Korea Economic Outlook
July 17, 2018
The economy’s performance has been solid in recent months, following robust GDP growth in the first quarter, although there appear to be warning signs. Through to June of this year, economic confidence among consumers has remained in optimistic territory, underpinned by positive outlooks regarding income, spending and living standards. However, optimism hit its lowest point in over a year in June. Moreover, in the same month, business activity in the manufacturing sector decreased for the fourth consecutive month, according to survey data. Meanwhile, local elections were held on 13 June, which boosted President Moon Jae-In’s political standing. His party won 11 out of the 12 National Assembly seats in the by-elections, and 14 out of the 17 races for mayor or governor. Although Moon Jae-In will still head a minority government, this result will help his political and economic agenda progress, which includes taming conglomerate power over business and improving labor conditions.Korea Economic Growth
Increased government spending, together with the possibility of reduced geopolitical tensions on the Korean peninsula, should support economic activity in 2018. However, elevated household debt, government measures to tame housing prices, rising global trade tensions, higher oil prices and signs of a slowdown in China all represent downside risks. FocusEconomics panelists forecast the economy will grow 2.9% this year, which is unchanged from last month’s forecast, and 2.8% in 2019.Korea Economy Data
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Korea Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 2.50 | 1.55 % | Aug 14 |
| Exchange Rate | 1,128 | 0.21 % | Aug 15 |
| Stock Market | 2,259 | -0.40 % | Aug 14 |
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Korea Economic News
Korea: Merchandise exports increase in July
August 1, 2018
In July, merchandise exports rose 6.2% compared to the same month last year, totaling USD 51.9 billion.
Korea: Downturn in the manufacturing sector continues in July on weaker domestic demand
August 1, 2018
Business activity contracted in the manufacturing sector for the fifth consecutive month in July.
Korea: Inflation remains stable in July for the second consecutive month
August 1, 2018
According to the National Statistics Office of Korea, consumer prices rose 0.2% over the previous month in July, contrasting the 0.2% fall over the previous month in June.
Korea: Industrial production decreases in June
July 31, 2018
Industrial production in the mining, manufacturing, and gas and electricity sectors decreased 0.4% in June compared to the same month last year, contrasting the revised 1.2% increase in May (previously reported: 0.9% year-on-year).
Korea: Forward-looking business confidence decreases for August
July 31, 2018
The Bank of Korea’s forward-looking business confidence indicator (BSI) for the manufacturing sector has registered pessimism among businesses for every month since June 2011.
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