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  • Economic Bulletin, August 2020
  • Date August 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
     External debt amounts to US $503.1 billion, soundness indicators staying in 30% range
     Korea outperforms in pandemic response and economic policies according to OECD Economic Surveys: Korea 2020

    ■ Statistical Appendices
Manufacturing and service output improved in June, as well as retail sales, facilities investment and construction investment.

Industrial production rose 4.2 percent from the previous month in June. Mining and manufacturing improved (up 7.2%, m-o-m and down 0.5%, y-o-y), as well as service output (up 2.2%, m-o-m and down 0.1%, y-o-y). Industrial production increased 0.7 percent year on year.

Retail sales rose in June (up 2.4%, m-o-m and up 6.3%, y-o-y), as well as facilities investment (up 5.4%, m-o-m and up 13.9%, y-o-y) and completed construction works (up 0.4%, m-o-m and down 2.7%, y-o-y).

Exports fell 7.0 percent year-on-year in July, the fall slowing amid easing lockdowns in major economies. Average daily exports, an indicator calculated according to the days worked, fell from a year ago (US $1.84 billion (July 2019) → US $1.71 billion (July 2020)).

The consumer sentiment index (CSI) improved 2.4 points in July to 84.2. The business sentiment index (BSI) for the manufacturing sector rose 6 points to 57, and the BSI outlook for August went up 6 point to 57.

The cyclical indicator of the coincident composite index for June increased 0.2 points to 96.7, and the cyclical indicator of the leading composite index improved 0.4 points to 99.4

The economy lost 277,000 jobs year-on-year in July. Job loss slowed as service jobs and construction jobs declined at a slower rate. The unemployment rate rose 0.1 percentage points from a year ago to 4.0 percent.

Consumer prices rose 0.3 percent from a year ago in July. Fresh food prices rose and oil prices fell slowly. Core inflation rose 0.7 percent.

KOSPI rose in July amid foreign net buying of Korean shares. The won strengthened and Korea treasury yields dropped.

Housing prices continued to rise in July (up 0.41% → up 0.61%, m-o-m), as well as Jeonse (lump-sum deposits with no monthly payments) prices (up 0.26% → up 0.32%, m-o-m).

Although there are uncertainties with regard to the COVID-19 pandemic and long rainy spell, the country’s domestic demand has continued to improve, and exports and manufacturing are showing signs of recovery.

Global financial markets have been stable and large economies posted improvement in major indicators. However, concerns linger over the spread of COVID-19 and conflicts between huge traders.

To help the economy turn around, the government will strengthen its risk management, work to implement as planned the 3rd extra budget and other measures to boost consumption, investment and exports, and continue to work on the Korean New Deal.
 
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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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