South Korea | Economic Forecasts | 2016-2020 Outlook

Overview Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
GDP Growth Rate 0.40 0.7 0.7 0.6 0.8 1 percent [+]
Unemployment Rate 3.60 3.9 3.8 4 3.8 4.3 percent [+]
Inflation Rate 2.00 1.7 1.6 1.6 1.7 2.8 percent [+]
Interest Rate 1.25 1.25 1.25 1 1 3 percent [+]
Balance of Trade 3200.00 5881 5607 5678 12100 17300 USD Million [+]
Government Debt to GDP 37.90 39 39 39 39 44 percent [+]
MARKETS Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Currency 1128.92 1240 1250 1260 1270 1450 [+]
Stock Market 2107.63 1980 1960 1940 1920 1620 points [+]
Government Bond 10Y 2.25 2.15 2.17 2.19 1.96 2.53 percent [+]
GDP Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
GDP Growth Rate 0.40 0.7 0.7 0.6 0.8 1 percent [+]
GDP Annual Growth Rate 2.30 2.7 3.1 2.7 2.6 3 percent [+]
GDP 1377.87 1472 1472 1472 1472 1602 USD Billion [+]
GDP Constant Prices 379112.70 382882 385562 387875 390978 431903 KRW Billion [+]
Gross National Product 391026.40 391000 402000 404000 426000 475000 KRW Billion [+]
Gross Fixed Capital Formation 115561.20 114000 117000 116000 118000 134000 KRW Billion [+]
GDP per capita 25022.80 25323 25455 25586 25717 28216 USD [+]
GDP per capita PPP 34386.57 35874 35873 35870 35870 38201 USD [+]
GDP From Agriculture 6699.20 7460 6920 6800 7040 7108 KRW Billion [+]
GDP From Construction 16562.30 17000 19020 17200 17500 20000 KRW Billion [+]
GDP From Manufacturing 107175.30 107080 108700 107800 109000 115900 KRW Billion [+]
GDP From Mining 593.60 596 597 617 586 648 KRW Billion [+]
GDP From Public Administration 23109.60 23282 23379 23662 23652 25514 KRW Billion [+]
GDP From Services 202582.90 216700 222500 228300 234702 327801 [+]
GDP From Transport 12844.40 13100 13080 13250 13300 14300 KRW Billion [+]
GDP From Utilities 7499.50 7770 7850 8200 8310 8886 KRW Billion [+]
LABOUR Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Unemployment Rate 3.60 3.9 3.8 4 3.8 4.3 percent [+]
Employed Persons 26402.00 26303 26100 26407 26900 28700 Thousand [+]
Unemployed Persons 982.00 1070 1057 1110 1101 1280 Thousand [+]
Labor Force Participation Rate 61.20 62.3 63.3 63 61.92 62 percent [+]
Labour Costs 138.70 131 131 139 124 126 Index Points [+]
Productivity 96.30 97.2 96.3 95.2 97 97.3 Index Points [+]
Wages 3465763.00 3650831 3333250 3597462 3621741 4093364 KRW/Month [+]
Wages in Manufacturing 3727377.00 3941237 3566010 3842926 4006388 4611263 KRW/Month [+]
Minimum Wages 6470.00 6470 6470 6470 6470 7100 KRW/Hour [+]
Population 50.80 50.67 50.71 50.75 50.79 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 8.50 11 11 8.92 8.5 8.4 percent [+]
Employment Rate 96.20 95.92 96.31 96.15 96.21 96.2 percent [+]
PRICES Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Inflation Rate 2.00 1.7 1.6 1.6 1.7 2.8 percent [+]
Inflation Rate Mom 0.90 0.1 0.1 0.23 0.2 0.2 percent [+]
Consumer Price Index CPI 102.43 96.21 93.59 93.06 92.95 92.92 Index Points [+]
Core Consumer Prices 102.49 102 99.29 96.99 94.81 75.49 Index Points [+]
Core Inflation Rate 1.50 2.3 2.3 1.63 2.7 3.2 percent [+]
GDP Deflator 109.21 107 107 110 106 109 Index Points [+]
Producer Prices 102.17 100 100 104 102 103 Index Points [+]
Producer Prices Change 3.70 0.3 0.7 0.9 1.1 1.9 percent [+]
Export Prices 87.31 81.5 82 82.8 84 93 Index Points [+]
Import Prices 84.91 78.1 78.9 79.5 80.2 87.4 Index Points [+]
Food Inflation 5.30 4.1 3.9 4.1 4.8 2.9 percent [+]
Cpi Transportation 101.35 102 103 103 103 103 Index Points [+]
MONEY Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Interest Rate 1.25 1.25 1.25 1 1 3 percent [+]
Interbank Rate 1.40 1.1 1.1 1.1 1.3 3 percent [+]
Money Supply M0 86829500.00 88930236 91375039 93853758 96328253 125339253 KRW Million [+]
Money Supply M1 772712.60 778000 808000 815000 829000 1160000 KRW Billion [+]
Money Supply M2 2389249.70 2470000 2490000 2520000 2550000 3180000 KRW Billion [+]
Money Supply M3 3321954.10 3390000 3450000 3520000 3690000 4750000 KRW Billion [+]
Foreign Exchange Reserves 374040.00 382000 383000 384000 386000 411000 USD Million [+]
Loans to Private Sector 7538506.00 7650000 7690000 7780000 7688897 9320000 KRW Hundred Million [+]
Deposit Interest Rate 1.80 1 1 1 1.1 3.5 percent [+]
Private Debt To Gdp 255.78 257 258 259 260 263 percent [+]
Central Bank Balance Sheet 480320.30 478000 477000 494000 498000 536000 KRW Billion [+]
TRADE Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Balance of Trade 3200.00 5881 5607 5678 12100 17300 USD Million [+]
Exports 40330.00 42300 42300 41999 47200 50800 USD Million [+]
Imports 37130.00 38500 38500 38018 39500 49000 USD Million [+]
Current Account 7869.20 7900 7900 8298 7450 9010 USD Million [+]
Current Account to GDP 7.70 7.2 7.2 6.63 7.2 6.2 percent [+]
External Debt 400400.00 392000 395000 405000 433000 461000 USD Million [+]
Terms of Trade 103.60 104 104 104 105 106 Index Points [+]
Foreign Direct Investment 6249699.00 5520000 5520000 1504492 8160000 9040000 USD Thousand [+]
Capital Flows 9281.30 4840 4840 8637 -11700 -14800 USD Million [+]
Tourism Revenues 1336.80 1412 1400 2100 2360 3710 USD Million [+]
Tourist Arrivals 1343398.00 1600000 1810000 2100000 2200000 2890000 [+]
Gold Reserves 104.40 104 104 104 104 104 Tonnes [+]
Terrorism Index 0.23 0.1 0.1 0.2 0.2 0.42 [+]
Weapons Sales 105.00 191 180 170 170 260 USD Million [+]
GOVERNMENT Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Government Debt to GDP 37.90 39 39 39 39 44 percent [+]
Government Budget -3.00 -3.5 -3.5 -3.5 -3.5 -3.2 percent of GDP [+]
Government Budget Value 21010.00 -5550 -12785 6641 7028 -4300 KRW Billion [+]
Government Spending 55878.00 56441 56858 57304 57741 62891 KRW Billion [+]
Government Revenues 345276.00 87500 87500 196166 364000 396000 KRW Billion [+]
Fiscal Expenditure 324266.00 125000 125000 199149 353000 396000 KRW Billion [+]
Military Expenditure 38639.60 38928 39292 39656 39880 43114 USD Million [+]
Asylum Applications 686.00 450 520 540 810 950 Persons [+]
Government Spending To Gdp 32.00 34 34 34 34 36 percent [+]
BUSINESS Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Business Confidence 75.00 74 76 75 79 83 [+]
Manufacturing PMI 49.00 49.9 50.1 50 50.3 50.9 [+]
Industrial Production 4.30 1.46 2.2 3 1.3 2.5 percent [+]
Industrial Production Mom -0.50 0.8 1 0.39 0.8 1.7 percent [+]
Manufacturing Production 4.40 2.91 2.52 2.54 2.4 1.1 percent [+]
Capacity Utilization 113.00 113 114 114 114 117 Index Points [+]
New Orders 10061014.00 4619103 4919647 4890000 4090671 5110000 KRW Million [+]
Changes in Inventories -1573.00 1671 -1831 -4200 -2404 5030 KRW Billion [+]
Bankruptcies 42.00 41 43 40 42 58 Companies [+]
Car Registrations 154361.00 145184 153209 135000 139000 155000 Cars [+]
Leading Economic Index 128.80 129 130 130 131 146 Index Points [+]
Steel Production 5857.51 5680 5520 5800 6050 6310 Thousand Tonnes [+]
Mining Production -1.30 2.1 6.2 2.8 3.5 4.7 percent [+]
Cement Production 5749.00 5190 5890 5190 5100 5310 Thousands of Tonnes [+]
Coincident Index 123.30 124 125 125 126 134 Index Points [+]
Competitiveness Index 5.03 4.98 5.05 5.05 5.05 5.3 Points [+]
Competitiveness Rank 26.00 25 25 25 25 21 [+]
Ease of Doing Business 5.00 4 4 4 4 3 [+]
Electricity Production 22658.97 23031 22514 26100 22304 23000 Gigawatt-hour [+]
Corruption Index 53.00 60 60 60 60 68 Points [+]
Corruption Rank 52.00 35 34 34 34 30 [+]
CONSUMER Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Consumer Confidence 93.30 101 102 101 102 103 [+]
Retail Sales MoM -1.20 -1 -2.2 0.9 0.1 0.9 percent [+]
Retail Sales YoY 1.60 3.8 3.3 1.9 5.2 6 percent [+]
Consumer Spending 182388.70 183000 184000 186000 190000 204000 KRW Billion [+]
Disposable Personal Income 1560594.10 1569645 1590008 1610372 1630735 1883369 KRW Billion [+]
Personal Savings 8.90 9 9 9 9 11.4 percent [+]
Consumer Credit 1295753.10 1366824 1403806 1434143 1471594 1806580 KRW Billion [+]
Bank Lending Rate 3.44 3.34 3.4 3.4 3.5 3.7 percent [+]
Gasoline Prices 1.31 1.27 1.28 1.27 1.26 1.1 USD/Liter [+]
Households Debt To Gdp 90.00 91.81 92.31 92.66 93.02 94.59 percent of GDP [+]
HOUSING Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Housing Index 101.40 101 101 102 102 104 Index points [+]
Construction Orders 8207695.00 5280000 6980000 8600000 5230000 6830000 KRW Million [+]
Construction Output 12.80 8.5 6.9 8.7 7.3 3.9 percent [+]
Home Ownership Rate 53.60 54.4 54.4 54.4 54.4 55.8 percent [+]
TAXES Actual Q1/17 Q2/17 Q3/17 Q4/17 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 17.6 percent [+]
Social Security Rate For Companies 8.40 8.4 8.4 8.4 8.4 8.8 percent [+]
Social Security Rate For Employees 8.40 8.4 8.4 8.4 8.4 8.8 percent [+]





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. 2/23/2017