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  • Economic Bulletin, October 2021
  • Date October 05, 2021
  • Language English
PDF Economic Bulletin Website
    ■ Current Economic Trends
     Overview
     Economic Activity
     01. Gross domestic product
     02. Industrial output and composite indexes of business cycle indicators
     03. Private consumption
     04. Facility investment
     05. Construction investment
     06. Exports and imports
     07. Employment
     08. Prices
      8.1 Consumer prices
      8.2 International oil and commodity prices
     09. Real estate market
      9.1 Housing market
      9.2 Land market
     Financial Markets
     01. Stock market
     02. Foreign exchange market
      2.1 Foreign exchange rates
      2.2 Foreign exchange reserves
     03. Bond market
     04. Money market
     Public Finance
     01. Fiscal balance
     02. National debt
     03. External debt

    ■ Economic News Briefing
     01. GDP rose 6.0% in Q2 2021
     02. Korea hosts G20 Global Financial Stability Conference 2021
     03. Korean FDI posts US $16.50 billion in Q2 2021

    ■ Statistical Appendices
Mining and manufacturing, services and facility investment improved in July. Retail sales and construction investment slowed. August employment data showed steady recovery and consumer prices reflected an inflationary trend.

Industrial production fell 0.5 percent from the previous month in July due to a weak public sector (down 8.3%, m-o-m and up 2.7, y-o-y), despite strong mining and manufacturing (up 0.4%, m-o-m and up 7.9%, y-o-y) and services (up 0.2%, m-o-m and up 4.2%, y-o-y). Compared with a year ago, industrial production rose 4.7 percent.

Retail sales (down 0.6%, m-o-m and up 7.9%, y-o-y) and construction investment (down 1.9%, m-o-m and down 8.1%, y-o-y) slowed in July, and facility investment went up (up 3.3%, m-o-m and up 11.7%, y-o-y).

Exports rose 34.9 percent year-on-year in August backed by strong semiconductors, petrochemicals and other major products. Average daily exports, an indicator calculated according to the days worked, rose 29.0 percent from a year ago (US $1.79 billion, August 2020 >> US $2.31 billion, August 2021).

The consumer sentiment index (CSI) fell 0.7 points in August to 102.5. The business sentiment index (BSI) for the manufacturing sector declined 2 points to 95, and the BSI outlook for September gained 4 points to 96.

The cyclical indicator of the coincident composite index for July rose 0.1 points to 101.3, and the cyclical indicator of the leading composite index dropped 0.2 points to 102.6.

The economy added 518,000 jobs year-on-year in August and the unemployment rate fell 0.5 percentage points from a year ago to 2.6 percent.

Consumer prices rose 2.6 percent year-on-year in August due to high prices of fresh food and oil products. Core inflation rose 1.8 percent.

Stock prices fell in August due to foreign net selling, and Korea Treasury yields rose in line with US Treasury yields. The won weakened amid a strengthening dollar.

Housing prices continued to rise in August (up 0.85% >> up 0.96%, m-o-m), as well as Jeonse (lump-sum deposits with no monthly payments) prices (up 0.59% >> up 0.63%, m-o-m).

Exports have been strong and employment keeps improving, despite the new wave of coronavirus infections. However, uncertainties are growing with regard to the real economic recovery, particularly the recovery of close-contact services.

Global economic recovery is going on backed by major economies’ expansive vaccine rollouts, but meanwhile, inflation concerns are growing and real economic indicators are being affected by the delta variant.

The government will work on a fast delivery of pandemic relief programs, including those to stimulate consumption, as well as on measures to control inflation and support working households.
 
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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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