Unemployment in Korea
Korea - Unemployment
The economy regained momentum in the fourth quarter of 2018, after growth slowed significantly in the third quarter. Stronger government spending growth, which surged to a near-decade high due to the government’s accommodative fiscal approach, led the upturn. Meanwhile, private consumption expanded at a steady pace and the external sector contributed significantly to the headline reading in Q4. On the other hand, fixed investment fell due to lower investment spending on construction projects. Turning to 2019, the year began on a sour note: In January, the unemployment rate rose to a multi-year high, although consumers were slightly less pessimistic, while merchandise exports fell for the second straight month. Compounding matters, the U.S. could soon hike its automobile import tariffs in the coming months, which would further drag on Korean exports.Korea - Unemployment Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Unemployment Rate | 3.1 | 3.5 | 3.6 | 3.7 | 3.7 |
Korea Unemployment Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
Korea Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.99 | 1.55 % | Mar 11 |
| Exchange Rate | 1,134 | 0.21 % | Mar 11 |
| Stock Market | 2,138 | -0.40 % | Mar 11 |
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Economic News
Korea: BOK confirms strong economic growth in Q4 2018
March 5, 2019
A second GDP release from the Bank of Korea confirmed the economy grew 3.1% in the fourth quarter of last year compared to the same quarter a year earlier.
Korea: Inflation drops in February to lowest level since August 2016
March 5, 2019
Consumer prices increased 0.4% in February compared to the previous month, contrasting the 0.1% decrease in January.
Korea: Exports and imports freefall in February
March 4, 2019
Merchandise exports fell 11.1% year-on-year in February—a more pronounced drop than January’s revised 5.9% fall (previously reported: -5.8% year-on-year)—to total USD 39.6 billion.
Korea: Business conditions worsen in February at fastest pace since June 2015
March 4, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by Nikkei and reported by IHS Markit, fell to a 44-month low of 47.2 in February, down from 48.3 in January.
Korea: Bank of Korea holds interest rates steady in February
February 28, 2019
At its 28 February monetary policy meeting, the Bank of Korea held the base rate steady at 1.75%, as had been expected by market analysts.
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