South Korea | Economic Forecasts | 2016-2020 Outlook

Overview Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
GDP Growth Rate 0.40 0.6 0.4 0.5 0.6 1 percent [+]
Unemployment Rate 4.00 3.9 3.8 4 3.8 4.3 percent [+]
Inflation Rate 1.90 2.3 2.4 2.1 1.9 2.8 percent [+]
Interest Rate 1.25 1.25 1.25 1 1 3 percent [+]
Balance of Trade 7220.00 6877 6092 6380 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 1116.22 1154 1165 1177 1200 1371 [+]
Stock Market 2168.95 2070 2050 2030 1990 1670 points [+]
Government Bond 10Y 2.18 2.18 2.2 2.22 2.25 2.59 percent [+]
GDP Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
GDP Growth Rate 0.40 0.6 0.4 0.5 0.6 1 percent [+]
GDP Annual Growth Rate 2.30 2.7 2.3 2.5 2.6 3 percent [+]
GDP 1377.87 1472 1472 1472 1472 1602 USD Billion [+]
GDP Constant Prices 379112.70 381882 382962 384875 387136 420903 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 6710 7108 KRW Billion [+]
GDP From Construction 16562.30 17000 17050 18100 17800 20000 KRW Billion [+]
GDP From Manufacturing 107175.30 107080 108700 107800 109000 115900 KRW Billion [+]
GDP From Mining 593.60 596 597 650 320 648 KRW Billion [+]
GDP From Public Administration 23109.60 23282 23379 23662 24052 26514 KRW Billion [+]
GDP From Services 202582.90 204000 205500 207100 206702 224801 [+]
GDP From Transport 12844.40 12900 12810 13010 12960 14000 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 4.00 3.9 3.8 4 3.8 4.3 percent [+]
Employed Persons 26541.00 26303 26100 26524 26900 28700 Thousand [+]
Unemployed Persons 1108.00 1070 1057 1110 1101 1280 Thousand [+]
Labor Force Participation Rate 62.20 62.3 63.3 63 62.12 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 3480465.00 3650831 3333250 3597462 3621741 4093364 KRW/Month [+]
Wages in Manufacturing 3870051.00 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 12.50 11 11 10.8 8.5 8.4 percent [+]
Employment Rate 95.00 94.7 64.31 69.98 69.65 96 percent [+]
PRICES Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Inflation Rate 1.90 2.3 2.4 2.1 1.9 2.8 percent [+]
Inflation Rate Mom 0.30 0.1 0 0.3 0.1 0.2 percent [+]
Consumer Price Index CPI 102.77 103 103 104 104 108 Index Points [+]
Core Consumer Prices 102.73 101 98.88 96.48 94.21 74.3 Index Points [+]
Core Inflation Rate 1.50 2.3 2.3 1.46 2.7 3.2 percent [+]
GDP Deflator 109.21 107 107 110 106 109 Index Points [+]
Producer Prices 102.62 100 100 103 102 103 Index Points [+]
Producer Prices Change 4.20 0.3 0.7 0.9 1.1 1.9 percent [+]
Export Prices 85.96 81.5 82 82.8 84 93 Index Points [+]
Import Prices 83.12 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 101.96 102 102 102 102 102 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 1.43 1.1 1.1 1.1 1.3 3 percent [+]
Money Supply M0 92124900.00 92005974 95137849 98108602 101061155 135797040 KRW Million [+]
Money Supply M1 779319.90 778000 808000 815000 829000 1160000 KRW Billion [+]
Money Supply M2 2408781.30 2470000 2490000 2520000 2550000 3180000 KRW Billion [+]
Money Supply M3 3350571.60 3390000 3450000 3520000 3690000 4750000 KRW Billion [+]
Foreign Exchange Reserves 373910.00 382000 383000 384000 386000 411000 USD Million [+]
Loans to Private Sector 7582646.00 7650000 7690000 7780000 7736123 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 476040.40 478000 477000 494000 498000 536000 KRW Billion [+]
Foreign Stock Investment 5728.96 5545 5622 5480 5516 5580 USD Hundreds of Millions [+]
TRADE Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Balance of Trade 7220.00 6877 6092 6380 12100 17300 USD Million [+]
Exports 43189.00 42300 42300 42731 47200 50800 USD Million [+]
Imports 35966.00 38500 38500 36251 39500 49000 USD Million [+]
Current Account 5277.80 7900 7900 7682 7450 9010 USD Million [+]
Current Account to GDP 7.70 7.2 7.2 6.63 7.2 6.2 percent [+]
External Debt 380948.90 392000 395000 405000 433000 461000 USD Million [+]
Terms of Trade 102.80 104 104 104 105 106 Index Points [+]
Foreign Direct Investment 6249699.00 5520000 5520000 1504492 8160000 9040000 USD Thousand [+]
Capital Flows 4387.90 4840 4840 7761 -11700 -14800 USD Million [+]
Tourism Revenues 1208.50 1287 1257 2100 2360 3710 USD Million [+]
Tourist Arrivals 1252080.00 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 611.00 450 520 540 810 950 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 76.00 74 76 75 79 83 [+]
Manufacturing PMI 49.20 49.9 50.1 50 50.3 50.9 [+]
Industrial Production 1.70 1.46 2.2 3 1.3 2.5 percent [+]
Industrial Production Mom 3.30 0.8 1 0.43 0.8 1.7 percent [+]
Manufacturing Production 2.00 3.88 3.59 3.47 2.4 1.1 percent [+]
Capacity Utilization 113.60 114 114 115 115 120 Index Points [+]
New Orders 4888296.00 4619103 4919647 4890000 4090671 5110000 KRW Million [+]
Changes in Inventories -1573.00 1671 -1831 -4200 -2404 5030 KRW Billion [+]
Bankruptcies 48.00 41 43 40 42 58 Companies [+]
Car Registrations 112488.00 141745 153209 135000 139000 155000 Cars [+]
Leading Economic Index 128.60 129 130 130 131 146 Index Points [+]
Mining Production -1.30 2.1 6.2 2.8 3.5 4.7 percent [+]
Steel Production 5507.95 5680 5520 5800 6050 6310 Thousand Tonnes [+]
Cement Production 4385.00 5190 5890 5190 5100 5310 Thousands of Tonnes [+]
Coincident Index 123.80 124 125 126 126 135 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 [+]
Corruption Index 53.00 60 60 60 60 68 Points [+]
Corruption Rank 52.00 34 34 34 34 30 [+]
Ease of Doing Business 5.00 4 4 4 4 3 [+]
Electricity Production 23520.57 23031 22514 26100 22304 23000 Gigawatt-hour [+]
CONSUMER Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Consumer Confidence 96.70 97 102 101 102 103 [+]
Retail Sales MoM -2.20 -1 -2.2 0.9 0.1 0.9 percent [+]
Retail Sales YoY 4.00 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 1344279.30 1382781 1420697 1458037 1494809 1894808 KRW Billion [+]
Bank Lending Rate 3.51 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 91.60 93.35 93.98 94.63 95.16 97.83 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 4540002.00 5280000 6980000 8600000 5230000 6830000 KRW Million [+]
Construction Output 14.40 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. 3/25/2017