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  • Economic Bulletin, January 2022
  • Date January 04, 2022
  • Language English
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    『Republic of Korea Economic Bulletin』은 한국경제에 대한 대외신뢰 제고 및 이해 증진을 위해 1992년 6월 창간되어 매월 한국경제의 동향, 주요 정부 정책, 경제지표 등을 제공하는 영문 경제정책정보지입니다. 한국 경제 관련 어떠한 이슈들이 전 세계에 전해지고 있을까요? 한국의 최근 경제동향과 다양한 정책뉴스들을 지금 영문으로 만나보세요!

    [2022년 1월호 요약]
    ■ Current Economic Trends
    - Industrial output fell 1.9 percent in October from a month earlier. Mining & manufacturing (down 3.0%) went down as both mining and manufacturing fell, as well as electricity & gas. Services output (down 0.3%) decreased as wholesale & retail fell. Construction works (down 1.3%) declined due to weak building construction. Public sector spending (down 8.9%) decreased. Compared to a year ago, the index of all industry production rose 4.8 percent.
    - The number of employed persons in November increased 553,000 from a year ago to 27,795,000, and the employment rate (aged 15-64) edged up 1.2 percentage points to 67.5 percent.

    ■ Policy Issue: 2022 economic policies
    - Growth: Annual growth of 3.1 percent is expected. Consumption is expected to increase amid the reopening of close-contact services, uncertainties hanging over new infections. Brisk exports will likely continue.
    - Employment: A total of 280,000 jobs are expected to be added, service jobs continuing to grow and policies being adopted to boost consumption and employment.
    - The 2022 policies were drawn up with two focuses: Help with full-fledged recovery, and promote future growth engines and work on a better future.

    ■ Economic News Briefing
    - Korea’s National Assembly passed the 2022 budget of 607.7 trillion won at its plenary session on December 3, which includes a 3.3 trillion won increase from the government proposal of 604.4 trillion won.
    - Korean FDI amounted to US $17.01 billion in the third quarter of 2021, rising 58.2 percent compared with a year ago.

    [2022년 1월호 목차]
    ■ 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

    ■ Policy Issue
     2022 economic policies

    ■ Economic News Briefing
     1. GDP rose 4.0% in Q3 2021
     2. 2022 budget of 607.7 trillion won passed
     3. Korean FDI posts US $17.01 billion in Q3 2021
     4. Korea and Singapore conclude negotiations on bilateral digital trade

    ■ Statistical Appendices
Mining & manufacturing and services fell in October, as well as facility and construction investment. Employment continued to improve in November, consumer price inflation speeding up.

Industrial production fell 1.9 percent from the previous month in October as mining & manufacturing (down 3.0%, m-o-m and up 4.5%, y-o-y) and services (down 0.3%, m-o-m and up 5.2%, y-o-y) slowed. Compared with a year ago, industrial production rose 4.8 percent.

Retail sales (up 0.2%, m-o-m and up 7.4%, y-o-y) increased in October, and facility investment (down 5.4%, m-o-m and up 2.9%, y-o-y) went down, as well as construction investment (down 1.3%, m-o-m and down 0.8%, y-o-y).

Exports rose 32.0 percent year-on-year in November due to strong semiconductors, petrochemicals and other major exports. Average daily exports, an indicator calculated according to the days worked, rose 26.6 percent from a year ago (US $1.99 billion, November 2020 → US $2.52 billion, November 2021).

The consumer sentiment index (CSI) rose 0.8 points in November to 107.6. The business sentiment index (BSI) for the manufacturing sector stayed flat at 90, and the BSI outlook for December went on with the previous reading of 88.

The cyclical indicator of the coincident composite index for October dropped 0.2 points to 101.0, and the cyclical indicator of the leading composite index fell 0.5 points to 101.6.

The economy added 553,000 jobs year-on-year in November and the unemployment rate fell 0.8 percentage points from a year ago to 2.6 percent.

Consumer prices rose 3.7 percent year-on-year in November in line with rising international oil prices. Core inflation rose 2.3 percent.

Stock prices fell in November amid worries over the new omicron variant, as well as on the Fed’s tapering. The won weakened and Korea Treasury yields went down along with those of major economies.

Housing price growth eased in November (up 0.88%→ up 0.63%, m-o-m), as well as growth in Jeonse (lump-sum deposits with no monthly payments) prices (up 0.62%→ up 0.46%, m-o-m).

Despite strong exports and steadily improving job data, the economy has to deal with challenges from rising infections and stricter quarantine measures that follow, which will have an effect on close-contact services, and ultimately on the real economy.

Although the global economy has been on a recovery track, worries linger over growing inflation pressures and supply chain disruptions. Uncertainties pose risks as to how the omicron variant will spread and what major countries’ monetary policy normalization will form.

The government will work to properly respond to the new variant, adopting stricter quarantine measures along with stronger small business support and consumption-boosting measures, and at the same time will focus on properly dealing with 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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