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  • Economic Bulletin, September 2022
  • Date September 01, 2022
  • Language English
PDF Economic Bulletin Website
    ■ Current Economic Trends
     Overview
     Economic Activity
     1. Gross domestic product
     2. Industrial output and composite index of business indicators
      3. Private consumption
      4. Facility investment
      5. Construction investment
      6. Exports and imports
      7. Employment
      8. Prices
       8.1 Consumer prices
       8.2 International oil and commodity prices
      9. Real estate market
       9.1 Housing market
       9.2 Land market
      Financial Markets
      1. Stock market
      2. Foreign exchange market
       2.1 Foreign exchange rates
       2.2 Foreign exchange reserves
      3. Bond market
      4. Money market
     Public Finance
      1. Fiscal balance
      2. National debt
      3. External debt

    ■ Economic News Briefing
      1. External debt amounts to US $662.0 billion in Q2 2022
      2. Government to reduce greenhouse gas emissions
      3. Korea and Vietnam hold ministerial talks to develop economic ties

    ■ Statistical Appendices
Mining & manufacturing and facility investment rose in June while services, retail sales and construction investment declined. Employment continued to increase in July and consumer price inflation gathered speed.

Industrial production increased 0.6 percent month-on-month in June as mining & manufacturing (up 1.9%, m-o-m and up 1.4%, y-o-y) rose and services (down 0.3%, m-o-m and up 3.9%, y-o-y) fell.

Facility investment (up 4.1%, m-o-m and down 0.7%, y-o-y) increased while retail sales (down 0.9%, m-o-m and down 1.5%, y-o-y) and construction investment (down 2.0%, m-o-m and up 1.8%, y-o-y) declined in June.

Exports rose 9.2 percent year-on-year in July led by petroleum products and vessels. Average daily exports rose 13.9 percent year-on-year to US $2.58 billion in July 2022 from US $2.26 billion in July 2021.

The consumer sentiment index (CSI) declined 10.4 points month-on-month in July to 86.0. The business survey index (BSI) for the entire sector also went down 2 points to 80, and the BSI outlook for August 2022 decreased 3 points to 79.

The cyclical indicator of the coincident composite index for June rose 0.2 points and the cyclical indicator of the leading composite index showed a steady tone, rising 0.0 points.

The economy added 826,000 jobs year-on-year in July and the unemployment rate fell 0.3 percentage points to 2.9 percent.

Consumer prices grew 6.3 percent year-on-year in July due to higher increases in farm and fishery product prices. Core prices rose 4.5 percent.

Stock prices grew in July due to some easing of volatility in the global financial market while Korean Treasury yields fell and the won’s depreciation eased.

Housing prices decline is faster in July (down 0.01% → down 0.08%, m-o-m), and prices of Jeonse (lump-sum deposits with no monthly payments) also saw a faster decline (down 0.02% → down 0.08%, m-o-m).

The economy has continued to improve gradually due to recovery in employment and in-person service industries. However, amid continued high inflation and declines in some indicators of economic sentiment caused by external factors, there are concerns of economic slowdown such as a drag on export recovery in the future.

Internationally, although volatility in the global financial market is somewhat reduced, with global inflationary pressure continuously rising, global economic downside risks are higher due to major economies’ interest rate increases, the US and China’s economic slowdowns and the prolonged Russia-Ukraine war.

The government will make its utmost efforts to stabilize prices and people’s livelihoods especially ahead of Chuseok holiday, help recover from devastation caused by torrential rains, reinvigorate the private sector activities and manage risks by rapidly taking actions to address reformatory challenges for each sector.
 
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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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