■ Current Economic Trends
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
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
11.1 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
GDP fell 1.0% in 2020
Extra budget worth 14.9 trillion won passed at the National Assembly
Korean FDI posts US $54.91 billion in 2020
Government to strengthen digital distribution competitiveness
■ Statistical Appendices
Retail sales and facility investment rose in January from a month ago, while mining and manufacturing production, services output and construction investment declined.
Industrial production decreased 0.6 percent month-on-month in January. Services output declined (down 0.2%, m-o-m and down 2.0%, y-o-y), and mining and manufacturing also fell (down 1.6%, m-o-m and up 7.5%, y-o-y). Industrial production rose 1.4 percent year-on-year.
Retail sales increased 1.6 percent month-on-month and stayed flat year-on-year. Facility investment rose (up 6.2%, m-o-m and up 19.4%, y-o-y), while construction investment declined (down 6.0%, m-o-m and down 6.4%, y-o-y).
Exports went up 9.5 percent year-on-year in February backed by the IT sector and automobiles. Average daily exports, an indicator calculated according to the days worked, jumped 26.4 percent from a year ago (US $1.82 billion in Feb 2020 >> US $2.30 billion in Feb 2021).
The consumer sentiment index (CSI) rose 2.0 points month-on-month in February to 97.4. The business sentiment index (BSI) for the manufacturing sector fell 3 points to 82, and the BSI outlook for March rose 4 points to 85.
The cyclical indicator of the coincident composite index for January fell 0.2 points from a month ago to 99.5, and the cyclical indicator of the leading composite index rose 0.3 points to 102.7.
The economy lost 473,000 jobs year-on-year in February, and the unemployment rate rose 0.8 percentage points from a year ago to 4.9 percent.
Consumer prices went up 1.1 percent from a year ago in February, and core inflation rose 0.8 percent.
KOSPI showed high volatility in February due to the rising long-term interest rates in major economies. The won weakened due to the strong dollar, and Korea treasury yields, especially long-term bond yields, went up in line with rising global market interest rates.
Home prices rose at a faster rate in February (up 0.79% in January >> up 0.89% in February, m-o-m), and Jeonse (lump-sum deposits with no monthly payments) prices rose slowly (up 0.71% in January >> up 0.64% in February, m-o-m).
The economy has seen both exports and investment improving. Although job losses eased, domestic demand has stayed stagnant, affected by the resurging virus.
Expansion of vaccinations and the implementation of large-scale stimulus packages in major economies have raised expectations for global economic recovery. However, financial market volatility somewhat increased due to inflation concerns.
The government will expedite policy measures to lead quick economic recovery and stabilize people’s livelihoods, and will make all efforts to manage internal and external risks and prepare to carry out the supplementary budget.
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.
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
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