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  • Economic Bulletin, May 2020
  • Date May 27, 2020
  • 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

    ■ Economic News Briefing
     Government to pursue a digital economy to boost recovery
     Government and central bank to buy corporate debt through SPV
     External debt amounts to US $485.8 billion, soundness indicators staying in 30% range
     Korea opens financial data exchange
     Government releases 3rd report on COVID-19 response strategy
     Financial regulatory sandbox produces outcomes as it passes its 1st year

    ■ Statistical Appendices
Mining and manufacturing improved from the previous month in March, as well as facilities investment and construction investment. Service output and retail sales slowed down.

Industrial production fell 0.3 percent from the previous month in March. Mining and manufacturing rose (up 4.6%, m-o-m and up 7.1%, y-o-y), while service output fell (down 4.4%, m-o-m and down 5.0%, y-o-y). Industrial production rose 0.6 percent year on year.

Retail sales went down in March (down 1.0%, m-o-m and down 8.0%, y-o-y), and facilities investment (up 7.9%, m-o-m and up 9.8%, y-o-y) and construction investment (up 2.6%, m-o-m and up 1.5%, y-o-y) improved.

Exports fell 24.3 percent year-on-year in April due to weak demand and production disruption, as well as falling oil prices and fewer days worked (2 days). Average daily exports, an indicator calculated according to the days worked, fell (US $2.03 billion (Apr 2019) → US $1.68 billion (Apr 2020)).

The consumer sentiment index (CSI) dropped 7.6 points in April to 70.8. The business sentiment index (BSI) for the manufacturing sector fell 4 points to 52, and the BSI outlook for May went down 4 points to 50.

The cyclical indicator of the coincident composite index for March fell 1.2 points to 98.6, and the cyclical indicator of the leading composite index dropped 0.6 points to 99.6.

The economy lost 476,000 jobs year-on-year in April due to weak services and manufacturing. The unemployment rate fell 0.2 percentage points from a year ago to 4.2 percent.

Consumer prices rose 0.1 percent year-on-year in April due to low oil product and public service prices. Fresh food prices grew slowly. Core inflation rose 0.3 percent.

KOSPI rose in April with confirmed cases of COVID-19 declining. The won strengthened somewhat and Korea treasury yields fell.

The economy has seen domestic demand declining and employment falling amid the COVID-19 pandemic. Exports continued to slow down.

Volatility in global financial markets has eased as economic activities resume in major countries, but worries linger over global recession, major countries’ economic indicators not yet picking up and uncertainties surrounding emerging economies.

The government will do its utmost to fast overcome the effect of the pandemic, including shocks to the job market. The Central Economic Response Headquarters, a ministerial-level meeting, will ensure close ministerial cooperation.
 
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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

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  • 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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