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  • Economic Bulletin, September 2019
  • Date September 30, 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
     2020 budget proposal

    ■ Economic News Briefing
     Korea grows 2.0% in Q2
     Korean FDI rises 13.3% in Q2 2019
     DPM Hong attends the 5th Eastern Economic Forum

    ■ Statistical Appendices
Manufacturing and services improved in July, as well as facility investment. Consumption and construction investment fell.

Industrial production rose 1.2 percent from the previous month in July as mining & manufacturing (up 0.1% → up 2.6%, m-o-m) and services (down 1.1% → up 1.0%, m-o-m) improved.

Retail sales (down 1.6% → down 0.9%, m-o-m) and construction investment (up 1.2% → down 2.3%, m-o-m) went down in July. Facility investment continued to rise (up 0.4% → up 2.1%, m-o-m).

Exports declined 13.6 percent year-on-year in August, staying on a downward trajectory for nine months in a row, as the global semiconductor market remained weak and global economic slowdown continued.

Consumer confidence fell 3.4 points to 92.5 in August. The business sentiment index (BSI) for the manufacturing sector decreased 5 points to 68, the outlook for September improving 1 point to 72.

The cyclical indicator of the coincident composite index dropped 0.1 points in July to 98.4, and the cyclical indicator of the leading composite index fell 0.3 points to 97.6.

The economy added 425,000 jobs year-on-year in August as service jobs continued to grow. The unemployment rate fell 1.0 percentage points to 3.0 percent.

Consumer prices in August remained unchanged from the previous year as fresh food prices stayed low, as well as oil product prices. Core inflation rose 0.9 percent.

In August KOSPI fell, the won weakened, and Korea treasury yields continued to drop.

Housing prices continued to decline in August (down 0.05%, m-o-m), as well as Jeonse (lump-sum deposits with no monthly payments) prices (down 0.10%, m-o-m).

Although the economy continued steady growth in July, exports and investment had not picked up. Uncertainties would linger as Japan’s trade curbs and US-China trade conflicts continue.

The government will work to boost investment, consumption and exports by implementing fiscal spending as planned, as well as other economy-boosting measures. The government will also remain alert to external risks and be fully prepared.
 
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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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