South Korea | Economic Forecasts | 2017-2020 Outlook

This page has economic forecasts for South Korea including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the South Korea economy.


Overview Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 0.90 0.4 0.5 0.6 0.7 1 percent [+]
Unemployment Rate 4.00 3.6 3.9 3.6 3.8 4.1 percent [+]
Inflation Rate 1.90 2.4 2.2 2.3 2.1 2.8 percent [+]
Interest Rate 1.25 1.25 1.25 1.25 1.25 2.25 percent [+]
Balance of Trade 13254.00 9625 7812 6179 7703 17300 USD Million [+]
Government Debt to GDP 37.80 39 39 39 42 44 percent [+]
MARKETS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Currency 1122.91 1130 1140 1170 1160 1340 [+]
Stock Market 2317.34 2140 2120 2060 2080 1730 points [+]
Government Bond 10Y 2.26 2.19 2.21 2.24 2.26 2.6 percent [+]
GDP Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 0.90 0.4 0.5 0.6 0.7 1 percent [+]
GDP Annual Growth Rate 2.70 2.3 2.5 2.6 2.9 3 percent [+]
GDP 1377.87 1472 1472 1472 1526 1602 USD Billion [+]
GDP Constant Prices 383599.50 382962 384875 387136 389846 420903 KRW Billion [+]
Gross National Product 410407.80 402000 404000 426000 412000 475000 KRW Billion [+]
Gross Fixed Capital Formation 121398.10 117000 119000 120000 119000 134000 KRW Billion [+]
GDP per capita 25022.80 25619 25761 25902 26103 28989 USD [+]
GDP per capita PPP 34386.57 35873 35870 35870 35700 38201 USD [+]
GDP From Agriculture 7295.90 6920 6800 6710 7400 7108 KRW Billion [+]
GDP From Construction 17624.00 17750 18200 18400 18880 21000 KRW Billion [+]
GDP From Manufacturing 110760.40 109700 109500 110000 111740 116900 KRW Billion [+]
GDP From Mining 577.30 597 650 600 610 648 KRW Billion [+]
GDP From Public Administration 23018.10 22900 22800 23100 22400 24900 KRW Billion [+]
GDP From Services 202240.10 205500 207100 206702 209100 224801 KRW Billion [+]
GDP From Transport 12790.00 12810 13010 12960 13120 14000 KRW Billion [+]
GDP From Utilities 7227.00 7550 7800 7609 8010 8886 KRW Billion [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 4.00 3.6 3.9 3.6 3.8 4.1 percent [+]
Employed Persons 26511.00 26600 26771 26900 26980 28700 Thousand [+]
Unemployed Persons 1098.00 1057 1110 1101 1068 1280 Thousand [+]
Labor Force Participation Rate 63.50 63.6 63.7 62.8 61.5 63 percent [+]
Labour Costs 134.10 127 142 139 153 151 Index Points [+]
Productivity 98.10 96.3 95.2 97 97.8 97.3 Index Points [+]
Wages 3480465.00 3333250 3597462 3621741 3782260 4093364 KRW/Month [+]
Wages in Manufacturing 3870051.00 3566010 3842926 4006388 4247382 4424766 KRW/Month [+]
Minimum Wages 6470.00 6470 6470 6470 6700 7100 KRW/Hour [+]
Population 50.80 51 51 51 51.2 51.59 Million [+]
Retirement Age Women 60.00 60 60 60 60 60 [+]
Retirement Age Men 60.00 60 60 60 60 60 [+]
Youth Unemployment Rate 11.30 10.2 9.7 8.5 11.1 8.4 percent [+]
Employment Rate 60.20 61.4 61.2 60.3 60.4 60.6 percent [+]
PRICES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Inflation Rate 1.90 2.4 2.2 2.3 2.1 2.8 percent [+]
Inflation Rate Mom -0.10 0 0.3 0.1 0.15 0.2 percent [+]
Consumer Price Index CPI 102.66 103 104 104 105 108 Index Points [+]
Core Consumer Prices 102.84 104 104 105 106 113 Index Points [+]
Core Inflation Rate 1.30 1.6 1.8 2.1 1.9 3.2 percent [+]
GDP Deflator 107.37 107 111 112 112 123 Index Points [+]
Producer Prices 102.58 104 103 104 106 114 Index Points [+]
Producer Prices Change 4.00 4.5 4.4 3.7 3.3 1.9 percent [+]
Export Prices 85.46 86 88 91 93 104 Index Points [+]
Import Prices 81.79 82 84 86 88 103 Index Points [+]
Food Inflation 2.60 3.9 2.2 3.1 2.8 2.9 percent [+]
Cpi Transportation 101.30 102 102 103 103 108 Index Points [+]
MONEY Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Interest Rate 1.25 1.25 1.25 1.25 1.25 2.25 percent [+]
Interbank Rate 1.35 1.3 1.3 1.3 1.3 3 percent [+]
Money Supply M0 88678900.00 92082250 94733402 97297455 99844401 127272227 KRW Million [+]
Money Supply M1 791637.40 808000 815000 829000 864942 1160000 KRW Billion [+]
Money Supply M2 2441496.60 2490000 2520000 2550000 2583171 3180000 KRW Billion [+]
Money Supply M3 3407869.40 3450000 3520000 3690000 3642516 4750000 KRW Billion [+]
Foreign Exchange Reserves 376570.00 383000 384000 386000 378352 411000 USD Million [+]
Loans to Private Sector 7651042.00 7690000 7780000 7820164 7880992 9320000 KRW Hundred Million [+]
Deposit Interest Rate 1.80 1 1 1 1.5 3.5 percent [+]
Private Debt To Gdp 254.62 254 255 256 256 262 percent [+]
Central Bank Balance Sheet 485176.00 477000 494000 498000 499000 536000 KRW Billion [+]
Foreign Stock Investment 5728.96 5622 5480 5516 5588 5580 USD Hundreds of Millions [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade 13254.00 9625 7812 6179 7703 17300 USD Million [+]
Exports 51008.00 46565 42480 43717 47836 50800 USD Million [+]
Imports 37753.00 36940 34668 37538 40133 49000 USD Million [+]
Current Account 5930.00 11300 9270 9450 12500 9010 USD Million [+]
Current Account to GDP 7.00 7 7 7 6.2 5.8 percent [+]
External Debt 405686.50 395000 405000 400000 378000 461000 USD Million [+]
Terms of Trade 104.20 104 104 105 105 106 Index Points [+]
Foreign Direct Investment 3851000.00 5520000 4504074 8160000 4203231 9040000 USD Thousand [+]
Capital Flows 5999.30 11840 10113 11700 10117 14800 USD Million [+]
Tourism Revenues 1117400.00 1400000 1200000 1380000 1600000 1920000 USD Million [+]
Tourist Arrivals 1233640.00 1650000 1620000 1480000 1294735 2890000 [+]
Gold Reserves 104.40 104 104 104 104 104 Tonnes [+]
Weapons Sales 105.00 191 170 170 220 260 USD Million [+]
Terrorism Index 0.23 0.1 0.2 0.2 0.2 0.42 [+]
GOVERNMENT Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Government Debt to GDP 37.80 39 39 39 42 44 percent [+]
Government Budget -3.00 -3.5 -3.5 -3.5 -2.9 -3.2 percent of GDP [+]
Government Budget Value -3918.00 -12785 4168 5310 3506 -4300 KRW Billion [+]
Government Spending 56152.00 56591 57019 57441 57852 62327 KRW Billion [+]
Government Revenues 106216.00 87500 202777 364000 195954 396000 KRW Billion [+]
Fiscal Expenditure 110134.00 125000 203831 353000 195251 396000 KRW Billion [+]
Military Expenditure 38639.60 38928 39292 39656 41430 43114 USD Million [+]
Asylum Applications 611.00 520 540 810 618 950 Persons [+]
Government Spending To Gdp 32.00 34 34 34 34.5 36 percent [+]
BUSINESS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Business Confidence 83.00 80 79 79 82 83 [+]
Manufacturing PMI 49.40 50.1 50 50.3 50.2 50.9 [+]
Industrial Production 3.00 5.6 6.7 1.7 3.8 2.5 percent [+]
Industrial Production Mom 1.00 1 0.37 0.8 0.37 1.7 percent [+]
Manufacturing Production 3.20 4.54 4.06 2.4 4.09 1.1 percent [+]
Capacity Utilization 113.40 114 114 114 115 118 Index Points [+]
New Orders 6147026.00 4919647 4890000 4090671 5868895 5110000 KRW Million [+]
Changes in Inventories -854.40 -1831 -4200 -2404 1838 5030 KRW Billion [+]
Bankruptcies 47.00 43 40 52 41 58 Companies [+]
Car Registrations 128618.00 159209 120000 139000 145424 155000 Cars [+]
Leading Economic Index 129.60 130 130 131 132 146 Index Points [+]
Mining Production -3.40 6.2 2.8 3.5 2.8 4.7 percent [+]
Steel Production 6100.00 5620 5900 6150 6200 6410 Thousand Tonnes [+]
Cement Production 5804.00 6290 5300 6100 5700 6540 Thousands of Tonnes [+]
Coincident Index 124.70 125 126 127 128 136 Index Points [+]
Competitiveness Index 5.03 5.05 5.05 5.05 5.05 5.3 Points [+]
Competitiveness Rank 26.00 25 25 25 24 21 [+]
Corruption Index 53.00 60 60 60 63 68 Points [+]
Corruption Rank 52.00 34 34 34 33 30 [+]
Ease of Doing Business 5.00 4 4 4 4 3 [+]
Electricity Production 23499.07 22514 22100 24304 23340 24300 Gigawatt-hour [+]
CONSUMER Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Consumer Confidence 101.20 101 99.6 101 102 103 [+]
Retail Sales MoM 0.00 -2.2 0.9 0.1 0.34 0.9 percent [+]
Retail Sales YoY 1.60 3.3 1.9 5.2 1.52 6 percent [+]
Consumer Spending 183116.60 184000 186000 187000 188000 201000 KRW Billion [+]
Disposable Personal Income 1632613.90 1590008 1610372 1630735 1630735 1883369 KRW Billion [+]
Personal Savings 9.30 9 9 9 8.83 11.4 percent [+]
Consumer Credit 1344279.30 1420697 1458037 1494809 1531021 1894808 KRW Billion [+]
Bank Lending Rate 3.48 3.4 3.4 3.5 3.58 3.7 percent [+]
Gasoline Prices 1.31 1.34 1.25 1.21 1.2 1.19 USD/Liter [+]
Households Debt To Gdp 91.60 93.98 94.63 95.16 93.3 97.83 percent of GDP [+]
HOUSING Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Housing Index 101.50 101 102 102 102 104 Index points [+]
Construction Orders 4043669.00 6980000 8600000 8650000 7150000 8000000 KRW Million [+]
Construction Output 18.00 8.5 20.8 16.8 22 5.9 percent [+]
Home Ownership Rate 53.60 54.4 54.4 54.4 55 55.8 percent [+]
TAXES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Corporate Tax Rate 24.20 24.2 24.2 24.2 24.2 24.2 percent [+]
Personal Income Tax Rate 38.00 38 38 38 38 38 percent [+]
Sales Tax Rate 10.00 10 10 10 10 10 percent [+]
Social Security Rate 16.76 16.76 16.76 16.76 16.76 16.76 percent [+]
Social Security Rate For Companies 8.40 8.4 8.4 8.4 8.4 8.4 percent [+]
Social Security Rate For Employees 8.40 8.4 8.4 8.4 8.4 8.4 percent [+]