Economic Bulletin (Vol. 36 No. 11)

ISSN 2287-7266
ECONOMIC BULLETIN (Republic of Korea)
Republic of Korea
Vol.36 No.11
November 2014
conomic
u l l e t i n
Vol.36 No.11 November 2014
The Green Book:

Current Economic Trends
Policy Issues
Korea and China Set to Sign FTA

Measures to Stimulate Direct Won-Yuan Transactions
Economic News Briefing
ITU Plenipotentiary Conference Held in Busan

Three-year Plan for Economic Innovation Praised at G20 Meeting
Korea Ranks 5th in World Banks Doing Business Report
Korea Grows 0.9% in Q3
Statistical Appendices
ECONOMIC
BULLETIN
(Republic of Korea)
For free subscriptions and enquiries, please contact:

Foreign Press Spokespersons Office
Ministry of Strategy and Finance
Government Complex, 477 Galmae-ro
November 2014
Sejong, 339-012
Republic of Korea
Tel. +82 2 731 1530
Fax. +82 2 731 1540
E-mail. fppr@mosf.go.kr
Website. http://english.mosf.go.kr
Economic Information and Education Center
Korea Development Institute
15 Giljae-gil (Bangok-dong)
Sejong, 339-007
Republic of Korea
Fax. +82 44 550 4941
E-mail. jiyounlee@kdi.re.kr
MOSF / KDI
Tel. +82 44 550 4645
Website. http://eiec.kdi.re.kr
EB 11 .indd 1
14. 11. 24. 7:06
Useful websites
http://english.mosf.go.kr
Ministry of Trade, Industry and Energy
http://www.motie.go.kr/language/eng
Financial Services Commission
http://www.fsc.go.kr/eng
Financial Supervisory Service
http://english.fss.or.kr
Fair Trade Commission
http://eng.ftc.go.kr
Ministry of Employment and Labor
http://www.moel.go.kr/english
The Bank of Korea
http://www.bok.or.kr/eng
Statistics Korea
http://kostat.go.kr/portal/english
Namsangol Hanok Village

Namsangol Hanok Village is a neighborhood in Jung-gu,
Seoul, where traditional houses have been restored to
preserve the original atmosphere of the area. This hanok is
illuminated with cheongsachorongs , which are traditional
Korean lanterns with red-and-blue silk shades.
EB 11 .indd 2
14. 11. 24. 7:06
contents
02 The Green Book:

03
Overview
04
1. External economic situation
09
2. Private consumption
11
3. Facility investment
13
4. Construction investment
15
5. Exports and imports
17
6. Mining and manufacturing production
19
7. Service sector activity
21
8. Employment
25
9. Financial markets
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
29
10. Balance of payments
31
11. Prices and international commodity prices

11.1 Prices
11.2 International oil and commodity prices
37
12. Real estate market

12.1 Housing market
12.2 Land market
42
13. Composite indices of business cycle indicators
44 Policy Issues
45
47
49 Economic News Briefing

53 Statistical Appendices
Editor-in-Chief
Editorial Board
Coordinators
Editors
EB 11 .indd 2
Kim Joo-Hoon (KDI), An Il-Whan (MOSF)

hoi Jae-Hyuk (MOSF), Lee Seong-Pyo (KDI), Lee Jae-Yeal (KDI)
C
Kim Dae-Hyun (MOSF), Lee Ji-Youn (KDI)
David Friedman (MOSF), Kim Seul-Ki (MOSF)
14. 11. 24. 6:55
Th
Gr e
ee
nB
oo
k
Cu
rre
nt
E c o n o m i c B u l le t i n
Ec
on
om
ic T
ren
ds
Overview
1. External economic situation

2. Private consumption
3. Facility investment
4. Construction investment
5. Exports and imports

8. Employment
10. Balance of payments
11. Prices and international commodity prices
13. Composite indices of business cycle indicators
EB 11 .indd 2
14. 11. 24. 6:55
OVERVIEW
The Korean economys recovery momentum,

although employment continues to increase, has
weakened as inflation remains low and industrial
activities have been negatively affected by strikes in
the auto industry. However, the third quarter data
show that the economy has picked up from the
Sewol ferry disaster in April and recovered to the
first quarter level.
declined for the first time in four months in

September, falling 0.2 points, and the composite
index of leading indicators rose 0.6 points.
The economy continued to add jobs in September,

adding 451,000 jobs year-on-year.
In October, market interest rates fell while the KOSPI

declined somewhat due to foreign investors net
selling of Korean shares. The dollar-won ratio rose
and the 100 yen-won ratio fell compared to the
previous month.
Consumer price inflation remained low in October,

rising 1.2 percent year-on-year compared with 1.1
percent in the previous month.
Mining and manufacturing production rebounded by
only 0.1 percent in September from a 3.9 percent
drop in the previous month, despite increases in
mechanical equipment and primary metals, as
automobiles fell due to strikes.
Service output growth slowed in September from 0.3
percent in the previous month to 0.1 percent. Retail
sales declined month-on-month without the
Chuseok holiday effect, from a 2.9 percent increase
to a 3.2 percent fall.
Facility investment in September soared month-onmonth from a 10.8 percent fall to a 13.2 percent rise
backed by strong machinery investment.
Construction completed fell 5.8 percent from a 0.5
percent rise in the previous month, as both building
construction and civil engineering works declined.
The composite index of coincident indicators
EB 11 .indd 3
Exports continued to grow in October, gaining 2.5

percent, backed by strong exports to the US. The
trade balance remained in the black in October,
posting a surplus of US $7.5 billion.
Both housing prices and Jeonse (lump-sum

deposits with no monthly payments) prices
continued to increase in October, rising 0.2 percent
and 0.3 percent, respectively.
3
The Green Book
T h e G r e e n B o o k : Current Economic Trends
The economy has continued to suffer from weak

domestic demand as consumption and investment
have yet to fully recover, while external conditions
are getting worse, such as the winding up of US QE
and the weak yen.
The Korean government will continue to closely
monitor internal and external economic trends, and
at the same time will prepare the Korean economy
for any potential risks and work to protect domestic
markets form external shocks.
The government will also closely review the
implementation of reform plans, particularly the
Three-year Plan for Economic Innovation, while
continuing to focus on expediting economic recovery.
14. 11. 24. 6:55
1. External
economic situation
Economic conditions and monetary policies

ar e showing a mixed trend among major
countries. The US economy continues to recover,
but the eurozone, China and Japan are showing
sluggish growth.
Downside risks remain, such as the possibility
of an early interest rate hike in the US and
deflation concerns in the eurozone.
US
US economic growth in the third quarter of 2014

(advanced estimates, annualized q-o-q) was 3.5
percent, which was substantially higher than market
expectations (3.0%). The US economy is expected to
continue on its path to recovery, with improving
consumption and investment.
Industrial production in September rose 1.0 percent
month-on-month, and the ISM Manufacturing Index,
which forecasts business sentiment, posted 59.0 in
October.
Conference Board Consumer Confidence Index (1985=100)

79.4 (Jan 2014) > 78.3 (Feb) > 83.9 (Mar) > 81.7 (Apr) >
82.2 (May) > 86.4 (Jun) > 90.3 (Jul) > 93.4 (Aug) > 86.0
(Sep) > 94.5 (Oct)
Home prices rose 0.2 percent month-on-month

in August, down from 0.6 percent in July. Both
new home sales (up 0.2%, m-o-m) and existing
home sales (up 2.4%, m-o-m) rose in September.
Case-Shiller Home Price Index (q-o-q, m-o-m, %)
1.0 (Q4 2014) > -0.1 (Jan 2014) > 0.0 (Feb) > 0.9 (Mar) > 1.2
ISM Manufacturing Index (base=50)

51.3 (Jan 2014) > 53.2 (Feb) > 53.7 (Mar) > 54.9 (Apr) >
55.4 (May) > 55.3 (Jun) > 57.1 (Jul) > 59.0 (Aug) > 56.6
New home sales (m-o-m, %)
(Sep) > 59.0 (Oct)
-0.7 (Dec 2013) > 3.4 (Jan 2014) > -5.5 (Feb) > -6.7 (Mar) > 2.5
Consumption conditions have continued to improve.

Although retail sales declined 0.3 percent month-onmonth in September, both the University of Michigan
Consumer Sentiment Index (86.9) and the Conference
Board Consumer Sentiment Index (94.5) rose in
October.
Nonfarm payrolls were up 214,000 in October, down

from 256,000 in September, while the unemployment
rate was 5.8 percent, the lowest since 2008.
UniversityofMichiganConsumerSentimentIndex(1966=100)
81.2 (Jan 2014) > 81.6 (Feb) > 80.0 (Mar) > 84.1 (Apr) >
81.9 (May) > 82.5 (Jun) > 81.8 (Jul) > 82.5 (Aug) > 84.6
(Sep) > 86.9 (Oct)
EB 11 .indd 4
(Apr) > 1.1 (May) > 1.0 (Jun) > 0.6 (Jul) > 0.2 (Aug)
(Apr) > 10.9 (May) > -8.5 (Jun) > 1.9 (Jul) > 18.0 (Aug) > 0.2 (Sep)
Nonfarm payroll increase (m-o-m, thousands)

144 (Jan 2014) > 222 (Feb) > 203 (Mar) > 304 (Apr) > 229 (May)
> 267 (Jun) > 243 (Jul) > 203 (Aug) > 256 (Sep) > 214 (Oct)
Unemployment rate (m-o-m, %)

7.2 (Oct 2013) > 7.0 (Nov) > 6.7 (Dec) > 6.6 (Jan 2014) > 6.7
(Feb) > 6.7 (Mar) > 6.3 (Apr) > 6.3 (May) > 6.1 (Jun) > 6.2
(Jul) > 6.1 (Aug) > 5.9 (Sep) > 5.8 (Oct)
14. 11. 24. 6:55
US GDP growth and industrial production

Sources: US Department of Commerce, Federal Reserve Board
10
8
(%)
6
4
2
0
-2
-4
-6
-8
-10
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
GDP (q-o-q, annualized rate)
2013.Q1
2014.Q1
Industrial production (q-o-q)
5
US nonfarm payroll growth and unemployment rate
Source: US Department of Labor
(thousands)
(%)
12
600
10
400
8
200
0
6
-200
The Green Book
800
-400
-600
2
-800
-1000
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
US nonfarm payroll growth (m-o-m, left)
2013.1
2014.1
Unemployment rate (right)
(Percentage change from previous period)
2012
Annual Annual
Real GDP
- Personal consumption expenditure
- Nonresidential fixed investment
- Residential fixed investment
Industrial production
Retail sales
Existing home sales
Unemployment rate
Consumer prices (y-o-y)
2.3
1.8
7.2
13.5
3.8
5.1
8.9
8.1
2.1
2.2
2.4
3.0
11.9
2.9
4.2
8.9
7.4
1.5
Q1
2.7
3.6
1.5
7.8
1.0
1.5
0.7
7.7
1.7
2013
Q2
Q3
Q4
Q1
Q2
2014
Q3
Sep
1.8
1.8
1.6
19.0
0.5
0.3
3.5
7.5
1.4
4.5
2.0
5.5
11.2
0.6
1.0
4.4
7.2
1.5
3.5
3.7
10.4
-8.5
1.2
0.9
-7.1
7.0
1.2
-2.1
1.2
1.6
-5.3
1.0
0.2
-1.9
6.7
1.4
4.6
2.5
8.4
7.2
1.3
2.3
3.1
6.2
2.1
3.5
1.8
5.5
1.8
0.8
1.0
0.9
6.1
1.8
1.0
-0.3
2.4
5.9
1.7
1. Preliminary 2. Annualized rate (%) 3. Seasonally adjusted

Sources: US Department of Commerce, Bloomberg
EB 11 .indd 5
14. 11. 24. 6:55
China
Chinas economic growth slowed from 7.5 percent in the second quarter of 2014 to 7.3 percent in the third
quarter. Exports and production improved, but consumption and investment remained poor.
Manufacturing PMI (base=50)
50.2 (Feb 2014) > 50.3 (Mar) > 50.4 (Apr) > 50.8 (May) > 51.0 (Jun) > 51.7 (Jul) > 51.1 (Aug) > 51.1 (Sep) > 50.8 (Oct)
(Percentage change from same period in previous year)
2012
Annual Annual
6
Real GDP
Q1
2013
Q2
Q3
Q4
Q1
Q2
2014
Q3
Aug
Sep
7.7
7.7
7.7
7.5
7.8
7.7
7.4
7.5
7.3
10.0
9.7
9.5
9.1
10.1
10.0
8.7
8.9
8.0
6.9
8.0
Fixed asset investment (accumulated)
20.6
19.6
20.9
20.1
20.2
19.6
17.6
17.3
15.7
16.5
15.7
Retail sales
14.3
13.1
12.4
13.0
13.3
13.5
12.0
12.3
11.9
11.9
11.6
Exports
8.3
8.6
18.9
4.2
4.0
7.5
-4.7
5.0
1.2
9.4
15.3
Consumer prices
2.6
2.6
2.4
2.4
2.8
2.9
2.3
2.2
2.0
2.0
1.6
Producer prices
-1.7
-1.9
-1.7
-2.7
-1.7
-1.4
-2.0
-1.5
-1.3
-1.2
-1.8
1. Preliminary 2. Quarterly change: average of monthly change

Source: China National Bureau of Statistics
Chinas GDP growth and fixed asset investment

Source: China National Bureau of Statistics
18
(%)
(%)
16
60
14
50
12
40
10
30
20
10
2004.Q1
2005.Q1
GDP (y-o-y, left)
EB 11 .indd 6
70
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Fixed asset investment (accumulated, y-o-y, right)
14. 11. 24. 6:55
Japan
The Japanese economy has started to shake off the impact of the consumption tax hike and showed signs of
recovery, with consumption and production improving in September.
The Bank of Japan (BOJ) announced on October 31 that it will expand its monetary stimulus. The central bank
will increase its asset buying program from 60 to 70 trillion yen a year to 80 trillion yen, by stepping up annual
purchases of long-term bonds (50 trillion yen > 80 trillion yen), exchange traded funds (1 trillion yen > 3 trillion
yen) and real estate investment trusts (30 billion yen > 90 billion yen).
2012
Annual Annual
Q3
Q4
Q1
Q2
2014
Q3
Aug
Sep
1.4
1.5
1.1
1.0
0.2
0.2
1.5
-1.8
-0.5
0.2
0.1
-0.1
1.3
0.6
2.9
-3.8
-1.9
-1.5
2.7
0.0
0.2
0.1
0.4
0.4
0.1
3.9
-7.0
3.5
1.9
2.7
Exports (y-o-y)
-2.8
9.7
1.2
7.1
12.8
17.4
7.0
0.1
3.2
-1.3
6.9
-0.0
0.4
-0.6
-0.3
0.9
1.4
1.5
3.6
3.3
3.3
3.2
Retail sales
1. Preliminary
7
The Green Book
Real GDP
Q1
2013
Q2
Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
Japans GDP growth and industrial production

Source: Japan's Cabinet Office, Ministry of Economy, Trade and Industry
25
6
(%)
(%)
4
20
15
10
5
0
-5
-2
-10
-15
-4
-20
-6
-25
-30
-8
2004.Q1 2005.Q1
GDP (q-o-q, left)
EB 11 .indd 7
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Industrial production (q-o-q, right)
14. 11. 24. 6:55
Eurozone
The outlook for the eurozone economy is deteriorating, with the manufacturing PMI (down 1.8% in August) and
retail sales (down 1.3% in September) falling month-on-month amid persistently high unemployment (11.5% in
September) and low inflation (0.4% in October).
Manufacturing PMI (base=50)
54.0 (Jan 2014) > 53.2 (Feb) > 53.0 (Mar) > 53.4 (Apr) > 52.2 (May) > 51.8 (Jun) > 51.8 (Jul) > 50.7 (Aug) > 50.3 (Sep) > 50.6 (Oct)
On November 6, the European Central Bank (ECB) kept its benchmark interest rate, deposit rate and marginal
lending rate unchanged, and ECB president Mario Draghi mentioned that the central bank will adopt additional
unconventional measures if necessary.
2012
Annual Annual
Q1
2013
Q2
Q3
Q4
Q1
Q2
2014
Aug
Sep
Oct
Real GDP
-0.6
-0.4
-0.2
0.3
0.1
0.3
0.2
0.0
-2.5
-0.7
0.3
0.6
0.0
0.5
0.2
0.0
-1.8
Retail sales
-1.7
-0.9
0.0
0.1
0.5
-0.4
0.6
0.3
0.9
-1.3
Exports (y-o-y)
7.6
1.0
1.0
1.8
0.3
1.0
1.2
0.6
-2.9
2.5
1.4
1.9
1.4
1.3
0.8
0.7
0.6
0.4
0.3
0.4
1. Preliminary
Sources: Eurostat, Bloomberg
Eurozones GDP growth and industrial production

Source: Eurostat
3
(%)
(%)
10
8
6
4
2
0
-2
-1
-4
-6
-2
-8
-10
-3
2004.Q1
2005.Q1
GDP (q-o-q, left)
EB 11 .indd 8
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Industrial production (q-o-q, right)
14. 11. 24. 6:55
2. Private
consumption
Private consumption in the third quarter of 2014

(advanced GDP) rose 1.1 percent compared to the
previous quarter and1.6 percent compared to a
year ago.
2012
Q1
Q2
Q3
Q4
Annual
Q1
2013
Q2
Q3
Q4
Q1
2014
Q2
Q3
1.9
0.8
0.2
1.2
0.4
2.0
-0.1
0.7
1.0
0.6
0.2
-0.3
1.1
1.7
0.7
2.6
2.7
1.7
2.1
2.1
2.2
2.5
1.5
1.6
Annual
Private consumption
(y-o-y)
1. Preliminary 2. National accounts
Source: The Bank of Korea
Private consumption
Source: The Bank of Korea (national accounts)

12
(%)
10
The Green Book
8
6
4
2
0
-2
-4
-6
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
Private consumption (q-o-q)
2013.Q1
2014.Q1
Private consumption (y-o-y)
Retail sales in September declined 3.2 percent compared to the previous month as declines in nondurable
goods (down 5.7%) and semi-durable goods (down 5.0%) offset gains in durable goods (up 2.8%). Compared
to a year ago, retail sales rose 1.6 percent.
Retail sales
Source: Statistics Korea (industrial activity trends)
15
(%)
10
5
0
-5
-10
2004.1
2005.1
Retail sales (m-o-m)
EB 11 .indd 9
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Retail sales (y-o-y)
14. 11. 24. 6:55

Retail sales by type
50
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
2004.1
10
2005.1
2006.1
2007.1
2008.1
2009.1
Durable goods
2010.1
2011.1
2012.1
2013.1
2014.1
Nondurable goods
Semi-durable goods
2012
Annual Q3
Q4
Annual
2013
Q1
Q2
Q3
Q4
Q1
Q2
2014
Q3 Aug
Sep
Retail sales
1.4
-0.1
-1.0
0.9
0.8
0.3
0.3
-0.5
1.4
2.9
-3.2
(y-o-y)
2.4
2.7
2.5
0.8
0.3
1.2
0.7
1.2
2.5
0.7
1.4
2.3
1.6
- Durable goods
5.3
3.2
2.1
0.3
-4.1
1.8
-0.3
0.2
4.4
-1.1
2.5
1.3
2.8
Automobiles
2.4
-4.4
12.0
2.1
-7.2
2.2
2.1
-2.1
12.0
4.6
0.5
-3.4
2.1
-0.4
-0.1
1.1
2.0
1.4
-0.4
0.9
-0.8
-1.5
-1.3
4.4
8.7
-5.0
2.0
1.3
-1.8
0.6
-0.6
1.3
1.5
0.8
-1.0
0.2
-0.4
1.3
-5.7
- Semi-durable goods
- Nondurable goods4
1. Preliminary 2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
3. Semi-durable goods: Clothing, footwear, etc. 4. Nondurable goods: Food, medicine, cosmetics, fuel, tobacco, etc.
Source: Statistics Korea
In October, nondurable goods sales will recover, but sales of durable and semi-durable goods are expected to
falter due to a decline in cellphone service transfer sales and department store sales.
Cellphone service transfer sales fell in line with a lack of demand for new cellphones.
Cellphone service transfer sales (thousands, Korea Telecommunications Operators Association)
592 (Mar 2014) > 398 (Apr) > 890 (May) > 865 (Jun) > 644 (Jul) > 523 (Aug) > 626 (Sep) > 375 (Oct)
Department store sales continued to fall, and sales at large discount stores declined at a slower pace, backed
by promotions and discounts. Credit card use continued to rise, and gasoline sales increased faster.
EB 11 .indd 10
14. 11. 24. 6:55
(y-o-y, %)
2014
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
7.0
5.2
3.8
5.2
5.1
8.6
5.3
7.5
Department store sales
-1.1
-1.4
0.8
-4.6
2.0
10.5
-6.3
-0.9
Large discount store sales
-3.7
-4.1
1.2
-5.9
-4.6
3.2
-10.1
-0.4
Domestic sales of gasoline
-0.2
-0.9
2.5
2.2
0.6
-4.5
0.6
3.9
0.9
10.1
3.9
7.5
0.7
-4.8
10.4
2.1
Credit card use
Domestic sales of cars
Sources: Credit Finance Association of Korea, Ministry of Trade, Industry and Energy, Korea National Oil Corporation, Korea Automobile Manufacturers
Association, Ministry of Strategy and Finance (for October data)
3. Facility
investment
Facility investment (advanced GDP) fell 0.8 percent

quarter-on-quarter but rose 3.9 percent year-onyear in the third quarter of 2014.
11
(Percentage change from previous quarter)
Q1
2013
Q2
Q3
Q4
Q1
2014
Q2
Q3
1.5
1.0
2.7
5.6
-1.9
1.1
-0.8
-12.7
-3.9
1.5
10.9
7.3
7.7
3.9
Facility investment
0.1
-1.5
(y-o-y)
0.3
-3.5
-2.6
4.4
6.5
3.7
-4.9
0.2
-0.4
4.0
11.3
-6.4
-6.5
10.7
5.5
3.1
- Machinery
- Transportation equipment
The Green Book
2012
Annual Annual
Facility investment
40
(%)
30
20
10
0
-10
-20
-30
2004.Q1 2005.Q1
2006.Q1
Facility investment (q-o-q)
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Facility investment (y-o-y)
The facility investment index in September was up 13.2 percent month-on-month as both machinery
investment and transportation equipment investment rose. The index rose 12.7 percent year-on-year.
EB 11 .indd 11
14. 11. 24. 6:55

2012
Annual Annual
Facility investment index
-2.8
(y-o-y)
Q1
2013
Q2
Q3
Q4
Q1
Q2
2014
Q3
Aug
Sep
-1.3
-3.1
1.1
5.0
5.9
-5.2
2.1
-1.0
-10.8
13.2
-13.1
-4.0
2.7
10.4
5.9
6.2
1.4
-9.9
12.7
- Machinery
-2.7
-2.6
-3.5
2.9
4.5
7.3
-8.6
1.5
-0.6
-5.9
12.6
- Transportation equipment
-3.0
2.3
-2.0
-4.0
6.4
2.5
4.7
3.4
-2.2
-21.0
14.6
1. Preliminary
Facility investment by type

50
(y-o-y, %)
40
30
12
20
10
0
-10
-20
-30
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
Transportation equipment
2013.Q1
2014.Q1
Machinery
Facility investment is likely to falter due to a slowdown in business sentiment.

Business survey index for manufacturing sector (Bank of Korea)
81 (Feb 2014) > 85 (Mar) > 86 (Apr) > 86 (May) > 81 (Jun) >78 (Jul) > 75 (Aug) > 74 (Sep) > 78 (Oct) > 74 (Nov)
Leading indicators of facility investment

Sources: Statistics Korea (machinery orders), Korea International Trade Association (machinery imports)
10
(trillion won)
(y-o-y, %)
60
50
40
30
20
10
0
-10
-20
-30
-40
2
2004.Q1
2005.Q1
2006.Q1
Machinery orders (left)
EB 11 .indd 12
70
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
-50
Machinery imports (right)
14. 11. 24. 6:55
2012
Annual Annual
Domestic machinery orders
-13.9
6.7
-Public
-11.0
20.6
-Private
(q-o-q, m-o-m)
2013
Q2
Q1
Q3
Q4
Q1
2014
Q3 Aug
Q2
Sep
-11.4
8.8
2.2
32.4
17.9
4.4
50.2 152.3
15.4
6.8
3.9
-6.9
27.7
-2.8
-9.6
38.2 139.4
-55.9
-47.0
94.2
-9.7 129.7 184.6 -45.0 418.5 2,653.2
10.6
-14.2
5.2
-6.1
4.0
3.8
22.1
4.1
9.6
8.6
1.6
15.7
Machinery imports
-3.0
6.5
-11.8
-2.1
6.8
13.2
2.4
11.8
1.6
-15.2
12.6
Average manufacturing operation ratio
78.5
76.2
77.3
75.9
75.1
76.6
77.2
76.3
75.8
74.0
75.2
Facility investment adjustment pressure
-0.7
-1.4
-2.6
-1.6
-1.7
0.1
-0.6
-0.9
-0.3
-4.2
0.4
1. Preliminary 2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, Korea International Trade Association
13
Construction investment (advanced GDP) in the
third quarter of 2014 rose 2.9 percent quarter-onquarter and 3.0 percent year-on-year.
Construction investment
(y-o-y)
2012
Annual
Q1
2013
Q2
Annual
Q3
Q4
Q1
2014
Q2
-3.9
6.7
6.5
4.6
0.2
-5.2
5.1
0.4
2.9
1.9
9.8
8.8
5.4
4.3
0.2
3.0
Q3
- Building construction
-1.6
8.8
5.4
7.2
0.5
-4.0
5.1
2.3
- Civil engineering works
-7.1
3.7
8.1
1.0
-0.1
-6.9
5.1
-2.5
The Green Book
4. Construction
investment

15
(%)
10
-5
-10
2004.Q1
2005.Q1
2006.Q1
Construction investment (q-o-q)
EB 11 .indd 13
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
14.1Q
Construction investment (y-o-y)
14. 11. 24. 6:55

The value of construction completed (constant) in September declined 5.8 percent month-on-month as
building construction and civil engineering works both decreased. The index fell 3.9 percent year-on-year.
Construction completed (constant)

(y-o-y)
2012
Annual Annual
-5.0
10.1
-6.6
14.8
-3.0
4.3
Q1
3.5
4.4
5.6
1.0
2013
Q2
6.3
15.0
7.7
4.6
Q3
-0.1
10.5
0.4
-0.9
Q4
-0.7
9.7
2.9
-5.5
Q1
1.5
6.5
6.0
-5.0
Q2
0.2
0.1
2.9
-4.1
2014
Q3 Aug
-3.2
0.5
-1.9 -0.9
-5.4
0.3
0.5
1.0
Sep
-5.8
-3.9
-6.2
-5.2
2012.Q1
2013.Q1
2014.Q1
1. Preliminary
Construction investment by type

14
40
(y-o-y, %)
30
20
10
0
-10
-20
-30
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
Residential buildings
Building construction
Civil engineering works
Construction investment is expected to improve, led by a decrease in unsold houses and an increase in new
apartment supplies.
Unsold houses (thousands, Ministry of Land, Infrastructure and Transport)
59 (Jan 2014) > 52 (Feb) > 48 (Mar) > 46 (Apr) > 49 (May) > 50 (Jun) > 51 (Jul) > 45 (Aug) > 42 (Sep)
New apartment supplies (thousands, Ministry of Land, Infrastructure and Transport)
6 (Jan 2014) > 11 (Feb) > 24 (Mar) > 39 (Apr) > 39 (May) > 29 (Jun) > 18 (Jul) > 23 (Aug) > 49 (Sep) > 6.1 (Oct)
Construction orders (current value)

(q-o-q, m-o-m)
Building permit area
2012
Annual
-6.2
-4.7
-9.1
-0.5
Annual
-15.3
-13.4
-19.2
-7.3
Q1
-40.8
-2.2
-34.0
-50.4
-12.4
2013
Q2
Q3
-29.5 -10.6
0.3 16.8
-29.6 -10.8
-29.4 -10.0
-14.6 -3.4
Q4
22.4
2.9
17.9
33.4
-0.2
Q1
Q2
15.5 26.1
-1.4 10.5
10.7 47.0
24.4 -11.2
18.4 21.6
2014
Q3 Aug Sep
44.3 81.3 36.8
30.4 59.5 -25.1
63.1 130.2 54.2
-4.6 -32.1
1.7
14.7 27.7
7.9
1. Preliminary
Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport
EB 11 .indd 14
14. 11. 24. 6:55
Leading indicators of construction investment

Sources: Statistics Korea (construction orders), Ministry of Land, Infrastructure and Transport (building permit area)
340
(y-o-y, %)
290
240
190
140
90
40
-10
-60
-110
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Construction orders
2014.1
Building permit area
Export growth by item (y-o-y, %)

7.7 (steel), 35.1 (vessels), 12.2 (semiconductors), -13.9
(automobiles), 4.3 (petroleum products), -16.3 (mobile
phones)
Exports in October increased 2.5 percent (preliminary)

year-on-year to US $51.75 billion.
The Green Book
5. Exports and
Imports
15
Export growth by region (y-o-y, %)

25.0 (US), -8.6 (EU), -1.4 (Japan), 0.3 (ASEAN countries),
Exports continued to increase, backed by robust

shipments to the US and strong exports of steel and
vessels, but at a slower pace compared to the
previous month.
By item, vessel and semiconductor exports surged,
while automobile and mobile phone exports declined.
By region, shipments to the US and China continued
to rise, while shipments to the EU and Japan fell.
3.7 (China)
Average daily exports, an indicator adjusted to days

worked, was up 2.5 percent year-on-year, posting
US $2.25 billion in October.
Average daily export growth (y-o-y, %)
8.8 (Jan 2014) > -3.3 (Feb) > 1.5 (Mar) > 8.9 (Apr) > 5.4 (May)
> 4.9 (Jun) > 5.2 (Jul) > 4.1 (Aug) > 1.8 (Sep) > 2.5 (Oct)
(US $ billion)
2013
Annual
Exports
(y-o-y, %)
Average daily exports
Q1
Q2
Q3
Q4
559.63 135.32 141.16 136.79 146.37
Oct
Q1
Q2
2014
Q3
50.48 137.56 145.70 142.11
Sep
Oct
47.75
51.75
2.1
0.3
0.7
2.8
4.7
7.2
1.7
3.2
3.9
6.9
2.5
2.05
2.02
2.06
2.00
2.11
2.19
2.07
2.19
2.07
2.27
2.25
1. Preliminary
Source: Korea Customs Service
EB 11 .indd 15
14. 11. 24. 6:55

Exports by item
Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)
140
120
(y-o-y, %)
100
80
60
40
20
0
-20
-40
-60
-80
2004.1
2005.1
2006.1
2007.1
Export growth rate
16
2008.1
2009.1
2010.1
Semiconductors
2011.1
2012.1
2013.1
2014.1
Automobiles
Steel
Imports in October fell 3.0 percent (preliminary) year-on-year to US $44.25 billion.
Imports of commodities declined due to falling oil prices and supplies, while imports of capital goods declined
due to sluggish investment and a high base effect.
Import growth by category (y-o-y, %)
-2.8 (commodities), -8.2 (capital goods), 9.0 (consumer goods)
(US $ billion)
2013
Annual
Imports
Q1
Q2
Q3
Q4
515.58 129.73 126.76 126.03 133.06
Oct
Q1
Q2
2014
Q3
45.60 132.34 130.82 133.05
Sep
Oct
44.32
44.25
(y-o-y, %)
-0.8
-2.9
-2.8
0.3
2.5
5.1
2.0
3.2
5.6
8.0
-3.0
Average daily imports
1.89
1.94
1.85
1.84
1.91
1.98
1.99
1.97
1.94
2.11
1.92
1. Preliminary
Imports by item
100
80
(y-o-y, %)
60
40
20
0
-20
-40
-60
-80
2004.1
2005.1
Import growth rate
EB 11 .indd 16
2006.1
2007.1
2008.1
2009.1
2010.1
Commodities
2011.1
2012.1
2013.1
2014.1
Capital goods
14. 11. 24. 6:55
Exports and imports

70
(US$ billion)
60
50
40
30
20
10
0
-10
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
Trade balance
2010.1
2011.1
2012.1
2013.1
2014.1
Exports
Imports
(US $ billion)
2013
Annual
Q1
Q2
Q3
Q4
Oct
Q1
Q2
2014
Q3
44.05
5.59
14.40
10.76
13.30
4.87
5.21
14.88
9.06
Trade balance
Sep
Oct
3.43
7.50
1. Preliminary
The Green Book
The trade balance (preliminary) in October remained in the black for the 33th consecutive month, posting a
surplus of US $7.50 billion.
17

Mining and manufacturing production rose 0.1
percent month-on-month in September, as
declines in semiconduc tor s & par t s and
automobiles were offset by gains in mechanical
equipment and primary metals. Compared to
the same period in the previous year, the index
was up 1.9 percent.
Compared to the previous month, production of
mechanical equipment (up 6.4%) , primar y
metals (up 2.6%) and electrical equipment (up
EB 11 .indd 17
4.4%) rose, while production of automobiles

(down 5.8%) declined due to auto worker
strikes.
Compared to a year ago, production of primary
metals (up 8.4%) , mechanical equipment (up
7.8%) and processed metals (up 8.8%) rose,
while semiconductors & parts (down 4.7%) ,
other transportation equipment (down 5.5%) and
medical, precision & optical instruments (down
7.5%) declined.
14. 11. 24. 6:55

50
(%)
40
30
20
10
0
-10
-20
-30
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Industrial production (m-o-m)
2014.1
Industrial production (y-o-y)
18
Annual Q1
2013
Q2 Q3
Q4
Sep
Q1
Q2
2014
Q3 Aug Sep
Mining production (q-o-q, m-o-m)
-0.5 -0.9
0.1
1.9 -2.1
0.3 -0.9 -0.2 -3.9
(y-o-y)
0.3
-0.8
0.0
0.2
1.7 -3.8
0.7
1.1 -2.8
1.9
Manufacturing production (q-o-q, m-o-m)
-0.4 -1.0
0.0
2.1 -2.2
0.4 -1.1 -0.2 -3.9
0.0
0.3
-0.8
0.1
1.8 -4.1
0.6
2.0
0.4
-0.3 -0.6 -0.1
1.7 -2.1 -0.1 -0.6 -0.6 -2.6 -0.1
-1.7 -1.1
1.7 -2.8
Mining and
(y-o-y)
manufacturing
Shipment
activity
- Domestic demand
- Exports
-1.4
2.3
Inventory
5.0
Manufacturing Average operation ratio (%)

activity
Production capacity 4
76.2
0.0
1.6
1.6 -0.2 -2.0

-0.6 -2.1
5.7
0.3
0.3
1.2 -2.7
0.0 -0.3 -0.9 -4.4
0.1
0.3
1.6 -1.3 -0.1 -0.8 -0.4 -0.6 -0.4

2.4
2.3 -0.5 -0.2
1.7 -1.8
0.7
77.3 75.9 75.1 76.5 74.3 77.2 76.3 75.8 74.0 75.2
1.7
1.8
1. Preliminary
2. Including mining, manufacturing, electricity and gas industry
3. End-period
4. Percentage change from same period in previous year
1.6
1.8
1.7
1.9
1.2
1.2
1.5
1.5
1.6
The manufacturing inventory-shipment ratio rose 0.9 percentage points month-on-month to 123.8
percent as inventories rose 0.7 percent and shipments fell 0.1 percent.
Inventories of refined petroleum (up 8.1%) , mechanical equipment (up 3.6%) and electrical equipment (up
6.1%) rose, while semiconductors & parts (down 6.4%) , primary metals (down 1.1%) and processed
metals (down 2.4%) declined.

Shipments of mechanical equipment (up 4.9%), primary metals (up 3.1%) and other transportation
equipment (up 4.8%) rose, while semiconductors & parts (down 3.8%), refined petroleum (down 3.6%) and
automobiles (down 2.0%) fell.
The average operation ratio of the manufacturing sector rose 1.2 percentage points month-on-month to
75.2 percent.
EB 11 .indd 18
14. 11. 24. 6:55
Shipment and inventory

10
8
(m-o-m, %)
6
4
2
0
-2
-4
-6
-8
-10
-12
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Shipment growth
2014.1
Inventory growth
19
Average manufacturing operation ratio

(%)
The Green Book
100
90
80
70
60
50
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Mining and manufacturing production will continue to recover in October as auto workers ended strikes, but
growing external uncertainies may hamper the recovery momentum.

Service output in September rose 0.1 percent month-on-month, as declines in financial & insurance services
and wholesale & retail were offset by gains in entertainment, cultural & sports services and hotels &
restaurants. Compared to the same period of the previous year, service output increased 2.8 percent.
Service output rose, led by transportation services (up 0.6%, m-o-m), hotels & restaurants (up 3.1%, m-o-m),
entertainment, cultural & sports services (up 7.9%, m-o-m), and real estate & renting (up 3.6%, m-o-m).
Wholesale & retail (down 0.6%, m-o-m) fell as sales at department stores and large discount stores
declined in the absence of the Chuseok holiday effect, while professional, scientific & technical services
(down 1.5%, m-o-m) continued to fall.
EB 11 .indd 19
14. 11. 24. 6:55

Service sector activity
15
(%)
10
-5
-10
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Service sector activity (m-o-m)
2013.1
2014.1
Service sector activity (y-o-y)
20
Wholesale & retail
Statistics Korea (industrial activity trends)

15
(%)
10
-5
-10
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Wholesale & retail (m-o-m)
2013.1
2014.1
Wholesale & retail (y-o-y)
September 2014 service output by business

12
10
(y-o-y, %)
8
6
4
2
Wholesale
& retail
Publishing &
communications
services
Hotels &
restaurants
Professional,
scientific &
technical
services
Education
services
Entertainment,
cultural &
sports services
Sewerage &
waste
management
0
-2
-4
-6
Total index
Transportation
services
Real estate
& renting
Financial &
insurance services
Business
services
Health &
social welfare
services
Membership
organizations &
personal services
-8
EB 11 .indd 20
14. 11. 24. 6:55
2012
2013
Weight
Annual Annual Q1 Q2
Q3
Q4
Q1
Q2
Service activity index
100.0
1.6
0.2
0.9
0.5
0.0
- Wholesale & retail
21.6
0.8
0.1 -0.1
0.6
0.1 -0.4 -0.1
- Transportation services
8.5
1.2
1.1
0.7
0.1 -1.0
0.6
1.1 -0.3
- Hotels & restaurants
7.2 -1.2
0.4
0.1
0.6
- Publishing & communications services
8.4
3.0
1.9
0.6 -1.0
14.7
2.8
- Financial & insurance services
1.4
0.2
-0.2 -0.8
0.4
2014
Q3 Aug Sep
1.1
0.3
0.1
1.3 -0.6
1.5 -0.7
0.6
5.5
0.0
3.1
3.4 -2.0
0.8 -0.3
0.4
1.3
0.5 -0.1 -1.1 -0.5
0.6
1.4
0.9 -1.2
2.7 -0.9 -1.6 -2.1

0.9
2.7
1.5
- Real estate & renting
5.3 -4.8
2.5 -2.2
7.4 -3.6
3.6 -3.2
7.6 -1.3
- Professional, scientific & technical services
5.6
3.7
3.3
0.2
4.9 -2.9
0.7
0.4
3.0 -2.8 -3.9 -1.5
- Business services
3.3
3.5
2.2
1.6 -0.4
1.6
0.4
1.6 -0.5
0.8
0.9
- Education services
10.9
0.9
0.8
0.8 -1.0
1.2
0.7
1.1 -2.3
1.5
2.8 -3.4
- Healthcare & social welfare services
7.5
6.7
5.0
0.8
1.1
2.5
1.6
1.5
2.0
2.0
1.9
- Entertainment, cultural & sports services
2.9
2.8
-0.5
1.7
0.6
0.2 -0.2
1.4 -6.8
7.9 -5.3
7.9
- Membership organizations & personal services
3.6 -1.4
5.3
3.1 -0.7
3.5
0.2
0.1 -3.5
3.4 -3.4 -2.5
- Sewerage & waste management
0.6 -0.6
-0.4
0.5
0.9
1.2
0.2 -1.4
1.9 -2.0 -1.6
3.6
0.5
1. Preliminary
Service output in October will be affected by positive factors, such as increasing stock transactions and the
recovering real estate market, and also by negative factors, such as a decline in sales at department stores.
21
The Green Book
0.6
0.4
1.0
Average daily stock transactions (trillion won)

8. Employment
The number of workers on payroll in September increased by 451,000 from a year earlier to 25,920,000 and
the employment rate rose 0.4 percentage points to 60.8 percent.
By industry, employment in services and manufacturing continued to grow, but at a slower pace.
By employment status, regular workers continued to lead employment growth, while temporary and daily
workers grew slowly. Self-employed workers increased for the second consecutive month.
EB 11 .indd 21
14. 11. 24. 6:55

Number of persons employed and employment growth
Source: Statistics Korea (employment trends)
1,200
(thousands)
(millions)
1,000
27
26
26
800
25
600
25
24
400
24
200
23
23
22
-200
22
-400
21
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
Employment growth (y-o-y, left)
2012.1
2013.1
2014.1
Number of employed (seasonally adjusted, right)
22
2010 2011 2012

Annual Annual Annual Annual Q1
Number of employed (millions)
2013
Q2 Q3
Q4
Sep
Q1
Q2
2014
Q3 Aug Sep
23.83 24.24 24.68 25.07 24.18 25.33 25.41 25.35 25.47 24.91 25.79 25.93 25.89 25.92
Employment rate (%)
58.7 59.1 59.4 59.5 57.7 60.2 60.3 60.0 60.4 58.8 60.8 60.9 60.8 60.8
(Seasonally adjusted)
58.7 59.1 59.4 59.5 59.2 59.4 59.7 59.9 59.8 60.4 59.9 60.3 60.5 60.3
Employment growth (y-o-y, thousands)
323 415 437 386 257 324 421 541 463 729 464 517 594
451
(Excluding agriculture, forestry & fisheries)
405 440 451 394 266 351 402 556 437 717 518 638 719
579
- Manufacturing
191
63
14
173
33
-2
22
- Construction
79 119 122
-9
21 123 136 194 219

64
51
200 386 416 318 199 212 354 507 397 570 387 403 453
367
- Agriculture, forestry & fisheries
-82
- Wage workers
517 427 315 483 329 472 526 604 567 711 485 519 536
489
Regular workers
697 575 436 615 554 638 632 637 597 606 478 333 323
324
Temporary workers
-34
74 118 226 242
201
31 -111 -40 -28
-37
-38
-78
-14
-2
-8
-6
49
- Services
-25
-19 -64
26
-9 -27
19 -15
-96 -152 -169 -65
26
2 -24
3 -42 -35
-6
27
12
57
12 -54 -121 -125 -128
Daily workers
-146
-70 -120
-37 -73
- Nonwage workers
-194
-11 121
-97 -71 -148 -105 -63 -104
19 -22
-3
57
Self-employed workers
-118
1 124
-67 -28 -104 -83 -54 -79
-7 -14
19
57
18
- Male
181 238 234 186 123 179 179 262 206 373 228 268 294
222
- Female
142 177 203 200 135 145 242 279 257 357 236 249 300
229
- 15 to 29
-43
-35
-36
-50 -117 -88 -41
- 30 to 39
-4
-47
-31
-21 -15
- 40 to 49
29
57
11
- 50 to 59
- 60 or more
46
38
53 102 147
52
-6 -42
-7
-5
-32
99
15
19
27
294 291 270 254 196 254 279 285 264 323 227 215 235
206
47 149 222 181 181 156 187 200 178 218 192 192 199
198
22
12
8 -34 -42 -30
97
-6
30
53
13
34
EB 11 .indd 22
14. 11. 24. 6:55
Employment rate
62
(%)
61
60
59
58
57
56
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Original data
2014.1
Seasonally adjusted rate
23
Employment by industry
100
80
60
69.7 69.2 69.1 69.3 69.2 69.0 68.7 69.0 70.4 70.9 71.1 70.2 69.4 69.2 69.1 69.4 69.6 69.4 69.1 69.7 70.8 71.1 71.2 70.6 69.7 69.4 69.3 69.6 69.7 69.6
40
20
The Green Book
7.2 7.2 7.2 7.1 7.1 7.1 7.3 7.2 7.2 6.9 6.7 6.9 7.1 7.1 7.1 7.0 6.9 7.0 7.1 7.0 7.0 6.8 6.7 6.8 6.9 7.1 7.1 7.1 7.0 7.1
16.3 16.2 16.3 16.4 16.5 16.6 16.7 16.9 17.1 17.4 17.3 16.9 16.7 16.4 16.4 16.4 16.3 16.4 16.5 16.7 17.1 17.3 17.2 17.0 16.7 16.8 16.8 16.8 16.7 16.8
0 6.5 7.0 7.0 6.8 6.8 6.8 6.9 6.5 4.9 4.3 4.6 5.6 6.3 6.7 6.9 6.7 6.8 6.8 6.9 6.2 4.7 4.4 4.5 5.3 6.1 6.4 6.5 6.2 6.2 6.2
2012.4 5
10
Services
11 12 2013.1 2
Construction
10
Manufacturing
11 12 2014.1 2
Agriculture, forestry & fisheries
Employment by status of workers

100 5.1 5.4 5.4 5.3 5.3 5.4 5.3 5.2 4.5 4.2 4.2 4.7 5.0 5.0 5.2 5.1 5.2 5.2 5.3 5.1 4.3 4.2 4.3 4.6 4.8 5.0 5.0 5.0 5.0 4.9
80
23.4 23.3 23.2 23.4 23.3 23.2 23.1 22.9 22.7 22.7 22.8 23.0 22.8 22.6 22.5 22.6 22.7 22.5 22.4 22.2 21.9 22.1 22.0 22.3 22.2 22.1 22.1 22.1 22.4 22.2
6.6 6.8 6.7 6.7 6.4 6.4 6.7 6.8 6.6 6.2 6.0 6.0 6.5 6.7 6.7 6.3 6.1 6.3 6.5 6.4 6.4 6.3 6.0 5.7 6.0 6.1 6.1 6.0 5.8 6.1
60
19.5 19.2 19.4 19.6 19.7 19.7 19.5 20.1 19.7 19.8
20.6 20.5 20.3 20.2 19.9 19.8 19.8 19.9 20.0 19.9 19.7 19.5 19.5 19.5 19.5 19.6 19.2 19.4 19.4 19.5
40
20
44.3 44.0 44.4 44.4 45.1 45.2 45.1 45.2 46.2 46.9 47.3 47.0 46.3 46.2 46.1 46.4 46.8 46.7 46.5 46.9 47.8 48.3 48.2 47.8 47.3 47.1 47.2 46.8 47.0 47.1
0
2012.4
Unpaid family workers
EB 11 .indd 23
10
11 12 2013.1 2
Self-employed workers
Daily workers
10
11 12 2014.1 2
Temporary workers
Regular workers
14. 11. 24. 6:55

The number of unemployed persons in September increased by 129,000 year-on-year to 850,000, and the
unemployment rate rose 0.5 percentage points to 3.2 percent. The unemployment rate rose in all age groups.
Unemployment rate
6
(%)
24
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Original data
2010 2011 2012

Number of unemployed (thousands)
2014.1
2013
Q2 Q3 Q4 Sep Q1
2014
Q2 Q3 Aug Sep
920
855
820
807
907 812 777 733 720 1,031 977 884 890 849
Unemployment growth (y-o-y, thousands)
31
-65
-35
-13
-40 -29
11 -32
- Male
-7
-48
-26
-6
-7 -20
11
-7 -21
- Female
38
-17
-9
-7
-4
18 -11
Unemployment rate (%)
3.7
3.4
3.2
3.1
-33
-9
3.6 3.1 3.0 2.8 2.7
125 165 107 107 129

40
62
37
41
72
84 103
70
66
57
4.0 3.7 3.3 3.3 3.2
3.7
3.4
3.2
3.1
3.2 3.1 3.1 3.0 3.0
3.5 3.7 3.5 3.5 3.5
-15 to 29
8.0
7.6
7.5
8.0
8.4 7.9 7.9 7.9 7.7
9.8 9.4 8.6 8.4 8.5
- 30 to 39
3.5
3.4
3.0
3.0
3.3 3.0 2.9 2.6 2.5
3.2 3.4 3.0 3.1 2.8
- 40 to 49
2.5
2.1
2.0
2.0
2.1 2.1 1.9 1.7 1.7
2.3 2.4 2.1 2.2 2.0
- 50 to 59
2.5
2.1
2.1
1.9
2.3 1.8 1.8 1.5 1.7
2.2 2.3 2.1 2.2 2.1
- 60 or more
2.8
2.6
2.4
1.8
3.4 1.6 1.2 1.4 1.2
4.4 1.9 1.5 1.6 1.5
The economically inactive population in September was down 163,000 from a year earlier to 15,850,000, while
the labor force participation rate rose 0.7 percentage points to 62.8 percent.
The number of those economically inactive due to old age (up 98,000, y-o-y) and disabilities (up 13,000, y-o-y)
increased, while those due to housework (down 110,000, y-o-y), education (down 74,000, y-o-y), and rest (down
64,000, y-o-y) decreased.
EB 11 .indd 24
14. 11. 24. 6:55
Labor force participation rate

65
(%)
64
63
62
61
60
59
58
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Original data
2014.1
2013
Q2 Q3
Q4
Sep
Q1
Q2
2014
Q3 Aug Sep
Economically inactive population (millions) 15.84 15.95 16.08 16.22 16.83 15.91 15.98 16.17 16.01 16.40 15.69 15.76 15.80 15.85
Labor force participation rate (%)
61.0 61.1 61.3 61.5 59.9 62.2 62.1 61.7 62.1 61.3 63.1 63.0 62.9 62.8
Growth in economically inactive
population (y-o-y, thousands)
61.0 61.1 61.3 61.5 61.2 61.3 61.6 61.7 61.7 62.6 62.2 62.5 62.6 62.4
143
112
128
141
- Childcare
-125
-5
-2
- Housework
201
101
123
-3
143
- Education
12
-51
-12
77
118 147
88 -44
- Old age
80
-45
148
54
154
32
21
39
80
98
-56
182
-53
-7 -106
44
12
21
93 -197 -90 -65 -61
-64
- Rest
336 242
10
78 -91
9 -14
66 -433 -226 -222 -298 -163

-2 -29 -57 -41 -38
The Green Book
2010 2011 2012

25
-29
36 -80 -112 -61 -230 -127 -99 -140 -110

1 -76 -68 -109 -141
81 113
91
-74
9.1 Stock market
The KOSPI in October fell 55.7 points to 1,964 points from 2,020 points in the previous month. The KOSPI
declined due to concerns over a global economic slowdown, poor corporate earnings and foreigners net
selling of Korean shares. Net selling by foreign investors continued for 11 consecutive trading days.
Despite falling stock prices and foreign investors net selling, the volume of stock transactions increased and
the foreign stock ownership ratio also rose.
EB 11 .indd 25
14. 11. 24. 6:55

Stock prices
2,400
(monthly average)
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
KOSPI
2014.1
KOSDAQ
(Closing rate)
26
Sep 2014
KOSPI
Oct 2014
Change
Sep 2014
KOSDAQ
Oct 2014
Stock price index (points)
2,020.1
1,964.4
-55.7 (-2.8%)
573.2
558.7
-14.5 (2.5%)
Market capitalization (trillion won)
1,205.7
1,176.1
-29.6 (-2.5%)
140.2
143.5
3.3 (2.4%)
4.2
4.5
0.3 (7.1%)
2.3
2.3
35.0
35.2
0.2 (0.6%)
10.9
11.0
Average daily trade value (trillion won)

Foreign stock ownership (%, %p)
Change
0.1 (0.9%)
1. Change from the end of the previous month

Source: Korea Exchange
9.2 Exchange rate
announced an end to its quantitative easing

program.
The dollar-won exchange rate in October rose 13.3

won to 1,068.5 won from 1,055.2 won at the end of
September. The dollar-won exchange rate rose as
the yen weakened following additional stimulus
measures from the BOJ, and also as the US Fed
The 100 yen-won exchange rate declined from

965.0 won in September to 963.1 won in October, as
the yen remained weak due to the BOJs additional
stimulus measures.
Foreign exchange rates

1,800
(month-end, \)
1,600
1,400
1,200
1,000
800
600
2004.1
2005.1
Dollar-Won
EB 11 .indd 26
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
100 Yen-Won
14. 11. 24. 6:55
Daily foreign exchange rate trend

1,800
(\)
1,600
1,400
1,200
1,000
800
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Dollar-Won
100 Yen-Won
(Closing rate)
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
Sep
2014
Oct
Change
Dollar-Won
1,259.5
1,164.5
1,134.8
1,151.8
1,070.6
1,055.4
1,055.2
1,068.5
-1.2
100 Yen-Won
1,396.8
1,264.5
1,393.6
1,481.2
1,238.3
1,002.3
965.0
963.1
4.1
1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.
9.3 Bond market
The Green Book
2008
Dec
27
3-year Treasury bond yields fell from 2.30 percent

in September to 2.14 percent in October. Treasury
bond yields fell due to additional stimulus
measures by the BOJ.
Interest rates
10
(monthly average, yearly, %)
9
8
7
6
5
4
3
2
1
2004.1
2005.1
2006.1
Overnight call rate (daily)
EB 11 .indd 27
2007.1
2008.1
2009.1
2010.1
2011.1
3-yr Treasury bond yield
2012.1
2013.1
2014.1
3-yr corporate bond yield
14. 11. 24. 6:55

(Closing rate, %)
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
Jul
Aug
2014
Sep
Oct
Change
Call rate (1 day)
2.01
2.51
3.29
2.77
2.52
2.49
2.24
2.24
1.97
-27
CD (91 days)
2.88
2.80
3.55
2.89
2.66
2.65
2.40
2.35
2.14
-21
Treasury bonds (3 yrs)
4.44
3.38
3.34
2.82
2.86
2.52
2.51
2.30
2.14
-16
Corporate bonds (3 yrs)
5.56
4.27
4.21
3.29
3.29
2.92
2.88
2.68
2.49
-19
Treasury bonds (5 yrs)
4.98
4.08
3.46
2.97
3.23
2.76
2.74
2.50
2.29
-21
1. Basis point, changes from the previous month
28
9.4 Money supply &

money market
M2 (monthly average) in August rose 7.6 percent

from a year earlier. M2 grew faster compared to the
previous month, as money supply in the private
sector expanded due to rising household debt, and
also as money supply in the public sector rose due
to government surplus funds.
(Percentage change from same period in previous year, average)
2009
Annual
2010
Annual
2011
Annual
2012
Annual
2013
Annual
Jun
Jul
2014
Aug
Aug
M1
16.3
11.8
6.6
3.8
9.5
9.3
9.2
11.9
538.6
M2
10.3
8.7
4.2
5.2
4.8
6.1
6.5
7.6
2,031.8
Lf
7.9
8.2
5.3
7.8
6.9
6.7
6.9
7.3
2,744.0
2010.1
2011.1
1. Balance at end August 2014, trillion won

2. M1 excluding corporate MMFs and individual MMFs while including CMAs
3. Liquidity aggregates of financial institutions (mostly identical with M3)
Total money supply

40
(y-o-y, monthly average balance, %)
30
20
10
-10
-20
2004.1
2005.1
Reserve money
EB 11 .indd 28
2006.1
2007.1
2008.1
2009.1
M1
2012.1
2013.1
2014.1
Lf
14. 11. 24. 6:55
Bank deposits grew slower in September, led by

instant access deposits (12.6 trillion won > 3.9 trillion
won), due to tax payments and fund withdrawals by
corporations in order to meet required debt levels
at the end of the quarter.
Asset management company (AMC) deposit growth

also slowed, led by money market funds (MMF) (5.7
trillion won > -0.5 trillion won), as corporations
withdrew funds to lower their debt ratios.
(Change from previous period, end-period, trillion won)
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
Jun
Jul
2014
Aug
Sep
Sep
Bank deposits
54.8
36.9
58.9
37.0
41.0
9.3
-8.8
7.8
3.7
1,210.3
AMC deposits
-27.6
-16.7
-16.6
18.8
17.7
-1.1
11.5
5.4
2.7
365.9
1. Balance at end September 2014, trillion won
Deposits in financial institutions

30
29
(y-o-y, end of month balance, trillion won)
The Green Book
20
10
-10
-20
2004.1
2005.1
2006.1
2007.1
10. Balance of
payments
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Koreas current account (preliminary) in September

posted a surplus of US $7.62 billion, staying in the
black for 31 consecutive months.
The current account surplus expanded from
US $7.20 billion in August to US $7.62 billion in
September, as the goods account surplus expanded
while the services account deficit contracted.
Goods exports (US $ billion)
48.92 (Aug 2014) > 50.98 (Sep)
Goods imports (US $ billion)
41.55 (Aug 2014) > 43.25 (Sep)
EB 11 .indd 29
14. 11. 24. 6:55

Compared to the same period of the previous year,
the current account surplus expanded by US $0.07
billion.
US $0.73 billion to US $0.28 billion as the

travel and construction accounts improved.
Services account (US $ billion, August > September)
Import growth by category (y-o-y, %)
-0.37> -0.38(manufacturing),0.64> 0.22(transportation),
8.0 (total), 4.9 (commodities), 8.0 (capital goods), 23.4
-0.77 > -0.21 (travel), 0.84 > 1.11 (construction), -0.38 >
(consumer goods)
-0.27 (intellectual property rights), -0.83 > -1.04 (other

businesses)
Export growth by item (y-o-y, %)

6.9 (total), -3.7 (mobile phones), 29.1 (steel), 7.0
The primary income account surplus contracted

from US $1.05 billion to US $0.61 billion due to a
rise in dividend payments, while the secondary
income account deficit contracted from US $0.49
billion to US $0.43 billion.
(automobiles), -3.2 (petroleum products), 7.4

(semiconductors), 23.7 (vessels)
The services account deficit contracted from
30
Current account balance

Source: The Bank of Korea (balance of payments trends)
12
10
(US$ billion)
8
6
4
2
0
-2
-4
-6
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Services account
Goods account
Current account
(US $ billion)
2013
2014
Annual
Q1
Q2
Q3
Q4
Sep
Q1
Q2
Q3
Sep
Current account
79.88
10.46
20.80
23.78
24.84
8.60
15.07
24.13
22.66
7.62
- Goods balance
80.57
12.08
20.00
23.88
24.62
8.59
17.75
26.42
21.89
7.73
- Service balance
-7.93
-3.51
-0.41
-2.06
-1.94
-0.20
-3.62
-1.95
-1.02
-0.28
- Primary income balance
11.42
2.78
1.84
3.16
3.64
0.85
1.91
1.33
3.14
0.61
- Secondary income balance
-4.18
-0.89
-0.62
-1.19
-1.48
-0.64
-0.96
-1.68
-1.35
-0.43
1. Preliminary
EB 11 .indd 30
14. 11. 24. 6:55
The capital and financial account (preliminary) in

September posted a net outflow of US $8.76 billion.
US $3.52 billion from a net inflow of US $0.50 billion

due to foreign investors net selling of Korean shares.
Capital & financial account balance (US $ billion)
Net inflows of financial derivatives investment

contracted from US $0.56 billion to US $0.47
billion, while net outflows of other investment
contracted from US $7.29 billion to US $1.88 billion
as financial institutions collected overseas debt and
withdrew overseas deposits.
-4.48 (Jan 2014) > -6.92 (Feb) > -5.78 (Mar) > -6.24 (Apr)
> -8.13 (May) > -9.84 (Jun) > -5.93 (Jul) > -7.79 (Aug) >
-8.76 (Sep)
Net outflows of direct investment expanded from

US $0.75 billion to US $2.15 billion as overseas
direct investment increased.
Portfolio investment switched to a net outflow of
The current account surplus is expected to expand

in October, considering the growing surplus in the
trade account.
31
Capital & financial account balance

Source: The Bank of Korea (balance of payments trends)
The Green Book
15
(US$ billion)
10
5
0
-5
-10
-15
2004.1
2005.1
Direct investment
2006.1
2007.1
2008.1
Portfolio investment
11. Prices and

international
commodity prices
EB 11 .indd 31
2009.1
2010.1
2011.1
2012.1
Financial derivatives
2013.1
2014.1
Capital & financial account
11.1 Prices
Consumer prices fell 0.3 percent month-on-month
in October, declining for the second consecutive
month. Compared to the same month of the
previous year, consumer prices rose 1.2 percent,
up from 1.1 percent in September.
14. 11. 24. 6:55

Consumer price inflation
Month-on-Month
(%)
Oct
2013
Nov
Dec
Jan
Feb
Mar
Apr
-0.3
0.0
0.1
0.5
0.3
0.2
0.1
0.2
0.9
1.2
1.1
1.1
1.0
1.3
1.5
1.7
Year-on-Year
2014
May Jun
Jul
Aug
Sep
Oct
-0.1
0.1
0.2
-0.1
-0.3
1.7
1.6
1.4
1.1
1.2

Source: Statistics Korea (consumer price trends)
7
(%)
6
5
32
4
3
2
1
0
-1
-2
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Consumer price inflation (m-o-m)
Agricultural, livestock & fishery product prices were

down 3.5 percent month-on-month (agricultural
products down 5.3%, livestock products down 2.9%,
fishery products up 1.2%) , as demand slowed after
the Chuseok holiday while supply remained stable.
Price increases by item (m-o-m, %)
2013.1
2014.1
Consumer price inflation (y-o-y)

body washes (20.2), toothpaste (14.1), gasoline (-1.8),
diesel (-2.0), ham (-9.2), bags (-10.8)
Dining out expenses rose 0.1 percent, while personal

service prices excluding dining out costs remained
unchanged.
tomatoes (12.6), chicken (7.0), pork (-7.9), lettuces (-30.6),

Chinese cabbages (-32.8), spinach (-32.8)
Manufactured product prices fell 0.3 percent from the

previous month. Processed food prices declined 0.1
percent, and petroleum product prices fell 1.7 percent
due to stabilizing international oil prices.
expenses (-3.0), high school tutoring fees (0.4), domestic
domestic group tour expenses (5.9), overseas group tour
EB 11 .indd 32
flight fares (-2.1), home-study materials (-2.5), home gas

installation expenses (-5.3)
14. 11. 24. 6:55
Contribution to consumer price inflation

(%p)
5
4
3
2
1
0
2003
2004
2005
2006
2007
2008
2009
2010
2012
2013
2014
Agricultural, livestock & fishery products
Manufactured products
Housing rents
Public services
Personal services
Public utilities
33
previous month, fresh food prices fell 5.6 percent.
Fresh food price increases (y-o-y, %)
-12.9 (Jan 2014) > -12.4 (Feb) > -11.3 (Mar) > -12.0 (Apr)
Price increases for basic necessities (y-o-y, %)

0.6 (Jan 2014) > 0.4 (Feb) > 0.8 (Mar) > 1.0 (Apr) > 1.4 (May)
> 1.4 (Jun) > 1.4 (Jul) > 0.8 (Aug) > 0.6 (Sep) > 0.7 (Oct)
Fresh food prices declined 6.6 percent year-on-year,

led by vegetables (down 10.0% ). Compared to the
> -9.2 (May) > -7.7 (Jun) > -8.3 (Jul) > -11.8 (Aug) > -8.6
(Sep) > -6.6 (Oct)
The Green Book
Consumer prices for basic necessities rose 0.7

percent year-on-year but fell 0.5 percent month-onmonth.
Core consumer prices, which exclude oil and

agricultural products, rose 1.8 percent year-on-year
but remained unchanged from the previous month.
Prices
16
(y-o-y, %)
13
10
7
4
1
-2
-5
2004.1
2005.1
2006.1
EB 11 .indd 33
2007.1
2008.1
2009.1
2010.1
Core inflation
2011.1
2012.1
2013.1
2014.1
Producer price inflation
14. 11. 24. 6:55

Core inflation and prices for basic necessities
(y-o-y, %)
2013
2014
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Consumer prices excluding oil and agricultural products 1.8 2.0 1.9 1.7 1.7 2.1 2.3 2.2 2.1 2.2 2.4 1.9
1.8
Consumer prices excluding food and energy
1.6 1.7 1.6 1.5 1.4 1.7 1.9 1.8 1.7 1.9 2.1 1.7
1.6
Consumer prices for basic necessities
0.0 0.5 0.5 0.6 0.4 0.8 1.0 1.4 1.4 1.4 0.8 0.6
0.7
The expected annual inflation declined 0.1 percentage points from the previous month to 2.7 percent, while
import prices fell 8.8 percent year-on-year.
Expected inflation (%, over the next 12 months)
34
Import price increases (y-o-y, %, won base)

-3.0 (Jan 2014) > -4.8 (Feb) > -4.5 (Mar) > -7.0 (Apr) > -6.8 (May) > -8.8 (Jun) > -8.6 (Jul) > -9.9 (Aug) > -8.8 (Oct)
11.2 International oil and

commodity prices
International oil prices declined in October due to concerns over a slowdown in major economies
including the EU and Japan, and also due to increasing supplies and the strong dollar.
Dubai crude prices continued to fall due to the strong dollar, increased production in the US, Iraq and
Libya, and concerns that demand will fall as the economy slows.
Dubai crude (US $/barrel)
93.5 (Oct 1) > 89.9 (Oct 8) > 84.2 (Oct 15) > 83.3 (Oct 23) > 84.1 (Oct 29)
Dollar index (Mar 1973=100)
85.3 (Oct 8) > 85.2 (Oct 15) > 85.7 (Oct 22) > 86.0 (Oct 29) > 86.9 (Oct 31)
(US $/barrel, period average)
2011 2012
2013
Annual Annual Annual Nov
Dec
Jan
Feb
Mar
Apr
2014
May Jun
Jul
Aug
Sep
Oct
Dubai crude
105.9
109.0
105.3
105.5 107.5 104.0 105.0 104.4 104.6 105.6 107.9 106.1 101.9
96.6
86.8
Brent crude
111.0
111.7
108.7
108.0 110.7 107.7 108.9 107.7 107.8 109.4 111.8 107.4 102.6
98.0
87.8
95.1
93.8
98.0
93.2
84.4
WTI crude
94.0
97.9
94.9 100.7 100.5 102.0 101.8 105.2 102.6
96.3
Source: Korea PDS
EB 11 .indd 34
14. 11. 24. 6:55
International oil prices

Source: Korea National Oil Corporation
160
140
($/B)
120
100
80
60
40
20
0
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Dubai crude
WTI
35
Gasoline prices (won/liter)

1,800.3 (1st week Oct) > 1,793.8 (2nd week) > 1,787.3 (3rd week) > 1,776.4 (4th week) > 1,760.6 (5th week)
(Won/liter, period average)
2011 2012
2013
Annual Annual Annual Nov
Dec
Jan
Feb
Mar
Apr
2014
May Jun
Jul
Aug
Sep
The Green Book
Domestic gasoline prices fell to about 1,700 won in October, as falling international oil prices were reflected
with a time lag.
Oct
Gasoline prices 1,929.3 1,985.8 1,924.5 1,880.0 1,881.1 1,886.4 1,880.7 1,880.8 1,875.9 1,869.5 1,861.7 1,856.7 1,842.0 1,817.1 1,781.1
Diesel prices 1,745.7 1,806.3 1,729.6 1,692.9 1,699.1 1,705.1 1,698.5 1,696.0 1,688.9 1,680.9 1,670.8 1,661.8 1,644.5 1,620.9 1,585.0
Dubai crude prices and import prices

160
(thousand won/B)
($/B)
160
140
140
120
120
100
100
80
80
60
60
40
40
20
2004.1
20
2005.1
2006.1
2007.1
Dubai crude (import prices, won, left)
EB 11 .indd 35
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Dubai international prices (dollar, right)
14. 11. 24. 6:55

International grain prices inched up month-on-month in October due to droughts in the US and Brazil and
bargain hunting. However, soybean prices declined as a result of expectations for a strong harvest.
International grain price increases in October (m-o-m, %)
soybeans (-0.7), wheat (1.8), corn (3.1)
Nonferrous metal prices fell month-on-month as demand was expected to slow due to poor economic data in
China and the eurozone.
Nonferrous metal price increases in October (m-o-m, %)
nickel (-12.8), tin (-5.8), lead (-4.0), aluminum (-2.7), copper (-1.9), zinc (-1.4)
36
Reuters index*
(Period average)
2011
2012
Annual Annual Annual
3,062
3,006
2,774
2013
Nov
2,623
Dec
Jan
Feb
Mar
Apr
2014
May Jun
Jul
Aug
Sep
2,642 2,574 2,586 2,641 2,650 2,608 2,569 2,548 2,510 2,415
Oct
2,395
* A weighted average index of 17 major commodities

Source: KOREA PDS
International commodity prices

Sources: Bloomberg (CRB), The Bank of Korea (Reuters Index)
* CRB demonstrates a futures price index of 21 commodities listed on the US Commodity Transaction Market, including
beans and other crops, crude oil and jewelry.
4000
470
430
3000
390
350
2000
310
270
1000
230
190
150
2004.1
2005.1
CRB (left)
EB 11 .indd 36
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Reuters index (right)
14. 11. 24. 6:55

12.1 Housing market
Nationwide apartment sales prices in October rose
0.2 percent month-on-month.
(up 0.2%) . Prices in areas excluding the Seoul

metropolitan area rose 0.2 percent. Apartment prices
in the five metropolitan cities and the eight provinces
were up 0.3 percent and 0.2 percent, respectively.
Apartment sales price increase in five metropolitan cities
Apartment sales prices rose in the Seoul

metropolitan area (up 0.3%), which includes Seoul
(up 0.2%), Gyeonggi Province (up 0.3%) and Incheon
(m-o-m, %)
Busan (0.1), Daegu (0.4), Gwangju (0.1), Daejeon (0.2),
Ulsan (0.3)
Nationwide apartment sales prices
2010 2011 2012 2013

Annual Annual Annual Annual Annual
Apr
May
2014
Jun
Jul
Aug
Sep
Oct
0.0
0.0
0.1
0.2
0.2
1.9
6.9
0.0
0.3
1.4
0.2
0.1
0.0
Seoul metropolitan area
-1.7
0.5
-3.0
-1.1
1.2
0.3
0.0
-0.1
0.0
0.0
0.1
0.3
0.3
Seoul
-1.2
0.3
-2.9
-1.4
1.0
0.2
0.0
-0.1
-0.1
0.0
0.0
0.2
0.2
Gangnam
-1.0
0.3
-3.5
-1.1
1.1
0.2
-0.1
-0.1
-0.1
0.0
0.0
0.3
0.3
Gangbuk
-1.4
0.3
-2.3
-1.7
0.9
0.2
0.1
0.0
0.0
-0.1
0.1
0.1
0.2
6.4
15.1
3.1
1.7
1.5
0.2
0.1
0.1
0.1
0.1
0.1
0.2
0.2
Areas excluding the Seoul

metropolitan area
The Green Book
Nationwide
Mar
37
1. Upscale area of Southern Seoul 2. Northern Seoul

Source: Korea Appraisal Board
Apartment sales prices by region

3.0
(m-o-m, %)
2.0
1.0
0.0
-1.0
2009.1
Nationwide
EB 11 .indd 37
2010.1
2011.1
2012.1
2013.1
2014.1
Areas excluding Seoul metropolitan area
14. 11. 24. 6:55

Nationwide apartment rental prices in October rose 0.3 percent month-on-month.
Rental prices rose 0.4 percent in the Seoul metropolitan area, and were up 0.2 percent in regions excluding the
Seoul metropolitan area.
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (0.4), Seocho (0.3), Songpa (0.3), Gangdong (0.5), Yangcheon (0.7)
Nationwide apartment rental prices
2010 2011 2012 2013

Annual Annual Annual Annual Annual Mar
38
Apr
May
2014
Jun
Jul
Aug
Sep
Oct
Nationwide
7.1
12.3
3.5
4.7
2.8
0.5
0.1
0.1
0.1
0.1
0.2
0.3
0.3
6.3
11.0
2.1
6.2
4.0
0.7
0.1
0.0
0.1
0.2
0.2
0.5
0.4
Seoul
6.4
10.8
2.1
6.6
3.0
0.5
0.1
0.0
0.0
0.1
0.1
0.3
0.4
Gangnam
7.6
11.1
2.4
6.7
2.8
0.4 -0.1 -0.1
0.0
0.1
0.2
0.3
0.4
Gangbuk
5.1
10.6
1.8
6.4
3.2
0.6
0.2
0.1
0.1
0.1
0.1
0.3
0.4
Areas excluding the Seoul

metropolitan area
9.2
14.5
4.6
3.3
1.8
0.2
0.2
0.1
0.1
0.1
0.1
0.2
0.2
1. Upscale area of Southern Seoul 2. Northern Seoul

Apartment rental prices by region

3.0
(m-o-m, %)
2.0
1.0
0.0
-1.0
-2.0
2009.1
Nationwide
EB 11 .indd 38
2010.1
2001.1
2012.1
2013.1
2014.1
14. 11. 24. 6:55
Apartment sales transactions in September increased 13.4 percent from 75,973 transactions in the previous
month to 86,186 transactions, and were up 51.9 percent from a year earlier (56,733).
Apartment sales transactions
(Monthly average, thousands)
2009 2010 2011 2012

2013
2014
Annual Annual Annual Annual Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Nationwide
73
67
82
61
57
90
85
93
59
79
89
93
78
73
Jul
Aug Sep
77
76
86
Source: Ministry of Land, Infrastructure and Transport
Monthly apartment transaction volume

Source: Ministry of Land, Infrastructure and Transport
160
(thousands)
140
39
120
100
60
40
20
0
2009.1
2010.1
Nationwide
2011.1
2012.1
2013.1
2014.1
The Green Book
80
12.2 Land market

Nationwide land prices in September rose 0.19 percent month-on-month.
Land price growth accelerated in the Seoul metropolitan area (up 0.19%), which includes Seoul (up 0.29%) and
Incheon (up 0.13%).
Land price increases in Seoul metropolitan area (m-o-m, %)
0.14 (Feb 2014) > 0.22 (Mar) > 0.18 (Apr) > 0.15 (May) > 0.13 (Jun) > 0.15 (Jul) > 0.13 (Aug) > 0.19 (Sep)
Land price growth also accelerated in areas excluding the Seoul metropolitan area (up 0.18%), which include
Busan (up 0.19%), Daegu (up 0.27%) and Ulsan (up 0.17%).
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.14 (Feb 2014) > 0.17 (Mar) > 0.18 (Apr) > 0.15 (May) > 0.18 (Jun) > 0.20 (Jul) > 0.15 (Aug) > 0.18 (Sep)
EB 11 .indd 39
14. 11. 24. 6:55

Land prices by region
2008 2009 2010 2011 2012

Annual Annual Annual Annual Annual Annual Q1
2013
Q2
Q3
Q4 Annual
2014
Q2
Jul
Q1
Aug
Sep
Nationwide
-0.31 0.96 1.05 1.17 0.87 1.14 0.21 0.37 0.10 0.46 1.43 0.45 0.48 0.17 0.14 0.19
Seoul
-1.00 1.40 0.53 0.97 0.33 1.21 0.10 0.41 0.08 0.61 1.98 0.69 0.59 0.21 0.19 0.29
Gyeonggi
-0.26 1.22 1.49 1.47 0.97 0.91 0.17 0.33 0.07 0.34 0.90 0.26 0.37 0.11 0.08 0.09
Incheon
1.37 1.99 1.43 0.66 0.36 0.87 0.21 0.37 0.07 0.23 0.95 0.37 0.25 0.07 0.12 0.13
Land prices by region

15
40
(%)
12
9
6
3
0
-3
-6
-9
-12
-15
-18
1994
1995
1996
1997
1998
1999
National average
2000
2001
2002
2003
2004
2005
2006
Metropolitan city
2007
2008
2009
2010
2011 2012
City
2013
County
Land and consumer prices since 1970s

Sources: Korea Appraisal Board (land prices), Statistics Korea (consumer prices)
60
(y-o-y, %)
50
40
30
20
10
0
-10
-20
1974
1977
Land price inflation
EB 11 .indd 40
1980
1983
1986
1989
1992
1995
1998
2001
2004
2007
2010
2013
14. 11. 24. 6:55
There were 214,000 land transactions in September, up 4.5 percent from the previous month and 48.2 percent
from 144,000 a year earlier.
Land transactions rose in Seoul (up 11.4%, m-o-m) and Incheon (up 16.1%, m-o-m) , as well as in Ulsan (up
10.9%, m-o-m), Gwangju (up 19.0%, m-o-m) and Sejong (up 19.4%, m-o-m).
Vacant land transactions, which accounted for 34.7 percent of the total land transactions, fell 2.4 percent
month-on-month to 74,000 but were up 30.5 percent from 57,000 a year earlier.
Land transactions
2008
(Land lots, thousands)
2009
2010
2011
2012
2013
2014
Annual Annual Annual Annual Annual Annual Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Nationwide
203
187
208
170
187
26
22
16
18
13
17
208 201 236 183 205 227 233 207 199 219 204 214
20
19
22
17
20
24
22
18
18
21
21
23
Gyeonggi
45
46
41
43
33
37
44
41
50
37
42
47
49
42
39
45
42
46
Incheon
13
10
10
10
10
10
11
10
1. Monthly average
Source: Korea Land & Housing Corporation
The Green Book
208
Seoul
41
Land transaction volume

500,000
(thousand m)
400,000
300,000
200,000
100,000
0
2004.1
2005.1
2006.1
EB 11 .indd 41
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
14. 11. 24. 6:55
13. Composite indices of

business cycle indicators
Industrial output in September fell 0.9 percent month-on-month but rose 1.8 percent year-on-year. Output
rose in mining & manufacturing (up 0.1%, m-o-m) and services (up 0.1%, m-o-m), but fell in construction
(down 5.8%, m-o-m) and public administration (down 8.9%, m-o-m).
Index of all industry production

42
20
(%)
15
10
-5
-10
-15
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Index of all industry production (m-o-m)
2013.1
2014.1
Index of all industry production(y-o-y)
2014
Index of all industry production (m-o-m, %)
(y-o-y, %)
Coincident composite index (m-o-m, %)
Cyclical indicator of coincident composite index
(m-o-m, p)
Leading composite index (m-o-m, %)
Cyclical indicator of leading composite index
(m-o-m, p)
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
-1.5
1.4
0.7
2.7
-0.6
1.4
-1.0
-0.6
2.3
1.7
0.3
2.7
-0.7
0.4
-0.9
1.8
0.3
0.4
0.1
0.0
0.3
0.4
0.7
0.2
100.6
-0.1
100.7
0.1
100.5
-0.2
100.1
-0.4
100.1
0.0
100.2
0.1
100.5
0.3
100.3
-0.2
0.3
0.2
0.5
0.3
0.6
0.4
1.2
1.0
101.5
-0.1
101.3
-0.2
101.4
0.1
101.3
-0.1
101.6
0.3
101.6
0.0
102.4
0.8
103.0
0.6
1. Preliminary
EB 11 .indd 42
14. 11. 24. 6:55
The cyclical indicator of the coincident composite index fell 0.2 points month-on-month in September. Among
the components of the coincident composite index, service output, imports and nonfarm payroll employment
rose, while mining & manufacturing production, the value of construction completed, retail sales and domestic
shipments declined.
Components of the coincident composite index in September (m-o-m)
service output (0.1%), imports (2.2%), nonfarm payroll employment (0.4%), mining & manufacturing production (-0.7%),
value of construction completed (-2.3%), retail sales (-0.1%), domestic shipments (-0.9%)
Cyclical indicator of coincident composite index

110
(points)
43
100
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
The cyclical indicator of the leading composite index rose 0.6 points. Among the components of the leading
composite index, the consumer expectations index, domestic shipments of machinery and spreads between
long & short term interest rates declined, while six others, including the ratio of export to import prices and
value of construction orders received, rose.
The Green Book
90
Components of the leading composite index in September (m-o-m)

indicator of inventory cycle (2.3%p), value of construction orders received (6.8%), ratio of export to import prices (0.9%),
international commodity prices (2.4%), ratio of job openings to job seekers (3.4%p), KOSPI (0.8%), consumer expectations
index (-0.2p), domestic shipments of machinery (-1.2%), spreads between long & short term interest rates (-0.03%p)
Cyclical indicator of leading composite index

110
(points)
100
90
2004.1
EB 11 .indd 43
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
14. 11. 24. 6:55
44
PO
LIC
Y
ISS
UE
S
EB 11 .indd 44
14. 11. 24. 6:55
Korea and China announced progress in their free trade agreement negotiations at the Korea-China
Summit held on November 10, 2014. The two countries have been negotiating the deal for 30 months.
45
Policy Issues
President Park Geun-hye (left) is

shaking hands with President Xi
Jinping of China in Beijing on
November 10 after reaching an
agreement to initial the KoreaChina FTA by the end of 2014.
Expected effects
The Korea-China FTA will be a great opportunity for Korean businesses as China is Koreas largest export
destination and its market is huge. When the deal takes effect, US $8.7 billion in tariffs will be lifted
immediately, with an additional US $45.8 billion in tariffs being lifted over 10 years. Trade between Korea and
China is expected to reach US $300 billion in 2015.
Chinese domestic market (KIEP, US $ trillion): 4.7 (2013) > 5.7 (2015) > 9.9 (2020)
Chinese domestic consumption expenditure (WB, billion yuan): 15,342.2 (2008) > 29,216.6 (2013)
Small- and medium-sized exporters will particularly benefit from the trade pact as clothing, leisure goods,
healthcare products and high-end electronics will become competitive in the Chinese market, in addition to
major intermediate goods including steel and petrochemical products.
About 71 percent (5,846) of items exported to China, worth US $110.5 billion and accounting for 66 percent of
total export value, will be free of tariffs within 10 years, and 91 percent (7,482) of items, worth US $141.7 billion
and accounting for 85 percent of total export value, will be made tariff-free within 20 years. Meanwhile, 79
percent (9,690) of Chinese items, worth US $62.3 billion which is 77 percent of the total imports from China,
will be free of tariffs within 10 years, and 92 percent (11,272) of items, worth US $73.6 billion which is 91
percent of total imports, will be made tariff-free within 20 years.
EB 11 .indd 45
14. 11. 24. 6:55
Policy Issues
46
Chinese tourists are shopping at a duty free shop in Seoul on September 29. Tourism is one of the sectors that are expected to
benefit from the free trade pact between Korea and China.
China agreed to allow Korean businesses to enter construction, distribution, legal services and entertainment
markets, and lower trade barriers in network services. Financial sector negotiations will continue until the end
of the year. Once the FTA takes effect, Korea and China will begin negotiations in order to adopt a negative list
approach in order to allow Korean companies to export more services to China, and these negotiations are
expected to take about two years.
The FTA will also help Korean exporters with nontariff difficulties, such as receiving visas, submitting
certificates of origin, clearing customs in under 48 hours, meeting special shipment reporting duties and
prosecuting intellectual property right infringement. Korean companies will also receive support from Chinese
local government offices designated to help Korean exporters. Korea and China will recognize their trading
partners product tests done by international agencies, support the establishment of product test centers in
their partner countries, and improve the customs clearance process for product samples.
The Korea-China FTA will attract Chinese investment as Chinese corporations will be able to utilize Koreas
other FTAs, including the Korea-US and Korea-EU FTAs. Likewise, US, EU and Japanese investment is also
expected to increase, which wants to use Korea as a springboard for entering China. This will also contribute
to creating quality jobs in Korea.
The Korea-China FTA will further improve Korea-China relations, as China is not only the biggest trade partner
and most important corporate investment destination, but also boasts the highest level of private-sector
exchange between Korea and another country. The Korea-China FTA will encourage joint production of cultural
content, closer cooperation in broadcasting services and tourism, and the joint establishment of entertainment
companies.
EB 11 .indd 46
14. 11. 24. 6:55
A cargo ship is entering Gamman Port in Busan on April 1. When the Korea-China FTA takes effect, trade between Korea and
China is expected to reach US $300 billion in 2015.
Policy Issues
The Korea-China FTA has less complicated country-of-origin regulations than other FTAs Korea has signed,
and products manufactured in the Gyeseong industrial complex will be treated as Korean products.
47
Future plans
Korea and China will initial their bilateral trade pact by the end of the year after further discussing details and
reviewing legal matters. The official agreement will be made public after the pact is initialed.
Measures to Stimulate
Direct Won-Yuan Transactions
As a follow up to agreements made at the Korea-China Leaders Summit held on July 3, the government will
stimulate direct won-yuan transactions by increasing yuan-based transactions for trade settlement and
setting up infrastructure to support yuan-denominated financial services.
The agreements made at the Korea-China Leaders Summit are: opening a direct won-yuan currency market, allowing for
yuan clearing houses to operate in Korea, obtaining an 80 billion yuan quota for Korea investors through the Renminbi Qualified
Foreign Institutional Investor (RQFII) program, allowing Korean investors to participate in the Qualified Foreign Institutional
Investor (QFII) program, and issuing yuan-denominated bonds in Korea.
EB 11 .indd 47
14. 11. 24. 6:55
Policy Issues
Increase the use of yuan for trade settlement
In order to encourage corporations to complete transactions using yuan, the government will:
-increase short-term export insurance coverage by 5-20 percent for exports paid in yuan
-promote yuan financial services
-distribute yuan transaction guide that provides information on yuan performance in the international market
and the benefits
Set up infrastructure to support yuan-denominated financial services

In order to develop a won-yuan direct exchange market and establish a yuan-clearing system, the
government will:
48
-build an electronic brokerage system and designate dealers in December before the won-yuan direct exchange
market opens
-develop support measures for the yuan clearing house that opened in Seoul on October 30. One example of
the measures can be reforming regulations, such as exempting yuan clearing banks from the Foreign
Exchange Stability Levy on yuan-denominated debt
-increase participation in Chinese asset markets through the RQFII, China Interbank Bond Market (CIMB) and
QFII by easing regulations related to foreign debt investment and foreign exchange transactions
-increase opportunities for private equity funds to invest in yuan-denominated bonds which will be issued in
Korea by Chinese enterprises and other foreign financial institutions
-promote a stable and healthy yuan-denominated financial market by ensuring that large quantities of yuan
flows through the market. This will be done in three ways: promoting yuan-denominated transactions,
encouraging the yuan clearing bank to provide yuan-based loans, and utilizing funds provided by the Peoples
Bank of China and Korea-China Currency Swap Arrangement
Future plans
The government will increase the ratio of yuan trade
settlement from 1.2 percent (as of 2013) to 20 percent in
the mid- to long-term, while encouraging yuandenominated financial asset growth in bonds, derivatives
and deposits in order to become the third largest investor
in yuan among foreign countries. The government will also
consider issuing yuan-denominated Foreign Exchange
Equalization Bonds in order to prepare for the day the yuan
becomes a reserve currency. A mid- to long-term plan for
the yuan financial market will be developed in 2015.
A bank official is examining yuan notes at the Korea Exchange Bank

headquarters on November 7.
EB 11 .indd 48
14. 11. 24. 6:55
Ec
o
Ne no
ws mi
c
Br
iefi
ng
49
E co n o m i c New s B r i e f i n g
ITU Plenipotentiary Conference held in Busan

Three-year Plan for Economic Innovation praised at G20 meeting
Korea ranks 5th in World Banks Doing Business report
Korea concludes FTA negotiations with New Zealand
Government develops roadmap for IoT security
Korea grows 0.9% in Q3 (Preliminary)
EB 11 .indd 49
14. 11. 24. 6:55
50
ITU Secretary General Hamadoun Toure is delivering a speech at the closing ceremony of the 2014 ITU Plenipotentiary Conference in
Busan on November 7.
ITU Plenipotentiary Conference held in Busan

The International Telecommunication Union (ITU)
Plenipotentiary Conference (PP-14) was held in
Busan from October 20 to November 7. The
quadrennial Plenipotentiary Conference is the top
policy-making body of the ITU, where the member
nations set the Unions general policies, adopt
four-year strategic and financial plans and elect
the senior management team of the organization.
Around 3,000 delegates from 171 nations took
part in the PP-14, making it the biggest ITU
meeting in history.
71 resolutions were adopted during the three-week
event, which included the Korea-led agenda
concerning the Internet of Things (IoT) and the
Connect 2020 Agenda. The IoT resolution, named
Facilitating Internet of Things to Prepare for a
Globally Connected World, brought attention to the
IoT and set the foundation for developing IoTrelated technology. The Connect 2020 Agenda set
out, for the first time in the history of the ITU, a
vision for the future of the ICT sector by setting
specific targets. Korea, which successfully hosted
the PP-14, is expected to play a leading role in
developing ICT.
EB 11 .indd 50
Three-year Plan for Economic Innovation

praised at G20 meeting
Koreas Three-year Plan for Economic Innovation
received positive feedback at the latest G20 meeting
held on November 15-16 in Brisbane, Australia.
Australia, when it assumed the G20 presidency at
the beginning of the year, announced that the
primary focus for the G20 during its presidency
would be developing growth strategies in pursuit of
raising G20 growth by an additional 2 percent by
2018. The G20 committed to increasing investment,
job creation, trade and competition along with
enacting structural reforms, and asked for each
member country to submit a formal growth strategy
that meets these specifications.
The IMF and OECD evaluated the growth strategies
that were submitted and announced their findings at
the G20 meeting. The IMF-OECD praised the Threeyear Plan for being exemplary, noting that if the plan
is implemented successfully, Korea will grow 4.4
percent, the largest growth rate in the G20. The
IMF-OECD also praised Korea for developing a growth
strategy in line with the principles of the Brisbane
Action Plan, specifically recognizing Koreas regulatory
reform efforts and investment-boosting policies.
14. 11. 24. 6:55

Korea ranks 5th in World Banks
Doing Business report
Korea concludes FTA negotiations

with New Zealand
Korea and New Zealand sealed a free trade
agreement (FTA) on November 15, ending years of
negotiations that started in June 2009. New Zealand
has agreed to abolish all tariffs on Korean goods
over the next seven years, and Korea will phase out
tariffs on more than 96.5 percent of products
Government develops roadmap for IoT security

The Ministry of Science, ICT and Future Planning
announced on October 31 a roadmap for IoT
security, recognizing that although IoT technology
makes everyday life more convenient, cyber threats
in the IoT environment lead to serious consequences
in the real world and entail significant costs.
According to the roadmap, information protection
functions will be embedded in the products and
services related to the seven core IoT sectors (home
appliances, healthcare, transportation, disaster
management, manufacturing, construction, energy)
from the early stages of design. The roadmap also
involves launching the Secure Dome Project, in
order to develop nine core technologies related to IoT
security that will help realize the vision of light
weight, low power and hyper-connectivity. The
government will effectively implement the roadmap,
and make Korea a leading nation in smart
technology security by 2018.
51
E co n o m i c New s B r i e f i n g
The World Banks latest Doing Business report,

released on October 29, ranked Korea fifth
among 189 nations in the doing business
index, up from seventh last year. Among the
10 categories that make up the index, Koreas
ranking rose in five and fell in three. Rankings
in two categories remained unchanged. Areas
such as starting a business, protecting minor
investors and resolving insolvency saw a
significant rise in rankings. Koreas doing
business ranking has been gradually rising since
2007 and reached the top five slot this year for the
first time, reflecting the governments persistent
efforts to improve the business climate, such as
streamlining startup procedures and introducing
an electronic customs clearance system.
imported from New Zealand within the next 20

years. New Zealand will extend working holiday
and student exchange programs with Korea, which
includes expanding the annual working holiday
quota for Korean youths from the current 1,800 to
3,000. Meanwhile, sensitive items such as rice,
natural honey, apples, pears and garlic were
excluded from the deal.
President Park Geun-hye (right)

and New Zealand Prime Minister
John Key are announcing a free
trade deal between Korea and
Ne w Zealand at a joint press
conference in Brisbane, Australia
on November 15 on the sidelines
of the G20 Summit.
EB 11 .indd 51
14. 11. 24. 6:55
Korea grows 0.9% in Q3 (Preliminary)

Koreas real gross domestic product (GDP) expanded 0.9 percent quarter-on-quarter and 3.2 percent year-onyear in the third quarter of 2014, according to advanced data released by the Bank of Korea (BOK) on October 24.
On the production side, manufacturing declined 0.9 percent, while construction grew 1.8 percent. Electricity, gas
& water supply surged 4.7 percent, due to an increase in nuclear power production, which has lower generating
costs than other energy sources. Services were up 1.4 percent, led by wholesale & retail, transportation &
storage, financial & insurance services, and healthcare & social welfare services.
S
A
On the expenditure side, private consumption rose 1.1 percent, led by semi-durable goods and services. Facility
investment declined 0.8 percent, while construction investment rose 2.9 percent. Intellectual property
investment rose 0.5 percent, led by investment in software.
52
Exports declined 2.6 percent, led by LCD and chemical products, and imports were down 0.7 percent, led by
machinery and natural gas.
GDP by production and expenditure*
2012
GDP
Agriculture, forestry & fisheries
Manufacturing
Electricity, gas & water supply
Q1
0.5
(2.6)
Q2
0.5
(2.4)
Q3
0.4
(2.1)
Q4
0.6
(2.1)
Q1
0.6
(2.1)
2013
Q2
Q3
1.0
1.1
(2.7) (3.4)
Q4
0.9
(3.7)
Q1
0.9
(3.9)
2014
Q2
0.5
(3.5)
-6.7
-0.2
-0.4
6.1
-4.1
1.9
4.6
7.4
-4.4
-3.7
1.9
1.5
0.3
0.3
0.1
1.2
1.2
1.2
0.8
2.2
0.9
-0.9
Q3
0.9
(3.2)
0.1
2.6
-0.1
5.8
-3.2
-2.6
-0.3
8.3
-4.5
-2.3
4.7
-2.9
-0.2
0.4
-1.2
2.7
1.7
1.9
-2.4
1.2
0.2
1.8
Services
0.9
0.7
0.4
0.6
0.5
1.2
0.7
0.8
0.6
0.6
1.4
Private consumption
0.8
0.2
1.2
0.4
-0.1
0.7
1.0
0.6
0.2
-0.3
1.1
Government consumption
2.4
-0.4
1.0
0.2
0.5
1.6
0.4
0.9
0.0
0.3
2.2
Facility investment
11.5
-8.0
-3.2
-3.3
1.5
1.0
2.7
5.6
-1.9
1.1
-0.8
-2.1
-3.0
1.2
-2.4
6.5
4.6
0.2
-5.2
5.1
0.4
2.9
Intellectual property investment
9.0
-3.2
3.3
-2.8
9.4
-2.2
1.2
1.8
6.5
-3.6
0.6
Exports
0.5
2.5
1.9
0.9
0.2
2.6
-1.1
1.4
1.5
1.7
-2.6
Imports
3.0
-0.2
0.3
-1.3
0.6
1.8
-0.4
2.9
-0.8
1.1
-0.7
Construction
*At 2010 chained prices in seasonally adjusted terms

1. Preliminary
2. Percentage change from the same period of the previous year
3. Wholesale & retail, hotels & restaurants, transportation & storage, communications services, financial & insurance
services, real estate & renting, business services, public administration, defense & social security, education services,
healthcare & social welfare services, entertainment, cultural & sports services and other services are included.
EB 11 .indd 52
14. 11. 24. 6:55
1. National accounts
53
Sta
tist
App ic
a
en l
dic
es
2. Production, shipment and inventory
3. Production capacity and operation ratio
4. Consumer goods sales index
5. Consumer goods shipment index and consumer sentiment index
6 Machinery orders received and estimated facility investment index
7. Value of construction completed and domestic construction orders received
8. Composite indices of business cycle indicators and BSI
9. Balance of payments (I)
10. Balance of payments (II)
11. Prices
12. Employment
13. Financial indicators
14. Monetary indicators
15. Exchange rates
EB 11 .indd 53
14. 11. 24. 6:55
Statistical A ppendic es
1. National accounts
(year-on-year change, %, chained 2010 year prices)
Real GDP
Period
54
Agri., fores. &

fisheries
Manufacturing
Final
consumption
expenditure
Gross fixed capital formation

Construction
Facilities
2005
2006
2007
2008
2009
2010
2011
2012
2013P
3.9
5.2
5.5
2.8
0.7
6.5
3.7
2.3
3.0
1.4
1.6
4.1
5.6
3.2
-4.3
-2.0
-0.9
5.8
5.8
7.7
8.4
3.7
-0.5
13.7
6.5
2.4
3.3
4.4
5.2
5.3
2.2
1.3
4.3
2.7
2.2
2.2
2.0
3.6
5.0
-0.9
0.3
5.5
0.8
-0.5
4.2
-0.1
0.7
1.5
-2.7
3.5
-3.7
-3.4
-3.9
6.7
4.8
8.4
9.7
-0.2
-7.7
22.0
4.7
0.1
-1.5
2005
2.5
3.6
4.5
4.9
0.5
4.8
3.8
-3.1
3.6
4.5
7.0
8.1
2.6
4.5
5.4
5.3
0.6
1.7
2.1
3.3
-2.5
1.1
0.0
0.3
3.7
2.1
4.3
9.1
2006
6.3
4.7
2.1
4.8
4.1
-0.2
-1.3
4.2
9.6
7.4
8.2
6.1
5.9
5.1
4.7
5.0
3.0
0.7
4.3
5.9
1.7
-4.1
-0.3
5.4
4.6
8.8
13.5
6.8
2007
4.7
5.6
5.1
6.3
1.7
7.0
8.1
-0.6
6.5
8.6
7.4
10.9
5.2
5.6
5.5
5.0
6.6
6.3
2.1
5.2
3.8
2.0
0.0
0.9
10.3
14.2
2.1
12.2
2008
5.5
4.1
3.9
-1.6
7.7
4.6
4.3
6.4
8.2
7.1
6.1
-5.3
4.7
3.1
2.4
-1.4
1.8
0.9
2.3
-7.0
-2.0
-0.7
0.2
-7.3
7.0
1.4
5.6
-13.0
2009
-1.9
-1.1
0.9
4.8
2.5
0.0
5.0
5.0
-8.4
-5.7
1.6
10.4
-1.9
0.9
1.7
4.5
-5.4
-1.1
0.8
5.8
1.9
4.4
3.1
4.1
-19.4
-13.6
-5.9
9.5
2010
7.2
7.4
5.4
6.0
0.0
-2.2
-7.8
-5.7
16.1
17.2
10.1
11.9
6.2
3.6
3.9
3.4
12.0
6.8
3.8
1.2
1.6
-4.8
-4.8
-5.2
27.6
28.8
20.6
12.9
2011
4.9
3.6
3.3
3.1
-9.2
-2.4
-5.8
7.0
11.4
6.5
5.6
3.4
3.3
3.3
2.8
1.7
-0.7
2.5
1.7
-0.3
-8.3
-2.5
-2.1
-2.0
8.2
8.3
3.4
-0.9
2012
2.6
2.4
2.1
2.1
-0.3
-2.2
-0.1
-0.7
2.7
2.8
2.0
2.0
2.2
1.3
2.7
2.7
6.2
-2.3
-1.0
-3.4
-0.2
-5.4
-2.7
-6.2
11.1
-1.8
-4.2
-4.0
2013P
2.1
2.7
3.4
3.7
0.4
2.9
7.4
9.9
1.8
2.8
3.8
4.5
1.6
2.4
2.3
2.4
-2.6
5.0
5.9
7.8
1.9
9.8
8.8
5.4
-12.7
-3.9
1.5
10.9
2014P
3.9
3.5
3.2
7.7
3.4
0.6
5.6
5.3
3.1
2.6
1.5
2.0
5.9
3.4
3.7
4.3
0.2
3.0
7.3
7.7
3.9
P: Preliminary
EB 11 .indd 54
14. 11. 24. 6:55
2. Production, shipment and inventory

(constant prices, 2010=100)
Period
Production index
Shipment index
y-o-y
change(%)
Inventory index
y-o-y
change(%)
Service production index
y-o-y
change(%)
y-o-y
change(%)
106.0
107.4
107.7
6.0
1.3
0.3
105.6
107.2
107.6
5.6
1.5
0.4
119.9
125.2
131.4
15.0
4.4
5.0
103.2
104.8
106.3
3.2
1.6
1.4
2011
102.6
107.5
104.0
109.7
9.1
6.2
5.4
3.4
103.4
106.6
103.2
109.3
10.0
5.4
4.7
2.8
104.9
109.8
112.3
119.9
7.8
11.8
11.4
15.0
99.4
103.4
103.2
106.7
2.8
2.7
4.2
3.0
2012
106.6
108.9
103.7
110.6
3.9
1.3
-0.3
0.8
106.6
108.4
103.8
109.8
3.1
1.7
0.6
0.5
117.7
114.8
114.5
125.2
12.2
4.6
2.0
4.4
102.0
104.9
104.8
107.6
2.6
1.5
1.6
0.8
2013
105.7
108.9
103.9
112.5
-0.8
0.0
0.2
1.9
105.7
108.9
104.0
111.8
-0.8
0.5
0.2
2.0
123.1
119.4
125.0
131.4
4.6
4.0
9.2
6.2
102.9
106.7
105.6
109.9
0.9
1.7
0.8
2.1
2014
106.4
109.2
105.0
0.7
0.3
1.1
105.9
108.7
104.2
0.2
-0.2
0.2
130.1
128.6
129.1
5.7
7.7
3.3
104.9
108.2
108.2
1.9
1.4
2.5
2012 1
2
3
4
5
6
7
8
9
10
11
12
102.0
106.1
111.6
106.8
110.7
109.2
106.0
100.3
104.7
108.8
112.6
110.3
-3.1
15.3
0.9
0.0
3.3
0.7
0.0
-1.3
0.3
-0.8
3.0
0.1
102.8
106.1
111.0
106.2
109.9
109.2
105.2
99.9
106.2
108.2
111.0
110.1
-2.8
13.5
0.1
-0.6
3.7
2.0
1.0
-1.4
1.9
-0.9
2.6
-0.3
119.3
117.4
117.7
116.5
118.2
114.8
115.4
119.3
114.5
116.1
121.3
125.2
14.2
14.1
12.2
10.2
8.8
4.6
3.2
6.5
2.0
0.6
3.1
4.4
100.3
99.9
105.7
102.8
105.9
105.9
104.8
103.9
105.7
104.7
105.5
112.7
0.3
6.2
1.5
0.7
2.4
1.2
1.6
0.8
2.2
0.5
1.5
0.7
2013 1
2
3
4
5
6
7
8
9
10
11
12
110.9
96.9
109.2
109.1
110.2
107.4
107.5
103.5
100.7
112.7
111.8
113.0
8.7
-8.7
-2.2
2.2
-0.5
-1.6
1.4
3.2
-3.8
3.6
-0.7
2.4
109.5
97.8
109.8
108.8
109.8
108.1
106.6
104.4
100.9
112.0
111.3
112.1
6.5
-7.8
-1.1
2.4
-0.1
-1.0
1.3
4.5
-5.0
3.5
0.3
1.8
128.3
124.6
123.1
121.0
122.2
119.4
124.2
123.8
125.0
126.9
129.2
131.4
7.5
6.1
4.6
3.9
3.4
4.0
7.6
3.8
9.2
9.3
6.5
5.0
102.1
100.2
106.4
105.4
107.7
107.0
105.6
105.6
105.5
107.7
107.4
114.7
1.8
0.3
0.7
2.5
1.7
1.0
0.8
1.6
-0.2
2.9
1.8
1.8
2014 1
2
3
4
5
6
7
8P
9P
106.1
100.7
112.3
111.8
107.9
107.9
111.8
100.6
102.6
-4.3
3.9
2.8
2.5
-2.1
0.5
4.0
-2.8
1.9
104.5
100.8
112.5
110.8
108.1
107.3
108.9
101.0
102.7
-4.6
3.1
2.5
1.8
-1.5
-0.7
2.2
-3.3
1.8
133.1
129.3
130.1
131.3
129.8
128.6
133.0
130.3
129.1
3.7
3.8
5.7
8.5
6.2
7.7
7.1
5.3
3.3
104.3
101.3
109.0
106.4
108.5
109.7
108.4
107.7
108.5
2.2
1.1
2.4
0.9
0.7
2.5
2.7
2.0
2.8
55
2011
2012
2013
P: Preliminary
EB 11 .indd 55
14. 11. 24. 6:55
3. Production capacity and operation ratio
Period
Production capacity index (2010=100)
Operation ratio index (2010=100)
y-o-y change (%)
y-o-y change (%)
Average operation
ratio (%)
2011
2012
2013
104.7
106.9
108.7
4.7
2.1
1.7
100.2
97.5
94.8
0.2
-2.7
-2.8
80.5
78.5
76.2
2011
103.5
104.5
105.0
105.6
5.7
5.1
4.3
3.5
97.8
103.5
97.7
101.9
2.2
0.8
0.1
-2.0
81.4
80.6
80.9
79.1
2012
106.3
106.7
107.0
107.5
2.7
2.1
1.9
1.8
97.5
101.0
93.2
98.3
-0.3
-2.4
-4.6
-3.5
79.9
79.5
76.6
78.0
56
2013
108.2
108.4
108.9
109.3
1.8
1.6
1.8
1.7
93.3
97.4
90.5
97.9
-4.3
-3.6
-2.9
-0.4
77.3
75.9
75.1
76.5
2014
109.5
109.7
110.5
1.2
1.2
1.5
92.5
96.8
91.2
-0.9
-0.6
0.8
77.2
76.3
75.8
2012 1
2
3
4
5
6
7
8
9
10
11
12
106.2
106.2
106.4
106.6
106.7
106.8
106.7
107.2
107.0
107.3
107.5
107.6
2.9
2.7
2.4
2.1
2.2
2.1
1.8
2.1
1.7
1.4
1.9
1.9
92.5
97.2
102.9
98.9
102.6
101.4
97.2
88.3
94.1
98.1
100.7
96.1
-8.0
11.3
-2.6
-3.6
-0.6
-3.1
-3.5
-6.9
-3.6
-4.6
-1.7
-4.5
80.0
80.4
79.2
79.6
79.9
78.9
78.4
74.3
77.2
77.4
78.3
78.2
2013 1
2
3
4
5
6
7
8
9
10
11
12
108.1
108.2
108.2
108.2
108.4
108.6
108.7
109.0
109.0
109.1
109.3
109.6
1.8
1.9
1.7
1.5
1.6
1.7
1.9
1.7
1.9
1.7
1.7
1.9
98.5
84.5
96.8
97.4
99.0
95.9
94.3
90.4
86.7
99.2
97.9
96.7
6.5
-13.1
-5.9
-1.5
-3.5
-5.4
-3.0
2.4
-7.9
1.1
-2.8
0.6
78.8
77.1
75.9
75.9
75.9
75.9
74.8
76.3
74.3
76.2
76.2
77.2
2014 1
2
3
4
5
6
7
8P
9P
109.6
109.5
109.5
109.5
109.7
109.8
110.3
110.6
110.7
1.4
1.2
1.2
1.2
1.2
1.1
1.5
1.5
1.6
91.6
87.2
98.7
99.8
95.6
95.1
98.4
86.4
88.9
-7.0
3.2
2.0
2.5
-3.4
-0.8
4.3
-4.4
2.5
78.2
75.8
77.5
77.8
74.6
76.4
78.2
74.0
75.2
P: Preliminary
EB 11 .indd 56
14. 11. 24. 6:55
4. Consumer goods sales index

(constant prices, 2010=100)
Consumer goods sales index
Period
y-o-y
change (%)
Durable goods
y-o-y
change (%)
Semi-durable goods
y-o-y
change (%)
Nondurable goods
y-o-y
change (%)
104.5
107.0
107.9
4.5
2.4
0.8
110.6
116.2
116.6
10.6
5.3
0.3
103.7
103.8
105.9
3.7
-0.4
2.0
102.1
104.1
104.7
2.1
2.0
0.6
2011
100.7
104.8
103.7
108.9
5.3
6.2
4.0
2.6
105.4
112.2
111.4
113.3
11.5
16.9
10.3
4.4
98.3
105.5
94.2
116.7
5.1
5.2
3.6
1.2
99.6
101.2
104.4
103.3
2.7
2.0
1.5
2.4
2012
103.4
106.4
106.5
111.6
2.8
1.4
2.7
2.5
109.4
114.9
118.4
122.0
4.0
2.6
6.4
8.3
99.0
105.5
92.3
118.4
0.6
-0.5
-2.3
0.5
102.6
102.8
107.2
103.8
3.1
1.7
2.8
0.5
2013
103.7
107.7
107.2
112.9
0.3
1.2
0.7
1.2
110.9
118.2
116.8
120.2
1.4
2.9
-1.4
-1.5
101.7
107.2
95.0
119.6
2.7
1.6
2.9
1.0
101.2
103.0
108.0
106.7
-1.4
0.2
0.7
2.8
2014
106.3
108.5
108.7
2.5
0.7
1.4
117.5
121.2
123.8
6.0
2.5
6.0
99.9
104.6
95.5
-1.8
-2.4
0.5
103.9
104.3
107.5
2.7
1.3
-0.5
2012 1
2
3
4
5
6
7
8
9
10
11
12
107.5
97.8
105.0
103.0
110.1
106.1
108.2
102.3
109.1
109.0
111.6
114.3
2.1
5.5
1.1
0.4
2.6
1.2
3.8
1.3
2.9
1.5
4.1
2.1
107.2
107.2
113.7
107.3
117.3
120.0
125.6
114.0
115.7
117.1
123.1
125.9
3.3
9.8
-0.4
1.0
4.4
2.2
7.4
4.0
7.6
8.0
6.5
10.6
104.7
91.9
100.4
104.8
111.4
100.3
97.3
82.1
97.6
114.8
118.8
121.5
-0.2
2.0
0.1
-1.3
0.8
-0.9
0.9
-5.1
-3.0
-2.0
5.1
-1.4
108.8
96.0
102.9
100.1
106.1
102.1
104.9
105.7
111.1
102.7
103.0
105.8
2.4
4.8
2.2
0.8
2.4
1.6
3.0
2.2
3.2
0.0
2.2
-0.5
2013 1
2
3
4
5
6
7
8
9
10
11
12
104.6
99.5
107.0
105.3
110.8
106.9
109.2
104.6
107.7
111.2
113.1
114.5
-2.7
1.7
1.9
2.2
0.6
0.8
0.9
2.2
-1.3
2.0
1.3
0.2
112.2
105.9
114.7
115.0
119.5
120.2
127.4
116.3
106.8
120.4
120.2
120.0
4.7
-1.2
0.9
7.2
1.9
0.2
1.4
2.0
-7.7
2.8
-2.4
-4.7
102.9
93.1
109.2
106.4
113.8
101.5
98.1
87.1
99.9
113.6
123.5
121.8
-1.7
1.3
8.8
1.5
2.2
1.2
0.8
6.1
2.4
-1.0
4.0
0.2
101.7
99.3
102.5
100.3
105.5
103.1
105.5
106.9
111.6
105.9
105.3
108.8
-6.5
3.4
-0.4
0.2
-0.6
1.0
0.6
1.1
0.5
3.1
2.2
2.8
2014 1
2
3
4
5
6
7
8P
9P
110.5
99.1
109.3
105.5
112.0
108.0
109.8
107.0
109.4
5.6
-0.4
2.1
0.2
1.1
1.0
0.5
2.3
1.6
116.8
117.1
118.6
114.1
121.7
127.6
131.2
118.4
121.7
4.1
10.6
3.4
-0.8
1.8
6.2
3.0
1.8
14.0
100.2
91.6
107.9
105.4
111.3
97.2
95.2
91.1
100.2
-2.6
-1.6
-1.2
-0.9
-2.2
-4.2
-3.0
4.6
0.3
112.1
94.0
105.5
101.5
107.8
103.6
106.1
108.6
107.7
10.2
-5.3
2.9
1.2
2.2
0.5
0.6
1.6
-3.5
57
2011
2012
2013
P: Preliminary
EB 11 .indd 57
14. 11. 24. 6:55
5. Consumer goods shipment index and consumer
sentiment index
Domestic consumer goods shipment index (2010=100)
Durable goods
Period
58
y-o-y
change (%)
Nondurable goods
y-o-y
change (%)
y-o-y
change (%)
Consumer
sentiment
index
2011
2012
2013
100.9
102.5
101.9
0.9
1.6
-0.6
100.3
102.8
103.1
0.3
2.5
0.3
101.2
102.4
101.4
1.2
1.2
-1.0
2011
101.0
97.9
101.5
103.3
4.6
0.9
0.8
-2.2
99.5
100.7
100.9
100.1
3.8
3.1
-0.1
-5.0
101.6
96.8
101.7
104.6
4.7
0.2
1.1
-1.1
2012
100.8
99.9
103.5
106.0
-0.2
2.0
2.0
2.6
97.8
99.1
102.5
112.0
-1.7
-1.6
1.6
11.9
102.0
100.2
103.9
103.4
0.4
3.5
2.2
-1.1
2013
102.8
98.4
102.1
104.5
2.0
-1.5
-1.4
-1.4
108.0
100.6
102.3
101.5
10.4
1.5
-0.2
-9.4
100.5
97.4
101.9
105.8
-1.5
-2.8
-1.9
2.3
2014
100.4
99.9
101.9
-2.3
1.5
-0.2
103.2
102.6
100.1
-4.4
2.0
-2.2
99.2
98.7
102.7
-1.3
1.3
0.8
2012 1
2
3
4
5
6
7
8
9
10
11
12
100.6
98.6
103.1
99.2
101.6
98.9
102.8
101.5
106.1
106.6
105.7
105.7
-7.0
10.9
-2.6
0.9
5.9
-0.6
2.4
-0.8
4.3
1.7
4.7
1.5
92.5
98.3
102.5
94.1
100.4
102.8
105.3
98.4
103.9
108.5
110.9
116.5
-8.3
6.0
-2.4
-3.6
1.2
-2.4
0.7
0.1
4.1
8.0
12.0
15.5
104.0
98.7
103.3
101.3
102.1
97.3
101.8
102.9
107.0
105.7
103.5
101.1
-6.6
13.1
-2.6
2.6
8.0
0.2
3.4
-1.1
4.4
-0.8
1.6
-4.1
98
102
102
106
106
101
100
101
99
100
100
99
2013 1
2
3
4
5
6
7
8
9
10
11
12
108.4
96.7
103.2
99.1
99.3
96.7
103.2
103.7
99.3
108.7
102.8
102.0
7.8
-1.9
0.1
-0.1
-2.3
-2.2
0.4
2.2
-6.4
2.0
-2.7
-3.5
110.4
106.1
107.6
97.9
101.3
102.6
108.8
103.6
94.6
104.3
102.9
97.4
19.4
7.9
5.0
4.0
0.9
-0.2
3.3
5.3
-9.0
-3.9
-7.2
-16.4
107.5
92.6
101.3
99.6
98.5
94.1
100.8
103.7
101.3
110.6
102.7
104.0
3.4
-6.2
-1.9
-1.7
-3.5
-3.3
-1.0
0.8
-5.3
4.6
-0.8
2.8
102
102
104
102
104
105
105
105
102
106
107
107
2014 1
2
3
4
5
6
7
8P
9P
10
102.2
96.3
102.6
101.2
99.6
98.9
104.2
99.7
101.9
-
-5.7
-0.4
-0.6
2.1
0.3
2.3
1.0
-3.9
2.6
-
99.8
106.5
103.3
97.8
103.4
106.7
106.8
94.1
102.0
-
-9.6
0.4
-4.0
-0.1
2.1
4.0
-1.8
-9.2
-1.6
-
103.3
91.9
102.3
102.7
97.9
95.5
103.1
102.0
103.0
-
-3.9
-0.8
1.0
3.1
-0.6
1.5
2.3
-1.6
1.7
-
109
108
108
108
105
107
105
107
107
105
P: Preliminary
EB 11 .indd 58
14. 11. 24. 6:55
6. Machinery orders received and estimated

facility investment index
Domestic machinery orders received excluding ship (billion won, constant value)
Total
Period
2011
2012
2013
Public
y-o-y
change (%)
Private
y-o-y
change (%)
y-o-y change
(%)
Estimated facility investment

index
y-o-y
(2010=100)
change (%)
7.6
-13.9
6.7
2,407
2,142
2,580
-2.6
-11.0
20.5
22,741
19,506
20,524
8.8
-14.2
5.2
103.5
100.6
99.3
3.5
-2.8
-1.3
2011
6,383
6,723
5,666
6,376
15.3
9.6
-0.7
6.4
358
708
310
1,031
-36.7
83.1
-18.6
-9.5
6,025
6,015
5,356
5,345
21.2
4.6
0.6
10.1
97.0
109.4
104.5
103.0
5.2
7.4
3.2
-1.4
2012
6,310
5,391
5,036
4,910
-1.1
-19.8
-11.1
-23.0
810
285
579
468
126.1
-59.7
86.7
-54.6
5,500
5,106
4,458
4,442
-8.7
-15.1
-16.8
-16.9
105.0
104.8
96.2
96.4
8.2
-4.2
-7.9
-6.4
2013
5,592
5,867
5,148
6,498
-11.4
8.8
2.2
32.4
429
554
522
1,075
-47.0
94.2
-9.7
129.7
5,163
5,313
4,625
5,423
-6.1
4.0
3.8
22.1
91.2
100.6
98.8
106.4
-13.1
-4.0
2.7
10.4
2014
6,594
6,126
7,733
17.9
4.4
50.2
1,221
305
2,708
184.6
-45.0
418.5
5,373
5,821
5,025
4.1
9.6
8.6
96.6
106.8
100.2
5.9
6.2
1.4
2012 1
2
3
4
5
6
7
8
9
10
11
12
1,933
2,541
1,836
1,845
1,830
1,716
1,835
1,509
1,693
1,511
1,656
1,743
-0.8
25.1
-23.6
-4.4
-14.4
-35.4
-9.4
-14.2
-10
-22.5
-27.8
-18.3
52
695
63
56
39
190
310
169
100
86
127
255
-22.2
829.0
-70.9
-10.3
-72.8
-62.2
135.5
105.9
3.5
-72.3
-75.8
31.2
1,881
1,846
1,773
1,789
1,791
1,526
1,525
1,339
1,593
1,425
1,529
1,488
0.0
-5.7
-18.9
-4.3
-10.2
-29.1
-19.5
-20.1
-10.7
-13.1
-13.5
-23.3
97.7
109.1
108.2
106.2
105.8
102.3
105.4
90.1
93.1
94.5
92.4
102.2
5.6
26.4
-3.5
3.0
-4.9
-10.2
-1.6
-16.5
-5.5
1.1
-10
-9.3
2013 1
2
3
4
5
6
7
8
9
10
11
12
1,847
1,666
2,079
1,846
2,127
1,894
1,935
1,623
1,589
2,606
2,109
1,784
-4.4
-34.4
13.2
0
16.2
10.4
5.5
7.6
-6.1
72.4
27.4
2.4
139
168
121
92
250
212
359
92
71
788
163
124
169.8
-75.8
92.2
63.8
542.9
11.5
15.8
-45.4
-28.5
815.4
28.2
-51.4
1,708
1,498
1,957
1,754
1,877
1,682
1,576
1,531
1,518
1,818
1,946
1,660
-9.2
-18.8
10.4
-2.0
4.8
10.2
3.4
14.3
-4.7
27.5
27.3
11.6
89.8
83.5
100.4
98.2
101.6
102.0
108.0
100.1
88.2
108.9
101.4
108.9
-8.1
-23.5
-7.2
-7.5
-4
-0.3
2.5
11.1
-5.3
15.2
9.7
6.6
2014 1
2
3
4
5
6
7
8P
9P
1,716
1,848
3,029
2,283
1,842
2,001
1,802
4,097
1,835
-7.1
10.9
45.7
23.7
-13.4
5.7
-6.9
152.3
15.4
88
120
1,013
97
116
92
89
2,541
79
-36.9
-28.8
735.6
5.1
-53.4
-56.7
-75.3
2653.2
10.6
1,628
1,728
2,016
2,187
1,726
1,910
1,713
1,556
1,756
-4.7
15.4
3.0
24.7
-8.1
13.6
8.7
1.6
15.7
88.4
93.8
107.6
108.7
107.2
104.4
111.1
90.2
99.4
-1.6
12.3
7.2
10.7
5.5
2.4
2.9
-9.9
12.7
59
25,148
21,648
23,105
P: Preliminary
EB 11 .indd 59
14. 11. 24. 6:55
7. Value of construction completed and domestic
construction orders received
(current value, billion won)
Period
60
Value of
construction y-o-y
completed change
(Total)
(%)
Type of order
Public
Private
y-o-y
change (%)
Domestic
construction
y-o-y
orders
change
received
y-o-y
(%)
(Total)
change (%)
Type of order
Public
Private
y-o-y
change (%)
y-o-y
change (%)
2011
2012
2013
91,717
88,713
97,938
-0.6 35,120
-3.3 33,807
10.4 34,532
-0.1
-3.7
2.1
51,663
50,622
59,492
-2.2
-2.0
17.5
95,332
89,395
75,644
6.1
-6.2
-15.4
28,624
26,071
24,574
-2.0
-8.9
-5.7
61,839
59,811
48,888
12.3
-3.3
-18.3
2011
19,277
24,057
21,423
26,960
-5.2 7,322
-0.1 9,290
-2.7 7,684
4.4 10,825
-2.1
1.8
-1.5
0.7
11,031
13,339
12,597
14,696
-7.9
-4.3
-4.3
6.9
16,335
25,319
20,444
33,233
-11.5
-0.9
5.6
25.5
4,119
6,311
6,711
11,483
-49.0
-8.4
-1.4
54.5
11,107
17,653
12,871
20,209
20.3
4.7
12.1
15.4
2012
19,275
22,410
21,351
25,676
0.0
-6.8
-0.3
-4.8
7,442
8,892
7,598
9,876
1.6
-4.3
-1.1
-8.8
10,893
12,440
12,676
14,613
-1.2
-6.7
0.6
-0.6
22,671
25,732
18,395
22,596
38.8
1.6
-10.0
-32.0
5,655
5,570
5,401
9,443
37.3
-11.7
-19.5
-17.8
16,309
19,100
12,522
11,877
46.8
8.2
-2.7
-41.2
2013
20,145
25,707
23,679
28,407
4.5 7,005
14.7 9,345
10.9 8,083
10.6 10,099
-5.9
5.1
6.4
2.3
12,375
15,377
14,674
17,066
13.6
23.6
15.8
16.8
13,425
18,143
16,454
27,621
-40.8
-29.5
-10.6
22.2
4,289
5,348
4,910
10,025
-24.1
-4.0
-9.1
6.2
8,781
12,108
11,165
16,832
-46.2
-36.6
-10.8
41.7
2014
21,626
26,116
23,560
7.4
1.6
-0.5
7,144
8,697
7,225
2.0
-6.9
-10.6
13,630
16,470
15,335
10.1
7.1
4.5
15,501
22,881
23,744
15.5
26.1
44.3
5,968
6,578
5,261
39.1
23.0
7.1
9,102
16,002
17,907
3.6
32.2
60.4
2012 1
2
3
4
5
6
7
8
9
10
11
12
5,796
6,035
7,444
6,844
7,307
8,259
7,037
6,582
7,732
7,343
8,098
10,235
-6.3
13.2
-4.1
-4.5
-1.8
-12.6
4.2
-4.6
-0.5
-7.8
3.0
-8.1
2,123
2,373
2,945
2,644
2,873
3,374
2,372
2,322
2,904
2,591
3,003
4,282
-12.9
17.0
3.1
-3.6
3.0
-10.2
-0.3
-5.6
2.1
-10.7
-5.3
-9.9
3,373
3,405
4,115
3,903
4,106
4,431
4,281
3,943
4,452
4,452
4,773
5,387
-3.3
11.3
-8.2
-4.0
-3.4
-11.8
5.4
-3.8
0.3
-4.7
11.2
-6.0
7,468
8,488
6,714
6,428
7,310
11,993
6,823
5,390
6,181
5,800
7,239
9,556
52.0
108.1
-8.6
-4.2
2.3
4.6
32.3
-28.8
-19.9
-22.6
-19.9
-42.8
2,034
2,218
1,402
1,453
1,061
3,056
2,304
1,316
1,780
1,970
2,105
5,366
54.6
57.5
0.6
1.7
-43.9
2.2
24.2
-12.5
-46.9
-14.9
-29.5
-13.1
5,269 81.4
6,121 144.1
4,918 -13.6
4,461 -3.6
6,133 29.4
8,505
2.7
4,329 39.9
4,032 -30.3
4,161
4.2
3,787 -24.1
4,798 -18.3
3,290 -64.8
2013 1
2
3
4
5
6
7
8
9
10
11
12
6,266
6,222
7,657
8,089
8,142
9,476
7,839
7,657
8,183
8,628
9,083
10,696
8.1
3.1
2.9
18.2
11.4
14.7
11.4
16.3
5.8
17.5
12.2
4.5
2,072
2,345
2,589
2,839
2,805
3,700
2,643
2,561
2,878
2,958
3,124
4,017
-2.4
-1.2
-12.1
7.4
-2.4
9.7
11.5
10.3
-0.9
14.2
4.0
-6.2
3,956
3,650
4,769
4,954
5,062
5,361
4,885
4,810
4,979
5,329
5,625
6,112
17.3
7.2
15.9
26.9
23.3
21.0
14.1
22.0
11.8
19.7
17.8
13.5
3,546
4,431
5,447
4,946
6,073
7,124
5,675
4,708
6,070
7,346
7,895
12,379
-52.5
-47.8
-18.9
-23.1
-16.9
-40.6
-16.8
-12.6
-1.8
26.7
9.1
29.5
1,289
1,287
1,713
1,558
1,559
2,231
1,412
1,493
2,004
1,500
2,648
5,877
-36.6
-42.0
22.1
7.2
47.0
-27.0
-38.7
13.5
12.6
-23.9
25.8
9.5
2,108
2,992
3,680
2,962
4,393
4,753
4,153
3,171
3,840
5,756
5,004
6,070
2014 1
2
3
4
5
6
7
8P
9P
7,034
6,654
7,938
8,457
8,173
9,486
7,896
7,705
7,959
12.3
6.9
3.7
4.6
0.4
0.1
0.7
0.6
-2.7
2,310
2,207
2,627
2,737
2,580
3,380
2,427
2,320
2,479
11.5 4,434
-5.9 4,226.0
1.5 4,971.0
-3.6 5,445
-8.0 5,302
-8.7 5,723
-8.2 5,134
-9.4 5,101
-13.9 5,099
12.1
15.8
4.2
9.9
4.8
6.7
5.1
6.1
2.4
5,300
5,393
4,807
7,290
6,427
9,163
6,902
8,535
8,307
49.5
21.7
-11.8
47.4
5.8
28.6
21.6
81.3
36.8
2,102
2,242
1,625
1,892
2,000
2,686
1,555
1,633
2,073
62.9
74.2
-5.2
21.4
28.3
20.4
10.1
9.4
3.4
-60.0
-51.1
-25.2
-33.6
-28.4
-44.1
-4.1
-21.4
-7.7
52.0
4.3
84.5
3,026 43.5
3,001
0.3
3,075 -16.4
5,388 81.9
4,359 -0.8
6,256 31.6
5,281 27.1
6,713 111.7
5,914 54.0
P: Preliminary
EB 11 .indd 60
14. 11. 24. 6:56
8. Composite indices of business cycle

indicators and BSI
Cyclical indicator
of leading index
(2010=100)
Coincident index
(2010=100)
Cyclical indicator
of coincident
index (2010=100)
BSI (results)
BSI (prospects)
2011 1
2
3
4
5
6
7
8
9
10
11
12
101.2
101.5
101.6
101.3
101.6
102.1
102.5
102.8
103.0
103.1
103.1
103.4
100.8
100.7
100.4
99.6
99.4
99.4
99.5
99.3
99.0
98.7
98.3
98.1
103.3
103.4
104.0
104.0
104.8
105.4
106.0
106.5
106.5
106.9
106.8
107.2
101.1
100.9
101.0
100.6
101.0
101.2
101.3
101.4
101.0
101.0
100.5
100.5
99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
93.0
90.1
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
94.8
2012 1
2
3
4
5
6
7
8
9
10
11
12
104.2
105.3
105.8
106.3
106.5
107.5
107.9
108.0
107.8
108.1
108.8
109.5
98.5
99.2
99.2
99.4
99.1
99.7
99.8
99.5
98.9
98.8
99.1
99.4
107.3
108.1
108.4
108.6
108.8
109.2
109.9
109.8
110.3
110.2
110.8
111.4
100.2
100.6
100.5
100.4
100.2
100.2
100.5
100.0
100.1
99.6
99.8
100.0
88.6
92.2
101.4
97.5
95.7
90.4
82.1
84.4
89.3
88.9
82.2
87.0
88.3
91.0
106.1
98.4
104.7
98.3
89.7
82.7
99.5
97.0
92.5
82.0
2013 1
2
3
4
5
6
7
8
9
10
11
12
109.8
110.1
110.7
111.3
112.0
113.1
113.8
114.4
114.6
115.3
116.2
117.0
99.2
99.2
99.3
99.5
99.7
100.3
100.5
100.7
100.4
100.8
101.1
101.5
111.7
112.2
112.3
112.9
113.2
113.9
114.3
114.9
115.1
115.7
116.1
116.7
100.0
100.0
99.7
99.9
99.8
100.1
100.1
100.3
100.1
100.2
100.2
100.4
85.0
83.0
101.3
94.1
97.6
95.0
91.1
89.8
93.0
94.7
91.9
90.5
85.7
86.7
104.4
101.5
99.8
97.2
90.7
92.7
94.4
101.1
94.7
92.6
2014 1
2
3
4
5
6
7
8
9
10
11
117.6
118.0
118.2
118.8
119.1
119.8
120.3
121.7
122.9
-
101.6
101.5
101.3
101.5
101.3
101.6
101.6
102.4
103.0
-
117.5
117.9
118.4
118.5
118.5
118.9
119.5
120.2
120.5
-
100.7
100.6
100.7
100.4
100.1
100.1
100.2
100.5
100.3
-
89.4
87.0
100.7
95.8
93.0
91.3
90.8
89.0
92.3
93.1
-
93.4
88.7
104.4
99.5
101.7
94.5
94.0
91.6
93.1
100.7
93.6
61
Leading index
(2010=100)
Period
Sources: Statistics Korea, The Bank of Korea
EB 11 .indd 61
14. 11. 24. 6:56
9. Balance of payments (I)
(US $ million)
Current
account
Goods
2011
2012
2013
18,655.8
50,835.0
79,883.6
29,089.9
49,406.0
80,568.6
587,099.7
603,509.2
617,127.6
2011
-3,769.1
-1,921.2
11,994.5
12,351.6
2,453.6
2,520.5
11,435.4
12,680.4
2012
-746.0
11,605.1
16,886.8
23,089.1
2013
Services
Primary
income
Secondary
income
558,009.8
554,103.2
536,559.0
-12,279.1
-5,213.6
-7,927.4
6,560.6
12,116.7
11,424.8
-4,715.6
-5,474.1
-4,182.3
133,839.7
150,171.3
150,723.9
152,364.8
131,386.1
147,650.8
139,288.5
139,684.4
-4,746.0
-3,468.8
-2,163.6
-1,900.7
-195.2
372.1
3,723.5
2,660.2
-1,281.5
-1,345.0
-1,000.8
-1,088.3
1,661.5
8,535.0
15,894.6
23,314.9
144,260.1
150,834.0
149,619.5
158,795.6
142,598.6
142,299.0
133,724.9
135,480.7
-2,970.8
172.0
-679.8
-1,735.0
2,045.3
3,942.3
2,972.2
3,156.9
-1,482.0
-1,044.2
-1,300.2
-1,647.7
10,458.1
20,804.7
23,782.0
24,838.8
12,075.8
19,998.5
23,876.5
24,617.8
146,933.9
153,981.4
153,754.8
162,457.5
134,858.1
133,982.9
129,878.3
137,839.7
-3,512.2
-409.8
-2,062.7
-1,942.7
2,782.6
1,835.0
3,162.8
3,644.4
-888.1
-619.0
-1,194.6
-1,480.6
2014P
15,070.7
24,125.2
22,664.6
17,745.2
26,428.1
21,889.8
152,688.6
159,385.4
153,713.0
134,943.4
132,957.3
131,823.2
-3,618.6
-1,953.9
-1,018.9
1,905.8
1,330.9
3,143.5
-961.7
-1,679.9
-1,349.8
2012 1
2
3
4
5
6
7
8
9
10
11
12
-2,151.2
-2,409.5
3,814.7
87.8
5,265.5
6,251.8
8,413.0
1,808.7
6,665.1
7,494.2
8,293.6
7,301.3
-1,727.4
-863.1
4,252.0
-222.9
3,387.9
5,370.0
7,529.7
2,118.1
6,246.8
7,472.8
8,580.9
7,261.2
44,738.1
48,304.2
51,217.8
49,330.2
50,854.0
50,649.8
51,530.7
47,379.6
50,709.2
53,409.2
54,492.4
50,894.0
46,465.5
49,167.3
46,965.8
49,553.1
47,466.1
45,279.8
44,001.0
45,261.5
44,462.4
45,936.4
45,911.5
43,632.8
-1,017.2
-2,018.3
64.7
288.4
545.9
-662.3
110.0
-844.3
54.5
-415.4
-833.9
-485.7
1,243.3
873.2
-71.2
364.5
1,660.1
1,917.7
1,260.7
965.2
746.3
867.8
988.6
1,300.5
-649.9
-401.3
-430.8
-342.2
-328.4
-373.6
-487.4
-430.3
-382.5
-431.0
-442.0
-774.7
2013 1
2
3
4
5
6
7
8
9
10
11
12
1,969.3
2,146.5
6,342.3
4,552.9
9,752.2
6,499.6
7,985.1
7,198.0
8,598.9
11,107.9
6,854.8
6,876.1
2,855.2
2,733.1
6,487.5
5,103.3
9,591.6
5,303.6
7,911.7
7,378.1
8,586.7
9,816.8
8,175.6
6,625.4
51,027.4
44,778.4
51,128.1
51,587.2
53,548.1
48,846.1
53,353.6
49,839.2
50,562.0
56,702.8
52,756.9
52,997.8
48,172.2
42,045.3
44,640.6
46,483.9
43,956.5
43,542.5
45,441.9
42,461.1
41,975.3
46,886.0
44,581.3
46,372.4
-1,783.5
-1,394.1
-334.6
5.7
-298.2
-117.3
-1,058.1
-805.9
-198.7
393.5
-1,923.2
-413.0
1,434.6
1,035.1
312.9
-354.1
670.3
1,518.8
1,396.1
912.4
854.3
1,260.6
1,010.9
1,372.9
-537.0
-227.6
-123.5
-202.0
-211.5
-205.5
-264.6
-286.6
-643.4
-363.0
-408.5
-709.1
2014P 1
2
3
4
5
6
7
8
9
3,285.3
4,499.1
7,286.3
7,124.7
9,080.8
7,919.7
7,843.3
7,196.7
7,624.6
4,367.0
5,403.4
7,974.8
10,648.0
9,133.5
6,646.6
6,794.4
7,367.3
7,728.1
50,599.8
47,993.3
54,095.5
56,721.4
52,383.0
50,281.0
53,811.7
48,920.1
50,981.2
46,232.8
42,589.9
46,120.7
46,073.4
43,249.5
43,634.4
47,017.3
41,552.8
43,253.1
-1,912.1
-1,058.7
-647.8
-1,042.8
-336.1
-575.0
-7.4
-732.7
-278.8
1,211.4
371.8
322.6
-1,619.7
725.1
2,225.5
1,488.8
1,048.0
606.7
-381.0
-217.4
-363.3
-860.8
-441.8
-337.4
-432.5
-485.9
-431.4
Period
62
Exports
Imports
P: Preliminary
EB 11 .indd 62
14. 11. 24. 6:56
10. Balance of payments (II)

(US $ million)
Capital transfers
& acquisition of Reserve assets
nonfinancial
assets
Direct
investment
Portfolio
investment
Financial
derivatives
Other
investment
2011
2012
2013
-24,315.8
-51,582.4
-76,881.1
-19,931.7
-21,136.2
-16,951.5
13,142.7
6,747.8
-8,287.1
-1,031.3
2,627.8
3,839.7
-2,542.7
-26,637.3
-41,003.7
-112.0
-41.7
-27.8
-13,952.8
-13,184.5
-14,478.5
2011
3,231.1
-8.5
-11,957.3
-15,581.1
-4,872.2
-5,028.1
-4,652.9
-5,378.5
-472.1
4,043.3
8,344.5
1,227.0
922.4
-160.6
-1,535.5
-257.6
11,172.4
3,754.9
-20,439.5
2,969.5
-30.0
-9.7
-5.4
-66.9
-3,519.4
-2,618.0
6,326.1
-14,141.5
2012
-4,564.4
-4,278.7
-18,096.1
-24,643.2
-7,579.6
-4,057.3
-5,705.4
-3,793.9
14,759.6
-6,803.0
4,177.7
-5,386.5
1,198.5
-270.6
595.3
1,104.6
-6,495.1
6,181.1
-13,247.2
-13,076.1
-19.2
-6.7
-9.0
-6.8
-6,447.8
671.1
-3,916.5
-3,491.3
2013
-11,560.0
-16,194.8
-23,107.8
-26,018.5
-5,148.2
-3,297.9
-3,988.6
-4,516.8
-6,461.9
-8,919.2
8,996.0
-1,902.0
1,418.9
-604.6
1,694.0
1,331.4
2,562.0
-7,439.0
-23,231.0
-12,895.7
-3.5
-27.5
12.8
-9.6
-3,930.8
4,065.9
-6,578.2
-8,035.4
2014P
-17177.8
-24,208.1
-22,481.5
-3,657.7
-7,552.9
-3,908.6
-13,596.7
-5,867.2
-4,762.4
892.6
2,083.5
1,531.9
6,207.4
-1,701.9
-9,510.4
-2.1
-4.3
3.6
-7,023.4
-11,169.6
-5,832.0
2012 1
2
3
4
5
6
7
8
9
10
11
12
-1,295.1
435.0
-3,704.3
1,566.7
-2,645.3
-3,200.1
-9,113.6
-3,219.3
-5,763.2
-7,172.4
-9,211.9
-8,258.9
-2,022.6
-3,631.3
-1,925.7
-1,225.9
-1,687.4
-1,144.0
-1,695.4
-1,719.8
-2,290.2
-1,001.3
-1,599.7
-1,192.9
7,904.1
6,238.0
617.5
-3,114.3
-1,893.6
-1,795.1
1,730.8
646.6
1,800.3
-4,742.4
-3,886.7
3,242.6
452.6
245.8
500.1
215.0
-480.7
-4.9
358.8
-35.5
272.0
-137.8
631.8
610.6
-5,167.1
-190.9
-1,137.1
5,832.0
147.6
201.5
-8,171.9
-1,016.0
-4,059.3
185.2
-1,759.5
-11,501.8
-9.6
-5.8
-3.8
0.3
-1.0
-6.0
-5.5
-1.9
-1.6
-4.9
0.7
-2.6
-2,462.1
-2,226.6
-1,759.1
-140.1
1,268.8
-457.6
-1,335.9
-1,094.6
-1,486.0
-1,476.1
-2,597.8
582.6
2013 1
2
3
4
5
6
7
8
9
10
11
12
-3,288.5
-3,297.9
-4,973.6
-1,908.3
-9,945.6
-4,340.9
-9,155.6
-7,937.6
-6,014.6
-9,880.0
-8,399.9
-7,738.6
-1,631.9
-1,145.9
-2,370.4
-21.0
-1,659.7
-1,617.2
-1,301.4
-1,275.8
-1,411.4
-296.1
-2,303.1
-1,917.6
-5,226.0
2,023.2
-3,259.1
-1,873.5
-1,091.4
-5,954.3
1,825.5
1,435.1
5,735.4
4,467.7
-1,522.8
-4,846.9
586.9
686.9
145.1
-313.2
649.2
-940.6
443.3
218.1
1,032.6
713.1
14.0
604.3
3,380.1
-2,870.9
2,052.8
-643.1
-6,804.3
8.4
-8,131.5
-6,631.3
-8,468.2
-10,064.8
-1,742.0
-1,088.9
-8.0
-3.3
7.8
-1.4
-11.2
-14.9
1.1
18.2
-6.5
-2.0
0.0
-7.6
-397.6
-1,991.2
-1,542.0
942.5
-1,039.4
4,162.8
-1,991.5
-1,683.7
-2,903.0
-4,699.9
-2,846.0
-489.5
2014P 1
2
3
4
5
6
7
8
9
-4,477.0
-6,920.5
-5,780.3
-6,238.8
-8,132.4
-9,836.9
-5,916.9
-7,802.4
-8,762.2
529.9
-2,163.5
-2,024.1
-2,157.8
-3,338.8
-2,056.3
-1,011.5
-749.5
-2,147.6
-4,193.1
-7,394.4
-2,009.2
1,662.3
-3,311.0
-4,218.5
-1,743.7
504.4
-3,523.1
155.5
223.1
514.0
858.1
534.5
690.9
504.1
557.7
470.1
1,937.4
4,739.0
-469.0
-5,935.6
3,950.6
283.1
-338.1
-7,288.1
-1,884.2
-3.0
3.5
-2.6
2.6
-4.3
-2.6
-6.3
11.2
-1.3
-2,906.7
-2,324.7
-1,792.0
-665.8
-5,967.7
-4,536.1
-3,327.7
-826.9
-1,677.4
63
Capital &
financial
account
Period
P: Preliminary
EB 11 .indd 63
14. 11. 24. 6:56
11. Prices
(2010=100)
Consumer Prices
Period
All Items
Commodity
y-o-y
change (%)
64
Producer prices
Services
y-o-y
change (%)
Core
y-o-y
change (%)
All Items
y-o-y
change (%)
Commodity
y-o-y
change (%)
y-o-y
change (%)
2011
2012
2013
104.0
106.3
107.7
4.0
2.2
1.3
105.7
108.9
110.1
5.7
3.0
1.0
102.7
104.2
105.8
2.7
1.4
1.5
103.2
104.9
106.6
3.2
1.6
1.6
106.7
107.5
105.7
6.7
0.7
-1.6
108.7
108.9
106.2
8.7
0.2
-2.5
2011 7
8
9
10
11
12
104.3
105.0
104.9
104.7
104.8
105.2
4.5
4.7
3.8
3.6
4.2
4.2
105.9
107.1
107.1
106.6
106.8
107.3
6.4
6.8
5.0
4.5
6.0
5.7
103.1
103.3
103.1
103.2
103.3
103.5
2.9
3.0
2.7
2.8
2.7
2.8
103.7
103.8
103.7
103.6
103.9
104.3
3.6
3.5
3.3
3.2
3.5
3.6
107.2
107.4
107.4
107.3
107.0
107.1
7.0
6.9
6.3
5.8
5.1
4.3
109.3
109.5
109.6
109.4
108.9
109.0
9.1
8.9
8.0
7.4
6.5
5.3
2012 1
2
3
4
5
6
7
8
9
10
11
12
105.7
106.1
106.0
106.0
106.2
106.1
105.9
106.3
107.0
106.9
106.5
106.7
3.4
3.1
2.6
2.5
2.5
2.2
1.5
1.2
2.0
2.1
1.6
1.4
107.9
108.5
109.2
108.9
109.2
108.8
107.9
108.8
110.4
109.8
108.9
109.0
4.4
3.9
4.1
4.1
4.3
3.6
1.9
1.6
3.1
3.0
2.0
1.6
103.9
104.2
103.5
103.7
103.9
104.0
104.2
104.4
104.4
104.6
104.6
104.8
2.7
2.5
1.4
1.3
1.3
1.2
1.1
1.1
1.3
1.4
1.3
1.3
104.6
104.7
104.3
104.4
104.6
104.9
104.9
105.1
105.2
105.2
105.3
105.5
3.2
2.5
1.9
1.8
1.6
1.5
1.2
1.3
1.4
1.5
1.3
1.2
107.7
108.4
108.9
109.0
108.4
107.1
106.6
107.2
107.6
106.8
106.1
105.8
3.2
3.1
2.4
1.9
1.0
0.0
-0.6
-0.1
0.2
-0.5
-0.9
-1.2
109.5
110.5
111.2
111.1
110.3
108.4
107.6
108.6
109.2
107.8
106.8
106.4
3.6
3.6
2.7
1.9
0.7
-0.7
-1.5
-0.9
-0.4
-1.4
-1.9
-2.3
2013 1
2
3
4
5
6
7
8
9
10
11
12
107.3
107.7
107.6
107.5
107.5
107.3
107.6
107.9
108.1
107.8
107.8
107.9
1.6
1.6
1.5
1.3
1.1
1.2
1.6
1.5
1.0
0.9
1.2
1.1
109.9
110.4
110.4
109.9
109.6
109.4
109.7
110.3
110.9
110.1
110.1
110.2
1.7
1.6
1.1
0.9
0.4
0.7
1.7
1.5
0.4
0.3
1.0
0.9
105.3
105.6
105.4
105.6
105.7
105.7
105.9
106.1
106.0
106.0
106.0
106.2
1.5
1.5
1.7
1.7
1.8
1.6
1.5
1.5
1.5
1.4
1.3
1.3
105.9
106.2
106.0
106.0
106.4
106.6
106.7
106.7
107.0
107.1
107.4
107.5
1.3
1.4
1.6
1.6
1.7
1.6
1.7
1.5
1.7
1.8
2.0
1.9
106.0
106.7
106.3
105.9
105.6
105.5
105.5
105.8
105.7
105.3
105.1
105.4
-1.6
-1.6
-2.4
-2.8
-2.6
-1.4
-1.0
-1.3
-1.8
-1.4
-0.9
-0.4
106.8
107.8
107.1
106.6
106.1
106.0
106.0
106.2
106.1
105.5
105.2
105.5
-2.5
-2.5
-3.7
-4.1
-3.8
-2.2
-1.6
-2.1
-2.8
-2.2
-1.5
-0.9
2014 1
2
3
4
5
6
7
8
9
108.5
108.8
109.0
109.1
109.2
109.1
109.3
109.5
109.4
1.1
1.0
1.3
1.5
1.7
1.7
1.6
1.4
1.1
110.9
111.4
111.6
111.3
111.5
111.2
111.2
111.4
111.5
0.9
0.9
1.1
1.3
1.7
1.7
1.4
1.0
0.5
106.6
106.7
107.0
107.3
107.5
107.4
107.7
107.9
107.8
1.3
1.1
1.5
1.6
1.6
1.6
1.7
1.7
1.7
107.7
108.0
108.3
108.5
108.8
108.9
109.1
109.2
109.1
1.7
1.7
2.1
2.3
2.2
2.1
2.2
2.4
1.9
105.6
105.8
105.7
105.6
105.5
105.6
105.7
105.6
105.2
-0.3
-0.9
-0.5
-0.3
0
0.1
0.2
-0.2
-0.4
105.7
105.9
105.7
105.4
105.3
105.4
105.5
105.1
104.7
-1.0
-1.7
-1.3
-1.1
-0.7
-0.6
-0.4
-1.1
-1.3
EB 11 .indd 64
14. 11. 24. 6:56
12. Employment
Period
Economically active
persons (thousand)
Employed persons (thousand)

All industry
y-o-y
change (%)
Manufacturing
y-o-y
change (%)
SOC & services
y-o-y
change (%)
y-o-y
change (%)
Unemployment
(%)
25,099
25,501
25,873
1.4
1.6
1.5
24,244
24,681
25,066
1.7
1.8
1.6
4,091
4,105
4,184
1.6
0.3
1.9
18,595
19,033
19,347
2.1
2.4
1.6
3.4
3.2
3.1
2011 7
8
9
10
11
12
25,473
25,257
25,076
25,409
25,318
24,880
1.0
1.7
0.7
1.6
1.9
1.4
24,636
24,495
24,318
24,673
24,589
24,125
1.4
2.0
1.1
2.1
2.0
1.9
4,079
4,031
4,014
4,044
4,054
4,071
1.0
-0.7
-1.2
-1.3
-2.1
-2.1
18,844
18,739
18,595
18,856
18,921
18,833
1.9
3.1
2.1
3.2
3.2
3.1
3.3
3.0
3.0
2.9
2.9
3.0
2012 1
2
3
4
5
6
7
8
9
10
11
12
24,585
24,825
25,210
25,653
25,939
25,939
25,901
25,623
25,755
25,787
25,652
25,139
2.0
1.6
1.2
1.6
1.8
1.4
1.7
1.4
2.7
1.5
1.3
1.0
23,732
23,783
24,265
24,758
25,133
25,117
25,106
24,859
25,003
25,069
24,941
24,402
2.3
1.9
1.8
1.9
1.9
1.5
1.9
1.5
2.8
1.6
1.4
1.1
4,034
4,060
4,018
4,027
4,071
4,084
4,114
4,111
4,153
4,188
4,218
4,183
-2.8
-2.1
-2.5
-2.0
-1.6
-1.2
0.8
2.0
3.5
3.6
4.0
2.8
18,631
18,599
18,870
19,103
19,292
19,248
19,265
19,040
19,125
19,128
19,088
19,010
3.5
3.2
3.4
3.1
3.0
2.3
2.2
1.6
2.8
1.4
0.9
0.9
3.5
4.2
3.7
3.5
3.1
3.2
3.1
3.0
2.9
2.8
2.8
2.9
2013 1
2
3
4
5
6
7
8
9
10
11
12
24,901
24,973
25,397
25,928
26,195
26,291
26,301
26,074
26,186
26,268
26,230
25,736
1.3
0.6
0.7
1.1
1.0
1.4
1.5
1.7
1.7
1.9
2.3
2.4
24,054
23,984
24,514
25,103
25,398
25,478
25,473
25,291
25,466
25,545
25,530
24,962
1.4
0.8
1.0
1.4
1.1
1.4
1.5
1.7
1.9
1.9
2.4
2.3
4,189
4,139
4,141
4,192
4,175
4,180
4,167
4,116
4,174
4,218
4,253
4,264
3.9
1.9
3.1
4.1
2.6
2.3
1.3
0.1
0.5
0.7
0.8
2.0
18,810
18,736
18,989
19,303
19,492
19,531
19,577
19,438
19,540
19,558
19,670
19,514
1.0
0.7
0.6
1.0
1.0
1.5
1.6
2.1
2.2
2.2
3.0
2.7
3.4
4.0
3.5
3.2
3.0
3.1
3.1
3.0
2.7
2.8
2.7
3.0
2014 1
2
3
4
5
6
7
8
9
10
25,650
25,997
26,187
26,714
26,762
26,825
26,891
26,775
26,766
26,809
3.0
4.1
3.1
3.0
2.2
2.0
2.2
2.7
2.2
2.1
24,759
24,819
25,163
25,684
25,811
25,875
25,979
25,885
25,917
25,951
2.9
3.5
2.6
2.3
1.6
1.6
2.0
2.3
1.8
1.6
4,280
4,274
4,284
4,288
4,324
4,345
4,358
4,335
4,347
4,361
2.2
3.3
3.5
2.3
3.6
3.9
4.6
5.3
4.1
3.4
19,376
19,407
19,538
19,819
19,815
19,841
20,003
19,940
19,949
19,973
3.0
3.6
2.9
2.7
1.7
1.6
2.2
2.6
2.1
2.1
3.5
4.5
3.9
3.9
3.6
3.5
3.4
3.3
3.2
3.2
65
2011
2012
2013
EB 11 .indd 65
14. 11. 24. 6:56
13. Financial indicators
(period average)
Period
66
Yields(%)
Stock
Call rate (1 day)
CD (91 days)
Corporate bonds
(3 years, AA-)
Treasury bonds
(3 years)
Treasury bonds
(5 years)
KOSPI(end-period)
2010 7
8
9
10
11
12
2.2
2.3
2.3
2.3
2.4
2.5
2.6
2.6
2.7
2.7
2.7
2.8
4.8
4.7
4.4
4.1
4.2
4.2
3.9
3.7
3.5
3.2
3.4
3.3
4.5
4.3
3.9
3.7
4.0
4.0
1,759.33
1,742.75
1,872.81
1,882.95
1,904.63
2,051.00
2011 1
2
3
4
5
6
7
8
9
10
11
12
2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3
3.3
2.9
3.1
3.4
3.4
3.5
3.5
3.6
3.6
3.6
3.6
3.6
3.6
4.5
4.7
4.5
4.5
4.4
4.4
4.5
4.2
4.2
4.3
4.2
4.2
3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4
3.4
4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
3.5
3.5
2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
1,880.11
1,769.65
1,909.03
1,847.51
1,825.74
2012 1
2
3
4
5
6
7
8
9
10
11
12
3.3
3.3
3.3
3.3
3.3
3.3
3.1
3.0
3.0
2.8
2.8
2.8
3.6
3.5
3.5
3.5
3.5
3.5
3.3
3.2
3.1
2.9
2.9
2.9
4.2
4.3
4.4
4.3
4.0
3.9
3.6
3.4
3.3
3.3
3.3
3.3
3.4
3.4
3.6
3.5
3.4
3.3
3.0
2.8
2.8
2.8
2.8
2.9
3.5
3.6
3.7
3.6
3.5
3.4
3.1
2.9
2.9
2.9
2.9
3.0
1,955.79
2,030.25
2,014.04
1,981.99
1,843.47
1,854.01
1,881.99
1,905.12
1,996.21
1,912.06
1,932.90
1,997.05
2013 1
2
3
4
5
6
7
8
9
10
11
12
2.8
2.8
2.7
2.8
2.6
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.9
2.8
2.8
2.8
2.7
2.7
2.7
2.7
2.7
2.7
2.7
2.7
3.2
3.1
3.0
2.9
3.0
3.2
3.4
3.3
3.3
3.3
3.4
3.4
2.8
2.7
2.6
2.6
2.6
2.9
2.9
2.9
2.9
2.8
2.9
2.9
2.9
2.8
2.7
2.6
2.7
3.1
3.2
3.2
3.2
3.1
3.2
3.3
1,961.94
2,026.49
2,004.89
1,963.95
2,001.05
1,863.32
1,914.03
1,926.36
1,996.96
2,030.09
2,044.87
2,011.34
2014 1
2
3
4
5
6
7
8
9
10
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.3
2.2
2.1
2.7
2.7
2.7
2.7
2.7
2.7
2.7
2.5
2.4
2.2
3.3
3.3
3.3
3.3
3.3
3.2
3.0
3.0
2.8
2.6
2.9
2.9
2.9
2.9
2.8
2.7
2.6
2.5
2.4
2.2
3.3
3.2
3.2
3.2
3.1
3.0
2.8
2.8
2.6
2.4
1,941.15
1,979.99
1,985.61
1,961.79
1,994.96
2,002.21
2,076.12
2,068.54
2,020.09
1,964.43
EB 11 .indd 66
14. 11. 24. 6:56
14. Monetary indicators

(billion won)
Period
Reserve money
M1
y-o-y
change (%)
M2
y-o-y
change (%)
Lf
y-o-y
change (%)
y-o-y
change (%)
75,232.0
82,131.1
91,379.4
11.3
9.2
11.3
425,675.1
441,963.6
484,062.9
6.6
3.8
9.5
1,708,984.5
1,798,625.7
1,885,781.3
4.2
5.2
4.8
2,208,170.4
2,379,518.7
2,543,299.4
5.3
7.8
6.9
2011 7
8
9
10
11
12
74,069.7
75,642.3
77,942.2
76,944.6
76,617.3
77,842.5
10.6
12.4
10.9
10.1
10.3
8.9
418,973.1
422,649.3
425,196.4
421,480.1
423,111.9
432,602.2
3.8
5.4
5.1
4.1
2.0
1.6
1,705,451.5
1,719,437.8
1,729,531.1
1,742,645.4
1,753,296.4
1,756,597.4
3.2
4.0
4.2
4.4
4.4
4.4
2,208,624.3
2,230,191.9
2,243,675.6
2,263,627.7
2,279,234.1
2,288,816.9
4.6
5.5
5.7
6.1
6.2
6.2
2012 1
2
3
4
5
6
7
8
9
10
11
12
81,635.4
81,655.3
79,068.0
80,641.8
80,547.7
81,804.0
81,555.7
82,369.1
82,958.7
85,078.6
82,956.5
85,302.7
11.0
8.3
8.3
10.2
9.1
9.5
10.1
8.9
6.4
10.6
8.3
9.6
439,352.9
437,193.9
440,075.4
437,445.3
438,795.3
441,611.0
441,760.6
439,573.2
440,034.3
444,477.8
445,463.9
457,778.9
2.3
1.1
2.1
2.8
3.5
4.7
5.4
4.0
3.5
5.5
5.3
5.8
1,757,058.7
1,762,988.4
1,773,172.9
1,777,114.7
1,784,220.5
1,796,981.5
1,807,289.2
1,817,134.9
1,819,290.1
1,822,420.9
1,830,280.3
1,835,556.7
4.8
5.3
5.7
5.5
5.5
5.9
6.0
5.7
5.2
4.6
4.4
4.5
2,292,213.5
2,302,065.8
2,341,626.9
2,349,723.2
2,357,701.0
2,377,071.3
2,393,737.7
2,405,239.9
2,415,263.5
2,424,000.4
2,440,062.8
2,455,962.9
6.5
7.2
8.8
8.6
8.4
8.5
8.4
7.8
7.6
7.1
7.1
7.3
2013 1
2
3
4
5
6
7
8
9
10
11
12
85,839.3
88,855.7
89,523.5
87,729.0
89,654.8
91,207.6
90,643.7
93,729.6
95,130.6
93,640.4
93,609.9
96,988.5
5.1
8.8
13.2
8.8
11.3
11.5
11.1
13.8
14.7
10.1
12.8
13.7
464,914.5
472,239.6
472,430.1
475,330.0
475,526.7
486,587.5
488,982.7
481,416.9
490,518.7
491,947.9
499,242.7
509,617.9
5.8
8.0
7.4
8.7
8.4
10.2
10.7
9.5
11.5
10.7
12.1
11.3
1,841,128.1
1,857,135.0
1,862,405.5
1,867,726.3
1,870,289.7
1,884,193.2
1,890,728.6
1,888,658.4
1,903,187.1
1,908,557.6
1,923,339.2
1,932,026.4
4.8
5.3
5.0
5.1
4.8
4.9
4.6
3.9
4.6
4.7
5.1
5.3
2,469,789.3
2,488,539.0
2,499,718.1
2,512,459.7
2,518,239.1
2,533,750.8
2,549,443.5
2,557,336.3
2,577,546.7
2,587,071.4
2,605,873.9
2,619,029.5
7.7
8.1
6.8
6.9
6.8
6.6
6.5
6.3
6.7
6.7
6.8
6.6
2013 1
2
3
4
5
6
7
8
9
98,541.6
100,547.9
100,624.0
98,898.5
101,791.4
101,412.3
101,164.2
107,682.4
105,354.1
14.8
13.2
12.4
12.7
13.5
11.2
11.6
14.9
10.7
515,742.5
518,475.5
520,299.0
518,809.3
523,069.9
532,041.2
534,028.8
538,640.3
548,550.8
10.9
9.8
10.1
9.1
10.0
9.3
9.2
11.9
11.8
1,937,045.6
1,954,340.7
1,964,954.0
1,970,361.6
1,982,390.9
1,999,376.3
2,013,935.1
2,031,777.2
2,037,600.8
5.2
5.2
5.5
5.5
6.0
6.1
6.5
7.6
7.1
2,635,100.1
2,647,674.0
2,659,370.7
2,669,341.4
2,684,643.9
2,703,088.1
2,725,737.6
2,743,972.5
2,759,390.8
6.7
6.4
6.4
6.2
6.6
6.7
6.9
7.3
7.1
67
2011
2012
2013
EB 11 .indd 67
14. 11. 24. 6:56
15. Exchange rates
(end-period)
\/US $
Period
68
\/100
Won
y-o-y
change (%)
Won
2011
2012
2013
1,153.3
1,071.1
1,055.3
1.3
-7.1
-1.5
1,485.2
1,247.5
1,004.7
2011 7
8
9
10
11
12
1,052.6
1,071.7
1,179.5
1,104.5
1,150.3
1,153.3
-11.3
-9.9
3.3
-2.0
-0.6
1.3
2012 1
2
3
4
5
6
7
8
9
10
11
12
1,125.0
1,126.5
1,137.8
1,134.2
1,177.8
1,153.8
1,136.2
1,134.6
1,118.6
1,094.1
1,084.7
1,071.1
2013 1
2
3
4
5
6
7
8
9
10
11
12
2014 1
2
3
4
5
6
7
8
9
10
\/Euro
y-o-y
change (%)
Won
y-o-y
change (%)
6.3
-16.0
-19.5
1,494.1
1,416.3
1,456.3
-1.3
-5.2
2.8
1,353.2
1,396.8
1,536.6
1,458.0
1,475.7
1,485.2
-1.2
-0.7
12.7
4.8
7.4
6.3
1,507.9
1,547.3
1,601.4
1,562.7
1,532.9
1,494.1
-2.9
2.7
2.9
-0.4
1.0
-1.3
1.0
-0.1
2.8
5.8
9.0
7.0
7.9
5.9
-5.2
-0.9
-5.7
-7.1
1,473.1
1,399.2
1,380.7
1,412.0
1,489.1
1,453.8
1,453.6
1,444.0
1,441.1
1,374.5
1,320.6
1,247.5
8.6
1.3
3.7
7.5
11.5
8.8
7.4
3.4
-6.2
-5.7
-10.5
-16.0
1,478.2
1,516.3
1,513.4
1,501.7
1,456.6
1,435.0
1,393.1
1,419.6
1,444.3
1,418.3
1,407.3
1,416.3
-2.4
-2.1
-3.2
-5.6
-6.0
-8.0
-7.6
-8.3
-9.8
-9.2
-8.2
-5.2
1,082.7
1,085.4
1,112.1
1,108.1
1,128.3
1,149.7
1,113.6
1,110.9
1,075.6
1,061.4
1,062.1
1,055.3
-3.8
-3.6
-2.3
-2.3
-4.2
-0.4
-2.0
-2.1
-3.8
-3.0
-2.1
-1.5
1,188.5
1,176.2
1,180.1
1,132.0
1,116.6
1,167.2
1,135.4
1,129.2
1,098.7
1,077.5
1,038.2
1,004.7
-19.3
-15.9
-14.5
-19.8
-25.0
-19.7
-21.9
-21.8
-23.8
-21.6
-21.4
-19.5
1,469.3
1,425.8
1,425.2
1,451.3
1,471.4
1,498.2
1,476.7
1,470.6
1,451.3
1,456.6
1,444.8
1,456.3
-0.6
-6.0
-5.8
-3.4
1.0
4.4
6.0
3.6
0.5
2.7
2.7
2.8
1,079.2
1,067.7
1,068.8
1,031.7
1,021.6
1,014.4
1,024.3
1,013.6
1,050.6
1,054.0
-0.3
-1.6
-3.9
-6.9
-9.5
-11.8
-8.0
-8.8
-2.3
-0.7
1,043.7
1,044.8
1,038.7
1,005.3
1,004.2
1,000.0
995.7
977.6
960.2
964.1
-12.2
-11.2
-12.0
-11.2
-10.1
-14.3
-12.3
-13.4
-12.6
-10.5
1,473.6
1,463.6
1,469.4
1,425.0
1,389.6
1,384.2
1,371.8
1,336.2
1,333.3
1,328.8
0.3
2.7
3.1
-1.8
-5.6
-7.6
-7.1
-9.1
-8.1
-8.8
EB 11 .indd 68
14. 11. 24. 6:56
Useful websites
http://english.mosf.go.kr
Ministry of Trade, Industry and Energy
http://www.motie.go.kr/language/eng
Financial Services Commission
http://www.fsc.go.kr/eng
Financial Supervisory Service
http://english.fss.or.kr
Fair Trade Commission
http://eng.ftc.go.kr
Ministry of Employment and Labor
http://www.moel.go.kr/english
The Bank of Korea
http://www.bok.or.kr/eng
Statistics Korea
http://kostat.go.kr/portal/english
Namsangol Hanok Village

Namsangol Hanok Village is a neighborhood in Jung-gu,
Seoul, where traditional houses have been restored to
preserve the original atmosphere of the area. This hanok is
illuminated with cheongsachorongs , which are traditional
Korean lanterns with red-and-blue silk shades.
EB 11 .indd 2
14. 11. 24. 7:06
ISSN 2287-7266
ECONOMIC BULLETIN (Republic of Korea)
Republic of Korea
Vol.36 No.11
November 2014
conomic
u l l e t i n
Vol.36 No.11 November 2014
The Green Book:

Policy Issues

ITU Plenipotentiary Conference Held in Busan

Three-year Plan for Economic Innovation Praised at G20 Meeting
Korea Ranks 5th in World Banks Doing Business Report
Korea Grows 0.9% in Q3
ECONOMIC
BULLETIN
(Republic of Korea)
For free subscriptions and enquiries, please contact:

Foreign Press Spokespersons Office
Government Complex, 477 Galmae-ro
November 2014
Sejong, 339-012
Republic of Korea
Tel. +82 2 731 1530
Fax. +82 2 731 1540
E-mail. fppr@mosf.go.kr
Website. http://english.mosf.go.kr
Economic Information and Education Center
Korea Development Institute
15 Giljae-gil (Bangok-dong)
Sejong, 339-007
Republic of Korea
Fax. +82 44 550 4941
E-mail. jiyounlee@kdi.re.kr
MOSF / KDI
Tel. +82 44 550 4645
Website. http://eiec.kdi.re.kr
EB 11 .indd 1
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ISSN 2287-7266

ECONOMIC BULLETIN (Republic of Korea)

Vol.36 No.11 November 2014

The Green Book:

Korea and China Set to Sign FTA

Economic News Briefing

ITU Plenipotentiary Conference Held in Busan

For free subscriptions and enquiries, please contact:

Tel. +82 44 550 4645

14. 11. 24. 7:06

Namsangol Hanok Village

14. 11. 24. 7:06

02 The Green Book:

1. External economic situation

5. Exports and imports

6. Mining and manufacturing production

7. Service sector activity

10. Balance of payments

11. Prices and international commodity prices

12. Real estate market

13. Composite indices of business cycle indicators

Korea and China Set to Sign FTA

Measures to Stimulate Direct Won-Yuan Transactions

49 Economic News Briefing

Kim Joo-Hoon (KDI), An Il-Whan (MOSF)

14. 11. 24. 6:55

1. External economic situation

6. Mining and manufacturing production

14. 11. 24. 6:55

The Korean economys recovery momentum,

declined for the first time in four months in

The economy continued to add jobs in September,

In October, market interest rates fell while the KOSPI

Consumer price inflation remained low in October,

Exports continued to grow in October, gaining 2.5

Both housing prices and Jeonse (lump-sum

T h e G r e e n B o o k : Current Economic Trends

The economy has continued to suffer from weak

14. 11. 24. 6:55

T h e G r e e n B o o k : Current Economic Trends

Economic conditions and monetary policies

US economic growth in the third quarter of 2014

Conference Board Consumer Confidence Index (1985=100)

Home prices rose 0.2 percent month-on-month

ISM Manufacturing Index (base=50)

New home sales (m-o-m, %)

(Sep) > 59.0 (Oct)

Consumption conditions have continued to improve.

Nonfarm payrolls were up 214,000 in October, down

Nonfarm payroll increase (m-o-m, thousands)

Unemployment rate (m-o-m, %)

14. 11. 24. 6:55

US GDP growth and industrial production

GDP (q-o-q, annualized rate)

Industrial production (q-o-q)

The Green Book

US nonfarm payroll growth (m-o-m, left)

Unemployment rate (right)

(Percentage change from previous period)

1. Preliminary 2. Annualized rate (%) 3. Seasonally adjusted

14. 11. 24. 6:55

T h e G r e e n B o o k : Current Economic Trends

(Percentage change from same period in previous year)

Fixed asset investment (accumulated)

Kim Joo-Hoon (KDI), An Il-Whan (MOSF)