Korea Economic Outlook
November 17, 2020
A preliminary estimate showed the economy contracted at a slower pace in annual terms in the third quarter as international trade ameliorated. Exports recovered significantly from the blow dealt by the pandemic in Q2, falling at a much softer rate. Moreover, fixed investment gained steam, growing at a faster pace than in Q2. Turning to Q4, the recovery is seen losing some steam amid surging Covid-19 cases abroad. That said, available indicators for the early part of the quarter are fairly positive: In October, the PMI reading pointed to the first improvement in manufacturing conditions this year, while consumer sentiment grew less pessimistic. Moreover, business confidence increased in November, pointing to sustained improvement in private sector activity. In other news, Joe Biden’s victory in the U.S. election sparked optimism regarding the future of the external sector, amid hopes that global tariffs will ease.Korea Economic Growth
The economy is set to contract this year as the pandemic hits both domestic and external demand. Going into 2021, an accommodative monetary policy and an expansionary fiscal stance are set to bolster domestic activity, boding well for the recovery. However, further outbreaks of Covid-19 threatening to delay the rebound in global trade pose cloud the outlook. FocusEconomics panelists see GDP growth at 3.3% in 2021, which is unchanged from the previous month’s forecast. For 2022, GDP is seen expanding 2.9%.Korea Economy Data
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Korea Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.68 | 1.55 % | Dec 31 |
| Exchange Rate | 1,156 | 0.21 % | Dec 31 |
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Korea Economic News
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Korea: Inflation comes in above BoK’s 2% target in April
May 4, 2021
Consumer prices increased 0.21% in April over the previous month, picking up from the 0.15% rise recorded in March.
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Korea: Manufacturing PMI falls in April, albeit still marking an improvement in manufacturing conditions
May 3, 2021
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) fell to 54.6 in April from March's 55.3.
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Korea: Merchandise exports rise at a faster pace in April
May 3, 2021
Merchandise exports shot up 41.1% on an annual basis in April, on the heels of March’s 16.5% jump, amid an expansion of all relevant product subgroups.
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Korea: Industrial output growth speeds up in March
April 30, 2021
Industrial output expanded 4.7% compared to the same month a year earlier in March, which followed February's 0.9% increase, despite a still-unfavorable base effect.
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Korea: Sentiment among manufacturing firms picks up in May, albeit still remaining pessimistic
April 29, 2021
Business confidence jumped to 98.0 in May from April's 91.0.
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