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  • Economic Bulletin, July 2019
  • Date July 29, 2019
  • Language English
PDF Economic Bulletin Website
    ■ The Green Book: Current Economic Trends
     Overview
     01. External economic situation
     02. Private consumption
     03. Facility investment
     04. Construction investment
     05. Exports and imports 
     06. Mining and manufacturing production
     07. Service sector activity
     08. Employment
     09. Financial markets
      9.1 Stock market
      9.2 Exchange rate
      9.3 Bond market
      9.4 Money supply and money market
     10. Balance of payments
     11. Prices
      11.1 Consumer prices
      11.2 International oil and commodity prices
     12. Real estate market
      12.1 Housing market
      12.2 Land market
     13. Composite indices of business cycle indicators

    ■ Policy Issue
     Economic policies, H2 2019
     2019 tax revision bill

    ■ Economic News Briefing
     Exports down 8.5% in H1 2019
     Inbound FDI posts US $9.9 billion in H1 2019
     Korea grows 2.1% in Q2 2019 (advance estimate)

    ■ Statistical Appendices
Consumption and services improved in May. Mining and manufacturing slowed down, along with facilities investment and construction investment. Employment continued to rise in June and consumer prices stayed stable.

Industrial production fell 0.5 percent in May due to weak mining and manufacturing (up 1.9% → down 1.7%, m-o-m). Service output (up 0.4% → up 0.1%, m-o-m) improved somewhat.

Retail sales (down 1.2% → up 0.9%, m-o-m) rose in May. However, facilities investment (up 4.6% → down 8.2%, m-o-m) slowed down, and construction investment (down 2.1% → down 0.3%, m-o-m) continued to fall.

Exports declined 13.5 percent year-on-year in June, falling for a seventh consecutive month, due to low semiconductor prices and weak global demand.

Consumer confidence edged down 0.4 points to 97.5 in June, and the business sentiment index (BSI) fell 1 point to 75, the BIS outlook for July staying at 75.

The cyclical indicator of the coincident composite index improved 0.2 points in May to 98.6, and the cyclical indicator of the leading composite index fell 0.2 points to 98.1.

The economy added 281,000 jobs year-on-year in June as service jobs continued to grow. The unemployment rate rose 0.3 percentage points to 4.0 percent.

Consumer prices continued to be stable in June, rising 0.7 percent year-onyear, backed by the low prices of services and oil products.

In June KOSPI rose, the won strengthened and Korea treasury yields went down.

Housing prices continued to decline in June (down 0.13%, m-o-m), along with Jeonse (lump-sum deposits with no monthly payments) prices (down 0.21%, m-o-m). Housing transactions continued to fall.

Global economic situations surrounding the Korean economy have been worsening as uncertainties linger with regard to the US-China trade conflict and the semiconductor demand remains weak amid slowing global economies.

While domestic consumption has been improving, exports and investment have yet to pick up.

The government will be prepared for external risks, including Japan’s trade curbs, get ready for the spending of the supplementary budget as soon as it is approved by the National Assembly, and work to successfully implement the 2019 economic policies for the second half, which focus on promoting investment, exports and consumption to boost the economy.
 
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Office of Global Economy
Providing Economic Forecast and Macroeconomic Policy Direction, the Groundwork for a Brighter Future

The Department of Macroeconomics is conducting researches on the macro economy and macroeconomic policy, particularly focusing on suggesting the analysis of macroeconomic trends and current status of the economy at home and abroad, the economic forecast, and the policy direction of the macro economy. The Department is also in charge of establishing, sustaining and maintaining various econometric models, based on which it analyses policy effects and develops a long-term economic forecast.

Main Tasks
  • Economic trend analysis, short- and long-term forecast
  • Policy study on macroeconomic management
  • Basic structural analysis on macroeconomic areas
  • Maintenance of multi-sectoral dynamic macroeconomic model
Department of Macroeconomic Policy
  • LEE. Tae Suk

    Director, Division of Analysis and Evaluation

    82-044-550-4725
  • CHO, Byungkoo On leave

    Director and Vice President, Department of North Korean Economy

    82-044-550-4725
  • LEE, Jongkyu

    Fellow

    82-044-550-4725
  • WEE, Hyeseung Dispatched

    Research Associate

    82-044-550-4725
  • NAM, Jinwook On leave

    Specialist

    82-044-550-4725
  • KIM, Seulki

    Research Associate

    82-044-550-4725
  • CHUN, Eunkyung

    Research Associate

    82-044-550-4725
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