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  • Economic Bulletin, January 2020
  • Date January 30, 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
     Korea grows 2.0% in 2019
     Inbound FDI amounts to US $23.3 billion in 2019
     Korea to promote bio-industries as next generation growth engines
     New Credit Information Act expected to upgrade Korea’s financial sector
     Korea to work on single-person household support

    ■ Statistical Appendices
Services, retail sales and facilities investment improved in November 2019, while mining & manufacturing slowed down, as well as construction investment. Job markets continued to improve in December 2019 and consumer prices rose somewhat.

Industrial production rose 0.4 percent from the previous month in November backed by services (up 1.4%, m-o-m and up 2.5%, y-o-y). Mining & manufacturing fell (down 0.5%, m-o-m and down 0.3%, y-o-y). Industrial production rose 1.2 percent year on year.

Retail sales (up 3.0%, m-o-m and up 3.7%, y-o-y) and facilities investment (up 1.1%, m-o-m and up 0.0%, y-o-y) improved in November. Construction investment went down (down 1.8%, m-o-m and down 4.7%, y-o-y).

Exports continued to decline in December, going down 5.2 percent year-on-year after an 14.4 percent fall in the previous month, due to weak global demand, including the semiconductor market.

The consumer sentiment index (CSI) dropped 0.5 points in December to 100.4. The business sentiment index (BSI) for the manufacturing sector stayed flat at 74, and the outlook for January 2020 improved 2 points to 73.

The cyclical indicator of the coincident composite index fell 0.1 points to 99.3, and the cyclical indicator of the leading composite index rose 0.4 points to 99.2.

The economy added 516,000 jobs year-on-year in December backed by the service sector. The unemployment rate stayed flat compared with a year ago at 3.4 percent.

Consumer prices rose 0.7 percent year-on-year in December. Petroleum product prices turned to an increase and farm product prices fell at a slower rate. Core inflation rose 0.7 percent.

KOSPI rose in December, Korea treasury yields fell somewhat, and the won strengthened.

In December, housing prices continued to rise (up 0.19% → up 0.38%, m-o-m), as well as Jeonse (lump-sum deposits with no monthly payments) prices (up 0.14% → up 0.22%, m-o-m).

The economy has seen services and consumption steadily rising, facilities investment slowly recovering. However, exports and construction have been weak.

Although there are signs of recovery in global manufacturing and expectations are growing after the phase one US-China trade deal for rising semiconductor demand, uncertainties continue about how the phase one deal will work for the Korean economy, how fast the semiconductor market will recover and whether the Middle East conflicts will go on.

The government will strengthen its risk management and work to help the economy gain recovery momentum through measures to boost investment, consumption and exports, as planned in the 2020 economic policies.
 
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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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