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  • Economic Bulletin, June 2019
  • Date June 27, 2019
  • Language English
PDF Economic Bulletin Website
    ■ The Green Book: Current Economic Trends
     Overview
     1. External economic situation
     2. Private consumption
     3. Facility investment
     4. Construction investment
     5. Exports and imports 
     6. Mining and manufacturing production
     7. Service sector activity
     8. Employment
     9. 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
     Government to revise taxes to boost the economy

    ■ Economic News Briefing
     Korea issues US $1.5 billion FX stabilization fund bonds
     Korean FDI posts US $14.11 billion in Q1 2019
     DPM Hong attends the G20 Finance Ministers and Central Bank Governors’ Meeting
     Korea grows 1.7% in Q1 2019

    ■ Statistical Appendices
Industrial activities improved for the second consecutive month in April. Facility investment improved, but construction investment and consumption fell. Employment continued to rise in May and consumer prices remained stable.

Industrial production rose 0.7 percent in April as mining and manufacturing (up 2.1% → up 1.6%, m-o-m) and service output (up 0.5% → up 0.3%, m-o-m) improved.

Retail sales (up 3.5% → down 1.2%, m-o-m) and construction investment (up 8.9% → down 2.8%, m-o-m) fell in April. Facility investment continued to rise (up 10.1% → up 4.6%, m-o-m).

Exports declined 9.4 percent year-on-year in May, falling for a sixth consecutive month, due to weak global demand as well as low semiconductor prices.

Consumer confidence fell 3.7 points in May to 97.9, and business confidence rose 1.0 points to 76.0. Business confidence index for the next month declined 2.0 points to 75.

The cyclical indicator of the coincident composite index remained unchanged in April at 98.5, as well as the cyclical indicator of the leading composite index at 98.2.

The economy added 259,000 jobs year-on-year in May, despite weak manufacturing, as service jobs grew fast. The unemployment rate remained unchanged from a year ago at 4.0 percent.

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

In May KOSPI and Korea treasury yields went down, and the won weakened. KOSPI and the won recovered somewhat into June.

Housing prices continued to decline in May (down 0.16%, m-o-m), along with Jeonse (lump-sum deposits with no monthly payments) prices (down 0.22%, m-o-m). Housing transactions continued to fall.

Industrial activities have improved recently, but exports and investment remain weak.

Uncertainties have been rising amid slowing global demands, including the demand for semiconductors, and trade tensions are mounting between the US and China.

The government will strengthen its risk management and get ready for the spending of the supplementary budget as soon as it is approved by the National Assembly. The 2019 economic policies for the second half will contain measures to boost the economy by promoting investment, exports and consumption.
 
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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

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  • CHO, Byungkoo On leave

    Director and Vice President, Department of North Korean Economy

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  • LEE, Jongkyu

    Fellow

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  • WEE, Hyeseung Dispatched

    Research Associate

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  • NAM, Jinwook On leave

    Specialist

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  • KIM, Seulki

    Research Associate

    82-044-550-4725
  • CHUN, Eunkyung

    Research Associate

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