Current Account in Korea
Korea - Current AccountGDP growth likely weakened in Q1. The trade balance fell into deficit in the quarter amid rising energy costs, which also fed into higher inflation, hitting private spending and the industrial sector. Consumer confidence was down, while year-on-year industrial output growth and the manufacturing PMI fell in February and March, respectively. An Omicron-induced spike in Covid-19 cases and recent interest rate hikes also contributed to the darker economic landscape. Heading into Q2, economic momentum appears likely to remain stifled, with business confidence down in April. Continued government support for the SME sector—with a second supplementary budget soon to be introduced to Parliament—as well as the end of most Covid-19 restrictions from April will likely be insufficient to soften the blow to activity coming from rising energy costs and the economic slowdowns of Korea’s main trading partners.
Korea - Current Account Data
|Current Account (% of GDP)||7.2||6.5||4.6||4.5||3.6|
5 years of economic forecasts for more than 30 economic indicators.
Korea Current Account Chart
Source: Bank of Korea and FocusEconomics calculations.
|Bond Yield||1.68||1.55 %||Dec 31|
|Exchange Rate||1,156||0.21 %||Dec 31|
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April 14, 2022
At its meeting on 14 April, the Bank of Korea (BOK) raised the base rate by 25 basis points to 1.50%.
April 5, 2022
Consumer prices increased 0.72% in March over the previous month, accelerating from the 0.58% rise seen in February.
April 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 51.2 in March, down from February's 53.8.
April 1, 2022
Merchandise exports jumped 18.2% in annual terms in March (February: +20.7% year-on-year).
March 31, 2022
Industrial output rose 3.9% compared to the same month a year earlier in February in seasonally-adjusted terms, which followed January's 6.6% increase.