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  • Economic Bulletin, December 2021
  • Date December 02, 2021
  • Language English
PDF Economic Bulletin Website
    ■ Current Economic Trends
     Overview
     Economic Activity
     1. Gross domestic product
     2. Industrial output and composite indexes of business cycle 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. Korea to spend 10.8 trillion won on plan to boost small business support
     2. Korea holds IR session in London
     3. External debt amounts to US $610.8 billion in Q3
     4. Korea and Chile sign MOU on hydrogen energy cooperation

    ■ Statistical Appendices
Retail sales, services and construction investment rose in September. Mining and manufacturing and facility investment slowed. October job data read a steady increase and consumer price inflation gathered speed.

Industrial production grew 1.3 percent from the previous month in September due to strong services (up 1.3%, m-o-m and up 3.3%, y-o-y). Mining and manufacturing slowed (down 0.8%, m-o-m and down 1.8%, y-o-y). Compared with a year ago, industrial production rose 1.4 percent.

Construction investment (up 3.5%, m-o-m and down 8.4%, y-o-y) improved in September, as well as retail sales (up 2.5%, m-o-m and up 3.7%, y-o-y). Facility investment declined (down 1.0%, m-o-m and down 4.5%, y-o-y).

Exports rose 24.0 percent year-on-year in October due to strong semiconductors, petrochemicals and other major exports. Average daily exports, an indicator calculated according to the days worked, rose 24.0 percent from a year ago (US $2.13 billion, October 2020 >> US $2.65 billion, October 2021).

The consumer sentiment index (CSI) rose 3.0 points in October to 106.8. The business sentiment index (BSI) for the manufacturing sector stayed flat at 90, and the BSI outlook for November dropped 5 points to 88.

The cyclical indicator of the coincident composite index for September remained flat at 101.2, and the cyclical indicator of the leading composite index dropped 0.3 points to 102.1.

The economy added 652,000 jobs year-on-year in October and the unemployment rate fell 0.9 percentage points from a year ago to 2.8 percent.

Consumer prices rose 3.2 percent year-on-year in October partly due to a low base effect brought about by mobile carrier subsidies paid a year ago. Core inflation rose 2.8 percent.

Stock prices fell in October due to growing concerns about global inflation, as well as rising prospects of major economies’ monetary policy normalization. The won strengthened as concerns over Chinese real estate developer Evergrande receded. Korea Treasury yields rose.

Housing prices continued to rise in September (up 0.96% >> up 0.92%, m-o-m), as well as Jeonse (lump-sum deposits with no monthly payments) prices (up 0.63% >> up 0.59%, m-o-m).

Exports being strong and job growth continuing, domestic consumption will likely improve with the government’s policy shift to ‘living with COVID-19’ leading to the reopening of close contact services.

Global economic recovery seemingly keeping on track, high commodity prices are arousing inflation concerns and uncertainties linger about major economies’ monetary policies, as well as worries over supply chain disruptions.

The government will work for the success of its ‘living with COVID-19’ policies, implementing measures to boost domestic consumption and others to speed up real economic recovery, and at the same time will properly manage inflation risks and commodity shortages.
 
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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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