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  • Economic Bulletin, October 2019
  • Date October 30, 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


    ■ Economic News Briefing
     Korea grows 2.0% in Q3 2019
     FTA with Central America goes into effect
     Inbound FDI up 4.8% in Q3 2019
     Committee on Supplies Manufacturing sets off
     Government holds IR session in New York


    ■ Statistical Appendices
Manufacturing fell in August, while services, consumption, construction investment and facilities investment improved.

Industrial production rose 0.5 percent from the previous month in August backed by services (up 1.1% → up 1.2%, m-o-m). Manufacturing (up 2.8% → down 1.4%, m-o-m) went down.

Retail sales (down 0.9% → up 3.9%, m-o-m) and construction investment (down 3.4% → up 0.3%, m-o-m) improved in August, facility investment remaining strong (up 2.1% → up 1.9%, m-o-m).

Exports declined 11.7 percent year-on-year in September, slowing down for a 10th consecutive month, as global economies remained weak and the semiconductor market has yet to rebound.

Consumer confidence rose 4.4 points to 96.9 in September, and the business sentiment index (BSI) for the manufacturing sector improved 3 points to 71, the outlook for October going up 1 point to 73.

The cyclical indicator of the coincident composite index increased 0.2 points in August to 99.5, and the cyclical indicator of the leading composite index fell 0.1 points to 98.3.

The economy added 348,000 jobs year-on-year in September as service jobs continued to grow. The unemployment rate fell 0.5 percentage points to 3.1 percent.

Consumer prices in September fell 0.4 percent from the previous year due to the low prices of fresh food and oil products, as well as a high base effect. Core inflation rose 0.6 percent.

KOSPI fell, the won weakened and Korea treasury yields declined in September.

Housing prices rose in September (down 0.05% → up 0.01%, m-o-m), and Jeonse (lump-sum deposits with no monthly payments) prices continued to fall (down 0.10% → down 0.03%, m-o-m).

Although the economy has been growing steadily, exports and investment remain weak amid slowing global demand, including the weak semiconductor market.

The government will work to boost investment, consumption and exports by implementing fiscal spending as planned, as well as other measures to support the economy. The government will strengthen its risk management and stay fully alert to potential risks.
 
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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

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  • 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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