
10.1
8.9
6.4
10.6
8.3
9.6
439,352.9
437,193.9
440,075.4
437,445.3
438,795.3
441,611.0
441,760.6
439,573.2
440,034.3
444,477.8
445,463.9
457,778.9
2.3
1.1
2.1
2.8
3.5
4.7
5.4
4.0
3.5
5.5
5.3
5.8
1,757,058.7
1,762,988.4
1,773,172.9
1,777,114.7
1,784,220.5
1,796,981.5
1,807,289.2
1,817,134.9
1,819,290.1
1,822,420.9
1,830,280.3
1,835,556.7
4.8
5.3
5.7
5.5
5.5
5.9
6.0
5.7
5.2
4.6
4.4
4.5
2,292,213.5
2,302,065.8
2,341,626.9
2,349,723.2
2,357,701.0
2,377,071.3
2,393,737.7
2,405,239.9
2,415,263.5
2,424,000.4
2,440,062.8
2,455,962.9
6.5
7.2
8.8
8.6
8.4
8.5
8.4
7.8
7.6
7.1
7.1
7.3
2013 1
2
3
4
5
6
7
8
9
10
11
12
85,839.3
88,855.7
89,523.5
87,729.0
89,654.8
91,207.6
90,643.7
93,729.6
95,130.6
93,640.4
93,609.9
96,988.5
5.1
8.8
13.2
8.8
11.3
11.5
11.1
13.8
14.7
10.1
12.8
13.7
464,914.5
472,239.6
472,430.1
475,330.0
475,526.7
486,587.5
488,982.7
481,416.9
490,518.7
491,947.9
499,242.7
509,617.9
5.8
8.0
7.4
8.7
8.4
10.2
10.7
9.5
11.5
10.7
12.1
11.3
1,841,128.1
1,857,135.0
1,862,405.5
1,867,726.3
1,870,289.7
1,884,193.2
1,890,728.6
1,888,658.4
1,903,187.1
1,908,557.6
1,923,339.2
1,932,026.4
4.8
5.3
5.0
5.1
4.8
4.9
4.6
3.9
4.6
4.7
5.1
5.3
2,469,789.3
2,488,539.0
2,499,718.1
2,512,459.7
2,518,239.1
2,533,750.8
2,549,443.5
2,557,336.3
2,577,546.7
2,587,071.4
2,605,873.9
2,619,029.5
7.7
8.1
6.8
6.9
6.8
6.6
6.5
6.3
6.7
6.7
6.8
6.6
2013 1
2
3
4
5
6
7
8
9
98,541.6
100,547.9
100,624.0
98,898.5
101,791.4
101,412.3
101,164.2
107,682.4
105,354.1
14.8
13.2
12.4
12.7
13.5
11.2
11.6
14.9
10.7
515,742.5
518,475.5
520,299.0
518,809.3
523,069.9
532,041.2
534,028.8
538,640.3
548,550.8
10.9
9.8
10.1
9.1
10.0
9.3
9.2
11.9
11.8
1,937,045.6
1,954,340.7
1,964,954.0
1,970,361.6
1,982,390.9
1,999,376.3
2,013,935.1
2,031,777.2
2,037,600.8
5.2
5.2
5.5
5.5
6.0
6.1
6.5
7.6
7.1
2,635,100.1
2,647,674.0
2,659,370.7
2,669,341.4
2,684,643.9
2,703,088.1
2,725,737.6
2,743,972.5
2,759,390.8
6.7
6.4
6.4
6.2
6.6
6.7
6.9
7.3
7.1
67
Statistical Appendices
2011
2012
2013
EB 11 .indd 67
Statistical A ppendic es
15. Exchange rates
(end-period)
\/US $
Period
68
\/100
E c o n o m i c B u l le t i n
Won
y-o-y
change (%)
Won
2011
2012
2013
1,153.3
1,071.1
1,055.3
1.3
-7.1
-1.5
1,485.2
1,247.5
1,004.7
2011 7
8
9
10
11
12
1,052.6
1,071.7
1,179.5
1,104.5
1,150.3
1,153.3
-11.3
-9.9
3.3
-2.0
-0.6
1.3
2012 1
2
3
4
5
6
7
8
9
10
11
12
1,125.0
1,126.5
1,137.8
1,134.2
1,177.8
1,153.8
1,136.2
1,134.6
1,118.6
1,094.1
1,084.7
1,071.1
2013 1
2
3
4
5
6
7
8
9
10
11
12
2014 1
2
3
4
5
6
7
8
9
10
\/Euro
y-o-y
change (%)
Won
y-o-y
change (%)
6.3
-16.0
-19.5
1,494.1
1,416.3
1,456.3
-1.3
-5.2
2.8
1,353.2
1,396.8
1,536.6
1,458.0
1,475.7
1,485.2
-1.2
-0.7
12.7
4.8
7.4
6.3
1,507.9
1,547.3
1,601.4
1,562.7
1,532.9
1,494.1
-2.9
2.7
2.9
-0.4
1.0
-1.3
1.0
-0.1
2.8
5.8
9.0
7.0
7.9
5.9
-5.2
-0.9
-5.7
-7.1
1,473.1
1,399.2
1,380.7
1,412.0
1,489.1
1,453.8
1,453.6
1,444.0
1,441.1
1,374.5
1,320.6
1,247.5
8.6
1.3
3.7
7.5
11.5
8.8
7.4
3.4
-6.2
-5.7
-10.5
-16.0
1,478.2
1,516.3
1,513.4
1,501.7
1,456.6
1,435.0
1,393.1
1,419.6
1,444.3
1,418.3
1,407.3
1,416.3
-2.4
-2.1
-3.2
-5.6
-6.0
-8.0
-7.6
-8.3
-9.8
-9.2
-8.2
-5.2
1,082.7
1,085.4
1,112.1
1,108.1
1,128.3
1,149.7
1,113.6
1,110.9
1,075.6
1,061.4
1,062.1
1,055.3
-3.8
-3.6
-2.3
-2.3
-4.2
-0.4
-2.0
-2.1
-3.8
-3.0
-2.1
-1.5
1,188.5
1,176.2
1,180.1
1,132.0
1,116.6
1,167.2
1,135.4
1,129.2
1,098.7
1,077.5
1,038.2
1,004.7
-19.3
-15.9
-14.5
-19.8
-25.0
-19.7
-21.9
-21.8
-23.8
-21.6
-21.4
-19.5
1,469.3
1,425.8
1,425.2
1,451.3
1,471.4
1,498.2
1,476.7
1,470.6
1,451.3
1,456.6
1,444.8
1,456.3
-0.6
-6.0
-5.8
-3.4
1.0
4.4
6.0
3.6
0.5
2.7
2.7
2.8
1,079.2
1,067.7
1,068.8
1,031.7
1,021.6
1,014.4
1,024.3
1,013.6
1,050.6
1,054.0
-0.3
-1.6
-3.9
-6.9
-9.5
-11.8
-8.0
-8.8
-2.3
-0.7
1,043.7
1,044.8
1,038.7
1,005.3
1,004.2
1,000.0
995.7
977.6
960.2
964.1
-12.2
-11.2
-12.0
-11.2
-10.1
-14.3
-12.3
-13.4
-12.6
-10.5
1,473.6
1,463.6
1,469.4
1,425.0
1,389.6
1,384.2
1,371.8
1,336.2
1,333.3
1,328.8
0.3
2.7
3.1
-1.8
-5.6
-7.6
-7.1
-9.1
-8.1
-8.8
EB 11 .indd 68
Useful websites
Ministry of Strategy and Finance
http://english.mosf.go.kr
Ministry of Trade, Industry and Energy
http://www.motie.go.kr/language/eng
Financial Services Commission
http://www.fsc.go.kr/eng
Financial Supervisory Service
http://english.fss.or.kr
Fair Trade Commission
http://eng.ftc.go.kr
Ministry of Employment and Labor
http://www.moel.go.kr/english
The Bank of Korea
http://www.bok.or.kr/eng
Statistics Korea
http://kostat.go.kr/portal/english
EB 11 .indd 2
ISSN 2287-7266
Republic of Korea
Vol.36 No.11
November 2014
conomic
u l l e t i n
Statistical Appendices
ECONOMIC
BULLETIN
(Republic of Korea)
November 2014
Sejong, 339-012
Republic of Korea
Tel. +82 2 731 1530
Fax. +82 2 731 1540
E-mail. fppr@mosf.go.kr
Website. http://english.mosf.go.kr
Economic Information and Education Center
Korea Development Institute
15 Giljae-gil (Bangok-dong)
Sejong, 339-007
Republic of Korea
Fax. +82 44 550 4941
E-mail. jiyounlee@kdi.re.kr
MOSF / KDI
Website. http://eiec.kdi.re.kr
EB 11 .indd 1