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ISSN 2287-7266

Republic of Korea
ECONOMIC BULLETIN (Republic of Korea)

ECONOMIC
BULLETIN
03 The Green Book:
Current Economic Trends
47 Featured Issue

Pursuing Realistic Visions for the Financial Industry


(Interview with FSC Chairman Shin Je-Yoon)

51 Policy Issues

Economic Policy Directions for the Second Half of 2013

58 Economic News Briefing

KONEX Begins Trading on July 1


Korea-China Currency Swap to be Extended
Government to Boost Surveillance on Illegal Forex Transactions
Korea-EU FTA Tariffs Further Cut

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61 Statistical Appendices
Vol.35 No.7 July 2013

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Government Complex, 477 Galmae-ro
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| Economic Information and Education Center

Vol.35 No.7

July 2013

Republic of Korea
Vol.35 No.7

July 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

Featured Issue
Pursuing realistic visions for the financial industry ...............................................47
(Interview with FSC chairman Shin Je-Yoon)

Policy Issues
Economic policy directions for the second half of 2013 ........................................... 51

Economic News Briefing .......................................................................... 58


Statistical Appendices ................................................................................ 61

The Green Book


Current Economic Trends
Overview
The Korean economy has seen some economic indicators improve, including service output
and facility investment, while inflation has remained stable. However, mining & manufacturing
production, consumption and construction investment fell, and employment grew at a slower pace.
Real economic indicators excluding mining & manufacturing production, such as industrial
production, service output, consumption and construction investment, moderately improved in
the second quarter until May, compared with the first quarter, taking temporary factors in the
public sector into account.
In May, the economy added 265,000 jobs year-on-year, down from 345,000 in the previous month.
Consumer price inflation stayed stable at 1.0 percent in June, as favorable weather conditions and
low international oil prices contributed to a continuous fall in agricultural and petroleum product
prices.
Mining and manufacturing production fell by 0.4 percent month-on-month in May, led by a drop
in other transportation equipment, while service output increased by 0.2 percent, backed by an
improvement in real estate & renting.
Despite strong semi-durable goods sales, retail sales fell 0.2 percent month-on-month in May, as
durable and nondurable goods sales went down.
Facility investment in May rose 1.2 percent from the previous month due to strong machinery
investment, while construction investment dropped by 4.3 percent as both building construction
and civil engineering works fell.
Exports declined by 0.9 percent year-on-year in June despite strong exports of vessels and ITrelated items such as mobile phones, due to fewer days worked and decreased shipments to Japan.
The trade balance remained in the black at US$5.52 billion.
The cyclical indicator of the coincident composite index decreased 0.2 points month-on-month in
May, and the leading composite index rose 0.3 points.
In June, stock prices fell and the won weakened, due to the outflow of foreign capital from the
stock market, which resulted from worries regarding the early tapering of quantitative easing in
the US, and the strong dollar.
Apartment prices rose moderately by 0.1 percent in June from the previous month, when the
prices registered a 0.3 percent increase, while the upward trend in rental prices slowed down from
0.4 percent to 0.3 percent.
The Green Book | 3

The Korean economy is expected to gradually recover in line with an improvement in global
economic situations and as policies have started to positively affect the economy. However, there
still remain downside risks that may arise from the early tapering of quantitative easing in the US
and the struggling eurozone economy.
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 economy is expected to continue to steadily recover, led by the US,
but the eurozone is still mired in recession and there is a possibility that Chinese
economic growth will slow down owing to a change in its policy focus to the
quality of growth*.

External
economic
situation

* Rather than implementing short-term economic stimulus measures, China is currently focused
on laying the foundation for sustainable growth through policy reforms, including stabilizing
the social safety net and investing in infrastructure to support urbanization (announced by the
National Peoples Congress in March, 2013).

Numerous potential risk factors remain, including political instability in Egypt


and Portugal* and financial market anxiety owing to recent talks of tapering
quantitative easing in the US**.
* Tensions are rising in the eurozone due to opposition within Portugal to further austerity,
and there are fears that oil prices will rise owing to the recent political upheaval in Egypt (the
military overthrew the Morsi administration earlier in the month).
** Some investment banks, such as Goldman Sachs, predict that the US Federal Reserve will
begin tapering quantitative easing in September owing to favorable employment indicators.

World GDP growth


6

(%)

5
4
3
2
1
0
-1

2001

4 | The Green Book

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

US economic growth in the first quarter of 2013 (finalized, annualized q-o-q) was
sharply revised downward from the previously reported 2.4 percent (revised) to 1.8
percent, but recovery momentum in the US continues led by consumption and the
housing market.

US

Factors that contribute to GDP, including private sector spending, corporate


investment and exports, were all revised downward, but the housing market
continued to be a bright spot for the US economy as housing investment was
revised upwards.
Contribution to growth rate (revised [ finalized, %p)

2.40 [ 1.83 (private consumption), 0.23 [ 0.04 (corporate investment), 0.30 [ 0.34 (housing investment),
0.63 [ 0.57 (inventory investment), 0.4 [ -0.15 (exports), -0.97 [ -0.93 (government spending)

Industrial production improved to 0.0 percent in May compared with the previous
month (-0.4%), and the ISM Manufacturing Index, which shows business confidence,
registered above its baseline of 50 while beating market expectations (50.5).
ISM Manufacturing Index (base=50)
51.7 (Oct 2012) [ 49.9 (Nov) [ 50.2 (Dec) [ 53.1 (Jan 2013) [ 54.2 (Feb) [ 51.3 (Mar) [
50.7 (Apr) [ 49.0 (May) [ 50.9 (Jun)

US GDP growth and industrial production


Source: US Department of Commerce & US Federal Reserve Board
10

(%)

8
6
4
2
0
-2
-4
-6
-8
-10
2001. Q1

2002. Q1

2003. Q1

2004. Q1

2005. Q1

2006. Q1

2007. Q1

GDP (q-o-q, annualized rate)

2008. Q1

2009. Q1

2010. Q1

2011. Q1

2012. Q1

2013. Q1

Industrial production (q-o-q)

Retail sales showed stronger growth than the previous month, up 0.6 percent, and
the Conference Board Consumer Confidence Index registered its highest level
since January 2008.
Consumer Confidence Index

73.1 (Oct 2012) [ 71.5 (Nov) [ 66.7 (Dec) [ 58.4 (Jan 2013) [ 68.0 (Feb) [ 61.9 (Mar) [
69.0 (Apr) [ 74.3 (May) [ 81.4 (Jun)

The housing market continued to recover, as home sales indicators improved


and housing prices rose for 13 consecutive months. Existing home sales in May
increased 4.2 percent, and new home sales improved 2.1 percent compared to the
previous month.
The Green Book | 5

Case-Shiller Home Price Index (q-o-q, %)

-0.4 (Q1 2012) [ 2.2 (Q2) [ 1.7 (Q3) [ 1.9 (Q4) [ 3.4 (Q1 2013)
1.3 (Feb 2013) [ 1.9 (Mar) [ 1.7 (Apr)

New home sales (m-o-m, %)

-4.9 (Oct 2012) [ 9.0 (Nov) [ -0.5 (Dec) [ 15.7 (Jan 2013) [ -2.8 (Feb) [ 1.3 (March) [ 3.3
(April) [ 2.1 (May)

The unemployment rate was 7.6 percent in June, unchanged from the previous
month, but the job market continued to show signs of improvement as nonfarm
employment increased by 195,000, greatly exceeding forecasts (165,000).
Nonfarm payroll increase (m-o-m, thousand)
160 (Oct 2012) [ 247 (Nov) [ 219 (Dec) [ 148 (Jan 2013) [ 332 (Feb) [ 142 (Mar) [ 199
(Apr) [ 195 (May) [ 195 (Jun)
Nonfarm payroll increase in June by industry (Out of 195,000 jobs added, thousand)
202 (private sector): 1 (mining), -6 (manufacturing), 13 (construction), 194 (service),
-7 (public sector)

US nonfarm payroll growth and unemployment rate


Sourse : US Department of Labor
800

(thousand)

(%)

12

600

10

400

200
0

-200

-400
-600

-800
-1,000
2001. 1

0
2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

US nonfarm payroll growth (m-o-m, left)

2013. 1

Unemployment rate (right)

(Percentage change from previous period)

2011
Real GDP

2012

2013

Annual

Annual

Q1

Q2

Q3

Q4

Q1

Apr

May

Jun

1.8

2.2

2.0

1.3

3.1

0.4

1.8

- Personal consumption expenditure

2.5

1.9

2.4

1.5

1.6

1.8

2.6

- Corporate fixed investment

8.6

8.0

7.5

3.6

-1.8

13.2

0.4

- Housing construction investment

-1.4

12.1

20.5

8.5

13.5

17.6

14.0

Industrial production

4.1

3.8

1.4

0.6

0.0

0.6

1.0

-0.4

0.0

Retail sales

8.0

5.0

1.7

-0.3

1.3

1.5

1.0

0.1

0.6

Existing home sales

2.4

9.9

5.5

-2.0

5.1

3.3

1.0

0.6

4.2

Unemployment rate

9.0

8.1

8.3

8.2

8.1

7.8

7.7

7.5

7.6

7.6

3.2

2.1

2.8

1.9

1.7

1.9

1.7

1.1

1.4

Consumer prices
1. Preliminary 2. Annualized rate (%)
Source: US Department of Commerce

6 | The Green Book

3. Seasonally adjusted

Chinese economic growth in the first quarter was 7.7 percent, falling below market
expectations, while economic indicators were mixed as retail sales improved and
industrial production slowed down, and there is a possibility that growth will slow
down.

China

Consumption has been gradually improving, but has yet to pick up from a year
ago due to the cutting of lavish government spending, anticorruption policies
and worries about food product sanitation, and this could lead to a slowdown in
growth.
Investment continues to be strong and there are signs pointing to a recovery, such
as an expansion in investment to promote urbanization. However, factors which
limit a recovery remain, including the falling manufacturing PMI and restrictive
real estate market regulations.
Manufacturing PMI

50.5 (Q1 2013), 50.6 (Apr) [ 50.8 (May) [ 50.1 (Jun)

Nonmanufacturing PMI

55.4 (Q1 2013), 54.5 (Apr) [ 54.3 (May) [ 53.9 (Jun)


(Percentage change from same period in previous year)

2011
Annual
Real GDP

Q3

2012
Q4

Annual

Q1

Q2

2013
Q3

Q4

Q1

Apr

May

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

10.0

11.6

9.5

9.1

10.0

9.5

9.3

9.2

Fixed asset investment (accumulated)

24.8

24.9

23.8

20.6

20.9

20.4

20.5

20.6

20.9

20.6

20.4

Retail sales

17.1

17.3

17.5

14.3

14.9

13.9

13.5

14.9

12.4

12.8

12.9

Exports

20.7

20.7

14.4

8.3

8.8

10.5

4.5

9.5

18.4

14.6

1.0

Consumer prices

5.4

6.3

4.6

2.6

3.8

2.8

1.9

2.1

2.4

2.4

2.1

Producer prices

6.0

7.1

3.1

-1.7

0.1

-1.4

-3.3

-2.3

-1.7

-2.6

-2.9

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

Chinas GDP growth and fixed asset investment


Source: National Bureau of Statistics of China
18

(%)

(%)

70

16

60

14

50

12

40

10

30

20

10

4
2001. Q1

2002. Q1

2003. Q1

GDP (y-o-y, left)

2004. Q1

2005. Q1

2006. Q1

2007. Q1

2008. Q1

2009. Q1

2010. Q1

2011. Q1

2012. Q1

0
2013. Q1

Fixed asset investment (accumulated, y-o-y, right)

The Green Book | 7

Signs of a Japanese recovery continue to manifest as indicators, such as industrial


production, retail sales and exports, all continue to improve.

Japan

Deflationary pressures appear to be easing as the May consumer price index fell
only 0.3 percent and core inflation remained steady at 0.0 percent.
Business sentiment is improving as the Tankan index for large manufacturers
(baseline = 0) grew from -8.0 in the first quarter to 4.0 in the second quarter.
(Percentage change from previous period)

2011
Annual

Q3

2012
Q4

Annual

Q1

2013

Q2

Q3

Q4

Q1

Apr

May

Real GDP

-0.6

2.5

0.1

2.0

1.2

-0.2

-0.9

0.3

1.0

Industrial production

-2.4

4.3

-0.4

-0.3

1.2

-2.0

-4.2

-1.9

2.2

0.9

2.0

Retail sales

-1.2

0.5

-0.5

1.6

1.2

0.3

-0.9

-0.2

0.6

0.6

1.5

Exports (y-o-y)

-2.7

0.5

-5.5

-2.8

-1.6

4.8

-8.2

-5.5

1.2

3.8

10.1

Consumer prices (y-o-y)

-0.3

0.0

-0.2

-0.0

0.3

0.1

-0.4

-0.2

-0.6

-0.7

-0.3

1. Preliminary
Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan

Japans GDP growth and industrial production


Source: Japans Cabinet Office, Ministry of Economy, Trade and Industry
6

(%)

(%)

25
20

15
10

5
0

-5
-2

-10
-15

-4

-20
-6
2001. Q1

2002. Q1

2003. Q1

GDP (q-o-q, left)

Eurozone

2004. Q1

2005. Q1

2006. Q1

2007. Q1

2008. Q1

2009. Q1

2010. Q1

2011. Q1

2012. Q1

-25
2013. Q1

Industrial production (q-o-q, right)

The recession in the eurozone continues as unemployment in May broke records,


reaching 12.2 percent, and the manufacturing PMI fell below its baseline of 50 for
the 23rd consecutive month.
Unemployment rate (%)
11.5 (Aug 2012) [ 11.6 (Sep) [ 11.7 (Oct) [ 11.8 (Nov) [ 11.8 (Dec) [ 12.0 (Jan 2013) [
12.1 (Feb) [ 12.1 (Mar) [ 12.1 (Apr) [ 12.2 (May) (youth unemployment: 23.9)
Manufacturing PMI (base = 50)
46.1 (Sep 2012) [ 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) [ 48.8 (Jun)

8 | The Green Book

(Percentage change from previous period)

2011

2012

Annual Annual
Real GDP

1.4

-0.5

2013

Q1

Q2

Q3

Q4

Q1

Mar

Apr

Mar

Jun

0.0

-0.2

-0.1

-0.6

-0.2

Industrial production

3.5

-2.4

-0.5

-0.5

0.4

-2.4

0.1

0.9

0.3

Retail sales

-0.5

-1.7

-0.3

-0.8

0.0

-1.5

0.2

-0.2

-0.5

Exports (y-o-y)

12.7

7.4

8.6

8.1

7.4

5.5

1.2

-0.1

9.1

2.7

2.1

2.7

2.7

2.5

2.3

1.9

1.7

1.2

1.4

1.6

Consumer prices (y-o-y)


1. Preliminary
Source: Eurostat

Eurozones GDP growth and industrial production


Source: Eurostat
3

(%)

(%)

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

GDP (q-o-q, left)

2.
Private
consumption

2012. Q1

-10
2013. Q1

Industrial production (q-o-q, right)

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.

(Percentage change from previous period)

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

The Green Book | 9

Retail sales in May fell 0.2 percent compared with the previous month, as sales of
nondurable goods, such as automobile fuel, and durable goods, such as computers
and communications equipment, fell, despite an increase in semi-durable goods
sales, such as clothing. Year-on-year, the index rose 0.5 percent.
(Percentage change from previous period)

2011

20131

2012

Annual

Q1

Q2

Q3

Q4

Annual

Q1

Q2

Q3

Q4

Q1

Apr1

May1

4.5

1.4

0.8

0.5

0.0

2.3

1.0

0.3

1.2

0.4

-1.2

-0.7

-0.2

5.3

6.2

4.0

2.6

2.8

1.4

2.6

2.5

0.2

2.1

0.5

- Durable goods

10.6

3.8

0.5

0.7

-0.9

5.3

2.5

1.9

2.8

2.3

-4.4

2.1

-1.0

Automobiles

7.0

5.2

-3.3

4.6

-11.3

2.4

2.4

9.4

-1.6

9.0

-9.0

-2.6

0.2

- 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

-4.4

0.9

- Nondurable goods

2.1

0.4

0.6

-0.1

1.6

2.3

0.9

-0.6

1.5

-1.1

-0.5

-0.4

-0.2

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 June will improve somewhat compared with
May due to an increase in seasonal clothing and home appliance sales.
Domestic car sales worsened due to poor midsize car sales.
Growth of department store sales accelerated from the previous month backed
by strong clothing sales due to the warm weather, and discount store sales turned
positive without a high base effect from before May 2012, when mandatory closures
were fully implemented, and owing to an increase in home appliance sales.
Gasoline sales turned negative as sales fell due to rising domestic oil prices.
Gasoline prices (won/liter)

1,897 (1st week Jun) [ 1,898 (2nd week) [ 1,902 (3rd week) [ 1,908 (4th week)
(y-o-y, %)

2012

2013

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

14.2

7.1

6.2

3.4

5.6

4.5

3.6

4.1

Department store sales

9.1

-0.2

-8.2

1.7

7.5

-1.9

1.0

3.7

Large discount store sales

-1.7

-5.0

-24.6

8.9

-4.4

-9.8

-4.3

4.3

Domestic sales of gasoline

3.7

-2.8

2.9

-8.0

7.6

6.5

2.6

-0.1

13.2

7.5

1.6

-13.5

-1.0

0.8

-1.9

-8.5

Credit card sales

Domestic sales of cars

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 June data)

10 | The Green Book

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

Private consumption (y-o-y)

2012. Q1

2013. Q1

Private consumption (q-o-q)

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

Consumer goods sales (m-o-m)

Consumer goods sales (y-o-y)

Retail sales by type


Source: Statistics Korea (industrial activity trend)
50

(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

The Green Book | 11

3.

Facility investment (preliminary GDP) increased 2.6 percent quarter-on-quarter


and decreased 11.9 percent year-on-year in the first quarter of 2013.

Facility
investment

(Percentage change from previous quarter)

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

Facility investment (q-o-q)

2012. Q1

2013. Q1

Facility investment (y-o-y)

Facility investment by type


Source: The Bank of Korea (national accounts)
50

(y-o-y, %)

40
30
20
10
0
-10
-20
-30
-40
2001. Q1

2002. Q1

2003. Q1

Transportation equipment

12 | The Green Book

2004. Q1

2005. Q1

2006. Q1

2007. Q1

2008. Q1

2009. Q1

2010. Q1

2011. Q1

2012. Q1

2013. Q1
Machinery

Facility investment rose 1.2 percent month-on-month in May, despite a decrease in


transportation equipment investment, due to an increase in machinery investment.
The index fell 11.6 percent year-on-year.
(Percentage change from previous quarter)

2011

2012

Annual Annual

Q1

2013
Q1

Mar

Apr

May1

0.8

-4.5

-0.2

-3.8

1.2

-8.2

-6.9

-15.4

-7.9

-12.1

-11.6

Q2

Q3

Q4

6.4

-5.0

-6.8

10.7

-2.7

Facility investment index

4.0

-2.0

(y-o-y)

- Machinery

2.7

-2.2

8.1

-5.5

-6.9

-3.8

-5.7

-3.2

1.0

2.3

- Transportation equipment

9.8

-1.1

-1.0

-1.8

-6.7

22.0

0.3

7.9

-17.9

-2.9

1. Preliminary
Source: Statistics Korea

Despite an improvement in machinery orders and imports, facility investment


is likely to modestly grow due to the low average manufacturing operation ratio,
facility investment adjustment pressure and corporate sentiment.
Business survey index for manufacturing sector (Bank of Korea)
72 (Oct 2012) [ 70 (Nov) [ 67 (Dec) [ 70 (Jan 2013) [ 72 (Feb) [ 76 (Mar) [ 80 (Apr) [
81 (May) [ 82 (Jun) [ 78 (Jul)

(Percentage change from same period in previous year)

2011

2012

2013

Q1

Q2

Q3

Q4

Q1

Mar

Apr

May1

-13.4

-1.1

-19.8

-10.4

-21.5

-10.7

13.4

-0.3

16.9

-5.3

-18.7

-2.0

3.9

5.2

-0.5

0.4

16.0

Annual Annual
Domestic machinery orders

7.6

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

- Public

-2.6

-11.0

126.1

-59.7

86.7

-54.6

-47.0

92.2

63.8

553.5

- Private

8.8

-13.6

-8.7

-15.1

-16.0

-15.1

-5.6

10.6

-2.3

5.3

Machinery imports

7.1

-3.0

15.3

-4.3

-12.2

-8.2

-11.8

-7.1

-7.2

-0.7

Average manufacturing operation ratio

80.2

78.1

79.6

79.0

76.2

77.8

77.1

75.4

75.5

75.4

Facility investment adjustment pressure

1.1

-1.4

0.7

-1.3

-3.0

-1.5

-2.9

-4.1

0.5

-2.5

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

The Green Book | 13

Machinery orders and machinery imports


Source: Korea International Trade Association (KITA), Statistics Korea
10

(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

Machinery orders (left)

4.
Construction
investment

2012. Q1

-50
2013. Q1

Machinery imports (right)

Construction investment (preliminary GDP) in the first quarter of 2013 increased


4.1 percent quarter-on-quarter and 2.4 percent year-on-year.

(Percentage change from previous quarter)

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

- Civil engineering works

-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

The value of construction completed (constant) in May declined 4.3 percent


month-on-month, as both building construction and civil engineering works fell.
Compared to a year ago, the index rose 12.5 percent.

14 | The Green Book

(Percentage change from previous quarter)

2011

2012
Q1

Q2

Q3

Q4

Dec

Q1

Mar

Apr

May1

-5.8

-5.6

-0.9

1.0

1.4

2.1

4.4

-2.5

9.8

-4.3

Annual Annual
Construction completed (constant)

-6.4

(y-o-y)

2013

-4.9

-9.7

-2.3

-5.6

-8.3

5.2

3.7

19.6

12.5

- Building construction

-6.9

-7.6

-4.5

-4.8

1.0

1.8

3.0

7.6

1.5

9.0

-4.9

- Civil engineering works

-5.6

-3.5

-6.9

4.1

0.9

1.0

1.1

0.6

-7.4

10.8

-3.5

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

Construction investment (q-o-q)

2011. Q1

2012. Q1

2013. Q1

Construction investment (y-o-y)

Construction investment by type


Source: The Bank of Korea (national accounts)
50

(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

Civil engineering works

The Green Book | 15

Construction investment remains to be seen as there are both positive factors, such
as a rise in construction completed due to new home sales in new towns and a
decrease in unsold new houses, and negative factors, such as the expiration of the
acquisition tax cut and poor construction orders.
Unsold houses (thousand, Ministry of Land, Infrastructure and Transport)
75 (Jan 2013) [ 73 (Feb) [ 71 (Mar) [ 70 (Apr) [ 67 (May)
(Percentage change from same period in previous year)

2011

2012

Annual Annual
Construction orders (current value)

2013

Q1

Q2

Q3

Q4

Dec

Q1

Mar

Apr

May1

6.1

-8.9

33.3

-0.7

-13.6

-33.1

-43.0

-41.2

-20.7

-18.6

-19.1

15.1

-14.8

-6.1

-20.4

-10.8

-5.9

-13.5

-3.2

5.1

- Building construction

14.0

-8.7

27.4

-7.0

-7.1

-27.4

-37.5

-33.6

-13.7

-26.7

-46.4

- Civil engineering works

-6.0

-9.3

42.0

12.5

-26.3

-43.7

-51.6

-51.3

-33.1

-1.0

79.3

9.9

-0.5

8.7

1.2

-7.3

-2.3

9.2

-12.4

-14.2

-14.2

-12.9

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

Building permit area

1. Preliminary
Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport

Leading indicators of construction investment


Source: Statistics Korea (construction orders)
Ministry of Land, Infrastructure and Transport (building construction permit area)
340

(y-o-y, %)

290
240
190
140
90
40
-10
-60
-110
2001. 1

2002. 1

2003. 1

Construction orders

16 | The Green Book

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Building permit area

5.

Exports in June decreased 0.9 percent (preliminary) year-on-year to US$46.73


billion.

Exports and
imports

Despite an improvement in vessel exports and shipments to the EU, export growth
turned negative year-on-year in June, due to a fall in steel exports and shipments
to Japan, fewer days worked (22.5 [ 21.5) and a high base effect.
Export growth by item (y-o-y, %)

11.8 (vessels), 6.7 (semiconductors), 6.3 (mobile phones), -1.6 (automobiles), -7.7 (petroleum
products), -13.2 (steel)

Export growth by region (y-o-y, %)


13.1 (EU), 5.7 (US), 5.4 (China), 0.0 (ASEAN countries), -16.6 (Japan), -23.1 (Middle East)

Export growth in 2012 (y-o-y, %)


-5.0 (Apr 2012) [ -1.0 (May) [ 0.9 (Jun) [ -8.7 (Jul)

Export growth fell in most items and regions due to a decrease in days worked,
while shipments to Japan continued to drop in line with the weakening yen.
Average daily exports, an indicator adjusted to days worked, amounted to US$2.17
billion, an increase of 3.7 percent year-on-year, rising for the second consecutive
month.
Average daily export growth (y-o-y, %)

1.7 (Jan 2013) [ 2.6 (Feb) [ 4.5 (Mar) [ -8.0 (Apr) [ 1.0 (May) [ 3.7 (Jun)

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

Export growth rate

2004. 1

2005. 1

2006. 1
Automobiles

2007. 1

2008. 1

2009. 1

2010. 1

Semiconductors

2011. 1

2012. 1

2013. 1
Steel

The Green Book | 17

(US$ billion)

2012
Exports

2013

Annual

Q1

Q2

Q3

Q4

Jun

Q1

May

Jun1

Jan-Jun1

547.87

134.85

140.13

133.13

139.77

47.16

135.47

48.36

46.73

276.69

(y-o-y, %)

-1.3

2.9

-1.7

-5.8

-0.4

0.9

0.4

3.2

-0.9

0.6

Average daily exports

2.00

1.97

2.09

1.90

2.04

2.10

2.00

2.10

2.17

2.05

1. Preliminary
Source: Korea Customs Service

Imports in June dropped 1.8 percent (preliminary) year-on-year to US$41.22


billion.
Despite an increase in capital and consumer goods imports, imports continued a
downward trend year-on-year as shrinking oil imports caused by low oil prices led
to a sharp decrease in commodities imports.
Import growth by category (y-o-y, %)
-6.4 (commodities), 2.1 (consumer goods), 7.4 (capital goods)

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

Import growth rate

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

Commodities

2013. 1
Capital goods

(US$ billion)

2012
Imports

2013

Annual

Q1

Q2

Q3

Q4

Jun

Q1

May

Jun1

Jan-Jun1

519.58

133.67

130.43

125.65

129.83

42.00

129.68

42.45

41.22

257.14

(y-o-y, %)

-0.9

7.8

-2.9

-6.9

-1.1

-6.3

-2.9

-4.6

-1.8

-2.6

Average daily imports

1.90

1.95

1.96

1.79

1.89

1.87

1.94

1.85

1.92

1.90

1. Preliminary
Source: Korea Customs Service

18 | The Green Book

Exports and imports


Source: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trend)
60

(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

The trade balance (preliminary) in June remained in the black for 17 months in a
row, posting a surplus of US$5.52 billion.
(US$ billion)

2012

Trade balance

2013

Annual

Q1

Q2

Q3

Q4

June

Q1

May

Jun1

Jan-Jun

28.29

1.18

9.70

7.47

9.94

5.17

5.67

5.92

5.52

19.55

1. Preliminary
Source: Korea Customs Service

6.
Mining and
manufacturing
production

Mining and manufacturing production in May decreased 0.4 percent month-onmonth and 1.4 percent year-on-year, as poor semiconductors & parts and other
transportation equipment offset an increase in chemical products and refined
petroleum.
Compared to the previous month, production of chemical products (up 4.2%),
refined petroleum (up 5.4%) and medical, precision & optical instruments (up
6.8%) rose, while other transportation equipment (down 9.6%), semiconductors &
parts (down 2.5%) and processed metals (down 2.5%) fell.
Compared to a year ago, production of semiconductors & parts (up 6.4%), chemical
products (up 5.9%) and medical, precision & optical instruments (up 15.5%)
increased, while mechanical equipment (down 6.8%), refined petroleum (down
11.8%) and audio-visual communications equipment (down 16.1%) 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

Industrial production (m-o-m)

2012. 1

2013. 1

Industrial production (y-o-y)

The manufacturing inventory-shipment ratio rose by 0.1 percentage point monthon-month as inventories and shipments increased 0.2 percent and 0.1 percent,
respectively.
Inventories of semiconductors & parts (up 3.0%), mechanical equipment (up 2.2%)
and groceries (up 4.7%) rose month-on-month, while refined petroleum (down
13.4%), primary metals (down 1.7%) and chemical products (down 1.5%) declined.
Shipments of audio-visual communications equipment (up 4.6%), chemical
products (up 4.3%) and refined petroleum (up 2.0%) climbed, while other
transportation equipment (down 10.4%), semiconductors & parts (down 1.8%)
and clothing & fur (down 7.3%) slipped.
The average operation ratio of the manufacturing sector fell by 0.1 percentage
point month-on-month to 75.4 percent.

Shipment and inventory


Source: Statistics Korea (industrial activity trend)
10

(m-o-m, %)

8
6
4
2
0
-2
-4
-6
-8
-10
2001. 1

2002. 1

2003. 1

Shipment growth

20 | The Green Book

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Inventory growth

Average manufacturing operation ratio


Source: Statistics Korea (industrial activity trend)
100

( %)

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

(Percentage change from previous quarter or month)

2012

2013

Annual

Q1

Q2

Q3

Mining production (q-o-q, m-o-m)

1.7

-0.5

(y-o-y)

0.8

3.6

1.1

Manufacturing production (q-o-q, m-o-m)


Mining and
(y-o-y)
manufacturing
Shipment
activity2
- Domestic demand

Q4

May

Q1

Mar

Apr

May

-2.2

2.9

1.2

-0.9

-2.4

0.6

-0.4

-1.0

-0.1

3.1

-1.7

-2.9

1.6

-1.4

1.7

-0.5

-2.3

3.0

1.4

-0.9

-2.3

0.5

-0.4

0.8

3.8

1.0

-1.1

-0.2

3.2

-1.8

-3.0

1.5

-1.5

0.7

1.8

-0.3

-2.4

2.0

1.8

-0.5

-1.4

-0.2

0.1

-1.1

0.7

-0.3

-1.4

1.0

0.9

-0.8

-2.8

0.3

0.3

- Exports

3.0

3.2

-0.3

-3.6

3.2

2.8

-0.2

0.3

-0.6

-0.3

Inventory3

2.3

1.6

-1.8

-3.0

2.3

0.4

-0.8

-0.8

-0.7

0.2

Manufacturing Average operation ratio (%)


activity
Production capacity4

78.1

79.6

79.0

76.2

77.8

79.5

77.1

75.4

75.5

75.4

2.2

3.1

2.3

1.9

1.3

2.4

1.1

1.1

1.0

1.0

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

Production in the IT sector is expected to slow down from the previous month
in line with declining production growth of communications equipment and
semiconductors after demand for new mobile phone models peaked. However,
mining and manufacturing production is expected to slightly increase as the
resuming of working weekends has helped the automobile industry rebound and
average daily exports have picked up.
Growth of mobile phone exports (y-o-y, %)
32.3 (Jan 2013) [ 15.1 (Feb) [ 21.8 (Mar) [ 47.9 (Apr) [ 57.1 (May) [ 6.3 (June)
Growth of semiconductors exports (y-o-y, %)
7.2 (Jan 2013) [ 0.9 (Feb) [ 6.6 (Mar) [ 12.5 (Apr) [ 17.2 (May) [ 6.7 (June)
Growth of automobile exports (y-o-y, %)

23.2 (Jan 2013) [ -16.3 (Feb) [ -11.5 (Mar) [ -2.6 (Apr) [ 5.3(May) [ -1.6 (June)

Growth of average daily exports (y-o-y, %)


1.7 (Jan 2013) [ 2.6 (Feb) [ 4.5 (Mar) [ -8.0 (Apr) [ 1.0 (May) [ 3.7 (June)
The Green Book | 21

7.
Service sector
activity

Service output in May grew 0.2 percent month-on-month and 1.6 percent yearon-year, as growth in professional, scientific & technical services and financial &
insurance services offset weaknesses in educational services and wholesale & retail.
Service output grew 0.3 percent in the first quarter of 2013, showing a slight
improvement from the previous quarter, when output remained unchanged.
Wholesale & retail declined 0.6 percent month-on-month as retail sales decreased
due to falling sales of communications equipment, computers and car fuel.
Real estate & renting rose 1.4 percent, with housing transactions increasing from
80,000 in April to 90,000 in May.
Hotels & restaurants and financial & insurance services somewhat recovered from
the previous months slump, rising 1.4 percent and 1.0 percent, respectively.
Educational services continued to contract, declining 1.4 percent from the previous
month.
(Percentage change from previous period)

Weight
Service activity index

2011
Annual Q1

20131

2012

Q2

Q3

Q4 Annual Q1

Q2

Q3

Q4

Q1 Apr1 May1

0.0

0.5

0.1

0.9

0.0

0.3

100.0

3.2

1.2

0.5

1.2

21.6

3.8

1.6

1.0

0.4 -0.3

0.7 -0.1

0.6

0.1

0.7 -1.0 -0.6 -0.6

- Transportation services

8.5

4.5

2.6 -0.4

1.1 -1.3

1.2

1.2

0.2

0.9

0.6

- Hotels & restaurants

7.2 -1.3 -0.4

2.2 -2.7 -1.4 -1.2 -0.1

0.9

1.3 -1.9 -0.6 -0.9

- Publishing & communications services

8.4

5.1

0.7

0.7

0.6

1.6 -0.6

1.1

14.7

6.8

2.9 -0.5

3.1

1.1 -0.6

- Wholesale & retail

- Financial & insurance services

3.3

1.0

3.9 -0.8

1.6

3.0 -0.4
2.8

2.3 -2.6

0.5

0.7

0.4

0.2

0.7 -0.3
1.4

1.5 -0.2
1.0

- Real estate & renting

5.3 -7.6 -0.5 -0.6

0.9 -2.9 -4.3 -4.0

2.3 -1.3

- Professional, scientific & technical services

5.6

0.5 -3.7

2.7

1.1

4.1

4.0 -0.6

0.8

- Business services

3.3

5.2

1.2

1.2

0.5

0.3

3.5

2.9

1.2 -1.7 -0.2

10.9

2.2

0.5 -1.0

1.1

1.0

0.9

0.6 -1.4

0.0

0.9

0.9 -0.5 -1.4

- Healthcare & social welfare services

7.5

6.4

3.0

0.9

1.4

1.5

5.8

1.4

2.5

1.0

0.2

1.4

- Entertainment, cultural & sports services

2.9

2.7

0.4

3.0 -1.0

1.4

2.8

0.9

2.7 -1.5 -3.0 -0.1

- Membership organizations

3.6

1.6

0.4

0.0 -0.2 -1.2 -1.4 -0.8 -0.4

1.9 -0.6

- Sewerage & waste management

0.6

3.3 -3.2

8.6

0.3 -4.8 -1.0

- Educational services

0.8

2.9 -0.3 -7.3

5.8

1.6 -2.7

3.7

1.4

0.4 -0.7 -1.6

7.3

1.8

2.4 -0.4 -1.1


1.5

0.1

0.1 -0.3

2.4 -2.0
1.8

2.7
2.2

1. Preliminary
Source: Statistics Korea

Service output is expected to improve in June, 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) [ 5.8 (Apr)
22 | The Green Book

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

Service industry activity (m-o-m)

Service industry activity (y-o-y)

Wholesale & retail


Source: Statistics Korea (service industry activity trend)
20

(%)

15
10
5
0
-5
-10
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

Wholesale & retail (y-o-y)

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Wholesale & retail (m-o-m)

May 2013 service industry by business


Source: Statistics Korea (service industry activity trend)

6
4

Tot
al i
nde
x

2
0

&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
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ial
ns
&i
ser
nsu
vic
es
ran
c
e se
Rea
rvic
l es
es
tat
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ren
Pro
tin
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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

-2
-4

The Green Book | 23

8.
Employment

The number of workers on payroll in May increased by 265,000 from a year earlier
to 25,400,000 and the employment rate fell 0.1 percentage point from the previous
year to 60.4 percent.
Workers in the service sector continued to grow, while growth in the number of
workers in the manufacturing sector slowed and workers in the construction and
agriculture, forestry & fisheries sectors declined by a wider margin.
By status of workers, regular workers continued to increase while self-employed
and temporary workers continued to decrease.

2010

2011

Annual Annual Q3
Number of employed (million)

2012
Q4 Annual May

Q1

2013

Q2

Q3

Q4

Q1

Apr

May

23.83 24.24 24.48 24.46 24.68 25.13 23.93 25.00 24.99 24.80 24.18 25.10 25.40

Employment rate (%)

58.7

59.1

59.5

59.4

59.4

60.5

57.8

60.2

60.0

59.4

57.7

59.8

60.4

(Seasonally adjusted)

58.7

59.1

59.1

59.2

59.4

59.5

59.3

59.4

59.5

59.3

59.2

59.5

59.3

Employment growth (y-o-y, thousand)

323

415

363

474

437

472

467

430

506

342

257

345

265

(Excluding agriculture, forestry & fisheries)

405

440

414

497

451

493

498

454

504

344

266

367

306

191

63

-12

-75

14

-67 -102

-66

85

140

119

165

105

33

-2

-35

71

22

33

79

33

17

-40

-64

-10

-13

- Services

200

386

472

514

416

531

541

491

397

236

199

186

187

- Agriculture, forestry & fisheries

-82

-25

-51

-23

-14

-21

-31

-24

-2

-9

-22

-41

- Wage workers

517

427

392

374

315

309

360

281

317

303

329

466

453

Regular workers

697

575

572

500

436

356

413

379

485

469

554

659

661

Temporary workers

-34

-78

-76

-10

-2

89

110

73

- Manufacturing
- Construction

Daily workers

-79 -109 -152 -202 -190

-146

-70 -104 -115 -120 -136 -163 -171

-89

-57

-194

-11

-29

100

121

163

108

150

189

39

-71 -120 -188

-118

34

125

124

186

149

173

143

33

-28

-90 -117

- Male

181

238

208

257

234

276

238

242

284

172

123

189

153

- Female

142

177

155

216

203

196

230

188

223

170

135

156

112

- 15 to 29

-43

-35

-1

-18

-36

-19

-8

-57

-80 -117 -133

-85

- 30 to 39

-4

-47

-83

-56

-31

-95

-65

-80

33

-10

-15

34

11

- 40 to 49

29

57

46

47

11

25

28

12

-3

12

-28

- 50 to 59

294

291

270

315

270

282

326

260

273

220

196

264

230

47

149

131

185

222

278

178

251

245

215

181

179

136

- Non-wage workers
Self-employed workers

- 60 or more
Source: Statistics Korea

24 | The Green Book

-73

-19

Number of persons employed and employment growth


Source: Statistics Korea (employment trend)
1,200

(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

Employment growth (y-o-y, left)

2011. 1

2012. 1

2013. 1

Number of employed (seasonally adjusted, right)

Share of persons employed by industry


Source: Statistics Korea (employment trend)
100

(%)

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 69.2

40
20
0

7.0 7.0 7.0 7.1 7.2 7.3 7.1 7.3 7.1 7.4 7.5 7.6 7.2 7.1 7.2 7.2 7.2 7.2 7.1 7.1 7.1 7.3 7.2 7.2 6.9 6.7 6.9 7.1 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 16.4
4.4 4.9 6.1 6.8 7.2 7.2 6.9 7.0 7.0 7.1 6.5 5.0 4.4 4.7 5.6 6.5 7.0 7.0 6.8 6.8 6.8 6.9 6.5 4.9 4.3 4.6 5.6 6.3 6.7
2011. 1 2

Services

10

11

12 2012. 1 2

Construction

10

11

12 2013. 1 2

Manufacturing

Agriculture, forestry & fisheries

Share of persons employed by status of workers


Source: Statistics Korea (employment trend)
100
80

(%)

4.7 4.8 5.1 5.4 5.6 5.5 5.3 5.3 5.1 5.4 5.2 4.6 4.5 4.5 4.8 5.1 5.4 5.4 5.3 5.3 5.4 5.3 5.2 4.5 4.2 4.2 4.7 5.0 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 22.6
7.2 7.2 7.3 7.5 7.5 7.6 7.4 7.2 6.4 7.0 7.2 7.0 6.5 6.5 6.3 6.6 6.8 6.7 6.7 6.4 6.4 6.7 6.8 6.6 6.2 6.0 6.0 6.5 6.7

60

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 19.5

40
46.9 47.3 47.0 46.3 46.2
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

Unpaid family workers

10

11

12 2012. 1 2

Self-employed workers

Daily workers

10

11

12 2013. 1 2

Temporary workers

Regular workers

The Green Book | 25

The number of unemployed persons in May decreased by 9,000 year-on-year to


797,000, while the unemployment rate fell 0.1 percentage point from the previous
year to 3.0 percent.
The unemployment rate fell year-on-year in all age groups excluding the 40s and
50s.
2010

2011

Annual Annual

2012

Q3

Q4

Annual May

2013

Q1

Q2

Q3

Q4

Q1

Apr

May

Number of persons unemployed (thousand)

920

855

786

740

820

807

947

841

770

722

907

825

797

Unemployment growth (y-o-y, thousand)

31

-65

-88

-68

-35

-12

-82

-23

-16

-18

-40

-70

-9

- Male

-7

-48

-48

-41

-26

-21

-54

-19

-16

-13

-7

-46

-7

- Female

38

-17

-40

-27

-9

-28

-4

-6

-33

-24

-2

Unemployment rate (%)

3.7

3.4

3.1

2.9

3.2

3.1

3.8

3.3

3.0

2.8

3.6

3.2

3.0

(Seasonally adjusted)

3.7

3.4

3.2

3.1

3.2

3.3

3.5

3.3

3.1

3.0

3.3

3.1

3.2

- 15 to 29

8.0

7.6

6.7

7.1

7.5

8.0

8.2

8.1

6.8

7.0

8.4

8.4

7.4

- 30 to 39

3.5

3.4

3.2

2.9

3.0

3.1

3.2

3.2

2.8

2.7

3.3

3.1

3.0

- 40 to 49

2.5

2.1

2.0

1.9

2.0

1.8

2.4

2.0

2.0

1.8

2.1

2.2

2.1

- 50 to 59

2.5

2.1

2.1

1.8

2.1

1.8

2.3

2.0

2.2

1.8

2.3

1.9

1.9

- 60 or more

2.8

2.6

2.1

1.8

2.4

1.7

4.4

2.0

1.9

1.6

3.4

1.3

1.6

Source: Statistics Korea

The economically inactive population in May was up 273,000 from a year earlier
to 15,850,000, while the labor force participation rate fell 0.2 percentage points to
62.3 percent.
The number of those economically inactive due to childcare (down 8,000) decreased,
while those due to education (up 118,000), rest (up 74,000) and housework (up
66,000) increased.

2010

2011

Annual Annual Q3
Economically inactive population (million)

2012
Q4 Annual May

Q1

2013

Q2

Q3

Q4

Q1

Apr

May

15.84 15.95 15.85 16.01 16.08 15.58 16.50 15.67 15.90 16.26 16.83 16.07 15.85

Labor force participation rate (%)

61.0 61.1 61.5 61.1 61.3 62.5 60.1 62.3 61.8 61.1 59.9 61.7 62.3

(seasonally adjusted)

61.0 61.1 61.0 61.1 61.3 61.5 61.4 61.4 61.4 61.1 61.2 61.3 61.3

Growth in economically inactive population


(y-o-y, thousand)

143

112

191

53

128

56

103
-

- Childcare

-125

-5

17

23

-2

21

- Housework

201

101

143

103

123

157

85

110

57

244

336

269

273

-7

-3

-8

181

101

126

143

41

66

- Education

12

-51

-78

-69

-12

-65

-28

-64

39

118

164

118

- Old age

80

-45

-22

148

170

76

174

156

186

154

21

-56

182

193

131

-53 -103

126

-71 -142 -125 -106

71

74

- Rest
Source: Statistics Korea

26 | The Green Book

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

Seasonally adjusted rate

Unemployment rate
Source: Statistics Korea (employment trend)
6

(%)

2
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

Original rate

2012. 1

2013. 1

Seasonally adjusted rate

Labor force participation rate


Source: Statistics Korea (employment trend)
65

(%)

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

Seasonally adjusted rate

The Green Book | 27

9.
Financial markets

9.1 Stock market


The Korean stock price index in June fell 6.9 percent to 1,863 points from the
previous months 2,001 points.
The KOSPI Composite declined as concerns over an early reduction of quantitative
easing in the US led foreign investors to sell stocks.
Foreign investors turned net buyers of Korean stocks in June, selling 5.1 trillion
won worth of stocks compared to buying 1.0 trillion won in the previous month.
(End-period, point, trillion won)

KOSPI

KOSDAQ

May 2013

Jun 2013

Change1

May 2013

Jun 2013

Change1

Stock price index (points)

2,001.1

1,863.3

-137.8 (-6.9%)

577.9

519.1

-58.8 (-10.2%)

Market capitalization (trillion won)

1,164.2

1,084.2

-80.0 (-6.9%)

131.1

117.7

-13.4 (-10.2%)

4.2

4.1

-0.1 (-2.4%)

2.3

1.7

-0.6 (-26.1%)

34.5

33.9

-0.6 (-1.7%)

8.8

9.1

0.3 (3.4%)

Average daily trade value (trillion won)


Foreign stock ownership (%)
1. Change from the end of the previous month
Source: Korea Exchange

Stock prices
2,200

(monthly average, KOSPI Jan 4, 1980=100, KOSDAQ Jul 1, 1996=1,000)

2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

KOSPI

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1
KOSDAQ

9.2 Exchange rate


The won/dollar exchange rate in June rose 12.3 won to 1,142.0 won from 1,129.7
won at the end of May.
The won/dollar exchange rate rose to the 1,140 won range due to a rise in the value
of the US dollar caused by expectations of a reduction in quantitative easing in the
US, and also due to concerns over a credit crunch in China.
28 | The Green Book

The won/100 yen exchange rate surged to the 1,200 won range with the strong
yen/dollar exchange rate, but fell back to the 1,156 won range as the yen weakened
again.
(End-period)

2008

2009

2010

2011

2012

2013

Dec

Dec

Dec

Dec

Dec

May

Jun

Change1

Won/dollar

1,259.5

1,164.5

1,134.8

1,151.8

1,070.6

1,129.7

1,142.0

-6.3

Won/100 yen

1,396.8

1,264.5

1,393.6

1,481.2

1,238.3

1,120.2

1,156.3

7.1

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.

Foreign exchange rate


1,800

(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

Daily foreign exchange rate trend


1,800

()

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

The Green Book | 29

9.3 Bond market


3-year Treasury bond yields rose 10 basis points in June to 2.88 percent from the
previous months 2.78 percent. The yields rose due to foreign investors net selling
of Treasury bond futures as well as institutional selling caused by concerns over an
early reduction of quantitative easing in the US.
(End-period, %)

2007

2008

2009

2010

2011

2012

2013

Dec

Dec

Dec

Dec

Dec

Dec

May

Jun

Call rate (1 day)

5.02

3.02

2.01

2.51

3.29

2.77

2.50

2.50

CD (91 days)

5.82

3.93

2.88

2.80

3.55

2.89

2.69

2.69

Treasury bonds (3 yrs)

5.74

3.41

4.44

3.38

3.34

2.82

2.78

2.88

10

Corporate bonds (3 yrs)

6.77

7.72

5.56

4.27

4.21

3.29

3.14

3.31

17

Treasury bonds (5 yrs)

5.78

3.77

4.98

4.08

3.46

2.97

2.90

3.14

24

Change1

1. Basis point, changes from the previous month

Interest rates
Source: The Bank of Korea
10

(monthly average, yearly, %)

9
8
7
6
5
4
3
2
1
2001. 1

2002. 1

2003. 1

2004. 1

3-yr corporate bonds yield

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

3-yr treasury bonds yield

2010. 1

2011. 1

2012. 1

2013. 1

Overnight call rate (daily)

9.4 Money supply & money market


M2 (monthly average) in April expanded 5.1 percent from a year earlier.
M2 growth accelerated as money supply in the government sector increased due to
budgetary front-loading, and also as money supply in the foreign sector increased
due to an improved current account.

30 | The Green Book

(Percentage change from same period in previous year, average)

2008

2009

2010

2011

2012

Annual Annual Annual Annual Annual

2013

Q1

Q2

Q3

Q4

Feb

Mar

Apr

Apr1
475.3

M12

-1.8

16.3

11.8

6.6

3.8

1.8

3.6

4.3

5.5

8.0

7.4

8.7

M2

14.3

10.3

8.7

4.2

5.2

5.3

5.6

5.6

4.5

5.3

5.0

5.1

Lf

11.9

7.9

8.2

5.3

7.8

7.5

8.5

7.9

7.1

1,867.7
4

8.1

6.8

6.9

2010. 1

2011. 1

2012. 1

2,512.54

1. Balance at end April 2013, trillion won


2. M1 excluding corporate MMFs and individual MMFs while including CMAs
3. Liquidity aggregates of financial institutions (mostly identical with M3)
4. Preliminary

Total money supply


Source: The Bank of Korea
40

(y-o-y, monthly average balance, %)

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

M1

2013. 1
Lf

Bank deposits and asset management company (AMC) deposits surged in May.
Bank deposits surged (-7.4 trillion won [ 7.6 trillion won), led by instant access
deposits, as corporate funds that had been lost due to tax payments in the previous
month returned.
AMC deposits also grew by a large margin (-10.1 trillion won [ 7.6 trillion won),
led by money market funds (MMF).
(Monthly change, end-period, trillion won)

2009

2010

2011

2012

2013

Annual

Annual

Annual

Mayr

Annual

May

Mar

Apr

May

May 1

Bank deposits

54.8

36.9

58.9

-0.4

37.0

11.6

1.4

-11.5

12.2

1,139.8

AMC deposits

-27.6

-16.7

-16.6

4.1

18.8

3.6

2.1

-3.9

10.0

341.7

1. Balance at end May 2013, trillion won

The Green Book | 31

Deposits in financial institutions


Source: The Bank of Korea
30

(y-o-y, end of monthly balance, trillion won)

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

Koreas current account (preliminary) in May posted a surplus of US$8.64 billion,


staying in the black for 16 consecutive months.
The goods account surplus widened from US$3.93 billion in April to US$8.64
billion in May due to improving exports of IT products, such as mobile phones,
and exports to China and the US, along with falling oil prices leading to a decrease
in imports.
Goods exports (US$ billion)
47.48 (Apr 2013) [ 49.59 (May)
Goods imports (US$ billion)
43.94 (Apr 2013) [ 42.32 (May)
Export growth by item (y-o-y, %)
57.1 (mobile phones), 17.2 (semiconductors), 5.3 (automobiles), -12.3 (steel), -34.3 (vessels)
Export growth by region (y-o-y, %)

21.6 (US), 16.6 (China), 11.8 (ASEAN), -11.6 (Japan), -14.0 (EU)

The service account surplus narrowed from US$1.45 billion to US$1.13 billion as a
result of deteriorating travel and intellectual property accounts.

32 | The Green Book

Service account (US$ billion, April [ May)

-0.45 [ -0.58 (travel), -0.09 [ -0.34 (intellectual property), 0.77 [ 0.86 (transportation), 1.18
[ 1.24 (construction), -0.14 [ -0.30 (business services)

The primary income account swung to a surplus of US$0.19 billion from a deficit
of US$1.09 billion as the cross-border dividend payments (March-April) by firms
whose fiscal year ended in December were completed. The secondary income
account surplus widened slightly from US$0.02 billion to US$0.04 billion.
(US$ billion)

2012

2013

Annual

May

Q1

Q2

Q3

Q4

Q1

Mar

Apr

May1

Current account

43.14

3.61

2.56

11.19

14.56

14.94

10.02

4.93

3.93

8.64

- Goods balance

38.34

1.75

2.61

8.52

13.34

13.98

9.39

4.21

3.54

7.27

- Service balance

2.68

1.59

-0.65

2.31

0.65

0.36

-0.48

0.91

1.45

1.13

- Primary income balance

4.89

0.34

1.49

0.82

1.04

1.54

1.38

-0.22

-1.09

0.19

- Secondary income balance

-2.76

-0.08

-0.89

-0.47

-0.47

-0.93

-0.26

0.09

0.02

0.04

1. Preliminary
Source: The Bank of Korea

The capital and financial account (preliminary) in May posted a net outflow of
US$11.6 billion.
Capital & financial account balance (US$ billion)

-0.91 (Jan 2013) [ -3.27 (Feb) [ -6.72 (Mar) [ -2.61 (Apr) [ -11.60 (May1)

1. Preliminary

The direct investment account swung to a net outflow of US$1.48 billion from a
net inflow of US$0.30 billion due to a decrease in foreign direct investment.
Net outflow in portfolio investment narrowed to US$1.17 billion from US$1.92
billion as foreign investors equity investment turned to a net inflow.
Financial derivatives switched to a net inflow of US$0.65 billion from a net
outflow of US$0.31 billion, while the net outflow of the other investment account
widened to US$8.53 billion from US$1.58 billion due to financial institutions net
repayment.
The current account is expected to maintain a surplus, helped by a goods account
surplus resulting from a trade surplus (US$5.52 billion) in June.

The Green Book | 33

Current account balance


Source: The Bank of Korea (balance of payments trend)
(US$ billion)

10
8
6
4
2
0
-2
-4

-6
2001. 1

2002. 1

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

Goods account

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

Service account

2013. 1

Current account

Travel account balance


Source: The Bank of Korea (balance of payments trend)
4

(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

Capital & financial account balance


Source: The Bank of Korea (balance of payments trend)
15

(US$ billion)

10
5
0
-5
-10
-15
2001. 1

2002. 1

2003. 1

Portfolio investment

34 | The Green Book

2004. 1

2005. 1

2006. 1

Direct investment

2007. 1

2008. 1

2009. 1

Financial derivatives

2010. 1

2011. 1

2012. 1

2013. 1

Capital & financial account

11.

11.1 Prices

Prices and
international
commodity
prices

Consumer prices in June rose 1.0 percent year-on-year, staying stable at the 1.0
percent range for eight consecutive months. On a monthly basis, prices fell 0.1
percent.
Core consumer prices, which exclude oil and agricultural products, rose 1.4
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 0.3 percent yearon-year but down 0.2 percent month-on-month.
The average expected annual inflation fell 0.1 percentage point from the previous
month to 2.8 percent and the import prices declined 9.6 percent year-on-year.
Expected inflation (%, over the next 12 months)

3.3 (Sep 2012) [ 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) [ 2.8 (Jun)

Import price increases (y-o-y, %, won base)

-7.9 (Nov 2012) [ -9.0 (Dec) [ -10.6 (Jan 2013) [ -8.6 (Feb) [ -10.8 (Mar) [ -9.7 (Apr) [ -9.6 (May)

<Consumer price inflation>

(%)

2012

2013

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Month-on-Month

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 -0.1

Year-on-Year

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 1.0

Consumer prices excluding oil and agricultural


products (y-o-y)

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 1.4

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

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 1.3

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

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 0.3

Source: Statistics Korea

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

Consumer price inflation

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

Core inflation

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Producer price inflation

The Green Book | 35

The prices of agricultural (down 4.7%, m-o-m) and oil products (down 0.1%,
m-o-m) fell as a result of favorable weather conditions and stable oil prices, and
those of public services and personal services remained unchanged from the
previous month, contributing to stabilizing consumer prices.
Agricultural, livestock & fishery product prices decreased 2.1 percent month-onmonth. The prices of livestock products (up 3.3%, m-o-m) rose, while agricultural
(down 4.7%, m-o-m) and fishery product prices (down 0.9%, m-o-m) fell.
Manufactured product prices inched up 0.2 percent month-on-month. The prices
of processed food (up 0.1%, m-o-m) rose, while those of oil products (down 0.1%,
m-o-m) declined.
Personal service prices remained unchanged from the previous month as dining
out expenses (up 0.2%, m-o-m) rose but other personal service prices (down 0.1%,
m-o-m) fell.

<Consumer price inflation in major sectors>


Agricultural, livestock & Manufactured products


fishery products
Oil products

Total
Month-on-Month (%)

Public
utilities

Housing Public Personal


rents
services services

-0.1

-2.1

0.2

-0.1

0.0

0.2

0.0

0.0

-0.09

-0.17

0.06

0.00

0.00

0.02

0.00

0.00

Year-on-Year (%)

1.0

-2.3

0.4

-5.1

5.6

2.6

0.7

1.3

Contribution (%p)

1.04

-0.19

0.12

-0.30

0.28

0.24

0.09

0.42

Contribution (%p)

Source: Statistics Korea

Consumer price inflation


Source: Statistics Korea (consumer price trend)
7

(%)

6
5
4
3
2
1
0
-1
2001. 1

2002. 1

2003. 1

2004. 1

Consumer price inflation (m-o-m)

36 | The Green Book

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Consumer price inflation (y-o-y)

Contribution to consumer price inflation


Source: Statistics Korea (consumer price trend)
5

(%p)

4
3
2
1
0
-1
2004

2003

2005

2006

Agricultural, livestock &


fishery products

2007

2008

2009

2010

Manufactured products

Housing rents

Personal services

Public utilities

2011

2012
Public services

11.2 International oil and commodity prices


International oil prices stayed unchanged in June, although it fluctuated due to
some geopolitical risks and concerns over the US reducing quantitative easing.
Meanwhile, domestic oil product prices inched up due to rising exchange rates.
The prices of Dubai crude rose to US$103 per barrel in mid-June due to geopolitical
risks in the Middle East such as the Syrian civil war, but fell to US$98 per barrel,
resulting from concerns over a reduction of quantitative easing in the US and a
credit crunch in China.
Dubai crude ($/barrel)

99.4 (1st week June) [ 100.6 (2nd week) [ 101.9 (3rd week) [ 98.8 (4th week, down 0.2% from
May average)

International oil prices


Source: Korea National Oil Corporation
160

($/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

The Green Book | 37

(US$/barrel, period average)

2010

2011

2012

2013

Annual

Annual

Annual

Dec

Jan

Feb

Mar

Apr

May

Jun

Dubai crude

78.1

105.9

109.0

106.4

107.9

111.1

105.6

101.7

100.3

100.2

Brent crude

79.7

111.0

111.7

109.2

112.7

116.2

109.0

102.8

102.8

103.1

WTI crude

79.5

95.1

93.8

88.2

94.8

95.3

92.9

92.0

94.7

95.8

Source: Korea National Oil Corporation

Domestic oil product prices continued to increase due to rising exchange rates,
staying over 1,900 won per liter.
Gasoline prices (won/liter)
1,896.5 (1st week June) [ 1,898.0 (2nd week) [ 1,901.7 (3rd week) [ 1,908.4 (4th week)
Exchange rate (won/$)
1,123.9 (1st week June) [ 1,126.9 (2nd week) [ 1,132.7 (3rd week) [ 1,155.0 (4th week)

(won/liter, period average)

2010

2011

2012

2013

Annual

Annual

Annual

Dec

Jan

Feb

Mar

Apr

May

Jun

Gasoline prices

1,710.4

1,929.3

1,985.8

1,935.6

1,924.6

1,952.5

1,986.5

1,949.4

1,899.9

1,902.0

Diesel prices

1,502.8

1,745.7

1,806.3

1,760.0

1,749.6

1,766.7

1,786.0

1,745.2

1,699.4

1,701.0

Source: Korea National Oil Corporation

Dubai crude prices and import prices


Source: Korea National Oil Corporation
160

(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

Dubai crude (import prices, won, left)

38 | The Green Book

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Dubai international prices (dollar, right)

The prices of international grain rose in June as the total stock of grain harvested in
2012 dropped, while nonferrous metal prices fell, due to concerns over economic
slowdown in China.
International grain prices were high as the planting of soybean was delayed in
the US and inventories of 2012 harvests dropped, but the price increase slowed
towards the end of June due to favorable weather conditions and concerns over a
reduction of quantitative easing in the US.
World grain supply outlook for 2013-14 (US Department of Agriculture, June, m-o-m)
Production (-0.4%), demand (-0.1%), stocks-to-use ratio (-0.3%p)

International grain prices in June (m-o-m, %)


Corn (1.7), soybean (6.0), wheat (-2.1)

The prices of most nonferrous metal prices fell due to concerns over a credit crunch
and economic slowdown in China, the largest market.
Nonferrous metal prices in June (m-o-m, %)
Tin (-2.4), lead (3.3), nickel (-5.0), copper (-3.5), zinc (-1.2), aluminum (-2.4)

<Reuters index*>

(Period average)

2010

2011

2012

2013

Annual

Annual

Annual

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2,553

3,062

3,006

3,067

3,037

2,996

2,990

2,947

2,880

2,828

2,756

* A weighted average index of 17 major commodities


Source: KOREA PDS

International commodity prices


Source: Bloomberg (CRB), The Bank of Korea (Reuters index)
* CRB demonstrates a futures price index of 21 commodities listed on the US Commodity Transaction Market, including beans and other
crops, crude oil and jewelry.
470

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

Reuters index (right)

The Green Book | 39

12.

12.1 Housing market

Real estate
market

Nationwide apartment sales prices rose 0.1 percent month-on-month in June.


Apartment sales price growth turned negative in the Seoul metropolitan area
(down 0.1%, m-o-m), including Seoul (down 0.2%, m-o-m).
Apartment sales price growth slowed in areas excluding the Seoul metropolitan
area (up 0.2%, m-o-m), in particular Busan (unchanged) and Sejong (up 0.2%,
m-o-m). Apartment prices in the five metropolitan cities and the eight provinces
excluding Gyeonggi Province rose 0.3 percent and 0.1 percent, respectively.

<Nationwide apartment sales prices>


(Percentage change from previous period)

2010 2011

2012

Annual Annual Annual Q2

2013

Q3

Q4

Jan-Jun

Q1

Q2

Apr

May

Jun

Jun 31 Jun 101 Jun 171 Jun 241


0.02 0.02 0.01 0.02

Nationwide

1.9

8.2

-2.1

-0.5

-1.2

-0.8

-0.1

-0.7

0.5

0.2

0.3

0.1

Seoul

-2.9

0.3

-5.8

-1.4

-2.1

-0.7

-1.1

-1.3

0.2

0.1

0.2

-0.1 -0.01 -0.02 -0.04 -0.05

Gangnam

-2.1

-0.4

-6.7

-1.9

-2.2

-1.8

-1.0

-1.1

0.2

0.1

0.2

-0.2 -0.08 -0.08 -0.10 -0.12

Gangbuk3

-1.7

-0.5

-8.0

-2.2

-3.0

-1.9

-0.5

-1.0

0.5

0.5

0.4

-0.3 -0.08 -0.10 -0.14 -0.14

-2.6

-0.2

-5.0

-1.5

-1.3

-1.6

-1.6

-1.2

-0.3

-0.3

0.0

-0.1 -0.07 -0.06 -0.05 -0.10

7.9 18.3

1.7

0.3

-0.2

0.2

0.9

0.1

0.8

0.8

0.3

0.2

Seoul metropolitan area


5 metropolitan cities

0.05 0.06 0.07 0.09

1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board

Apartment sales prices by region


Source: Kookmin Bank
5

(m-o-m, %)

4
3
2
1
0
-1
-2
2009. 1

7
Nationwide

40 | The Green Book

2010. 1

2011. 1
Seoul metropolitan area

2012. 1

2013. 1

Areas excluding the Seoul metropolitan area

Nationwide apartment rental prices continued to rise in June (up 0.3%, m-o-m).
Rental prices in the Seoul metropolitan area and regions excluding the Seoul
metropolitan area rose 0.3 percent and 0.4 percent each.
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (-0.3), Seocho (-0.2), Songpa (-0.1), Gangdong (-0.3), Gwangjin (0.6)

<Nationwide apartment rental prices>


2010 2011

(Percentage change from previous period)

2012

Annual Annual Annual Q2

2013

Q3

Q4

Jan-Jun

Q1

Q2

Apr

May

Jun

Jun 31 Jun 101 Jun 171 Jun 241

Nationwide

8.5 15.4

1.9

0.1

0.0

1.1

2.5

1.0

1.4

0.7

0.4

0.3 0.07 0.08 0.08 0.09

Seoul

7.1 13.3

0.3

-0.7

-0.2

1.1

2.4

1.1

1.3

0.7

0.3

0.3 0.06 0.07 0.07 0.08

Gangnam

7.3 13.0

0.0

-1.2

-0.2

1.7

2.4

1.7

0.7

0.4

0.2

0.1 0.01 0.02 0.08 0.08

Gangbuk

8.8 11.7

0.2

-1.4

-0.2

2.2

2.1

1.6

1.1

0.2

0.1

0.1 0.01 0.00 0.10 0.10

Seoul metropolitan area

5.5 14.6

-0.2

-1.1

-0.2

1.2

2.7

1.7

0.3

0.6

0.4

0.2 0.01 0.04 0.06 0.07

10.2 17.9

3.6

0.8

0.2

1.1

2.6

1.0

1.5

0.7

0.5

0.4 0.08 0.09 0.09 0.09

5 metropolitan cities

1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board

Apartment rental prices by region


Source: Kookmin Bank
5

(m-o-m, %)

4
3
2
1
0
-1
-2
2009. 1

7
Nationwide

2010. 1

2011. 1
Seoul metropolitan area

2012. 1

2013. 1

Areas excluding the Seoul metropolitan area

Apartment sales transactions in May increased 16.4 percent from the previous
months 55,442 to 64,538, and were up 41.1 percent from a year earlier (45,641).

The Green Book | 41

<Apartment sales transactions>

(thousand)

2009 2010 2011


1

2012

Annual Annual Annual Annual Mar Apr May Jun


Nationwide

53

48

59

42

47

45

46

Jul

37

38

2013
Aug Sep Oct Nov Dec Jan Feb Mar Apr May
31

26

45

50

81

17

2012. 1

34

47

55

65

1. Monthly average
Source: Ministry of Land, Transport and Maritime Affairs

Monthly transaction volume


Source: Ministry of Land, Infrastructure and Transport
140

(thousand)

120
100
80
60
40
20
0
2006. 1

2007. 1

Nationwide

2008. 1

2009. 1

Seoul metropolitan area

2010. 1

2011. 1

2013. 1

Areas excluding the Seoul metropolitan area

12.2 Land market


Nationwide land prices in May rose 0.13 percent month-on-month, which is about
the same pace as in the previous month.
Land prices in the Seoul metropolitan area (up 0.14%, m-o-m) continued to rise,
led by Seoul (up 0.15%, m-o-m) and Gyeonggi Province (up 0.13%, m-o-m).
Land price increases in Seoul metropolitan area (m-o-m, %)
-0.02 (Sep 2012) [ 0.03 (Oct) [ 0.04 (Nov) [ 0.06 (Dec) [ -0.01 (Jan 2013) [ 0.05 (Feb) [
0.10 (Mar) [ 0.13 (Apr) [ 0.14 (May)

Land prices continued to rise in areas excluding the Seoul metropolitan area (up
0.11%, m-o-m), with Sejong (up 0.50%, m-o-m) posting the highest growth rate in
the nation for the 15th straight month in May.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.10 (Sep 2012) [ 0.11 (Oct) [ 0.12 (Nov) [ 0.12 (Dec) [ 0.11 (Jan 2013) [ 0.11 (Feb) [ 0.12
(Mar) [ 0.13 (Apr) [ 0.11 (May)

42 | The Green Book

<Land prices by region>


(Percentage change from previous period)

2009 2010

2011

Annual Annual Annual Q2

2012

Q3

Q4

Annual

Q1

Q2

2013
Q3

Q4 Jan-May Q1

Feb

Mar

Apr

May

Nationwide

0.96 1.05 1.17 0.30 0.29 0.29 0.87 0.30 0.33 0.12 0.21 0.47 0.21 0.07 0.11 0.13 0.13

Seoul

1.40 0.53 0.97 0.28 0.17 0.12 0.33 0.17 0.26 -0.14 0.09 0.41 0.10 0.06 0.11 0.16 0.15

Gyeonggi

1.22 1.49 1.47 0.38 0.43 0.39 0.97 0.34 0.34 0.17 1.32 0.41 0.17 0.03 0.10 0.11 0.13

Incheon

1.99 1.43 0.66 0.18 0.15 0.15 0.36 0.21 0.16 -0.03 0.13 0.46 0.21 0.08 0.12 0.14 0.12

Source: Korea Appraisal Board

Land prices by region


Source: Korea Land & Housing Corporation (land price trend)
15

(%)

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 May were 216,000 land lots, up 5.1 percent from
the previous month and 16.6 percent from 185,000 a year earlier.
Monthly land transactions rose in Seoul (up 11.1%, m-o-m), Daejeon (up 10.9%,
m-o-m), Ulsan (up 88.3%, m-o-m) and Jeju Province (up 18.5%, m-o-m).
Transactions of vacant land decreased 2.8 percent month-on-month to 84,000 lots,
making up 38.6 percent of the total amount of transactions, and were down 0.7
percent from a year earlier.

The Green Book | 43

<Land sales transactions>


(Land lot, thousand)

2009 2010 2011


1

2012

Annual Annual Annual Annual Apr May


Nationwide

203

187

208

170

182

186

2013

Jun

Jul

Aug Sep

Oct

Nov Dec

Jan

Feb

Mar

Apr May

163

167

150

172

185

141

142

181

206

133

224

216

Seoul

22

16

18

13

15

15

13

12

10

15

16

20

10

10

15

18

20

Gyeonggi

46

41

43

33

36

35

32

34

30

27

35

36

45

29

28

33

39

43

Incheon

10

10

10

10

1. Monthly average
Source: Korea Land & Housing Corporation

Land and consumer prices since 1970s


Source: Korea Appraisal Board (land prices), Statistics Korea (consumer prices)
60

(y-o-y, %)

50
40
30
20
10
0
-10
-20
1975

1980

1985

1990

1995

2000

2005

Land price inflation

2010

2012

Consumer price inflation

Land trade volume


Source: Korea Land & Housing Corporation (land trade trend)
500,000

(thousand square meter)

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

Seoul metropolitan area

44 | The Green Book

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Areas excluding the Seoul metropolitan area

13.
Composite
indices of
business cycle
indicators

Industrial output in May decreased 0.7 percent month-on-month but increased


1.1 percent year-on-year. Output in service (up 0.2%, m-o-m) rose, while output in
mining & manufacturing (down 0.4%, m-o-m), construction (down 4.3%, m-o-m)
and public administration (down 5.0%, m-o-m) fell.
The cyclical indicator of the coincident composite index fell 0.2 points in May.
Mining & manufacturing production, domestic shipment and service activity
decreased while four components, such as the value of construction completed
and imports, increased.
Components of the coincident composite index in May (m-o-m)
value of construction completed (0.8%), imports (0.4%), nonfarm payroll employment (0.3%),
retail sales (0.3%), mining & manufacturing production (-0.8%), domestic shipment (-0.8%),
service activity (-0.2%)

The cyclical indicator of the leading composite index increased 0.3 points from the
previous month.
Four components, including the ratio of job openings to job seekers and ratio of
export to import prices, were higher compared to the previous month while four
other components, such the value of construction orders received and international
commodity prices, were lower.
Components of the leading composite index in May (m-o-m)
ratio of job openings to job seekers (0.5%p), indicator of inventory cycle (0.2%p), ratio of export
to import prices (0.9%), consumer expectations index (1.0p), value of construction orders
received (-4.1%), domestic shipment of machinery (-0.2%), international commodity prices
(-0.5%), KOSPI (-0.1%), spreads between long & short term interest rates (0.0%p)

2012
Oct

2013

Nov

Dec

Jan

Feb

Mar1

Apr1

May1

Industrial output (m-o-m, %)

-0.4

1.1

1.0

-0.9

1.1

-2.0

1.7

-0.7

(y-o-y, %)

-1.0

1.4

-0.2

3.2

-1.9

-0.8

3.6

1.1

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

-0.1

0.6

0.5

0.4

0.4

0.0

0.6

0.2

Cyclical indicator of coincident composite index

98.9

99.1

99.2

99.2

99.3

98.9

99.0

98.8

(m-o-m, p)

-0.4

0.2

0.1

0.0

0.1

-0.4

0.1

-0.2

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

0.3

0.7

0.7

0.2

0.3

0.3

0.5

0.7

Cyclical indicator of leading composite index

99.3

99.6

100.0

99.8

99.6

99.5

99.6

99.9

(m-o-m, p)

-0.1

0.3

0.4

-0.2

-0.2

-0.1

0.1

0.3

1. Preliminary

The Green Book | 45

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

Industrial output (m-o-m)

2012. 1

2013. 1

Industrial output (y-o-y)

Cyclical indicator of coincident composite index


Source: Statistics Korea (industrial activity trend)
110

(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

Cyclical indicator of leading composite index


Source: Statistics Korea (industrial activity trend)
110

(points)

105

100

95

90
2001. 1

2002. 1

46 | The Green Book

2003. 1

2004. 1

2005. 1

2006. 1

2007. 1

2008. 1

2009. 1

2010. 1

2011. 1

2012. 1

2013. 1

Featured Issue

Pursuing Realistic Visions for the Financial Industry

(Interview with Financial Services Commission Chairman Shin Je-Yoon)

How do you see the current state of the global financial sector?

The tapering of quantitative easing in the US and slowing growth in China have emerged
as the main destabilizing factors in the global economy and financial sector. However,
the situation in the US is actually part of the normalization process of the nations
monetary policy. In other words, the exit strategy reflects the fact that the US economy
is recovering. Likewise, Chinas economic slowdown is a transitional phenomenon that
comes as the Chinese economy is shifting from export- and investment-led growth to
qualitative growth. A slowdown in Chinas economy is expected to have direct effects on
Koreas real economy, since China accounts for 25 percent of Koreas total exports.

How is the Korean government coping with the recent developments in the US and China?

The government is closely monitoring the risks that may arise as the two nations undergo
changes. Despite the fact that a gradual withdrawal from the quantitative easing program
in the US and economic slowdown in China are part of a normalization process, the huge
size of the two economies requires us to pay close attention to the effect they may have on
Koreas real economy and its financial markets. Also, taking into consideration the fact
that the emerging markets may be affected as well, we will prepare for the possibility that
any economic instability in emerging markets spread to Korea.

Featured Issue | 47

Corporate governance problems have emerged as risk factors in the financial system.

Since the 2008 subprime crisis, financial firm corporate governance has become a globally
important issue. In Korea, problems related to corporate governance include difficulties
in selecting new CEOs and clashes between executive and nonexecutive directors, and
these have posed new risks in the financial system. Such problems can only be solved
by improving both related policies and actual practices at the same time. Corporate
governance of financial firms should be able to not only help optimize shareholder
profit but also protect public interest. One of the governments priorities is to enact the
Financial Firm Corporate Governance Act to streamline rules, which have been applied
differently in different business areas.

Why are you pursuing the controversial privatization of Woori Finance Holdings, and what are
your plans?

Since its establishment in 2001, Woori Finance has been involved with various interest
groups, and in the process has lost its competitive edge. Had Woori Finance been
privatized earlier, it would have helped boost the competitiveness of the entire financial
sector, as well as the company itself. The privatization of Woori Finance will be our last
chance to shake off the aftereffects of the 1998 financial crisis and bring our financial
industry up to a higher level.
The Financial Services Commission (FSC) focuses on reflecting realities in the
privatization plan, and speed up the sales process. Instead of being put up for sale as a
single entity, the 14 affiliates of Woori Finance will be divided into three groups (regional
banks, brokerage division, Woori Bank) and will be sold separately. The units in the three
groups will be sold individually or in bundles, depending on demand. In addition, the
units may be split or merged in order to make them more palatable to the market. The
regional banks and the brokerage division will be put up for sale first, and then Woori
Bank, because it will take time for the FSC to work on the sales of Koreas biggest bank.

Some have pointed out that the role of policy financing should be reestablished to reflect recent
changes in the economic environment.

I agree. The traditional method of debt financing has reached its limit as policy financing
demand is rising in high-risk fields such as startups, technology firms and overseas
projects. This is the time to reform the role and method of policy financing, such as by
expanding equity financing. We plan to reestablish the role of policy financing based on
48 | Featured Issue

four basic rules. To begin with, we will boost policy financing in market failure areas,
where the active participation of commercial financial firms is impossible. Secondly, we
will reduce overlaps among policy financing institutions in order to efficiently utilize
limited financial resources. Thirdly, we plan to cut back policy financing in areas that can
be managed by private financial institutions, and we will require policy financing firms
to focus on their distinct roles. Lastly, we aim to reinforce arbitration mechanisms among
policy financing firms in order to eliminate unnecessary competition and conflict. It will
not be easy to carry out such tasks, but we will boldly and decisively pursue our goals in
order to build a new policy financing system.

The Korea New Exchange (KONEX) was launched on July 1, opening a new era for the nations
capital market.

The KONEX has started out more smoothly than we had expected. Despite the fact that
individual investors participation is limited and the Korean stock market is performing
poorly, the KONEX has gotten off to a better start than the KOSDAQ or the UKs
Alternative Investment Market (AIM), which does not limit market participation. We will
continue to provide tax incentives and other forms of support to help the KONEX-listed
firms raise funds and create their own success stories. Meanwhile, the KONEX requires
efforts from both the government and market participants to succeed. We expect that the
market will successfully get under way if the number of KONEX-listed firms increases to
50 by the end of the year and to 100 by next year.

The FSC faces pending issues such as reforming financial corporate governance and privatizing
Woori Finance. However, presenting a vision for the mid- to long-term development of Koreas
financial industry seems to be an equally important task.

It is important to present a vision, but not like the flashy, catchphrase-centered visions that
were popular in the past. One such example was making a Korean version of Goldman
Sachs, which is something we definitely should pursue in the long term but cannot be
realized in the short term. Such catchphrases sound good but are rarely realistic. I aim for
plans that we can actually achieve. Financial visions should have substance and should
be palpable.
The Korean society is aging at a fast pace and the economy has entered a low-growth era.
Considering such changes, it is now imperative that the financial industry breathe life
to the real economy and boost added value and employment as the key industry of the
future. Therefore, our vision for the future is to boost the contribution of the financial
Featured Issue | 49

sector in terms of added value to 10 percent over the next ten years. We will provide
realistic plans by the end of this year and put them into practice starting next year.

What are your aspirations as the first FSC chairman in the Park Geun-hye administration?

My first goal is to build a nation that is free from financial crises. I will make sure that the
Korean economy and people would never again suffer from weaknesses in the financial
sector. To make this possible, we will require financial firms to boost fiscal soundness and
reserve enough foreign currency liquidity, as well as aggressively cope with risk factors.
The FSC will continue pursuing those goals, so that the financial sector will lead the
Korean economy to stable and sustainable growth.

The original version of this interview appears in the August issue of Narakyungje, a monthly magazine on
economic policies published by KDI.

50 | Featured Issue

Policy Issues

Economic Policies for the Second Half of 2013

Basic directions
The government will pursue eight key initiatives to ensure that the economic
recovery takes hold and national priorities are successfully implemented.
To ensure that the economic recovery takes hold, the government will work to
accelerate the recovery process by implementing proactive macroeconomic
policies, and by improving domestic demand and export conditions. The
government will also establish a response system to guard against uncertainties,
such as the possibility of quantitative easing tapering, and manage risk factors.
Basic living conditions of the working class will be improved as the government
controls inflationary pressures and adopts tailored welfare systems.
To implement national tasks, the government will carry out its 70 percent
Employment Roadmap Initiatives, which cover creating quality part-time jobs and
an employee-friendly workplace culture, while boosting support for the service
industry and developing an institutional infrastructure to help build a creative
economy. The government will also work on the issues regarding economic
democratization.
Meanwhile, review systems will be improved to more efficiently manage fiscal
resources.

Policy Issues | 51

Action plans
1. Ensuring that the economic recovery takes hold
To help restore the economic growth rate to the 3 percent range, the government
will adopt aggressive and flexible macroeconomic policies
1) Fiscal policies
The government will make the most of its fiscal resources, including the
supplementary budget, and increase its financial capacity through public
institutions and public-private partnerships. The government will front-load the
budget in the third quarter of the year, and increase spending in public institution
projects, mostly in energy and SOC, by 500 billion won. The government will
develop measures to boost private sector investment, including measures to
improve financing conditions and remove business barriers.
2) Monetary policies
The Bank of Korea (BOK) will flexibly manage monetary policies by taking into
account overall economic conditions, such as domestic economic trends and
inflationary pressures. The BOK will also flexibly manage its aggregate credit
ceiling loans, a support fund for small- and medium-sized enterprises (SMEs).
3) Financial policies
The government will expand financial support to SMEs and venture startups, and
redefine the role of policy-based financing.
4) Exchange rate policies
The government will ensure that the exchange rate is determined by supply and
demand and economic fundamentals. However, it will adopt market stability
measures when market volatility increases due to external factors.
The government will help boost domestic demand and exports by promoting
investment and SME support
The government will promote investment by easing regulations regarding business
location and industrial convergence, and set up a joint public-private investment
promotion task force.
Another round of SME support measures will come out in July, and a system to
provide SMEs with various services at one location from designing to legal &
accounting consultation will be set up by December. The government will increase
the facility investment funds for SMEs from 3 trillion won to 5 trillion won, and
52 | Policy Issues

allocate more of the fund to export SMEs, which are suffering from the volatile
yen. SMEs in the parts and materials industry will enjoy increased support when
they try to merge or acquire foreign companies. Funds to support M&As of foreign
companies, worth 100 billion won, will be created, which will be available for both
SMEs and larger leading businesses.
The government will announce financing programs in July to support overseas
plant construction by local companies, along with measures to help eco-friendly
businesses enter overseas markets.
The government will work to normalize the housing market and announce
medium- to long-term directions
To help increase home transactions, the government will adjust housing supply by
realigning public housing projects, and ease mortgage loan requirements for firsttime home buyers.
The government will also revise housing market regulations. Heavy transfer taxes
on multi-home ownership will be removed, high capital gains tax rates for less than
two years of homeownership will be lowered, and the new home price ceiling will
be made flexible.
In addition, the government will develop a long-term housing market plan which
covers medium- to long-term supply, regulations, mortgages and taxes, taking
into consideration changes in demographics, families and attitudes towards
homeownership.

2. Reinforcing risk management


The government will prepare for the possibility of an early tapering of quantitative
easing
The government will continue to monitor markets while running an early warning
system. The government will regularly hold the Macroeconomy and Finance
Meeting to share information on the flow of global funds, liquidity conditions and
key policy trends in major countries.
The government will prepare for contingency plans to quickly respond to market
volatility, while flexibly adopting macro-prudential policies.
The government will manage risks to prevent them from developing into a crisis
In order to manage risk in a comprehensive manner, the government will itemize
risk factors by July.
The government will help ease household debt and control its growth, while
increasing support for the economically vulnerable to improve their debt
repayment ability.

Policy Issues | 53

The government will also strictly control the soundness of nonbank financial
institutions and increase consumer protection in the finance sector.
Meanwhile, the 2nd Basic Plan for Energy will be announced in December, which
will cover using sustainable energy and adjusting prices according to different
energy sources.

3. Easing the burdens on the working class


The government will help stabilize prices by streamlining distribution systems
Plans to improve distribution systems will come out in July for fishery products,
in September for manufactured goods, and in November to promote competition
among retailers. The government will implement measures to lower entry barriers
to energy and liquor industries in October and December, respectively.
The government will provide tailored welfare
The government will continue to work on stabilizing agricultural product prices
by adjusting supply and demand. To provide rental homes at affordable prices, the
government will launch a pilot public rental home program, encourage the private
sector to provide rental housing, and introduce housing vouchers.
The government will continue to help the restructuring of household debt through
the National Happiness Fund, phase in a universal high school education program,
and provide a college tuition system tailored to each student. Tax benefits to
encourage childbirth will be announced in August.
A basic pension fund scheme for the elderly will be prepared in July, and a revision
of the National Health Care will be announced in December, which will increase
the health care coverage and lower the burden for the working class.
The government will also develop plans to implement a basic social security system
tailored to each recipient by October, and increase emergency welfare support to
help families faced with difficulties, such as unemployment.

4. Implementing the roadmap to achieve 70 percent employment


The government will lay the foundation for steady job creation
The government will enact laws related to part-time jobs, provide temporary tax
breaks and social insurance support to increase quality part-time jobs, and will
gradually introduce work-study programs to boost youth employment.
Also, the government will encourage women to continue pursuing their career
by promoting childcare leave and employer-sponsored childcare centers, while
reinforcing public career counseling programs.
Plans to address mismatches in the labor market will be unveiled in September.
54 | Policy Issues

The government will shift its focus to job creation


The government will offer incentives to foreign companies that create jobs in
Korea, and cut overlapping or similar SME support in order to increase support
for job-creating SMEs.
More emphasis will be placed on job creation when evaluating fiscal projects.

5. Laying a solid foundation for building a creative economy


The government will establish strong institutional infrastructure to help build a
creative economy
Plans to increase R&D financial support for promising startup businesses will be
announced in December.
Tax incentives designed to support the forming of a virtuous venture-startup
funding cycle will be implemented as planned, while a funding system to support
a creative economy will be set up, through which innovative enterprises and
convergence industries will be made eligible for increased financing*.
* Growth Ladder Fund of 2 trillion won to be launched in the third quarter and Smart Guarantee
System to be introduced in October

The government will prepare by October measures to utilize industrial complexes


as a hub for creative economy, and will work on the establishment of a national
statistics development plan, which is aimed at building the infrastructure for
creative economy statistics.
The government will facilitate the building of a creative economy by increasing
support for the service sector
Regulatory reforms to remove discriminatory regulations against service industries
will be unveiled in July, which also include rules to help found a solid basis for the
development of the service sector.
The government will lay the foundation for developing the service sector through
increased support for human resources and technology development: human
resources development support includes education programs designed according
to the stages of ones life, such as Meister high schools in service areas, colleges
specializing in services, enterprise-run colleges and e-learning. Promising SMEs
that deal with new technologies will receive tax incentives, and the government will
provide increased R&D support. The government will also introduce a certification
system specified for the service sector.
The government will facilitate the service industrys involvement in the
procurement of government projects, while quickly easing business-related service
sector difficulties through various measures, such as flexible financial support for
foreign educational and research institutions in the Free Economic Zones.

Policy Issues | 55

Measures to increase service sector competitiveness will be unveiled in July,


including measures to develop tourism and information protection industries.

6. Making economic democratization a priority


The government will pursue mutually beneficial economic democratization
through increased ministerial cooperation and by encouraging communication
between corporations and the market
The government will renew its efforts to pursue economic democratization without
burdening the economy.
The government will also work on minimizing uncertainties regarding economic
democratization by promoting communication between corporations and the
market.

7. Financing national priorities


The government will prepare action plans to achieve and finance national priorities
The tax revision bills and budget proposals, scheduled to be unveiled in August
and October, respectively, will serve as tools to achieve national priorities and local
government-related campaign pledges.
The government will adjust fiscal support and obligatory private sector expenses
taking into consideration overlapping purposes to minimize the areas that may not
receive support
The government will redefine the role of fiscal support and obligatory expenses to
increase the efficiency of government expenditures. In the case that fiscal projects
and tax expenditures have similar purposes, the government will start making
adjustments from 2014 by modifying budgets, tax reductions and exemptions.
The government will boost the vitality of the private sector economy by improving
regulations and promoting private investment in order to compensate for public
sector spending cuts.
The government will efficiently manage fiscal risks in order to ensure that future
generations are not burdened
The long-term fiscal outlook for 2011-2060, which reflects changes in demography,
will be announced in September. According to the findings of the report, the
government will lay out directions to improve areas with high fiscal risks.
The public debt calculation method will be prepared in September, and the
comprehensive fiscal risk management system will be established in November,
which will examine major fiscal risks by area and provide indices for those risks.
56 | Policy Issues

8. Policy evaluation system based on performance


The government will improve and carry out performance-based policy evaluations,
in which the Korean people as well as all ministries will participate
1) Evaluators
The Government Economic Policy Performance Evaluation Task Force will be
formed in July, and will conduct a government-wide evaluation of major policies.
The Citizen Evaluation Group will be launched in July and will be composed
of experts from the private sector, workers participating in the project being
evaluated, and recipients of policies. Each related ministry will form a joint publicprivate performance evaluation team in July, and the team will regularly report its
evaluation results to the government evaluation task force.
2) Evaluation targets
The government will create a database of monthly plans and performance outcomes
by project and continuously evaluate the performance of major projects. Inputs,
expected performance and actual performance, will all be evaluated.
3) Feedback
Evaluation outcomes will be discussed at the Ministerial Meeting on the Economy
and will be made accessible to the people. The government will prepare follow-up
measures for underperforming projects.

Policy Issues | 57

Economic News Briefing

KONEX begins trading on July 1


The Korea New Exchange (KONEX), a stock market for small- and medium-sized
enterprises (SMEs), opened on July 1. The KONEX, which is modeled after the UKs
Alternative Investment Market (AIM), serves as a market for startups that have
huge growth potential but are too small to be listed on the KOSPI or KOSDAQ.
According to the Financial Services Commission (FSC), the KONEX is expected to
function as an important financing window for SMEs and venture businesses, and
will give investors more opportunities to invest in promising enterprises.

Korea-China currency swap to be extended


President Park Geun-hye and Chinese leader Xi Jinping agreed at a summit held
on June 27 to extend the Korea-China currency swap arrangement by three years,
recognizing the positive effect that the currency swap scheme has on bilateral trade
relations as well as the economic development of both nations. The existing currency
swap agreement, which was signed on October 26, 2011 and was originally due to
expire on October 25, 2014, will be extended to 2017. At the summit, the leaders
also agreed to consider further extending the currency swap duration after 2017
and to expand the size of the currency swap if necessary. The existing won-yuan
currency swap is worth 64 trillion won, or 360 billion yuan.
58 | Economic News Briefing

Government to boost surveillance on illegal forex transactions


The Ministry of Strategy and Finance (MOSF) will work on improving the foreign
exchange system in order to strengthen surveillance on illegal foreign exchange
transactions. The enactment of the Foreign Exchange Transaction Act in 1999 has
liberalized most foreign exchange transactions, making foreign transactions easier
for individuals and corporations. However, foreign exchange liberalization has also
caused illegal capital outflows, such as offshore tax evasion, to increase, which lead
authorities to seek means to monitor such illegal practices while guaranteeing the
free flow of normal foreign exchange transactions.
The plan to improve the foreign exchange system covers granting joint inspection
authority to the Korea Customs Service (KCS) and the Financial Supervisory
Service (FSS). Under the current system, the KCS has authority over transactions
related to imports and exports, while the FSS inspects transactions related to capital
and services. Considering the fact that this arrangement has caused problems in
cases where capital transactions and import-export transactions are mixed, both
the KCS and FSS will be given inspection authority in such cases in the future.
The plan also includes follow-up management of overseas direct investment.
Although investors are currently required to submit reports on overseas direct
investment related activities, many cases go unreported, raising concerns over
illegal capital outflows. In order to increase the effectiveness of obligatory reporting,
fines will be imposed in cases that follow-up reports are not submitted after the
investments are made.

Korea-ASEAN FTA certification requirements to be eased


Country of origin certification procedures regarding the Korea-ASEAN free trade
agreement (FTA) will be simplified starting next year. The Korea-ASEAN FTA
implementation committee approved on June 30 the revised version of the KoreaASEAN FTA operational certification procedures (OCP), and announced that the
revisions will take effect on January 1, 2014.
Trade between Korea and the ASEAN member nations has grown by an average
of 12.8 percent each year since the trade pact entered into force in 2007. Despite
the increase in trade, however, Korean firms have experienced difficulties in taking
advantage of the Korea-ASEAN FTA due to complex certification procedures.
According to the revised rules, the duration of validity for the certificate of origin,
which is currently only six months, will be extended to twelve months, and
export companies will no longer be required to reveal sensitive information in the
certificates.
Economic News Briefing | 59

Korea-EU FTA tariffs further cut


Korea and EU has further cut tariffs on each others goods as of July 1, which marks
the day the Korea-EU FTA entered into force. Korea reduced tariffs on 2,000 items
imported from EU nations. Tariffs on midsized cars were cut to 1.6 percent from
the current 3.2 percent. Tariffs on pork were lowered to 18.1 percent from 20.4
percent, handbags to 2.0 percent from 4.0 percent, and whiskey to 5.0 percent
from 10.0 percent. The EU also cut tariffs on 551 Korean goods. Tariff on midsized
cars were cut to 2.0 percent from 4.0 percent, while tariffs on televisions and tires
were reduced to 7.0 percent from 9.3 percent and to 1.1 percent from 2.2 percent,
respectively.

Korea and Kenya ink deal to avoid double taxation


Korea and Kenya held a tax treaty negotiation meeting in Seoul on June 19-21,
where they initiated a deal to help their companies avoid double taxation. The
double tax avoidance agreement is expected to reduce the tax burden for Korean
companies in Kenya, and help prevent tax evasion by facilitating the exchange of
information. Meanwhile, the government is working on expanding the tax treaty
network to regions such as Latin America, the Middle East and Africa, in order to
help Korean firms enter and invest in those markets.

60 | Economic News Briefing

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 | 61

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

(year-on-year change, %, chained 2005 year prices)


Gross fixed capital formation

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
62 | 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
(%)

Service production index

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

102.9

0.8

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
3
4P
5P

109.7
95.8
108.0
108.1
108.8

7.7
-9.5
-2.9
1.6
-1.4

107.9
96.4
108.1
107.4
107.8

5.2
-8.9
-2.3
1.4
-1.6

127.8
124.1
122.4
120.1
121.8

7.0
5.6
3.9
3.0
2.9

101.8
100.3
106.6
105.3
107.6

1.3
0.3
0.7
2.5
1.6

P: Preliminary
Source: Statistics Korea
Statistical Appendices | 63

3.
Production capacity and operation ratio

Period

Production capacity index (2010=100)

2011
2012

Operation ratio index (2010=100)

Y-o-Y change (%)

Y-o-Y change (%)

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

92.7

-4.3

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
3
4P
5P

107.9
108.0
108.1
108.1
108.2

1.1
1.1
1.1
1.0
1.0

97.9
84.1
96.2
97.0
98.3

6.6
-12.8
-6.0
-1.2
-3.6

78.6
77.2
75.4
75.5
75.4

P: Preliminary
Source: Statistics Korea
64 | 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

103.7

0.2

111.3

1.2

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
3
4P
5P

104.6
99.5
106.9
105.1
110.5

-2.7
1.6
1.8
2.1
0.5

112.0
106.6
115.2
114.0
119.9

4.0
-1.2
0.7
5.8
1.5

101.4
91.1
106.9
104.8
111.3

-2.1
0.1
7.7
1.1
0.8

102.6
99.9
103.1
101.1
105.8

-6.0
3.7
0.0
0.9
-0.2

P: Preliminary
Source: Statistics Korea
Statistical Appendices | 65

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
3
4P
5P
6

104.0
92.3
98.8
98.2
96.9
-

3.8
-5.7
-3.0
-0.5
-4.9
-

96.8
92.7
96.4
95.6
95.2
-

5.0
-5.4
-5.6
2.1
-5.0
-

107.0
92.2
99.8
99.4
97.7
-

3.2
-5.8
-2.1
-1.5
-4.9
-

102
102
104
102
104
105

Source: Statistics Korea


66 | Statistical Appendices

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

5,621

429

5,192

2,928

122.3

83.5

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
3
4P
5P

1,864
1,675
2,083
1,839
2,140

139
168
121
92
254

991
858
1,078
956
1,094

117.5
113.8
135.7
125.8
129.0

81.1
76.6
92.7
88.5
92.6

-13.4

-11.0

-25.9

-2.0

-5.3

2012

1,724
1,506
1,961
1,747
1,886
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

-10.9

-47.0

-5.6

-4.2

-15.4

-19.2

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
3
4P
5P

-3.6
-34.1
13.4
-0.3
16.9

169.8
-75.8
92.2
63.8
553.5

-8.3
-18.4
10.6
-2.3
5.3

-14.4
-17.2
25.3
3.2
10.6

-15.7
-22.5
-7.9
-12.1
-11.6

-14.6
-27.7
-15.0
-15.0
-10.8

P: Preliminary
Source: Statistics Korea
Statistical Appendices | 67

7.
Value of construction completed and domestic construction orders received
(current prices, billion won)
Period
2012

Value of
construction
completion
(total)
88,031

Type of order
Public

Private

33,578

50,260

Domestic
construction
orders received
(total)
86,821

Type of order
Public

Private

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
3
4P
5P

6,258
6,217
7,638
8,062
8,080

2,065
2,341
2,579
2,820
2,766

3,424
4,304
5,077
4,910
5,838

1,306
1,280
1,694
1,551
1,503

1,970
2,955
3,329
2,944
4,216

-4.0

-4.4

3,948
3,650
4,766
4,948
5,052
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
3
4P
5P

9.0
4.0
3.4
18.7
11.8

-2.0
-0.7
-11.7
7.4
-2.6

18.3
8.3
16.6
27.7
24.3

-52.7
-47.0
-20.7
-18.6
-19.1

-33.9
-40.9
21.8
7.1
40.2

-61.4
-49.2
-28.2
-28.1
-30.1

P: Preliminary
Source: Statistics Korea
68 | 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
7

110.1
110.4
110.7
111.2
112.0
-

111.8
112.3
112.3
113.0
113.2
-

99.2
99.3
98.9
99.0
98.8
-

85.0
83.0
101.3
94.1
97.6
95.0
-

85.7
86.7
104.4
101.5
99.8
97.2
90.7

Source: Statistics Korea & The Bank of Korea


Statistical Appendices | 69

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

2013P

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
5

2,331.7
2,712.9
4,927.2
3,926.9
8,638.8

2,617.7
2,562.9
4,159.2
3,543.3
7,270.0

47,163.0
42,218.6
47,911.4
47,482.1
49,593.9

44,545.3
39,655.7
43,752.2
43,938.8
42,323.9

-927.1
-461.0
905.1
1,447.6
1,130.5

968.4
628.9
-222.3
-1,088.6
193.6

-327.3
-17.9
85.2
24.6
44.7

P: Preliminary
Source: The Bank of Korea
70 | 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

Capital transfers Changes in


& acquisition of reserve assets
non-financial
assets
-24.7
-13,952.8
602.1
-11,885.4

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

2013P

-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
5

-910.3
-3,269.1
-6,722.0
-2,606.4
-11,596.0

-1,417.7
-777.8
-1,870.4
303.3
-1,482.2

-4,374.3
1,993.5
-3,389.1
-1,917.5
-1,171.9

586.9
686.9
145.1
-313.2
649.2

4,643.9
-3,218.3
-131.3
-1,584.7
-8,534.9

48.5
37.8
65.7
-36.8
-16.8

-397.6
-1,991.2
-1,542.0
942.5
-1,039.4

-1,421.4
556.2
1,794.8
-1,320.5
2,957.2

P: Preliminary
Source: The Bank of Korea
Statistical Appendices | 71

11.
Prices
(2010=100)
Consumer Prices

Producer prices

Export & import prices

Period
All Items
2011
2012

Export

Import

104.0
106.3

Commodity
105.7
108.9

Service
102.7
104.2

Core
103.2
104.9

All Items
106.7
107.5

Commodity
108.7
108.9

100.2
97.9

111.6
110.8

2011

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

102.2
102.9
103.3
103.4
103.6
103.8
104.3
105.0
104.9
104.7
104.8
105.2

103.4
104.4
104.9
104.6
104.7
105.0
105.9
107.1
107.1
106.6
106.8
107.3

101.2
101.7
102.1
102.4
102.6
102.8
103.1
103.3
103.1
103.2
103.3
103.5

101.4
102.1
102.4
102.6
103.0
103.4
103.7
103.8
103.7
103.6
103.9
104.3

104.3
105.1
106.3
107.0
107.3
107.1
107.2
107.4
107.4
107.3
107.0
107.1

105.7
106.7
108.3
109.1
109.5
109.1
109.3
109.5
109.6
109.4
108.9
109.0

98.7
100.7
103.7
102.3
100.5
99.3
97.4
98.1
101.0
102.2
99.5
99.4

106.3
109.3
113.2
113.9
111.5
110.9
109.5
109.8
113.6
114.8
113.1
113.3

2012

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

105.7
106.1
106.0
106.0
106.2
106.1
105.9
106.3
107.0
106.9
106.5
106.7

107.9
108.5
109.2
108.9
109.2
108.8
107.9
108.8
110.4
109.8
108.9
109.0

103.9
104.2
103.5
103.7
103.9
104.0
104.2
104.4
104.4
104.6
104.6
104.8

104.6
104.7
104.3
104.4
104.6
104.9
104.9
105.1
105.2
105.2
105.3
105.5

107.7
108.4
108.9
109.0
108.4
107.1
106.6
107.2
107.6
106.8
106.1
105.8

109.5
110.5
111.2
111.1
110.3
108.4
107.6
108.6
109.2
107.8
106.8
106.4

100.4
100.0
100.6
101.0
100.2
98.8
97.5
97.5
97.6
95.6
92.9
92.3

114.4
115.0
116.9
115.6
113.5
109.4
108.5
110.3
111.1
107.4
104.3
103.2

2013

1
2
3
4
5
6

107.3
107.6
107.4
107.3
107.3
107.2

109.8
110.2
110.3
109.8
109.6
109.3

105.2
105.5
105.1
105.3
105.4
105.4

106.0
106.7
106.3
105.9
105.6
105.5

106.8
107.8
107.1
106.6
106.1
106.0

92.2
94.4
94.7
95.3
94.4
96.9

102.3
105.1
104.3
104.4
102.5
104.7

4.0
2.2

5.7
3.0

105.9
106.1
105.9
105.9
106.3
106.4
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
6

1.5
1.4
1.3
1.2
1.0
1.0

1.8
1.6
1.0
0.8
0.4
0.5

1.3
1.2
1.5
1.5
1.4
1.3

1.2
1.3
1.5
1.4
1.6
1.4

-1.6
-1.6
-2.4
-2.8
-2.6
-1.4

-2.5
-2.5
-3.7
-4.1
-3.8
-2.2

-8.1
-5.6
-5.9
-5.7
-5.8
-2.0

-10.6
-8.6
-10.8
-9.7
-9.7
-4.3

Source: The Bank of Korea


72 | Statistical Appendices

12.
Employment
Economically active persons (thous.)
Period

2011
2012

Wage workers

Employed persons (thous.)

25,099
25,501

All industry Manufacturing


24,244
4,091
24,681
4,105

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
6

24,901
24,973
25,397
25,928
26,195
26,291

24,054
23,984
24,514
25,103
25,398
25,478

4,189
4,139
4,141
4,192
4,175
4,180

17,581
17,493
17,743
18,145
18,388
18,429

11,292
11,336
11,510
11,616
11,726
11,750

4,791
4,725
4,769
4,892
4,964
4,980

1,498
1,431
1,465
1,636
1,699
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
19,531
3.1
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
6

1.3
0.6
0.7
1.1
1.0
1.4

1.4
0.8
1.0
1.4
1.1
1.4

3.9
1.9
3.1
4.1
2.6
2.3

1.0
0.7
0.6
1.0
1.0
1.5

2.3
1.6
1.8
2.6
2.5
2.8

4.9
4.9
5.6
6.0
6.0
5.3

-1.6
-3.1
-4.6
-4.0
-3.7
-2.2

-3.1
-7.1
-4.0
0.6
-1.1
1.0

Source: Statistics Korea


Statistical Appendices | 73

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
6

2.8
2.8
2.7
2.8
2.6
2.5

2.9
2.8
2.8
2.8
2.7
2.7

3.2
3.1
3.0
2.9
3.0
3.2

2.8
2.7
2.6
2.6
2.6
2.9

2.9
2.8
2.7
2.6
2.7
3.1

1,961.94
2,026.49
2,004.89
1,963.95
2,001.05
1,863.32

Call rate (1 day)

CD (91 days)

Source: The Bank of Korea


74 | Statistical Appendices

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
5

85,839.3
88,855.7
89,523.5
87,729.0
89,654.8

464,914.5
472,239.6
472,430.1
475,330.0
475,526.7
Y-o-Y change (%)
6.6
3.8

1,841,128.1
1,857,135.0
1,862,405.5
1,867,726.3
1,870,289.7

2,469,789.3
2,488,539.0
2,499,718.1
2,512,459.7
2,518,239.1

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

5.1
8.8
13.2
8.8
11.3

5.8
8.0
7.4
8.7
8.4

4.8
5.3
5.0
5.1
4.8

7.7
8.1
6.8
6.9
6.8

Source: The Bank of Korea


Statistical Appendices | 75

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
5
6

1,082.7
1,085.4
1,112.1
1,108.1
1,128.3
1,149.7

1,065.4
1,086.7
1,102.2
1,121.8
1,110.7
1,135.2

1,196.8
1,166.4
1,161.1
1,148.4
1,100.3
1,165.7

1,469.3
1,425.8
1,425.2
1,451.3
1,471.4
1,498.2

1,415.7
1,452.3
1,427.5
1,459.6
1,441.5
1,498.7

1.3
-7.1

-4.2
1.7

1,188.5
1,176.2
1,180.1
1,132.0
1,116.6
1,167.2
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
5
6

-3.8
-3.6
-2.3
-2.3
-4.2
-0.4

-7.0
-3.3
-2.1
-1.2
-3.8
-2.6

-19.3
-15.9
-14.5
-19.8
-25.0
-19.7

-19.6
-18.6
-14.9
-17.6
-24.0
-20.7

-0.6
-6.0
-5.8
-3.4
1.0
4.4

-4.2
-2.3
-4.0
-2.4
-2.5
2.5

Source: The Bank of Korea


76 | Statistical Appendices

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