Current Account in Korea
Korea - Current Account (billions of U.S. Dollars)After a Covid-19 wave dampened domestic demand in Q1 and caused GDP growth to slow, our panelists expect growth to weaken further in Q2. The industrial and external sectors—Korea’s main growth engines—have been hit by the war in Ukraine and the Covid-19 outbreak in China due to their effects on external demand, supply chains and Korea’s terms of trade. The manufacturing PMI and export growth in April–May averaged lower than in Q1. An eight-day long trucker’s strike in June caused further disruption; exports were down 12.7% year on year in the first 10 days of the month. That said, the services sector is likely supporting activity given falling unemployment and that most Covid-19 restrictions were removed in April; consumer confidence and retail sales held up well that month despite rising inflation. The USD 49.5 billion supplementary budget passed in May will further support activity.
Korea - Current Account (USD bn) Data
|Current Account Balance (USD bn)||105||97.9||75.2||77.5||60.0|
5 years of economic forecasts for more than 30 economic indicators.
Korea Current Account (USD bn) 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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November 23, 2022
Manufacturing firms’ month-ahead business confidence fell to 69.0 in December from November's 73.0.
November 22, 2022
Consumer confidence fell to 86.5 in November from October's 88.8, meaning the index remained below the 100-point threshold, indicating worsening pessimism among consumers.
November 2, 2022
Inflation ticked up to 5.7% in October, following September’s 5.6%.
November 1, 2022
Merchandise exports fell 5.7% in annual terms in October, on the heels of September’s 2.7% rise.
November 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 48.2 in October, up from September's 47.3.