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Major Economic Indicators
Summary and Assessment
Major Indicators of the Korean Economy
1. Gross Domestic Product
(at 2015 Constant Prices)
2. Economic Activity
3. Consumption
4. Equipment Investment
5. Construction Investment
6-1. Exports, Imports and Terms of Trade
6-2. Current Account and Financial Account
7. Employment and Wage
8. Price Indices
9-1. Financial Market (I)
9-2. Financial Market (II)
10. Housing Market
11-1. Major Indicators of the World Economy (I)
11-2. Major Indicators of the World Economy (II)
■ The Korean economy is facing a persistent slowdown due to slowing domestic demand and shrinking exports.
○ Sagging exports driven by deteriorating external conditions put downward pressure on the manufacturing industry.
- Contraction in exports continues, led by China by destination and in semiconductors by sector.
- The manufacturing industry is undergoing considerable contraction, marked by a sharp decline in production and an evident increase in inventories, especially semiconductors.
- Lackluster manufacturing has resulted in a decline in equipment investment and a slowdown in employment growth.
○ Rising interest rates are spilling over the overall economy, putting a drag on consumer spending and construction investment.
- Consumption is gradually slowing down, with retail sales remaining stagnant and the growth of service production decelerating.
- The weaker real estate market due to high-interest rates has dampened investment in construction.
○ Meanwhile, the economic sentiment index is improving in anticipation of a recovery, mainly following China’s reopening, but real indicators remain sluggish.
- The business sentiment index for services, both internal and external, improved, expectant of an economic rebound led by the service industry as China reopens.
- Nevertheless, exports to China are still in a slump, and China’s real economic indicators remain weak, implying that the tangible positive impact of China’s reopening has yet to materialize in Korea’s real economy.
○ Sagging exports driven by deteriorating external conditions put downward pressure on the manufacturing industry.
- Contraction in exports continues, led by China by destination and in semiconductors by sector.
- The manufacturing industry is undergoing considerable contraction, marked by a sharp decline in production and an evident increase in inventories, especially semiconductors.
- Lackluster manufacturing has resulted in a decline in equipment investment and a slowdown in employment growth.
○ Rising interest rates are spilling over the overall economy, putting a drag on consumer spending and construction investment.
- Consumption is gradually slowing down, with retail sales remaining stagnant and the growth of service production decelerating.
- The weaker real estate market due to high-interest rates has dampened investment in construction.
○ Meanwhile, the economic sentiment index is improving in anticipation of a recovery, mainly following China’s reopening, but real indicators remain sluggish.
- The business sentiment index for services, both internal and external, improved, expectant of an economic rebound led by the service industry as China reopens.
- Nevertheless, exports to China are still in a slump, and China’s real economic indicators remain weak, implying that the tangible positive impact of China’s reopening has yet to materialize in Korea’s real economy.