Economic Bulletin (Vol. 36 No. 10)

ISSN 2287-7266
ECONOMIC BULLETIN (Republic of Korea)
Republic of Korea
Vol.36 No.10
October 2014
conomic
u l l e t i n
Vol.36 No.10 October 2014
The Green Book:

Current Economic Trends
Policy Issues
2014-2018 Public Institution Financial Management Plan
Economic News Briefing

BOK Cuts Key Rate to 2.00%
FDI in Jan-Sep 2014 Posts Record High
COP 12 Held in Korea
Measures for Addressing Weak Yen
Statistical Appendices
ECONOMIC
BULLETIN
(Republic of Korea)
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October 2014
Sejong, 339-012
Republic of Korea
Tel. +82 2 731 1530
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E-mail. fppr@mosf.go.kr
Website. http://english.mosf.go.kr
Economic Information and Education Center
Korea Development Institute
15 Giljae-gil (Bangok-dong)
Sejong, 339-007
Republic of Korea
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E-mail. jiyounlee@kdi.re.kr
Website. http://eiec.kdi.re.kr
MOSF / KDI
Tel. +82 44 550 4645
contents
02 The Green Book:

03
Overview
04
1. External economic situation
09
2. Private consumption
11
3. Facility investment
13
4. Construction investment
15
5. Exports and imports
17
6. Mining and manufacturing production
19
7. Service sector activity
21
8. Employment
25
9. Financial markets
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
29
10. Balance of payments
31
11. Prices and international commodity prices

11.1 Prices
11.2 International oil and commodity prices
37
12. Real estate market

12.1 Housing market
12.2 Land market
42
13. Composite indices of business cycle indicators
44 Policy Issues
45
49 Economic News Briefing

53 Statistical Appendices
Editor-in-Chief
Editorial Board
Coordinators
Editors
Kim Joo-Hoon (KDI), An Il-Whan (MOSF)

hoi Jae-Hyuk (MOSF), Lee Seong-Pyo (KDI), Lee Jae-Yeal (KDI)
C
Kim Dae-Hyun (MOSF), Lee Ji-Youn (KDI)
David Friedman (MOSF), Kim Seul-Ki (MOSF)
Th
e
Gr
ee
nB
oo
k
Cu
rre
nt
E c o n o m i c B u l le t i n
Ec
on
om
ic T
ren
ds
Overview

2. Private consumption
3. Facility investment
4. Construction investment
5. Exports and imports

8. Employment
10. Balance of payments
11. Prices and international commodity prices
13. Composite indices of business cycle indicators
T h e G r e e n B o o k : Current Economic Trends
OVERVIEW
The Korean economic recovery has been slowing

down as inflation remains low and industrial
activities fell for the first time in three months,
although employment continues to increase.
The economy added more jobs in August than it did
in July, adding 594,000 jobs year-on-year.
Mining and manufacturing production declined

month-on-month in August for the first time in three
months from a 1.5 percent rise to a 3.8 percent fall,
due to the summer vacation and strikes in the
automobile industry.
Service output improved in August from a 0.3
percent fall in the previous month to a 0.3 percent
rise due to strong wholesale & retail and healthcare
& social welfare services. Retail sales rose 2.7
percent, up from 0.3 percent in the previous month.
Facility investment in August plummeted month-onmonth from a 3.4 percent increase to a 10.6 percent
drop due to a decrease in aircraft imports and weak
investor confidence. Construction completed
improved from a 1.5 percent fall to a 1.0 percent rise
as both building construction and civil engineering
works increased.
The composite index of coincident indicators
improved for the second consecutive month in
Exports, which dropped 0.2 percent year-on-year in

August, grew 6.8 percent in September due to the
increased number of days worked and strong
exports to the US and the ASEAN countries.
In September, market interest rates fell while the
KOSPI declined somewhat due to foreign investors
net selling of Korean shares. The dollar-won ratio
rose and the 100 yen-won ratio fell compared to the
previous month.
Both housing prices and Jeonse (lump-sum
deposits with no monthly payments) prices
continued to increase in September, rising 0.2
percent and 0.3 percent, respectively.
The economy has continued to suffer from weak
domestic demand as consumption and investment
have yet to fully recover, while external risk factors
linger, such as US QE tapering, the weak yen and
unrest in the Middle East.
The Korean government will continue to closely
monitor internal and external economic trends, and
at the same time will work to protect domestic
markets form external shocks.
The government will also closely review the effects of
its stimulus policies and will make necessary
changes accordingly in order to expedite economic
recovery.
3
The Green Book
The consumer price index (CPI) in September rose

1.1 percent year-on-year, and the index slowed
down from 1.4 percent in the previous month.
August, rising 0.3 points, and the composite index of

leading indicators rose 0.8 points.

The global economy continues to recover at a
moderate pace, led by the US. However, downside
risk factors remain, such as the possibility of an
early interest rate hike in the US, geopolitical risks
in the Middle East and the property slump in China.

Other uncertainties in the global economy include
deflation concerns in the eurozone, the possible
failure of Abenomics and protests in Hong Kong.
US
US economic growth in the second quarter of 2014

was revised up to 4.6 percent (annualized q-o-q)
from the preliminary estimate of 4.2 percent.
Economic data on consumption and employment
continued to improve.
Industrial production in August fell 0.1 percent
month-on-month, declining for the first time in
seven months. The ISM Manufacturing Index, which
forecasts business sentiment, posted 56.6 in
September, down from 59.0 in the previous month.
ISM Manufacturing Index (base=50)
51.3 (Jan 2014) > 53.2 (Feb) > 53.7 (Mar) > 54.9 (Apr) > 55.4
(May) > 86.4 (Jun) > 90.3 (Jul) > 93.4 (Aug) > 86.0 (Sep)
The housing market is gradually recovering.

Home prices rose 0.6 percent month-on-month
in July and new home sales surged 18.0 percent
in August.
Case-Shiller Home Price Index (q-o-q, m-o-m, %)
1.0 (Q4 2014) > -0.1 (Jan 2014) > 0.0 (Feb) > 0.9 (Mar) > 1.2
(Apr) > 1.1 (May) > 1.0 (Jun) > 0.6 (Jul)
New home sales (m-o-m, %)
-0.7 (Dec 2013) > 3.4 (Jan 2014) > -5.5 (Feb) > -6.7 (Mar) >
2.5 (Apr) > 10.9 (May) > -8.5 (Jun) > 1.9 (Jul) > 18.0 (Aug)
Consumption conditions have continued to improve.

Retail sales rose 0.6 percent month-on-month in
August, and the University of Michigan Consumer
Sentiment Index was 84.6 in September, the highest
since July 2013.
UniversityofMichiganConsumerSentimentIndex(1966=100)
81.2 (Jan 2014) > 81.6 (Feb) > 80.0 (Mar) > 84.1 (Apr) > 81.9
Employment has picked up from the previous

month's slump. Nonfarm payrolls were up 248,000
in September, and the unemployment rate was 5.9
percent, the lowest since July 2008.
Nonfarm payroll increase (m-o-m, thousands)
144 (Jan 2014) > 222 (Feb) > 203 (Mar) > 304 (Apr) > 229
(May) > 267 (Jun) > 243 (Jul) > 180 (Aug) > 248 (Sep)
Unemployment rate (m-o-m, %)
Conference Board Consumer Confidence Index (1985=100)
2014) > 6.7 (Feb) > 6.7 (Mar) > 6.3 (Apr) > 6.3 (May) > 6.1
79.4 (Jan 2014) > 78.3 (Feb) > 83.9 (Mar) > 81.7 (Apr) > 82.2
7.2 (Sep 2013) > 7.2 (Oct) > 7.0 (Nov) > 6.7 (Dec) > 6.6 (Jan
(Jun) > 6.2 (Jul) > 6.1 (Aug) > 5.9 (Sep)
US GDP growth and industrial production

Sources: US Department of Commerce, Federal Reserve Board
10 (%)
8
6
4
2
0
-2
-4
-6
-8
-10
2004.Q1 2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
GDP (q-o-q, annualized rate)
2013.Q1
2014.Q1
Industrial production (q-o-q)
US nonfarm payroll growth and unemployment rate

Source: US Department of Labor
(thousands)
(%)
12
600
10
400
200
0
6
-200
-400
-600
2
-800
-1000
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
US nonfarm payroll growth (m-o-m, left)
2013.1
2014.1
Unemployment rate (right)
(Percentage change from previous period)
2012
Annual Annual
Real GDP
- Personal consumption expenditure
- Nonresidential fixed investment
- Residential fixed investment
Industrial production
Retail sales
Existing home sales
Unemployment rate
Consumer prices (y-o-y)
2.3
1.8
7.2
13.5
3.8
5.1
8.9
8.1
2.1
2.2
2.4
3.0
11.9
2.9
4.2
8.9
7.4
1.5
1. Preliminary 2. Annualized rate (%) 3. Seasonally adjusted

Sources: US Department of Commerce, Bloomberg
Q1
2.7
3.6
1.5
7.8
1.0
1.5
0.7
7.7
1.7
2013
Q2
Q3
Q4
Q1
Q2
2014
Aug
1.8
1.8
1.6
19.0
0.5
0.3
3.5
7.5
1.4
4.5
2.0
5.5
11.2
0.6
1.0
4.4
7.2
1.5
3.5
3.7
10.4
-8.5
1.2
0.9
-7.1
7.0
1.2
-2.1
1.2
1.6
-5.3
1.0
0.2
-6.9
6.7
1.4
4.6
2.5
8.4
7.2
1.3
2.3
1.5
6.2
2.1
-0.1
0.6
-1.8
6.1
1.7
Sep
5.9
-
The Green Book
800
China
Chinas economy has been weakening. The real
estate market remained poor in August, and
production, investment, consumption and exports
slowed down.
Manufacturing PMI (base=50)
50.5 (Jan 2014) > 50.2 (Feb) > 50.3 (Mar) > 50.4 (Apr) >
50.8 (May) > 51.0 (Jun) > 51.7 (Jul) > 51.1 (Aug) > 51.1 (Sep)
Due to the continuing property slump, 36 local

governments lifted restrictions on housing
purchases, which were introduced on April 2010.
(Percentage change from same period in previous year)
2011
2012
2013
Annual Annual Q4 Annual Q1 Q2
Real GDP
9.3
7.7
7.9
Q3
Q4
Q1
2014
Q2
Jul
7.8
7.7
7.7
7.5
7.7
7.4
7.5
9.7
9.5
9.1 10.1 10.0
8.7
8.9
Aug
9.0
6.9
13.9
10.0 10.0
Fixed asset investment (accumulated)
23.8
20.6 20.6
19.6 20.9 20.1 20.2 19.6 17.6 17.3
17.0 16.5
Retail sales
17.1
14.3 14.9
13.1 12.4 13.0 13.3 13.5 12.0 12.3
12.2 11.9
Exports
20.7
Consumer prices
5.4
Producer prices
6.0
8.3
9.5
2.6
2.1
-1.7 -2.3
8.6 18.9
4.2
4.0
7.5 -4.7
5.0
2.6
2.4
2.8
2.9
2.2
2.4
2.3
-1.9 -1.7 -2.7 -1.7 -1.4 -2.0 -1.5
14.5
9.4
2.3
2.0
-0.9 -1.2
1. Preliminary 2. Quarterly change: average of monthly change

Source: China National Bureau of Statistics
Chinas GDP growth and fixed asset investment

Source: China National Bureau of Statistics
18
(%)
(%)
70
16
60
14
50
12
40
10
30
20
10
0
2004.Q1 2005.Q1
GDP (y-o-y, left)
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Fixed asset investment (accumulated, y-o-y, right)
Japan
The economic recovery in Japan remains weak.
Consumption has been improving recently, but
industrial production and exports are sluggish and
inflation slowed.
Consumer prices rose at a slower pace in August
(up 3.3%, m-o-m) , and consumer prices excluding
fresh food increased 3.1 percent.
2011
2012
Annual Annual Q4
Annual
Q1
2013
Q2
Q3
Q4
Q1
2014
Q2
Jul
Aug
-0.5
1.4
0.0
1.5
1.1
1.0
0.2
0.2
1.5
-1.8
-2.4
-0.5
-0.1
0.2
0.1
-0.1
1.3
0.6
2.8
-3.7
0.4
-1.5
Retail sales
-1.2
0.0
0.1
0.2
0.1
0.4
0.4
0.1
3.9
-7.0
-0.5
1.9
Exports (y-o-y)
-2.7
-2.8
-5.5
9.7
1.2
7.1
12.8
17.4
7.0
0.1
3.9
-1.3
-0.3
-0.0
-0.2
0.4
-0.6
-0.3
0.9
1.4
1.5
3.6
3.4
3.3
1. Preliminary
Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
Japans GDP growth and industrial production

Source: Japan's Cabinet Office, Ministry of Economy, Trade and Industry
(%)
(%)
25
20
15
10
5
0
0
-5
-2
-10
-15
-4
-20
-25
-6
-30
-8
2004.Q1
2005.Q1
GDP (q-o-q, left)
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Industrial production (q-o-q, right)
The Green Book
Real GDP
Eurozone
The outlook for the eurozone economy is deteriorating, with the manufacturing PMI falling to its lowest since
July 2013. Deflation concerns increased, with consumer prices rising 0.3 percent year-on-year in
September.
Manufacturing PMI (base=50)
54.0 (Jan 2014) > 53.2 (Feb) > 53.0 (Mar) > 53.4 (Apr) > 52.2 (May) > 51.8 (Jun) > 51.8 (Jul) > 50.7 (Aug) > 50.3 (Sep)
On October 2, the European Central Bank (ECB) kept its benchmark interest rate unchanged and announced
that it would increase the central banks balance sheet to 3 trillion euros, starting with buying covered bonds
over the next two years.
8
2012
Annual Annual
Q1
2013
Q2
Q3
Q4
Q1
Q2
2014
Jul
Aug
Sep
Real GDP
-0.6
-0.4
-0.2
0.3
0.1
0.3
0.2
0.0
-2.5
-0.7
0.3
0.6
0.0
0.5
0.2
0.0
1.0
Retail sales
-1.7
-0.9
0.0
0.1
0.5
-0.4
0.6
0.3
-0.4
1.2
Exports (y-o-y)
7.6
1.0
1.0
1.8
0.3
1.0
1.2
0.6
2.6
2.5
1.4
1.9
1.4
1.3
0.8
0.7
0.6
0.4
0.4
0.3
1. Preliminary
Sources: Eurostat, Bloomberg
Eurozones GDP growth and industrial production

Source: Eurostat
3
(%)
(%)
10
8
6
4
2
0
-2
-1
-4
-6
-2
-8
-10
-3
2004.Q1
2005.Q1
GDP (q-o-q, left)
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Industrial production (q-o-q, right)
2. Private
consumption
Private consumption in the second quarter of 2014

(preliminary GDP) decreased 0.3 percent compared
to the previous quarter but rose 1.5 percent
compared to a year ago.
Annual
Q1
2012
Q2
Private consumption
1.9
0.8
0.2
1.2
0.4
2.0
(y-o-y)
1.7
0.7
2.6
2.7
2013
Q2
Q3
Q4
2014
Q1
Q2
-0.1
0.7
1.0
0.6
0.2
-0.3
1.7
2.1
2.1
2.2
2.5
1.5
Q3
Q4
Annual
Q1
1. Preliminary 2. National accounts

Source: The Bank of Korea
Private consumption
Source: The Bank of Korea (national accounts)
12
(%)
10
The Green Book
8
6
4
2
0
-2
-4
-6
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
Private consumption (q-o-q)
2013.Q1
2014.Q1
Private consumption (y-o-y)
Retail sales in August rose 2.7 percent compared to the previous month as semi-durable goods (up 8.3%) ,
durable goods (up 1.2%) and nondurable goods (up 0.9%) all improved. Compared to a year ago, retail sales
rose 2.1 percent.
Retail sales
Source: Statistics Korea (industrial activity trends)
15
(%)
10
5
0
-5
-10
2004.1
2005.1
Retail sales (m-o-m)
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Retail sales (y-o-y)

Retail sales by type
50
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
2004.1
10
2005.1
2006.1
2007.1
2008.1
2009.1
Durable goods
2010.1
2011.1
2012.1
2013.1
2014.1
Nondurable goods
Semi-durable goods
Annual
2012
Q3
Q4
Annual
Q1
2013
Q2
Q3
Q4
Q1
2014
Q2
Jul
Aug
Retail sales
1.4
-0.1
-1.0
0.9
0.8
0.3
0.3
-0.5
0.3
2.7
(y-o-y)
2.4
2.7
2.5
0.8
0.3
1.2
0.7
1.2
2.5
0.7
0.6
2.1
- Durable goods
5.3
3.2
2.1
0.3
-4.1
1.8
-0.3
0.2
4.4
-1.1
-2.2
1.2
Automobiles
2.4
-4.4
12.0
2.1
-7.2
2.2
2.1
-2.1
12.0
4.6
0.8
-3.4
-0.4
-0.1
1.1
2.0
1.4
-0.4
0.9
-0.8
-1.5
-1.3
2.5
8.3
2.0
1.3
-1.8
0.6
-0.6
1.3
1.5
0.8
-1.0
0.2
0.7
0.9
- Semi-durable goods
- Nondurable goods
1. Preliminary 2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
3. Semi-durable goods: Clothing, footwear, etc. 4. Nondurable goods: Food, medicine, cosmetics, fuel, tobacco, etc.
Source: Statistics Korea
In September, durable goods sales will rise, but sales of semi-durable and nondurable goods are expected to
decline.
Domestic sales of cars increased, as the release of new models offset the impact of auto worker strikes.
Cellphone service transfer sales rose due to the release of new products.
Cellphone service transfer sales (thousands, Korea Telecommunications Operators Association)
1,297 (Feb 2014) > 592 (Mar) > 398 (Apr) > 890 (May) > 865 (Jun) > 644 (Jul) > 523 (Aug) > 626 (Sep)
Sales at department stores and large discount stores declined year-on-year in September, due in part to the
early Chuseok holiday that led to increased spending in August. Credit card use continued to rise, and domestic
sales of gasoline also rose year-on-year.
(y-o-y, %)
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
2.5
7.0
5.2
3.8
5.2
5.1
8.6
5.3
-2.4
-1.1
-1.4
0.8
-4.6
2.0
10.5
-5.5
Large discount store sales
-23.1
-3.7
-4.1
1.2
-5.9
-4.6
3.2
-10.2
Domestic sales of gasoline
2.2
-0.2
-0.9
2.5
2.2
0.6
-4.5
1.7
Domestic sales of cars
9.6
0.9
10.1
3.9
7.5
0.7
-4.8
10.4
Credit card use

Department store sales
Sep
Sources: Credit Finance Association of Korea, Ministry of Trade, Industry and Energy, Korea National Oil Corporation, Korea Automobile Manufacturers
Association, Ministry of Strategy and Finance (for September data)
3. Facility
investment
Facility investment (preliminary GDP) rose 1.1

percent quarter-on-quarter and 7.7 percent yearon-year in the second quarter of 2014
11
(Percentage change from previous quarter)
Annual
Q1
2013
Q2
Q3
Q4
Q1
2014
Q2
1.5
1.0
2.7
5.6
-1.9
1.1
Facility investment
0.1
-3.3
-1.5
(y-o-y)
-6.4
-12.7
-3.9
1.5
10.9
7.3
7.7
- Machinery
0.3
-5.3
-3.5
-2.6
4.4
6.5
3.7
-4.9
0.2
-0.4
1.8
4.0
11.3
-6.4
-6.5
10.7
5.5
3.1
- Transportation equipment
Facility investment
40
(%)
30
20
10
0
-10
-20
-30
2004.Q1
2005.Q1
2006.Q1
Facility investment (q-o-q)
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Facility investment (y-o-y)
The facility investment index in August declined 10.6 percent month-on-month as both machinery investment
and transportation equipment investment fell. The index declined 9.8 percent year-on-year.
The Green Book
2012
Annual
Q4

2012
Annual Annual
Facility investment index
-2.8
(y-o-y)
Q1
2013
Q2
Q3
Q4
Q1
Q2
2014
Jul
Aug
-1.3
-3.1
1.1
5.0
5.9
-5.2
2.1
3.4
-10.6
-13.1
-4.0
2.7
10.4
5.9
6.2
2.8
-9.8
- Machinery
-2.7
-2.6
-3.5
2.9
4.5
7.3
-8.6
1.5
0.9
-5.7
- Transportation equipment
-3.0
2.3
-2.0
-4.0
6.4
2.5
4.7
3.4
8.9
-21.0
1. Preliminary
Facility investment by type

50
(y-o-y, %)
40
30
12
20
10
0
-10
-20
-30
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
Transportation equipment
2014.Q1
Machinery
Facility investment is expected to recover, led by

improving business sentiment and increasing
domestic machinery orders.
Business survey index for manufacturing sector

(Bank of Korea)
79 (Jan 2014) > 81 (Feb) > 85 (Mar) > 86 (Apr) > 86 (May)
> 81 (Jun) >78 (Jul) > 75 (Aug) > 74 (Sep) > 78 (Oct)
Leading indicators of facility investment

Sources: Statistics Korea (machinery orders), Korea International Trade Association (machinery imports)
10
(trillion won)
(y-o-y, %)
70
60
50
40
30
20
10
0
-10
-20
-30
-40
-50
2004.Q1 2005.Q1
2006.Q1
Machinery orders (left)
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Machinery imports (right)
2012
Annual Annual
Domestic machinery orders
-13.9
(q-o-q, m-o-m)
6.7
2013
Q2
Q1
-11.4
8.8
6.8
3.9
-Public
-11.0
20.6
-47.0
94.2
-Private
-14.2
5.2
-6.1
4.0
Q3
Q1
2.2
32.4
17.9
-6.9
27.7
-2.8
-9.6
-9.7 129.7 184.6
-45.0
3.8
22.1
Q2
2014
Jul
Q4
4.4
4.1
Aug
-6.9
153.6
-1.5
140.6
-75.3 2,653.2
9.6
8.7
2.9
Machinery imports
-3.0
6.5
-11.8
-2.1
6.8
13.2
2.3
11.2
8.7
-15.2
Average manufacturing operation ratio
78.5
76.2
77.3
75.9
75.1
76.6
77.2
76.3
78.2
74.0
Facility investment adjustment pressure
-0.7
-1.4
-2.6
-1.6
-1.7
0.1
-0.6
-0.9
2.6
-4.1
1. Preliminary 2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, Korea International Trade Association
13
Construction investment (preliminary GDP) in the
second quarter of 2014 rose 0.4 percent quarteron-quarter and 0.2 percent year-on-year.
2012
Annual
Q4
Construction investment
Annual
Q1
2013
Q2
Q3
Q4
Q1
2014
Q2
-3.9
-2.4
6.7
6.5
4.6
0.2
-5.2
5.1
0.4
-6.2
1.9
9.8
8.8
5.4
4.3
0.2
- Building construction
-1.6
-1.6
8.8
5.4
7.2
0.5
-4.0
5.1
2.3
- Civil engineering works
-7.1
-3.6
3.7
8.1
1.0
-0.1
-6.9
5.1
-2.5
(y-o-y)

Construction investment
15
(%)
10
-5
-10
2004.Q1
2005.Q1
2006.Q1
Construction investment (q-o-q)
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Construction investment (y-o-y)
The Green Book
4. Construction
investment

The value of construction completed (constant) in August rose 1.0 percent month-on-month as building
construction and civil engineering works both increased. The index fell 0.4 percent year-on-year.
Construction completed (constant)

(y-o-y)
2012
Annual Annual
-5.0
10.1
-6.6
14.8
-3.0
4.3
2013
Q2
6.3
15.0
7.7
4.6
Q1
3.5
4.4
5.6
1.0
Q3
-0.1
10.5
0.4
-0.9
Q4
-0.7
9.7
2.9
-5.5
2014
Q2
Jul
0.2
-1.5
0.1
-0.8
2.9
-3.3
-4.1
1.6
Q1
1.5
6.5
6.0
-5.0
Aug
1.0
-0.4
0.5
1.7
1. Preliminary
Construction investment by type

14
40
(y-o-y, %)
30
20
10
0
-10
-20
-30
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
2011.Q1
2012.Q1
Residential buildings
Building construction
2013.Q1
2014.Q1
Civil engineering works
Construction investment is expected to be positively affected by a decrease in unsold houses and an increase in new
apartment supplies.
Unsold houses (thousands, Ministry of Land, Infrastructure and Transport)
61 (Dec 2013) > 59 (Jan 2014) > 52 (Feb) > 48 (Mar) > 46 (Apr) > 49 (May) > 50 (Jun) > 51 (Jul) > 45 (Aug)
New apartment supplies (thousands, Ministry of Land, Infrastructure and Transport)
12 (Dec 2013) > 6 (Jan 2014) > 11 (Feb) > 24 (Mar) > 39 (Apr) > 39 (May) > 29 (Jun) > 18 (Jul) > 23 (Aug) > 49 (Sep)
Construction orders (current value)

(q-o-q, m-o-m)
Building permit area
2012
Annual
-6.2
-4.7
-9.1
-0.5
Annual
-15.3
-13.4
-19.2
-7.3
Q1
-40.8
-2.2
-34.0
-50.4
-12.4
1. Preliminary
Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport
2013
Q2
-29.5
0.3
-29.6
-29.4
-14.6
Q3
-10.6
16.8
-10.8
-10.0
-3.4
Q4
22.4
2.9
17.9
33.4
-0.2
Q1
15.5
-1.4
10.7
24.4
18.4
2014
Q2
Jul
26.1
21.6
10.5
4.6
47.0
22.4
-11.2
18.7
21.6
9.0
Aug
79.3
57.8
126.8
-30.6
27.7
Leading indicators of construction investment

Sources: Statistics Korea (construction orders), Ministry of Land, Infrastructure and Transport (building permit area)
340
(y-o-y, %)
290
240
190
140
90
40
-10
-60
-110
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Construction orders
2014.1
Building permit area
Export growth by item (y-o-y, %)

33.8 (steel), 23.6 (vessels), 8.1 (semiconductors), 6.9
(automobiles), -3.4 (petroleum products), -3.9 (mobile
phones)
Exports in September increased 6.8 percent

(preliminary) year-on-year to US $47.69 billion.
Export growth by region (y-o-y, %)

19.9 (US), -5.1 (EU), -6.2 (Japan), 12.8 (ASEAN countries),
6.5 (China)
Exports rose due to an increase in days worked (up

1 day) , as well as robust shipments to the US and
strong exports of steel and vessels.
Average daily exports, an indicator adjusted to days

worked, was up 1.7 percent year-on-year, posting
US $2.27 billion in September.
By item, steel and vessel exports surged, while mobile

phone exports declined. By region, shipments to the
US, China and the ASEAN countries rose, while
shipments to the EU fell.
Average daily export growth (y-o-y, %)

8.8 (Jan 2014) > -3.3 (Feb) > 1.5 (Mar) > 9.0 (Apr) > 5.9
(US $ billion)
2013
Exports
(y-o-y, %)
Average daily exports
1. Preliminary
Source: Korea Customs Service
2014
Annual
Q1
Q2
Q3
Q4
Sep
Q1
Q2
Aug
Sep
559.63
135.32
141.16
136.79
146.37
44.65
137.59
145.75
46.23
47.69
2.1
0.3
0.7
2.8
4.7
-1.7
1.7
3.3
-0.2
6.8
2.05
2.02
2.06
2.00
2.11
2.23
2.07
2.19
2.05
2.27
The Green Book
5. Exports and
Imports
15

Exports by item
Sources: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trends)
140
120
(y-o-y, %)
100
80
60
40
20
0
-20
-40
-60
-80
2004.1
2005.1
2006.1
2007.1
Export growth rate
16
2008.1
2009.1
2010.1
Semiconductors
2011.1
2012.1
2013.1
2014.1
Automobiles
Steel
Imports in September rose 8.0 percent (preliminary) year-on-year to US $44.33 billion.
Imports of consumer goods surged, led by automobiles and clothes, and capital goods imports increased after
falling in the previous month.
Import growth by category (y-o-y, %)
4.9 (commodities), 8.0 (capital goods), 23.4 (consumer goods)
(US $ billion)
2013
Imports
2014
Annual
Q1
Q2
Q3
Q4
Sep
Q1
Q2
Aug
Sep
515.58
129.73
126.76
126.03
133.06
41.05
132.38
130.76
42.86
44.33
(y-o-y, %)
-0.8
-2.9
-2.8
0.3
2.5
-3.5
2.0
3.2
3.1
8.0
Average daily imports
1.89
1.94
1.85
1.84
1.91
2.05
1.99
1.97
1.91
2.11
1. Preliminary
Imports by item
100
80
(y-o-y, %)
60
40
20
0
-20
-40
-60
-80
2004.1
2005.1
Import growth rate
2006.1
2007.1
2008.1
2009.1
Commodities
2010.1
2011.1
2012.1
2013.1
2014.1
Capital goods
Exports and imports

70
(US $ billion)
60
50
40
30
20
10
0
-10
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
Trade balance
2010.1
2011.1
2012.1
2013.1
2014.1
Exports
Imports
(US $ billion)
Annual
Q1
Q2
2013
Q3
Q4
Sep
Q1
Q2
2014
Jul
Aug
Sep
44.05
5.59
14.40
10.76
13.30
3.60
5.21
14.98
2.40
3.37
3.36
Trade balance
1. Preliminary

Mining and manufacturing production decreased
3.8 percent month-on-month in August, as gains
in semiconductors & parts and refined petroleum
were offset by declines in automobiles and other
transportation equipment. Compared to the same
period in the previous year, the index was down
2.8 percent.
Compared to the previous month, production of
automobiles (down 16.2%) declined sharply as the
number of days worked decreased due to
summer vacations and production was disrupted

due to auto worker strikes. However, production of
semiconductors & parts (up 2.4%) and refined
petroleum (up 1.6%) increased.
Compared to a year ago, production of automobiles
(down 14.8%) , other transportation equipment
(down 12.7%) and audio-visual communications
equipment (down 13.6%) fell, while refined
petroleum (up 8.4%), primary metals (up 4.6%)
and processed metals (up 5.4%) rose.
The Green Book
The trade balance (preliminary) in September remained in the black for the 32th consecutive month, posting a
surplus of US $3.36 billion.
17

50
(%)
40
30
20
10
0
-10
-20
-30
2004.1
18
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Industrial production (m-o-m)
2013.1
2014.1
Industrial production (y-o-y)
2013
Q2
Q3
Q4
Aug
Q1
2014
Q2 Jul
Aug
-0.9
1.9
1.6
0.3
-0.9
-3.8
Annual
Q1
Mining production (q-o-q, m-o-m)
-0.5
(y-o-y)
0.3
-0.8
0.0
0.2
1.7
3.2
0.7
0.3
3.9
-2.8
Manufacturing production (q-o-q, m-o-m)
-0.4
-1.0
0.0
2.1
1.6
0.4
-1.1
1.6
-3.8
0.3
-0.8
0.0
0.1
1.8
3.2
0.6
0.3
4.0
-2.7
0.4
-0.3
-0.6
-0.1
1.7
1.4
-0.1
-0.6
0.5
-2.7
-1.4
-1.7
-1.1
1.6
1.7
1.8
0.0
-0.3
1.5
-4.3
Mining and
(y-o-y)
manufacturing
Shipment
activity
- Domestic demand
0.1
1.5
- Exports
2.3
1.6
-0.2
-2.0
1.6
1.1
-0.1
-0.8
-1.0
-0.6
Inventory
5.0
-0.6
-2.1
5.7
2.4
0.2
-0.5
-0.2
2.9
-1.9
Manufacturing Average operation ratio (%)

activity
Production capacity4
76.2
77.3
75.9 75.1 76.5 76.3 77.2 76.3 78.2 74.0
1.7
1.8
1. Preliminary
2. Including mining, manufacturing, electricity and gas industry
3. End-period
4. Percentage change from same period in previous year
1.6
1.8
1.7
1.7
1.2
1.2
1.4
1.4
The manufacturing inventory-shipment ratio rose

1.0 percentage point month-on-month to 122.9
percent as inventories declined 1.9 percent and
shipments fell 2.7 percent.
Inventories of petroleum products (up 4.6%) ,
electrical equipment (up 4.4%) and clothing &
fur (up 1.2%) rose, while semiconductors &
parts (down 8.9%), mechanical equipment (down
4.3%) and automobiles (down 2.9%) declined.

Shipments of semiconductors & parts (up 4.8%),
refined petroleum (up 5.5%) and audio-visual
communications equipment (up 1.8%) rose,
w hil e au to m o b il e s (do w n 14 . 6%) , oth er
transportation equipment (down 11.5%) and
processed metals (down 6.0%) fell.
The average operation ratio of the manufacturing
sector fell 4.2 percentage points month-onmonth to 74.0 percent.
Shipment and inventory

10
(m-o-m, %)
8
6
4
2
0
-2
-4
-6
-8
-10
-12
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Shipment growth
2014.1
Inventory growth
19
Average manufacturing operation ratio

(%)
The Green Book
100
90
80
70
60
50
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Mining and manufacturing production may have recovered in September, led by growing exports, but strikes in
the automobile industry may hamper the recovery momentum.

Service output in August rose 0.3 percent month-on-month, led by wholesale & retail, financial & insurance
services, healthcare & social welfare services, education services and publishing & communications services.
Compared to the same period of the previous year, service output increased 2.1 percent.
Wholesale & retail rose 1.3 percent month-on-month, led by an increase in department store and large
discount store sales, and financial & insurance services rose 0.8 percent due to the robust stock market.
Professional, scientific & technical services (down 4.2%, m-o-m), transportation services (down 0.6%, m-o-m),
entertainment, cultural & sports services (down 5.0%, m-o-m) and membership organizations & personal
services (down 3.4%, m-o-m) declined.

Service sector activity
15
(%)
10
5
0
-5
-10
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Service sector activity (m-o-m)
2013.1
2014.1
Service sector activity (y-o-y)
20
Wholesale & retail
Statistics Korea (industrial activity trends)

15
(%)
10
-5
-10
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Wholesale & retail (m-o-m)
2013.1
2014.1
Wholesale & retail (y-o-y)
August 2014 service output by business

12
(y-o-y, %)
Financial &
insurance services
10
8
6
4
2
0
-2
-4
-6
-8
Wholesale
& retail
Total index
Hotels &
restaurants
Transportation
services
Publishing &
communications
services
Professional,
scientific &
technical
services
Real estate
& renting
Business
services
Education
services
Entertainment,
cultural &
sports services
Health &
social welfare
services
Sewerage &
waste
management
Membership
organizations &
personal services
2012
2013
Weight
Annual Q4 Annual Q1 Q2
Q3
Q4
Q1
2014
Q2 Jul
Aug
Service activity index
100.0
1.6
0.1
1.4
0.2
0.2
0.9
0.5
0.0 -0.3
0.3
- Wholesale & retail
21.6
0.8
0.3 -0.2
-0.8
0.1 -0.1
0.6
0.1 -0.4 -1.6
1.3
- Transportation services
8.5
1.2
-0.1
1.1
0.7
0.1 -1.0
0.6
1.1 -0.3
- Hotels & restaurants
7.2 -1.2
-2.4
0.4
0.1
0.6
- Publishing & communications services
8.4
3.0
-0.3
1.9
0.6 -1.0
14.7
2.8
1.0
0.5
- Real estate & renting
5.3 -4.8
0.7
- Professional, scientific & technical services
5.6
3.7
- Business services
3.3
- Education services
10.9
- Healthcare & social welfare services
0.4
0.0
3.4 -2.0
0.8 -4.9
0.6
-0.1 -1.1 -0.5
0.6
2.7
1.4 -0.9
0.8
2.5
-2.2
7.4 -3.6
3.6 -3.2
7.6 -3.4
1.2
-0.2
3.3
0.2
4.9 -2.9
0.7
0.4
3.0 -3.1 -4.2
3.5
0.2
2.2
1.6 -0.4
1.6
0.4
1.6 -0.5
0.4
0.7
0.9
0.8
0.8
0.8 -1.0
1.2
0.7
1.1 -2.3
1.6
2.5
7.5
6.7
0.7
5.0
0.8
1.1
2.5
1.6
1.5
0.4
2.0
- Entertainment, cultural & sports services
2.9
2.8
-3.0 -0.5
1.7
0.6
0.2 -0.2
1.4 -6.8
5.0 -5.0
- Membership organizations & personal services
3.6 -1.4
3.1 -0.7
3.5
0.2
0.1 -3.5
9.3 -3.4
- Sewerage & waste management
0.6 -0.6
0.5
0.9
1.2
0.2 -1.4
2.2 -1.9
0.0
5.3
-4.3 -0.4
0.6
0.9
0.4
1. Preliminary
Service output in September will be affected by positive factors such as increasing stock transactions and the
recovering real estate market, and negative factors such as a decline in sales at department stores and large
discount stores.
Average daily stock transactions (trillion won)
8. Employment
The number of workers on payroll in August increased by 594,000 from a year earlier to 25,890,000 and the
employment rate rose 0.8 percentage points to 60.8 percent.
By industry, employment grew faster in services and manufacturing.
By employment status, regular workers continued to lead employment growth, while temporary and daily
workers increased faster and self-employed workers started to increase again.
21
The Green Book
3.5
- Financial & insurance services
2.7 -0.9 -1.6 -2.1
0.8 -0.6

Number of persons employed and employment growth
Source: Statistics Korea (employment trends)
1,000
(thousands)
27
(millions)
26
1,000
26
800
25
25
600
24
400
24
200
23
23
22
-200
22
-400
21
2004.1
22
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
Employment growth (y-o-y, left)
2012.1
2013.1
2014.1
Number of employed (seasonally adjusted, right)
2010 2011
2012
Annual Annual Annual Q4 Annual Q1
Number of employed (millions)
2011.1
2013
Q2 Q3
Q4
Aug
Q1
2014
Q2 Jul Aug
23.83 24.24 24.68 24.80 25.07 24.18 25.33 25.41 25.35 25.29 24.91 25.79 25.98 25.89
Employment rate (%)
58.7 59.1 59.4 59.4 59.5 57.7 60.2 60.3 60.0 60.0 58.8 60.8 61.1 60.8
(Seasonally adjusted)
58.7 59.1 59.4 59.2 59.5 59.2 59.4 59.7 59.9 59.7 60.4 59.9 60.1 60.5
Employment growth (y-o-y, thousands)
323 415 437 342 386 257 324 421 541 432 729 464 505
594
(Excluding agriculture, forestry & fisheries)
405 440 451 344 394 266 351 402 556 404 717 518 616
719
- Manufacturing
191
63
14 140
219
33
-2
22 -40
- Construction
- Services
79 119 122
-9
5 123 136 191
64
200 386 416 236 318 199 212 354 507 385 570 387 388
453
-2
-9 -27
19 -15
12
-82
517 427 315 303 483 329 472 526 604 506 711 485 532
536
Regular workers
697 575 436 469 615 554 638 632 637 639 606 478 351
323
Temporary workers
-34
-96 -152 -169 -65
28
27
- Wage workers
-2 -109
-8
-7
- Agriculture, forestry & fisheries
-78
-14
-6
49
57
-25
-19 -64
26
12 -54 -111 -125
2 -73
74 118 235
242
Daily workers
-146
-70 -120 -57
-37 -73
3 -42 -35 -60
31 -111 -54
-28
- Nonwage workers
-194
-11 121
39
-97 -71 -148 -105 -63 -74
19 -22 -27
57
Self-employed workers
-118
1 124
33
-67 -28 -104 -83 -54 -57
-7 -14 -17
57
- Male
181 238 234 172 186 123 179 179 262 167 373 228 287
294
- Female
142 177 203 170 200 135 145 242 279 266 357 236 218
300
- 15 to 29
-43
-35
-36 -80
-50 -117 -88 -41
147
- 30 to 39
-4
-47
-31 -10
-21 -15
- 40 to 49
29
57
- 50 to 59
- 60 or more
46 -60
53 107
16
-5
19
294 291 270 220 254 196 254 279 285 288 323 227 203
235
47 149 222 215 181 181 156 187 200 182 218 192 179
199
11
-3
22
12
8 -34 -42 -23
97
-6
30
53
45
-6 -42
99
34
Employment rate
62
(%)
61
60
59
58
57
56
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
Original data
2013.1
2014.1
Seasonally adjusted rate
23
Employment by industry
100
80
60
71.0 70.8 70.3 69.7 69.2 69.1 69.3 69.2 69.0 68.7 69.0 70.4 70.9 71.1 70.2 69.4 69.2 69.1 69.4 69.6 69.4 69.1 69.7 70.8 71.1 71.2 70.6 69.7 69.4 69.3 69.6 69.7
40
20
0
7.2 7.1 7.2 7.2 7.2 7.2 7.1 7.1 7.1 7.3 7.2 7.2 6.9 6.7 6.9 7.1 7.1 7.1 7.0 6.9 7.0 7.1 7.0 7.0 6.8 6.7 6.8 6.9 7.1 7.1 7.1 7.0
17.0 17.1 16.6 16.3 16.2 16.3 16.4 16.5 16.6 16.7 16.9 17.1 17.4 17.3 16.9 16.7 16.4 16.4 16.4 16.3 16.4 16.5 16.7 17.1 17.3 17.2 17.0 16.7 16.8 16.8 16.8 16.7
4.4 4.7 5.6 6.5 7.0 7.0 6.8 6.8 6.8 6.9 6.5 4.9 4.3 4.6 5.6 6.3 6.7 6.9 6.7 6.8 6.8 6.9 6.2 4.7 4.4 4.5 5.3 6.1 6.4 6.5 6.2 6.2
2012.1 2 3 4 5 6 7 8 9 10 11 12 2013.1 2 3 4 5 6 7 8 9 10 11 12 2014.1 2 3 4 5 6 7 8
Services
Construction
Manufacturing
Agriculture, forestry & fisheries
Employment by status of workers

100 4.5 4.5 4.8 5.1 5.4 5.4 5.3 5.3 5.4 5.3 5.2 4.5 4.2 4.2 4.7 5.0 5.0 5.2 5.1 5.2 5.2 5.3 5.1 4.3 4.2 4.3 4.6 4.8 5.0 5.0 5.0 5.0
80
23.1 23.1 23.4 23.4 23.3 23.2 23.4 23.3 23.2 23.1 22.9 22.7 22.7 22.8 23.0 22.8 22.6 22.5 22.6 22.7 22.5 22.4 22.2 21.9 22.1 22.0 22.3 22.2 22.1 22.1 22.1 22.4
6.5 6.5 6.3 6.6 6.8 6.7 6.7 6.4 6.4 6.7 6.8 6.6 6.2 6.0 6.0 6.5 6.7 6.7 6.3 6.1 6.3 6.5 6.4 6.4 6.3 6.0 5.7 6.0 6.1 6.1 6.0 5.8
60
20.5 20.5 20.6 20.6 20.5 20.3 20.2 19.9 19.8 19.8 19.9 20.0 19.9 19.7 19.5 19.5 19.5 19.5 19.6 19.2 19.4 19.4 19.5 19.5 19.2 19.4 19.6 19.7 19.7 19.5 20.1 19.7
40
20
0
45.4 45.4 44.9 44.3 44.0 44.4 44.4 45.1 45.2 45.1 45.2 46.2 46.9 47.3 47.0 46.3 46.2 46.1 46.4 46.8 46.7 46.5 46.9 47.8 48.3 48.2 47.8 47.3 47.1 47.2 46.8 47.0
2012.1 2
Unpaid family workers
9 10 11 12 2013.1 2
Self-employed workers
Daily workers
9 10 11 12 2014.1 2
Temporary workers
Regular workers
The Green Book

The number of unemployed persons in August increased by 107,000 year-on-year to 890,000, and the
unemployment rate rose 0.3 percentage points to 3.3 percent. The unemployment rate rose in all age groups
except the 30s.
Unemployment rate
6
(%)
24
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Original data
2010 2011
2012
2013
Annual Annual Annual Q4 Annual Q1 Q2 Q3 Q4 Aug Q1
Number of unemployed (thousands)
Unemployment growth (y-o-y, thousands)
2014.1
2014
Q2 Jul Aug
920
855
820
722 807
907 812 777 733 783 1,031 977 912 890
31
-65
-35
-18 -13
-40 -29
-7 -20
- Male
-7
-48
-26
-13
-6
- Female
38
-17
-9
-6
-7
-33
-9
11
19
125 165
84 107
11
-7
25
40
62
-3
41
-4
18
-6
84 103
87
66
Unemployment rate (%)
3.7
3.4
3.2
2.8 3.1
3.6 3.1 3.0 2.8 3.0
4.0 3.7 3.4 3.3
3.7
3.4
3.2
3.0 3.1
3.2 3.1 3.1 3.0 3.1
3.5 3.7 3.4 3.5
-15 to 29
8.0
7.6
7.5
7.0 8.0
8.4 7.9 7.9 7.9 7.6
9.8 9.4 8.9 8.4
- 30 to 39
3.5
3.4
3.0
2.7 3.0
3.3 3.0 2.9 2.6 3.1
3.2 3.4 3.2 3.1
- 40 to 49
2.5
2.1
2.0
1.8 2.0
2.1 2.1 1.9 1.7 2.0
2.3 2.4 2.2 2.2
- 50 to 59
2.5
2.1
2.1
1.8 1.9
2.3 1.8 1.8 1.5 1.9
2.2 2.3 2.1 2.2
- 60 or more
2.8
2.6
2.4
1.6 1.8
3.4 1.6 1.2 1.4 1.2
4.4 1.9 1.6 1.6
The economically inactive population in August was down 298,000 from a year earlier to 15,800,000, while the
labor force participation rate rose 1.1 percentage points to 62.9 percent.
The number of those economically inactive due to old age (up 80,000, y-o-y) and disabilities (up 27,000, y-o-y)
increased, while those due to education (down 141,000, y-o-y), housework (down 140,000, y-o-y), and rest (down
61,000, y-o-y) decreased.
Labor force participation rate

65
(%)
64
63
62
61
60
59
58
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
Original data
2014.1
2013
Q2 Q3
Q4
Aug
Q1
2014
Q2 Jul Aug
Economically inactive population (millions) 15.84 15.95 16.08 16.26 16.22 16.83 15.91 15.98 16.17 16.09 16.40 15.69 15.64 15.80
Labor force participation rate (%)
61.0 61.1 61.3 61.1 61.5 59.9 62.2 62.1 61.7 61.8 61.3 63.1 63.2 62.9
Growth in economically inactive
population (y-o-y, thousands)
61.0 61.1 61.3 61.1 61.5 61.2 61.3 61.6 61.7 61.6 62.6 62.2 62.3 62.6
143
112
- Childcare
-125
-5
- Housework
201
101
123 126
-3 143
- Education
12
-51
-12
77 118 147
88 -44 111 -76 -68 -111 -141
- Old age
80
-45
148 186
54 154
32
21
94
80
-56
182
-53 -125
-7 -106
44
12
21 -38 -197 -90 -71
-61
- Rest
128 244
-2
-3
39
141 336 242

1
10
78 -91
9 -14
53 -433 -226 -206 -298

6 -29 -57 -56
-38
36 -80 -112 -96 -230 -127 -47 -140
36
81 113
9.1 Stock market
The KOSPI in September fell 48.4 points to 2,020 points from 2,069 points in the previous month. The KOSPI
declined due to concerns over the weakening yen and poor third quarter corporate earnings results.
The Green Book
2010 2011
2012
Annual Annual Annual Q4 Annual Q1
25

Stock prices
2,400
2,200
(monthly average)
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
KOSPI
2014.1
KOSDAQ
(Closing rate)
26
Aug 2014
KOSPI
Sep 2014
Change
Aug 2014
KOSDAQ
Sep 2014
Stock price index (points)
2,068.5
2,020.1
-48.4 (-2.3%)
570.2
573.2
3.0 (0.5%)
Market capitalization (trillion won)
1,238.9
1,205.7
-33.2 (-2.7%)
139.2
140.2
1.0 (0.7%)
Average daily trade value (trillion won)

Foreign stock ownership (%, %p)
Change
4.1
4.2
0.1 (2.4%)
2.2
2.3
0.1 (4.5%)
35.5
35.0
-0.5 (-1.4%)
11.0
10.9
-0.1 (-0.9%)
1. Change from the end of the previous month

Source: Korea Exchange
9.2 Exchange rate

The dollar-won exchange rate in September rose
41.2 won to 1,055.2 won from 1,014.0 won at the end
of August. The dollar-won exchange rate rose as
offshore dollar buying continued due to the strong
dollar and concerns over the weakening yen.
The 100 yen-won exchange rate declined from

976.7 won in August to 965.0 won in September
despite the weak won, as the yen remained weak
due to diverging monetary policies between the US
and Japan.
Foreign exchange rates

1,800
(month-end, \)
1,600
1,400
1,200
1,000
800
600
2004.1
2005.1
Dollar-Won
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
100 Yen-Won
Daily foreign exchange rate trend

1,800
(\)
1,600
1,400
1,200
1,000
800
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Dollar-Won
100 Yen-Won
(Closing rate)
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
Aug
2014
Sep
Change
Dollar-Won
1,259.5
1,164.5
1,134.8
1,151.8
1,070.6
1,055.4
1,014.0
1,055.2
0.0
100 Yen-Won
1,396.8
1,264.5
1,393.6
1,481.2
1,238.3
1,002.3
976.7
965.0
3.9
1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.
9.3 Bond market
3-year Treasury bond yields fell from 2.51 percent

in August to 2.30 percent in September. Treasury
bond yields fell due to expectations for additional
interest rate cuts by the Bank of Korea.
Interest rates
10
9
(monthly average, yearly, %)
8
7
6
5
4
3
2
1
2004.1
2005.1
2006.1
Overnight call rate (daily)
2007.1
2008.1
2009.1
2010.1
2011.1
3-yr Treasury bond yield
2012.1
2013.1
2014.1
3-yr corporate bond yield
The Green Book
2008
Dec
27

(Closing rate, %)
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
Jun
Call rate (1 day)
2.01
2.51
3.29
2.77
2.52
2.49
CD (91 days)
2.88
2.80
3.55
2.89
2.66
2.65
Jul
2014
Aug
Sep
2.49
2.24
2.24
2.65
2.40
2.35
-5
Change
Treasury bonds (3 yrs)
4.44
3.38
3.34
2.82
2.86
2.68
2.52
2.51
2.30
-21
Corporate bonds (3 yrs)
5.56
4.27
4.21
3.29
3.29
3.10
2.92
2.88
2.68
-20
Treasury bonds (5 yrs)
4.98
4.08
3.46
2.97
3.23
2.88
2.76
2.74
2.50
-24
1. Basis point, changes from the previous month
28
9.4 Money supply &

money market
M2 (monthly average) in July rose 6.5 percent from a

year earlier. Money supply in the overseas sector fell
due to net capital outflows, but money supply in the
private sector rose due to an increase in bank loans.
(Percentage change from same period in previous year, average)
2009
Annual
2010
Annual
2011
Annual
2012
Annual
2013
Annual
May
Jun
2014
Jul
Jul
M1
16.3
11.8
6.6
3.8
9.5
10.0
9.3
9.2
534.0
M2
10.3
8.7
4.2
5.2
4.8
6.0
6.1
6.5
2,013.9
Lf
7.9
8.2
5.3
7.8
6.9
6.6
6.7
6.9
2,725.7
1. Balance at end July 2014, trillion won

2. M1 excluding corporate MMFs and individual MMFs while including CMAs
3. Liquidity aggregates of financial institutions (mostly identical with M3)
Total money supply

40
(y-o-y, monthly average balance, %)
30
20
10
-10
-20
2004.1
2005.1
Reserve money
2006.1
2007.1
2008.1
2009.1
M1
2010.1
2011.1
2012.1
2013.1
2014.1
Lf
Bank deposits surged in August, led by instant

access deposits (-10.9 trillion won > 12.6 trillion
won) , as tax payments were postponed due to the
last day of the month falling on a Sunday, and also as
school tuition fees were deposited.
Asset management company (AMC) deposit

growth slowed, led by fixed-income funds (4.9
trillion won > 0.6 trillion won), that decreased in
line with lowered expectations for additional
interest rate cuts.
(Change from previous period, end-period, trillion won)
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
May
Jun
2014
Jul
Aug
Aug
Bank deposits
54.8
36.9
58.9
37.0
41.0
13.9
9.3
-8.8
7.8
1,206.6
AMC deposits
-27.6
-16.7
-16.6
18.8
17.7
6.0
-1.1
11.5
5.4
363.2
1. Balance at end August 2014, trillion won
Deposits in financial institutions

30
29
(y-o-y, end of month balance, trillion won)
The Green Book
20
10
-10
-20
2004.1
2005.1
2006.1
2007.1
10. Balance of
payments
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Koreas current account (preliminary) in August

posted a surplus of US $7.27 billion, staying in the
black for 30 consecutive months.
The goods account surplus expanded from US $6.79
billion in July to US $7.44 billion in August, as
declines in imports exceeded declines in exports.
Goods exports (US $ billion)
53.81 (Jul 2014) > 49.01 (Aug)
Goods imports (US $ billion)
47.02 (Jul 2014) > 41.56 (Aug)

travel, construction and intellectual property rights
accounts increased.
Compared to the same period of the previous year,

the goods account surplus expanded by US $0.07
billion.
Services account (US $ billion, July > August)

Import growth by category (y-o-y, %)
-0.54 > -0.37 (manufacturing), 0.26 > 0.64 (transportation),
8.0 (total), 4.9 (commodities), 8.0 (capital goods), 23.4
-0.55 > -0.77 (travel), 1.61 > 0.84 (construction), -0.02 >
(consumer goods)
-0.38 (intellectual property rights), -0.94 > -0.83 (other

businesses)
Export growth by item (y-o-y, %)

6.8 (total), -3.9 (mobile phones), -3.4 (petroleum products),
The primary income account surplus contracted

from US $1.49 billion to US $1.05 billion due to a
decrease in interest income, while the secondary
income account deficit expanded from US $0.43
billion to US $0.49 billion.
6.9 (automobiles), 8.1 (semiconductors), 23.6 (vessels),

33.8 (steel)
30
The services account deficit expanded from

US $0.01 billion to US $0.73 billion as deficits in the
Current account balance

Source: The Bank of Korea (balance of payments trends)
12
10
(US $ billion)
8
6
4
2
0
-2
-4
-6
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Services account
Goods account
Current account
(US $ billion)
2013
Annual
Q1
Q2
2014
Q3
Q4
Aug
Q1
Q2
Jul
Aug
Current account
79.88
10.46
20.80
23.78
24.84
7.20
15.07
24.13
7.84
7.27
- Goods balance
80.57
12.08
20.00
23.88
24.62
7.38
17.75
26.42
6.79
7.44
- Service balance
-7.93
-3.51
-0.41
-2.06
-1.94
-0.81
-3.62
-1.95
-0.01
-0.73
- Primary income balance
11.42
2.78
1.84
3.16
3.64
0.91
1.91
1.33
1.49
1.05
- Secondary income balance
-4.18
-0.89
-0.62
-1.19
-1.48
-0.29
-0.96
-1.68
-0.43
-0.49
1. Preliminary
The capital and financial account (preliminary) in

August posted a net outflow of US $7.79 billion.
as overseas investment by domestic investors

decreased.
Capital & financial account balance (US $ billion)
Net inflows of financial derivatives investment

expanded from US $0.50 billion to US $0.56 billion,
while net outflows of other investment expanded
from US $0.34 billion to US $7.29 billion as overseas
deposits by financial institutions increased.
-4.48 (Jan 2014) > -6.92 (Feb) > -5.78 (Mar) > -6.24 (Apr) >
-8.13 (May) > -9.84 (Jun) > -5.93 (Jul) > -7.79 (Aug)
Net outflows of direct investment contracted from

US $1.01 billion to US $0.75 billion as overseas direct
investment declined.
Portfolio investment switched to a net inflow of
US $0.50 billion from a net outflow of US $1.74 billion
The current account in September is expected to

maintain a surplus, helped by the surplus in the
goods account, which resulted from increasing
exports.
31
Capital & financial account balance

Source: The Bank of Korea (balance of payments trends)
The Green Book
15
(US $ billion)
10
5
0
-5
-10
-15
2004.1
2005.1
Direct investment
2006.1
2007.1
2008.1
Portfolio investment
11. Prices and

international
commodity prices
2009.1
2010.1
2011.1
Financial derivatives
2012.1
2013.1
2014.1
Capital & financial account
11.1 Prices
Consumer prices fell 0.1 percent month-on-month
in September, led by petroleum products and
personal services. Year-on-year, consumer prices
rose 1.1 percent, down from 1.4 percent in August.

Consumer price inflation
(%)
Sep
2013
Oct
Nov
Apr
2014
May
Dec
Jan
Feb
Mar
Jun
Jul
Aug
Sep
Month-on-Month
0.2
-0.3
0.0
0.1
0.5
0.3
0.2
0.1
0.2
-0.1
0.1
0.2
-0.1
Year-on-Year
1.0
0.9
1.2
1.1
1.1
1.0
1.3
1.5
1.7
1.7
1.6
1.4
1.1

Source: Statistics Korea (consumer price trends)
7
(%)
6
5
32
4
3
2
1
0
-1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
Consumer price inflation (m-o-m)
Agricultural, livestock & fishery product prices were

up 1.2 percent month-on-month (agricultural
products up 1.8%, livestock products up 0.7%,
fishery products down 0.1%) , as agricultural and
livestock prices rose due to Chuseok.
Price increases by item (m-o-m, %)
green chilis (30.0), tomatoes (27.7), carrots (27.6), beef
(2.3), spinach (-13.3), chicken (-5.3)
Manufactured product prices fell 0.2 percent from the

previous month. Processed food prices rose 0.1
percent, while petroleum product prices fell 1.7
percent due to stabilizing international oil prices.
2010.1
2011.1
2012.1
2013.1
2014.1
Consumer price inflation (y-o-y)

laundry detergents (10.8), snacks (2.8), bedclothes (2.5),
shampoos (-8.6), diesel (-1.7), gasoline (-1.6)
Personal service prices fell 0.3 percent month-onmonth. Travel-related service prices fell, but dining
out expenses rose 0.3 percent. Personal service
prices excluding dining out costs were down 0.6
percent.
coffee (1.5), public sauna admission fees (1.5), domestic
group tour expenses (-14.9), overseas group tour expenses
(-7.6), hotel room charges (-7.0), international flights (-6.3)
Contribution to consumer price inflation

5
(%p)
4
3
2
1
0
2003
2004
2005
2006
2007
2008
2009
2010
2012
2013
2014
Agricultural, livestock & fishery products
Manufactured products
Housing rents
Public services
Personal services
Public utilities
33
previous month, fresh food prices rose 1.6 percent.
Fresh food price increases (y-o-y, %)
-12.9 (Jan 2014) > -12.4 (Feb) > -11.3 (Mar) > -12.0 (Apr)
Price increases for basic necessities (y-o-y, %)
>
0.6 (Jan 2014) > 0.4 (Feb) > 0.8 (Mar) > 1.0 (Apr) > 1.4 (May)
> 1.4 (Jun) > 1.4 (Jul) > 0.8 (Aug) > 0.6 (Sep)
Fresh food prices declined 8.6 percent year-on-year,

led by vegetables (down 13.3%) . Compared to the
-9.2 (May) > -7.7 (Jun) > -8.3 (Jul) > -11.8 (Aug) >
-8.6 (Sep)
Core consumer prices, which exclude oil and

agricultural products, rose 1.9 percent year-on-year
and fell 0.1 percent month-on-month.
Prices
16
(y-o-y, %)
13
10
7
4
1
-2
-5
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
Core inflation
2010.1
2011.1
2012.1
2013.1
2014.1
Producer price inflation
The Green Book
Consumer prices for basic necessities rose 0.6

percent year-on-year and were unchanged monthon-month.

Core inflation and prices for basic necessities
(y-o-y, %)
2013
2014
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Consumer prices excluding oil and agricultural products 1.7 1.8 2.0 1.9 1.7 1.7 2.1 2.3 2.2 2.1 2.2 2.4
1.9
Consumer prices excluding food and energy
1.5 1.6 1.7 1.6 1.5 1.4 1.7 1.9 1.8 1.7 1.9 2.1
1.7
Consumer prices for basic necessities
0.2 0.0 0.5 0.5 0.6 0.4 0.8 1.0 1.4 1.4 1.4 0.8
0.6
The expected annual inflation was unchanged at 2.8 percent, while import prices fell 9.9 percent year-on-year.
Expected inflation (%, over the next 12 months)
34
Import price increases (y-o-y, %, won base)

-3.0 (Jan 2014) > -4.8 (Feb) > -4.5 (Mar) > -7.0 (Apr) > -6.8 (May) > -8.8 (Jun) > -8.6 (Jul) > -9.9 (Aug)
11.2 International oil and

commodity prices
International oil prices declined in September
despite geopolitical risks in the Middle East, as
supply conditions improved and the value of the
dollar rose.
Dubai crude prices continued to fall due to the
strong dollar and increased production in the US,
Iraq and Libya.
Dubai crude (US $/barrel)

100.9 (Sep 1) > 98.1 (Sep 8) > 95.7 (Sep 15) > 95.9 (Sep
22) > 94.9 (Sep 29)
Dollar index (Mar 1973=100)
82.75 (Sep 1) > 84.23 (Sep 8) > 84.26 (Sep 15) > 84.75 (Sep
22) > 85.59 (Sep 29)
(US $/barrel, period average)
2011 2012
2013
Annual Annual Annual Oct Nov
Dec
Jan
Feb
Mar
Apr
2014
May
Jun
Jul
Aug
Sep
Dubai crude
105.9
109.0
105.3
105.6 105.5 107.5 104.0 105.0 104.4 104.6 105.6 107.9 106.1 101.9
96.6
Brent crude
111.0
111.7
108.7
109.3 108.0 110.7 107.7 108.9 107.7 107.8 109.4 111.8 107.4 102.6
98.0
95.1
93.8
98.0
100.5
93.2
WTI crude
Source: Korea PDS
94.0
97.9
94.9 100.7 100.5 102.0 101.8 105.2 102.6
96.3
International oil prices

Source: Korea National Oil Corporation
160
($/B)
140
120
100
80
60
40
20
0
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Dubai crude
WTI
35
Gasoline prices (won/liter)

1,825.9 (1st week Sep) > 1,820.7 (2nd week) > 1,814.6 (3rd week) > 1,807.2 (4th week)
(Won/liter, period average)
2011 2012
2013
Annual Annual Annual Oct Nov
Dec
Jan
Feb
Mar
Apr
2014
May
Jun
Jul
Aug
Sep
Gasoline prices 1,929.3 1,985.8 1,924.5 1,907.3 1,880.0 1,881.1 1,886.4 1,880.7 1,880.8 1,875.9 1,869.5 1,861.7 1,856.7 1,842.0 1,817.1
Diesel prices 1,745.7 1,806.3 1,729.6 1,711.8 1,692.9 1,699.1 1,705.1 1,698.5 1,696.0 1,688.9 1,680.9 1,670.8 1,661.8 1,644.5 1,620.9
Dubai crude prices and import prices

160
(thousand won/B)
($/B)
160
140
140
120
120
100
100
80
80
60
60
40
40
20
20
2004.1
2005.1
2006.1
2007.1
Dubai crude (import prices, won, left)
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Dubai international prices (dollar, right)
The Green Book
Domestic gasoline prices continued to fall in September, as falling international oil prices and exchange rates
were reflected with a time lag.

International grain prices declined month-on-month in September as favorable weather conditions led to
increased production in major production areas. Optimistic estimates on next years grain supplies also
contributed to lower prices. According to the US Department of Agriculture, global grain inventories in the
2014-15 season will increase 3.7 percent year-on-year to 525 million tons, the highest level since 2001.
International grain price increases in September (m-o-m, %)
soybeans (-17.6), wheat (-8.1), corn (-5.7)
Nonferrous metal prices fell month-on-month as demand was expected to slow due to poor economic data in
China in Europe.
Nonferrous metal price increases in September (m-o-m, %)
tin (-5.2), lead (-5.1), nickel (-2.7), aluminum (-1.9), copper (-1.8), zinc (-1.5)
36
Reuters index*
(Period average)
2011
2012
Annual Annual Annual
3,062
3,006
2,774
2013
Oct
Nov
2,655
Dec
Jan
Feb
Mar
Apr
2014
May
Jun
Jul
Aug
2,623 2,642 2,574 2,586 2,641 2,650 2,608 2,569 2,548 2,510
Sep
2,415
* A weighted average index of 17 major commodities

Source: KOREA PDS
International commodity prices

Sources: Bloomberg (CRB), The Bank of Korea (Reuters Index)
* CRB demonstrates a futures price index of 21 commodities listed on the US Commodity Transaction Market, including
beans and other crops, crude oil and jewelry.
470
4000
430
3000
390
350
2000
310
270
1000
230
190
150
2004.1
CRB (left)
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
Reuters index (right)

12.1 Housing market
Nationwide apartment sales prices in September
rose 0.2 percent month-on-month.
(up 0.2%) . Prices in areas excluding the Seoul

metropolitan area rose 0.2 percent. Apartment prices
in the five metropolitan cities and the eight provinces
were up 0.2 percent and 0.1 percent, respectively.
Apartment sales price increase in five metropolitan cities
Apartment sales prices rose in the Seoul

metropolitan area (up 0.3%), which includes Seoul
(up 0.2%), Gyeonggi Province (up 0.4%) and Incheon
(m-o-m, %)
Busan (0.1), Daegu (0.4), Gwangju (0.1), Daejeon (0.2),
Ulsan (0.3)
Nationwide apartment sales prices
2010 2011 2012 2013

Annual Annual Annual Annual Annual
Mar
Apr
2014
May
Jun
Jul
Aug
Sep
0.0
0.0
0.1
0.2
1.9
6.9
0.0
0.3
1.1
0.2
0.2
0.1
0.0
Seoul metropolitan area
-1.7
0.5
-3.0
-1.1
1.0
0.2
0.3
0.0
-0.1
0.0
0.0
0.1
0.3
Seoul
-1.2
0.3
-2.9
-1.4
0.8
0.2
0.2
0.0
-0.1
-0.1
0.0
0.0
0.2
Gangnam
-1.0
0.3
-3.5
-1.1
0.8
0.2
0.2
-0.1
-0.1
-0.1
0.0
0.0
0.3
Gangbuk
-1.4
0.3
-2.3
-1.7
0.8
0.2
0.2
0.1
0.0
0.0
-0.1
0.1
0.1
6.4
15.1
3.1
1.7
1.3
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.2
Areas excluding the Seoul

metropolitan area
1. Upscale area of Southern Seoul 2. Northern Seoul

Source: Korea Appraisal Board
Apartment sales prices by region

3.0
(m-o-m, %)
2.0
1.0
0.0
-1.0
2009.1
Nationwide
2010.1
2011.1
2012.1
2013.1
2014.1
Areas excluding Seoul metropolitan area
The Green Book
Nationwide
Feb
37

Nationwide apartment rental prices in September rose 0.3 percent month-on-month.
Rental prices rose 0.5 percent in the Seoul metropolitan area, and were up 0.2 percent in regions excluding the
Seoul metropolitan area.
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (0.2), Seocho (0.4), Songpa (0.2), Gangdong (0.9), Nowon (0.4)
Nationwide apartment rental prices
2010 2011 2012 2013

Annual Annual Annual Annual Annual
38
Feb
Mar
Apr
2014
May
Jun
Jul
Aug
Sep
Nationwide
7.1
12.3
3.5
4.7
2.5
0.5
0.5
0.1
0.1
0.1
0.1
0.2
0.3
6.3
11.0
2.1
6.2
3.5
0.8
0.7
0.1
0.0
0.1
0.2
0.2
0.5
Seoul
6.4
10.8
2.1
6.6
2.6
0.6
0.5
0.1
0.0
0.0
0.1
0.1
0.3
Gangnam
7.6
11.1
2.4
6.7
2.4
0.7
0.4
-0.1 -0.1
0.0
0.1
0.2
0.3
Gangbuk
5.1
10.6
1.8
6.4
2.9
0.6
0.6
0.2
0.1
0.1
0.1
0.1
0.3
Areas excluding the Seoul

metropolitan area
9.2
14.5
4.6
3.3
1.5
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.2
2012.1
1. Upscale area of Southern Seoul 2. Northern Seoul

Apartment rental prices by region

3.0
(m-o-m, %)
2.0
1.0
0.0
-1.0
-2.0
2009.1
Nationwide
2010.1
2001.1
2013.1
2014.1
Apartment sales transactions in August decreased 1.1 percent from 76,850 transactions in the previous month
to 75,973 transactions, but were up 63.1 percent from a year earlier (46,586).
Apartment sales transactions
(Monthly average, thousands)
2009 2010 2011 2012

2013
2014
Annual Annual Annual Annual Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Nationwide
73
67
82
61
47
57
90
85
93
59
79
89
93
78
73
Jul
Aug
77
76
Source: Ministry of Land, Infrastructure and Transport
Monthly apartment transaction volume

Source: Ministry of Land, Infrastructure and Transport
160
(thousands)
140
39
120
100
60
40
20
0
2009.1
2010.1
Nationwide
2011.1
2012.1
2013.1
2014.1
12.2 Land market

Nationwide land prices in August rose 0.14 percent month-on-month.
Land price growth slowed in the Seoul metropolitan area (up 0.13%), which includes Seoul (up 0.19%) and
Gyeonggi Province (up 0.08%).
Land price increases in Seoul metropolitan area (m-o-m, %)
0.11 (Jan 2014) > 0.14 (Feb) > 0.22 (Mar) > 0.18 (Apr) > 0.15 (May) > 0.13 (Jun) > 0.15 (Jul) > 0.13 (Aug)
Land price growth also slowed down in areas excluding the Seoul metropolitan area (up 0.15%), which
includes Busan (up 0.18%), Daegu (up 0.25%) and Ulsan (up 0.11%).
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.10 (Jan 2014) > 0.14 (Feb) > 0.17 (Mar) > 0.18 (Apr) > 0.15 (May) > 0.18 (Jun) > 0.20 (Jul) > 0.15 (Aug)
The Green Book
80

Land prices by region
2008 2009 2010 2011 2012

Annual Annual Annual Annual Annual Annual Q1
2013
Q2
Q3
Q4 Annual
2014
Q2
Jun
Q1
Jul
Aug
Nationwide
-0.31 0.96 1.05 1.17 0.87 1.14 0.21 0.37 0.10 0.46 1.24 0.45 0.48 0.15 0.17 0.14
Seoul
-1.00 1.40 0.53 0.97 0.33 1.21 0.10 0.41 0.08 0.61 1.68 0.69 0.59 0.18 0.21 0.19
Gyeonggi
-0.26 1.22 1.49 1.47 0.97 0.91 0.17 0.33 0.07 0.34 0.81 0.26 0.37 0.09 0.11 0.08
Incheon
1.37 1.99 1.43 0.66 0.36 0.87 0.21 0.37 0.07 0.23 0.82 0.37 0.25 0.09 0.07 0.12
Land prices by region

15
40
(%)
12
9
6
3
0
-3
-6
-9
-12
-15
-18
1994
1995
1996
1997
1998
1999
National average
2000
2001
2002
2003
2004
2005
2006
Metropolitan city
2007
2008
2009
2010
2011 2012
City
2013
County
Land and consumer prices since 1970s

Sources: Korea Appraisal Board (land prices), Statistics Korea (consumer prices)
60
(y-o-y, %)
50
40
30
20
10
0
-10
-20
1974
1977
Land price inflation
1980
1983
1986
1989
1992
1995
1998
2001
2004
2007
2010
2013
There were 204,000 land transactions in August, down 6.7 percent from the previous month but up 33.8
percent from 153,000 a year earlier.
Land transactions declined throughout the nation, led by Busan (down 17.4%, m-o-m), Gwangju (down 24.3%,
m-o-m) , and Sejong (down 20.7%, m-o-m), except for a few regions such as Seoul (up 0.8%, m-o-m) and
Daegu (up 3.1%, m-o-m).
Vacant land transactions, which accounted for 37.1 percent of the total land transactions, fell 12.2 percent
month-on-month to 76,000 but were up 13.4 percent from 67,000 a year earlier.
Land transactions
2008
2009
(Land lots, thousands)
2010
2011
2012
2013
2014
Annual Annual Annual Annual Annual Annual Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
Nationwide
203
187
208
170
187
144 208 201 236 183 205 227 233 207 199 219 204
Seoul
26
22
16
18
13
17
14
20
19
22
17
20
24
22
18
18
21
21
Gyeonggi
45
46
41
43
33
37
30
44
41
50
37
42
47
49
42
39
45
42
Incheon
13
10
10
10
10
10
11
1. Monthly average
Source: Korea Land & Housing Corporation
Land transaction volume

500,000
(thousand m)
400,000
300,000
200,000
100,000
0
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
The Green Book
208
41
13. Composite indices of

business cycle indicators
Industrial output in August fell 0.6 percent month-on-month but rose 0.6 percent year-on-year. Output rose in
services (up 0.3%, m-o-m), construction (up 1.0%, m-o-m) and public administration (up 7.2%, m-o-m), but
fell in mining & manufacturing (down 3.8%, m-o-m).
Index of all industry production

42
20
(%)
15
10
5
0
-5
-10
-15
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
Index of all industry production (m-o-m)
2012.1
2013.1
2014.1
Index of all industry production(y-o-y)
Jan
Feb
Mar
Apr
2014
May
Jun
Jul
Aug
Index of all industry production (m-o-m, %)

(y-o-y, %)
1.1
0.9
-1.5
1.4
0.7
2.7
-0.6
1.4
-1.0
-0.6
2.3
1.7
0.3
2.7
-0.6
0.6
Coincident composite index (m-o-m, %)
0.6
0.3
0.4
0.1
0.0
0.3
0.5
0.7
100.7
0.3
100.6
-0.1
100.7
0.1
100.5
-0.2
100.1
-0.4
100.1
0.0
100.2
0.1
100.5
0.3
0.5
0.3
0.2
0.5
0.3
0.6
0.4
1.2
101.6
0.1
101.5
-0.1
101.3
-0.2
101.4
0.1
101.3
-0.1
101.6
0.3
101.6
0.0
102.4
0.8
Cyclical indicator of coincident composite index

(m-o-m, p)
Leading composite index (m-o-m, %)
Cyclical indicator of leading composite index
(m-o-m, p)
1. Preliminary
The cyclical indicator of the coincident composite index rose 0.3 points in August. Among the components of
the coincident composite index, domestic shipments and imports fell, while five others, such as mining &
manufacturing production, service output, the value of construction completed and retail sales, rose.
Components of the coincident composite index in August (m-o-m)
mining & manufacturing production (0.1%), service output (0.7%), value of construction completed (0.7%), retail sales
(1.0%), nonfarm payroll employment (0.6%), domestic shipments (-0.5%), imports (-0.1%)
Cyclical indicator of coincident composite index

110
(points)
43
100
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
The cyclical indicator of the leading composite index rose 0.8 points. Among the components of the leading
composite index, the indicator of inventory cycle, domestic shipments of machinery and spreads between long
& short term interest rates declined, while six others, including the value of construction orders, ratio of export
to import prices and ratio of job openings to job seekers, rose.
Components of the leading composite index in August (m-o-m)
consumer expectations index (0.9p), value of construction orders received (25.0%), ratio of export to import prices (0.7%),
international commodity prices (1.8%), ratio of job openings to job seekers (1.7%p), KOSPI (1.1%), indicator of inventory
cycle (-0.1%p), domestic shipments of machinery (-0.1%), spreads between long & short term interest rates (-0.05%p)
Cyclical indicator of leading composite index

110
(points)
100
90
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
2011.1
2012.1
2013.1
2014.1
The Green Book
90
44
PO
LIC
Y
ISS
UE
S
2014-2018 Public Institution Financial

Management Plan
The government submitted the 2014-2018 public institution financial management plan to the National
Assembly on September 22.
The 2014-2018 public institution financial management plan focuses on the following three points:
-Continue to improve financial soundness by properly implementing the 2013-2017 public institution debt
reduction plans for each institution
-Utilize some of the funds becoming available in public institutions due to the strong won or other changes
in external conditions in order to stimulate the economy and support small- and medium-sized enterprises
(SMEs) and working classes
-Introduce a total bond issuance limit for public corporations, and require them to include their bond
issuance plans in their mid- to long-term financial management plans in order to prevent them from
issuing too much debt
Total debt and the debt to equity ratio (hereby known as debt ratio) of the 40 public institutions are projected
to be 513 trillion won and 172 percent, respectively, in 2018. The 2018 debt outlook is larger than the 2014 debt
outlook (511 trillion won), but smaller than the 2016 outlook (526 trillion won), and the debt ratio is expected to
continue to fall from 220 percent in 2014 to 172 percent in 2018.
Compared with the 2017 debt reduction outlook projected in the 2013-2017 public institution debt reduction plan,
debt is forecast to decrease by 4 trillion won and the debt ratio is forecast to improve by 5 percentage points in
2017 according to the 2014-2018 mid- to long-term plans.
2013-2017 debt reduction plan vs. 2014-2018 mid- to long-term plan
2013-2017 debt reduction plan

2014-2018 mid- to long-term plan
Difference
1. 2014-2017 average
(trillion won, %)
2014
(A)
2015
2016
2017
2018
(B)
Debt
517
527
528
521
Annual
average
(B/A)
0.3
Debt ratio
227
218
203
188
-6.1
Debt
511
524
526
517
513
0.1
Debt ratio
220
214
200
183
172
-6.0
Debt
-6
-3
-2
-4
Debt ratio
-7
-4
-3
-5
Policy Issues
2014-2018 debt reduction outlook for the 40 public institutions

that submitted mid- to long-term financial management plans
45
Policy Issues
The 4 trillion won debt reduction will be the outcome of 11.8 trillion won in debt reduction and a 7.7 trillion won
debt increase, and the debt reduction and increase factors are as follows:
-The 11.8 trillion won debt reduction is due to external conditions including foreign exchange rates (-7.6 trillion
won), overseas investment adjustment (-0.7 trillion won), changes in accounting standards and other
factors (-3.0 trillion won), debt reduction efforts by individual public institutions (-0.5 trillion won).
-The 7.7 trillion won debt increase is due to the introduction of individual consumption taxes on bituminous coal
and the carbon dioxide emissions trading system (+2.4 trillion won), and an increase in investment (+ 6.3 trillion
won), part of which will be offset by government support and private-sector financing (-1.0 trillion won). The 6.3
trillion won increase in investment is composed of 2.8 trillion won investment in social overhead capital (SOC),
energy and safety in 2014-2015, extra investment of 2.2 trillion won in SME and working class support during
the same period, and a 1.3 trillion won investment increase in 2016-2017 to stimulate the economy.
46
Financial soundness in 2018

Public institutions that are recognized as financially
sound are expected to increase from 12 in 2013
to 17 in 2018, 11 out of which will be among the
16 institutions that have been flagged as highly
indebted for their excessively high debt levels
(excluding the Korea Deposit Insurance Cooperation
and the Korea Student Aid Foundation from the
18 highly indebted public institutions that were
originally designated).
1. The 16 highly indebted institutions refer to the following:

Korea Electric Power Corporation (5 power generating
companies, Korea Hydro and Nuclear Power Corporation),
Korea Gas Corporation, Korea National Oil Corporation,
Korea Resources Corporation, Korea Coal Corporation,
Korea Land and Housing Corporation (LH), Korea Water
Resources Corporation, Korea Railroad Corporation, Korea
Rail Network Authority, Korea Expressway Corporation.
2. The Korea Deposit Insurance Corporation and the Korea
Student Aid Foundation are excluded because they provide
policy-financing.
The Korea Electric Power Corporation (above) is included

among the 16 public institutions that have been flagged as
'highly indebted'. Some of these highly indebted institutions
are expected to become financially sound by 2018.
Public institution financial soundness outlook for 2018

Interest coverage
ratio (times)
1.0 or more
Debt ratio (%)

Below 200%
Companies in the black
17 Companies including Korea

Electric Power Corporation
Korea Gas Corporation
Korea Railroad
Corporation
LH
200% or more
Below 1.0
Current net income

Companies in the red
Below 200%
200% or more
Korea Rail Network

Authority, Korea Coal
Corporation
1. Unable to calculate debt ratio due to zero equity (Korea Rail Network Authority) and equity impairment (Korea Coal Corporation)
LH, the Korea Gas Corporation and other public enterprises that are expected to fail to meet the financial
soundness standards are also expected to make improvements in 2018 compared with the 2013 figures.
47
Financial soundness estimates for public institutions expected to fail to meet soundness standards
Debt ratio (%)
2013
2018
Current net income (billion won)

2013
2018
Korea Gas
Corporation
1.8
2.0
389
220
-203.6
1,223.4
LH
0.7
0.9
458
343
710.9
367.7
Korea Railroad
Corporation
-0.1
0.5
372
191
-4,331.0
-211.4
Korea Rail Network

Authority
0.4
0.9
-95.8
-86.9
1. LH's net income will decrease in line with a decrease in land sales
Debt issuance
The 2014-2018 public institution financial management plan includes a total debt issuance limit for the 16 highly
indebted public institutions.
Public institution debt issuance as of end-2013
(trillion won, %)
Total debt
Financial liability
Bonds repayable
457
365
291
18 highly indebted public enterprises

(% to A)
417
(91.2)
332
(91.0)
267
(91.8)
16 highly indebted public enterprises

(% to A)
380
(83.2)
280
(76.7)
227
(78.0)
30 public institutions with bonds repayable (A)
Policy Issues
Interest coverage ratio (times)

2013
2018
Policy Issues
The government will implement a total debt issuance limit on corporate bonds, structured notes, asset-backed
securities and other short-term liabilities including commercial paper and asset backed short-term bonds for
the 16 highly indebted public institutions.
The bond repayable to total debt ratio in the 16 highly indebted public institutions will drop by 1 percentage point
every year from 62 percent in 2014 to 58 percent in 2018, while bonds repayable will drop from 244 trillion won
in 2014 to 237 trillion won in 2018.
Bonds repayable outlook
48
(trillion won)
2014 (A)
2015
2016
2017
2018 (B)
Change
(B-A)
16 highly indebted public institutions
244
248
247
240
237
-7
- LH
69.3
68.1
64.4
58.7
57.6
-11.7
- Korea Gas Corporation
26.9
25.7
25.1
23.5
22.1
-4.8
9.8
11.4
11.8
12.1
12.5
2.7
25.3
26.2
27.2
28.1
29.2
3.8
- Korea Hydro and Nuclear Power Coporation

- Korea Expressway Corporation
Future plans
Public institutions will be required to continue to carry out their individual debt reduction plans by selling
assets, scaling down projects and improving management efficiency. Debt reduction performance will be
evaluated, and the head of an institution that receives a poor evaluation will have to take responsibility. The
next evaluation is in 2015.
The government will require more public institutions to adopt a project-based accounting system that
is designed to efficiently manage debt by type. Currently, seven public institutions, including LH, use the
accounting system, and six more public institutions will be required to use the accounting system.
Projects worth 50 billion won or more will be subject to an in-depth feasibility study, and the government
will introduce an in-depth project performance evaluation. Three projects have been chosen for the in-depth
evaluation as model cases.
The limit on total bond issuance will be introduced in 2014, and will be fully implemented beginning in 2015.
Public institutions are required to take into account their bond issuance limits when planning their 2015
budgets, and the government will continue to monitor public institutions bonds repayable every quarter to
include the outcomes in the management performance evaluation. Public institutions whose bonds repayable
exceed the limit will have to reduce bond issuance the next year to maintain bonds repayable below the limit.
The government will continue to look into ways to reduce public institution debt, and at the same time will
keep trying to find ways to encourage private-sector investment in public projects.
Ec
o
Ne no
ws mi
c
Br
iefi
ng
49
E co n o m i c New s B r i e f i n g
BOK cuts key rate to 2.00%

Government to enhance flexible work hour system
FDI in Jan-Sep 2014 posts record high
COP 12 held in Korea
Measures to improve prudential regulations on asset management industry
Overseas construction orders rise 5.2% in first nine months of 2014
Follow-up measures for female employment
Cultural content firms to receive financial support
Measures for addressing weak yen
Bank of Korea Governor Lee

Ju-Yeol is banging a gavel
during a Monetary Policy
Commitee meeting held at
the central bank's
headquarters on October 15.
50
BOK cuts key rate to 2.00%
The Monetary Policy Committee of the Bank of

Korea (BOK) decided on October 15 to lower its
benchmark interest rate by 25 basis points to 2.00
percent. This is the second rate cut in two months,
after the central bank lowered its base rate by 25
basis points to 2.25 percent on August 14. The
BOKs latest move brought the base rate to the
lowest since 2010, and aims to address poor
growth and low inflation in the nations economy.
Government to enhance flexible work hour system

As a follow-up to the measures to promote flexible
work hours announced in November 2013, the
government has announced 25 action plans
to supplement the November 2013 plans. The
supplementary measures consist of creating
flexible work hour jobs, promoting the transfer
from full time to flexible working hours, improving
work conditions, and strengthening the foundation
for a flexible work hour system.
The ratio of flexible work hour local government
officials will be raised by 1 percentage point,
and incentives for flexible work hour jobs in the
private sector will be increased. To promote the
transfer from full time to flexible work hours, the
government will increase public sector flexible

hour jobs by allowing 15-35 hour work weeks for
civil servants, introducing a flexible work hour
teacher system in which full time teachers can
transfer to the flexible work hour system, and
developing guidelines for the transfer of full time
researchers to the flexible work hour system at
public institutions.
The government also aims to improve work
conditions, by revising social security insurance
programs in order to incorporate the flexible
work hour system, and by revising retirement
benefits to allow full benefits for the flexible
work hour system. To strengthen the foundation
for the system, the government will develop
a manual and release statistics regarding flexible
work hours, including wages, social insurance
and contract periods, starting in March 2015.
FDI in Jan-Sep 2014 posts record high

Foreign direct investment (FDI) in Korea for the
first three quarters of 2014 posted a record high,
rising 37.9 percent year-on-year to US $14.82
billion. FDI in manufacturing rose 101.4 percent to
US $6.07 billion, and FDI in services rose 11.4
percent to US $8.60 billion. By region, investment
from the Greater China Region, EU and US
increased, while investment from Japan

decreased. China has recently emerged as a
major investor, as investment from the nation in
the third quarter rose 230.4 percent year-on-year
to US $1.03 billion.
COP 12 held in Korea

The 12th Meeting of the Conference of the Parties to
the Convention on Biological Diversity, also known as
COP 12, was held on October 6-17 in Pyeongchang,
Gangwon Province. About 20,000 participants from
governments, international organizations, NGOs and
businesses around the world gathered at
Pyeongchang to discuss various issues under the
theme Biodiversity for Sustainable Development.
Measures to improve prudential regulations on

asset management industry
The Financial Ser vices Commission (FSC)
announced on September 25 measures to improve
prudential regulations on the asset management
industry. One plan involves the abolishment of net
capital ratio (NCR) rules. The NCR has been used
as a standard for prompt corrective action
imposed on asset management firms as well as
In addition to the NCR rules, the current

management evaluation system will also be
abolished for the asset management industry.
Instead, operational risk evaluation will be
introduced to evaluate asset management
companies internal control and risk management.
Overseas construction orders rise 5.2% in first nine

months of 2014
Overseas construction orders rose 5.2 percent
year-on-year to US $48.3 billion in the first nine
months of 2014, the second largest amount for the
January-September period. While the Middle East
accounted for more than 50 percent of total
overseas construction orders in the first three
quarters, orders from Latin America and Africa
have also been increasing. In the third quarter
alone, orders from markets excluding Asia and the
Middle East accounted for 46 percent of the total.
Follow-up measures for female employment

The governments Roadmap to 70 Percent
Employment, announced in June 2013, contained
within it a subset of measures aimed at boosting
female employment to help reach the governments
70 percent target. Specifically, the government took
measures to encourage women to re-enter the
workforce after an absence. However, despite
implementing systems that encourage women to
51
E co n o m i c New s B r i e f i n g
The main session was accompanied by side

events such as the High Level Segment, Biodiversity
Summit, International Symposium on the
Demilitarized Zone (DMZ), and International
Symposium on the Nagoya Protocol. At the High
Level Segment, a global meeting of environment
ministers and heads of international organizations
that was held on October 15-16, the delegates
adopted the Gangwon Declaration, which
acknowledged the importance of conservation
and sustainable use of biodiversity and the
restoration of ecosystems, and welcomed the
Peace and Biodiversity Dialogue initiative of
Korea.
securities firms, but market participants have

claimed that the NCR rules are not appropriate
for asset management companies, as the NCR
regime is better suited to securities firms
business models and environment. The FSC will
replace the NCR rules with the minimum capital
requirement, which includes regulatory capital
requirement, capital requirement for client asset
management, and capital requirement for
proprietary investments.

remain employed or seek reemployment after an
absence, the number of women taking advantage of
these policies remains low, and corporate cultures
have been slow to accept new changes. Therefore,
the government has decided to take follow-up
measures to ensure that policies aimed at female
employment have the desired effect and begin to
take root in workplaces throughout Korea.
52
The follow-up measures focus on expanding access

to childcare, strengthening maternity protection,
providing job training and creating a family-friendly
work culture. Childcare measures involve
developing customized childcare support systems
for dual-income families, and increasing the
number of public daycare centers as well as
workplace daycare centers. To strengthen maternity
protection, the government will increase support for
business owners that offer reduced hours for
working parents, and strengthen incentives to
promote automatic parental leave. Other measures
include promoting job training to open up higherquality jobs for women, and raising awareness
regarding a womans right to access maternity
benefits as early as pregnancy.
Measures for addressing weak yen

The government is contemplating measures to
protect the Korean economy from the weakening
yen, as the Japanese currency is expected to remain
weak in the medium term due to the possibility of
interest rate hikes in the US and additional stimulus
measures in Japan. For the short term, the
government will address the difficulties faced by
Koreas exporters by encouraging those companies
to sign up for the exchange rate volatility insurance,
as well as providing about 1 trillion won in support in
the fourth quarter of 2014. Long term measures
involve helping the nations exporters to become
more competitive and less reliant on the Japanese
market. As the weak yen makes Japans equipment
and skilled labor cheaper, the government will use
this as an opportunity to boost the productivity of
Koreas firms.
Cultural content firms to receive financial support

The Small & Medium Business Administration
(SMBA) will provide loans to promising content
firms starting in October, to aid struggling
businesses in the cultural content industry. More
than 90 percent of content companies are small
businesses, with less than 1 billion won in equity
capital and fewer than 10 employees, often
making them ineligible for private sector loans.
Starting with a budget of 5 billion won, the SMBA
will lend up to 1 billion won per project for up to
seven years to companies seeking funding for
creating games, music, musicals, animations or
characters.
A bank official is examining yen notes at the Korea Exchange

Bank on October 13.
1. National accounts
2. Production, shipment and inventory

3. Production capacity and operation ratio
4. Consumer goods sales index
5. Consumer goods shipment index and consumer sentiment index
6 Machinery orders received and estimated facility investment index
7. Value of construction completed and domestic construction orders received
8. Composite indices of business cycle indicators and BSI
9. Balance of payments (I)
10. Balance of payments (II)
11. Prices
12. Employment
13. Financial indicators
14. Monetary indicators
15. Exchange rates
53
Sta
tist
App ic
a
en l
dic
es
Statistical A ppendic es
1. National accounts
(year-on-year change, %, chained 2010 year prices)
Real GDP
Period
54
Agri., fores. &

fisheries
Manufacturing
Final
consumption
expenditure
Gross fixed capital formation

Construction
Facilities
2005
2006
2007
2008
2009
2010
2011
2012
2013P
3.9
5.2
5.5
2.8
0.7
6.5
3.7
2.3
3.0
1.4
1.6
4.1
5.6
3.2
-4.3
-2.0
-0.9
5.8
5.8
7.7
8.4
3.7
-0.5
13.7
6.5
2.4
3.3
4.4
5.2
5.3
2.2
1.3
4.3
2.7
2.2
2.2
2.0
3.6
5.0
-0.9
0.3
5.5
0.8
-0.5
4.2
-0.1
0.7
1.5
-2.7
3.5
-3.7
-3.4
-3.9
6.7
4.8
8.4
9.7
-0.2
-7.7
22.0
4.7
0.1
-1.5
2005
2.5
3.6
4.5
4.9
0.5
4.8
3.8
-3.1
3.6
4.5
7.0
8.1
2.6
4.5
5.4
5.3
0.6
1.7
2.1
3.3
-2.5
1.1
0.0
0.3
3.7
2.1
4.3
9.1
2006
6.3
4.7
2.1
4.8
4.1
-0.2
-1.3
4.2
9.6
7.4
8.2
6.1
5.9
5.1
4.7
5.0
3.0
0.7
4.3
5.9
1.7
-4.1
-0.3
5.4
4.6
8.8
13.5
6.8
2007
4.7
5.6
5.1
6.3
1.7
7.0
8.1
-0.6
6.5
8.6
7.4
10.9
5.2
5.6
5.5
5.0
6.6
6.3
2.1
5.2
3.8
2.0
0.0
0.9
10.3
14.2
2.1
12.2
2008
5.5
4.1
3.9
-1.6
7.7
4.6
4.3
6.4
8.2
7.1
6.1
-5.3
4.7
3.1
2.4
-1.4
1.8
0.9
2.3
-7.0
-2.0
-0.7
0.2
-7.3
7.0
1.4
5.6
-13.0
2009
-1.9
-1.1
0.9
4.8
2.5
0.0
5.0
5.0
-8.4
-5.7
1.6
10.4
-1.9
0.9
1.7
4.5
-5.4
-1.1
0.8
5.8
1.9
4.4
3.1
4.1
-19.4
-13.6
-5.9
9.5
2010
7.2
7.4
5.4
6.0
0.0
-2.2
-7.8
-5.7
16.1
17.2
10.1
11.9
6.2
3.6
3.9
3.4
12.0
6.8
3.8
1.2
1.6
-4.8
-4.8
-5.2
27.6
28.8
20.6
12.9
2011
4.9
3.6
3.3
3.1
-9.2
-2.4
-5.8
7.0
11.4
6.5
5.6
3.4
3.3
3.3
2.8
1.7
-0.7
2.5
1.7
-0.3
-8.3
-2.5
-2.1
-2.0
8.2
8.3
3.4
-0.9
2012
2.6
2.4
2.1
2.1
-0.3
-2.2
-0.1
-0.7
2.7
2.8
2.0
2.0
2.2
1.3
2.7
2.7
6.2
-2.3
-1.0
-3.4
-0.2
-5.4
-2.7
-6.2
11.1
-1.8
-4.2
-4.0
2013P
2.1
2.7
3.4
3.7
0.4
2.9
7.4
9.9
1.8
2.8
3.8
4.5
1.6
2.4
2.3
2.4
-2.6
5.0
5.9
7.8
1.9
9.8
8.8
5.4
-12.7
-3.9
1.5
10.9
2014P
3.9
3.5
7.7
3.4
5.6
5.3
2.6
1.5
5.9
3.4
4.3
0.2
7.3
7.7
P: Preliminary
2. Production, shipment and inventory

(constant prices, 2010=100)
Period
Production index
Shipment index
y-o-y
change(%)
Inventory index
y-o-y
change(%)
Service production index
y-o-y
change(%)
y-o-y
change(%)
106.0
107.4
107.7
6.0
1.3
0.3
105.6
107.2
107.6
5.6
1.5
0.4
119.9
125.2
131.4
15.0
4.4
5.0
103.2
104.8
106.3
3.2
1.6
1.4
2011
102.6
107.5
104.0
109.7
9.1
6.2
5.4
3.4
103.4
106.6
103.2
109.3
10.0
5.4
4.7
2.8
104.9
109.8
112.3
119.9
7.8
11.8
11.4
15.0
99.4
103.4
103.2
106.7
2.8
2.7
4.2
3.0
2012
106.6
108.9
103.7
110.6
3.9
1.3
-0.3
0.8
106.6
108.4
103.8
109.8
3.1
1.7
0.6
0.5
117.7
114.8
114.5
125.2
12.2
4.6
2.0
4.4
102.0
104.9
104.8
107.6
2.6
1.5
1.6
0.8
2013
105.7
108.9
103.9
112.5
-0.8
0.0
0.2
1.9
105.7
108.9
104.0
111.8
-0.8
0.5
0.2
2.0
123.1
119.4
125.0
131.4
4.6
4.0
9.2
6.2
102.9
106.7
105.6
109.9
0.9
1.7
0.8
2.1
2014
106.4
109.2
0.7
0.3
105.9
108.7
0.2
-0.2
130.1
128.6
5.7
7.7
104.9
108.2
1.9
1.4
2012 1
2
3
4
5
6
7
8
9
10
11
12
102.0
106.1
111.6
106.8
110.7
109.2
106.0
100.3
104.7
108.8
112.6
110.3
-3.1
15.3
0.9
0.0
3.3
0.7
0.0
-1.3
0.3
-0.8
3.0
0.1
102.8
106.1
111.0
106.2
109.9
109.2
105.2
99.9
106.2
108.2
111.0
110.1
-2.8
13.5
0.1
-0.6
3.7
2.0
1.0
-1.4
1.9
-0.9
2.6
-0.3
119.3
117.4
117.7
116.5
118.2
114.8
115.4
119.3
114.5
116.1
121.3
125.2
14.2
14.1
12.2
10.2
8.8
4.6
3.2
6.5
2.0
0.6
3.1
4.4
100.3
99.9
105.7
102.8
105.9
105.9
104.8
103.9
105.7
104.7
105.5
112.7
0.3
6.2
1.5
0.7
2.4
1.2
1.6
0.8
2.2
0.5
1.5
0.7
2013 1
2
3
4
5
6
7
8
9
10
11
12
110.9
96.9
109.2
109.1
110.2
107.4
107.5
103.5
100.7
112.7
111.8
113.0
8.7
-8.7
-2.2
2.2
-0.5
-1.6
1.4
3.2
-3.8
3.6
-0.7
2.4
109.5
97.8
109.8
108.8
109.8
108.1
106.6
104.4
100.9
112.0
111.3
112.1
6.5
-7.8
-1.1
2.4
-0.1
-1.0
1.3
4.5
-5.0
3.5
0.3
1.8
128.3
124.6
123.1
121.0
122.2
119.4
124.2
123.8
125.0
126.9
129.2
131.4
7.5
6.1
4.6
3.9
3.4
4.0
7.6
3.8
9.2
9.3
6.5
5.0
102.1
100.2
106.4
105.4
107.7
107.0
105.6
105.6
105.5
107.7
107.4
114.7
1.8
0.3
0.7
2.5
1.7
1.0
0.8
1.6
-0.2
2.9
1.8
1.8
2014 1
2
3
4
5
6
7P
8P
106.1
100.7
112.3
111.8
107.9
107.9
111.7
100.6
-4.3
3.9
2.8
2.5
-2.1
0.5
3.9
-2.8
104.5
100.8
112.5
110.8
108.1
107.3
108.8
101.0
-4.6
3.1
2.5
1.8
-1.5
-0.7
2.1
-3.3
133.1
129.3
130.1
131.3
129.8
128.6
133.0
130.2
3.7
3.8
5.7
8.5
6.2
7.7
7.1
5.2
104.3
101.3
109.0
106.4
108.5
109.7
108.5
107.8
2.2
1.1
2.4
0.9
0.7
2.5
2.7
2.1
P: Preliminary
55
2011
2012
2013
3. Production capacity and operation ratio
Period
56
Production capacity index (2010=100)
Operation ratio index (2010=100)
y-o-y change (%)
y-o-y change (%)
Average operation
ratio (%)
2011
2012
2013
104.7
106.9
108.7
4.7
2.1
1.7
100.2
97.5
94.8
0.2
-2.7
-2.8
80.5
78.5
76.2
2011
103.5
104.5
105.0
105.6
5.7
5.1
4.3
3.5
97.8
103.5
97.7
101.9
2.2
0.8
0.1
-2.0
81.4
80.6
80.9
79.1
2012
106.3
106.7
107.0
107.5
2.7
2.1
1.9
1.8
97.5
101.0
93.2
98.3
-0.3
-2.4
-4.6
-3.5
79.9
79.5
76.6
78.0
2013
108.2
108.4
108.9
109.3
1.8
1.6
1.8
1.7
93.3
97.4
90.5
97.9
-4.3
-3.6
-2.9
-0.4
77.3
75.9
75.1
76.5
2014
109.5
109.7
1.2
1.2
92.5
96.8
-0.9
-0.6
77.2
76.3
2012 1
2
3
4
5
6
7
8
9
10
11
12
106.2
106.2
106.4
106.6
106.7
106.8
106.7
107.2
107.0
107.3
107.5
107.6
2.9
2.7
2.4
2.1
2.2
2.1
1.8
2.1
1.7
1.4
1.9
1.9
92.5
97.2
102.9
98.9
102.6
101.4
97.2
88.3
94.1
98.1
100.7
96.1
-8.0
11.3
-2.6
-3.6
-0.6
-3.1
-3.5
-6.9
-3.6
-4.6
-1.7
-4.5
80.0
80.4
79.2
79.6
79.9
78.9
78.4
74.3
77.2
77.4
78.3
78.2
2013 1
2
3
4
5
6
7
8
9
10
11
12
108.1
108.2
108.2
108.2
108.4
108.6
108.7
109.0
109.0
109.1
109.3
109.6
1.8
1.9
1.7
1.5
1.6
1.7
1.9
1.7
1.9
1.7
1.7
1.9
98.5
84.5
96.8
97.4
99.0
95.9
94.3
90.4
86.7
99.2
97.9
96.7
6.5
-13.1
-5.9
-1.5
-3.5
-5.4
-3.0
2.4
-7.9
1.1
-2.8
0.6
78.8
77.1
75.9
75.9
75.9
75.9
74.8
76.3
74.3
76.2
76.2
77.2
2014 1
2
3
4
5
6
7P
8P
109.6
109.5
109.5
109.5
109.7
109.8
110.2
110.5
1.4
1.2
1.2
1.2
1.2
1.1
1.4
1.4
91.6
87.2
98.7
99.8
95.6
95.1
98.5
86.4
-7.0
3.2
2.0
2.5
-3.4
-0.8
4.5
-4.4
78.2
75.8
77.5
77.8
74.6
76.4
78.2
74.0
P: Preliminary
4. Consumer goods sales index

(constant prices, 2010=100)
Consumer goods sales index
Period
y-o-y
change (%)
Durable goods
y-o-y
change (%)
Semi-durable goods
y-o-y
change (%)
Nondurable goods
y-o-y
change (%)
104.5
107.0
107.9
4.5
2.4
0.8
110.6
116.2
116.6
10.6
5.3
0.3
103.7
103.8
105.9
3.7
-0.4
2.0
102.1
104.1
104.7
2.1
2.0
0.6
2011
100.7
104.8
103.7
108.9
5.3
6.2
4.0
2.6
105.4
112.2
111.4
113.3
11.5
16.9
10.3
4.4
98.3
105.5
94.2
116.7
5.1
5.2
3.6
1.2
99.6
101.2
104.4
103.3
2.7
2.0
1.5
2.4
2012
103.4
106.4
106.5
111.6
2.8
1.4
2.7
2.5
109.4
114.9
118.4
122.0
4.0
2.6
6.4
8.3
99.0
105.5
92.3
118.4
0.6
-0.5
-2.3
0.5
102.6
102.8
107.2
103.8
3.1
1.7
2.8
0.5
2013
103.7
107.7
107.2
112.9
0.3
1.2
0.7
1.2
110.9
118.2
116.8
120.2
1.4
2.9
-1.4
-1.5
101.7
107.2
95.0
119.6
2.7
1.6
2.9
1.0
101.2
103.0
108.0
106.7
-1.4
0.2
0.7
2.8
2014
106.3
108.5
2.5
0.7
117.5
121.2
6.0
2.5
99.9
104.6
-1.8
-2.4
103.9
104.3
2.7
1.3
2012 1
2
3
4
5
6
7
8
9
10
11
12
107.5
97.8
105.0
103.0
110.1
106.1
108.2
102.3
109.1
109.0
111.6
114.3
2.1
5.5
1.1
0.4
2.6
1.2
3.8
1.3
2.9
1.5
4.1
2.1
107.2
107.2
113.7
107.3
117.3
120.0
125.6
114.0
115.7
117.1
123.1
125.9
3.3
9.8
-0.4
1.0
4.4
2.2
7.4
4.0
7.6
8.0
6.5
10.6
104.7
91.9
100.4
104.8
111.4
100.3
97.3
82.1
97.6
114.8
118.8
121.5
-0.2
2.0
0.1
-1.3
0.8
-0.9
0.9
-5.1
-3.0
-2.0
5.1
-1.4
108.8
96.0
102.9
100.1
106.1
102.1
104.9
105.7
111.1
102.7
103.0
105.8
2.4
4.8
2.2
0.8
2.4
1.6
3.0
2.2
3.2
0.0
2.2
-0.5
2013 1
2
3
4
5
6
7
8
9
10
11
12
104.6
99.5
107.0
105.3
110.8
106.9
109.2
104.6
107.7
111.2
113.1
114.5
-2.7
1.7
1.9
2.2
0.6
0.8
0.9
2.2
-1.3
2.0
1.3
0.2
112.2
105.9
114.7
115.0
119.5
120.2
127.4
116.3
106.8
120.4
120.2
120.0
4.7
-1.2
0.9
7.2
1.9
0.2
1.4
2.0
-7.7
2.8
-2.4
-4.7
102.9
93.1
109.2
106.4
113.8
101.5
98.1
87.1
99.9
113.6
123.5
121.8
-1.7
1.3
8.8
1.5
2.2
1.2
0.8
6.1
2.4
-1.0
4.0
0.2
101.7
99.3
102.5
100.3
105.5
103.1
105.5
106.9
111.6
105.9
105.3
108.8
-6.5
3.4
-0.4
0.2
-0.6
1.0
0.6
1.1
0.5
3.1
2.2
2.8
2014 1
2
3
4
5
6
7P
8P
110.5
99.1
109.3
105.5
112.0
108.0
109.9
106.8
5.6
-0.4
2.1
0.2
1.1
1.0
0.6
2.1
116.8
117.1
118.6
114.1
121.7
127.6
131.2
118.3
4.1
10.6
3.4
-0.8
1.8
6.2
3.0
1.7
100.2
91.6
107.9
105.4
111.3
97.2
95.4
91.0
-2.6
-1.6
-1.2
-0.9
-2.2
-4.2
-2.8
4.5
112.1
94.0
105.5
101.5
107.8
103.6
106.3
108.4
10.2
-5.3
2.9
1.2
2.2
0.5
0.8
1.4
P: Preliminary
57
2011
2012
2013
5. Consumer goods shipment index and consumer
sentiment index
Domestic consumer goods shipment index (2010=100)
Durable goods
Period
58
y-o-y
change (%)
Nondurable goods
y-o-y
change (%)
y-o-y
change (%)
Consumer
sentiment
index
2011
2012
2013
100.9
102.5
101.9
0.9
1.6
-0.6
100.3
102.8
103.1
0.3
2.5
0.3
101.2
102.4
101.4
1.2
1.2
-1.0
2011
101.0
97.9
101.5
103.3
4.6
0.9
0.8
-2.2
99.5
100.7
100.9
100.1
3.8
3.1
-0.1
-5.0
101.6
96.8
101.7
104.6
4.7
0.2
1.1
-1.1
2012
100.8
99.9
103.5
106.0
-0.2
2.0
2.0
2.6
97.8
99.1
102.5
112.0
-1.7
-1.6
1.6
11.9
102.0
100.2
103.9
103.4
0.4
3.5
2.2
-1.1
2013
102.8
98.4
102.1
104.5
2.0
-1.5
-1.4
-1.4
108.0
100.6
102.3
101.5
10.4
1.5
-0.2
-9.4
100.5
97.4
101.9
105.8
-1.5
-2.8
-1.9
2.3
2014
100.4
99.9
-2.3
1.5
103.2
102.7
-4.4
2.1
99.2
98.8
-1.3
1.4
2012 1
2
3
4
5
6
7
8
9
10
11
12
100.6
98.6
103.1
99.2
101.6
98.9
102.8
101.5
106.1
106.6
105.7
105.7
-7.0
10.9
-2.6
0.9
5.9
-0.6
2.4
-0.8
4.3
1.7
4.7
1.5
92.5
98.3
102.5
94.1
100.4
102.8
105.3
98.4
103.9
108.5
110.9
116.5
-8.3
6.0
-2.4
-3.6
1.2
-2.4
0.7
0.1
4.1
8.0
12.0
15.5
104.0
98.7
103.3
101.3
102.1
97.3
101.8
102.9
107.0
105.7
103.5
101.1
-6.6
13.1
-2.6
2.6
8.0
0.2
3.4
-1.1
4.4
-0.8
1.6
-4.1
98
102
102
106
106
101
100
101
99
100
100
99
2013 1
2
3
4
5
6
7
8
9
10
11
12
108.4
96.7
103.2
99.1
99.3
96.7
103.2
103.7
99.3
108.7
102.8
102.0
7.8
-1.9
0.1
-0.1
-2.3
-2.2
0.4
2.2
-6.4
2.0
-2.7
-3.5
110.4
106.1
107.6
97.9
101.3
102.6
108.8
103.6
94.6
104.3
102.9
97.4
19.4
7.9
5.0
4.0
0.9
-0.2
3.3
5.3
-9.0
-3.9
-7.2
-16.4
107.5
92.6
101.3
99.6
98.5
94.1
100.8
103.7
101.3
110.6
102.7
104.0
3.4
-6.2
-1.9
-1.7
-3.5
-3.3
-1.0
0.8
-5.3
4.6
-0.8
2.8
102
102
104
102
104
105
105
105
102
106
107
107
2014 1
2
3
4
5
6
7P
8P
9
102.2
96.3
102.6
101.2
99.6
98.9
104.1
99.3
-
-5.7
-0.4
-0.6
2.1
0.3
2.3
0.9
-4.2
-
99.8
106.5
103.3
97.8
103.4
106.7
106.8
94.1
-
-9.6
0.4
-4.0
-0.1
2.1
4.0
-1.8
-9.2
-
103.3
91.9
102.3
102.7
97.9
95.5
103.0
101.5
-
-3.9
-0.8
1.0
3.1
-0.6
1.5
2.2
-2.1
-
109
108
108
108
105
107
105
107
107
P: Preliminary
6. Machinery orders received and estimated

facility investment index
Domestic machinery orders received excluding ship (billion won, constant value)
Total
Period
2011
2012
2013
Public
y-o-y
change (%)
Private
y-o-y
change (%)
y-o-y change
(%)
Estimated facility investment

index
y-o-y
(2010=100)
change (%)
7.6
-13.9
6.7
2,407
2,142
2,580
-2.6
-11.0
20.5
22,741
19,506
20,524
8.8
-14.2
5.2
103.5
100.6
99.3
3.5
-2.8
-1.3
2011
6,383
6,723
5,666
6,376
15.3
9.6
-0.7
6.4
358
708
310
1,031
-36.7
83.1
-18.6
-9.5
6,025
6,015
5,356
5,345
21.2
4.6
0.6
10.1
97.0
109.4
104.5
103.0
5.2
7.4
3.2
-1.4
2012
6,310
5,391
5,036
4,910
-1.1
-19.8
-11.1
-23.0
810
285
579
468
126.1
-59.7
86.7
-54.6
5,500
5,106
4,458
4,442
-8.7
-15.1
-16.8
-16.9
105.0
104.8
96.2
96.4
8.2
-4.2
-7.9
-6.4
2013
5,592
5,867
5,148
6,498
-11.4
8.8
2.2
32.4
429
554
522
1,075
-47.0
94.2
-9.7
129.7
5,163
5,313
4,625
5,423
-6.1
4.0
3.8
22.1
91.2
100.6
98.8
106.4
-13.1
-4.0
2.7
10.4
2014
6,594
6,126
17.9
4.4
1,221
305
184.6
-45.0
5,373
5,821
4.1
9.6
96.6
106.8
5.9
6.2
2012 1
2
3
4
5
6
7
8
9
10
11
12
1,933
2,541
1,836
1,845
1,830
1,716
1,835
1,509
1,693
1,511
1,656
1,743
-0.8
25.1
-23.6
-4.4
-14.4
-35.4
-9.4
-14.2
-10
-22.5
-27.8
-18.3
52
695
63
56
39
190
310
169
100
86
127
255
-22.2
829.0
-70.9
-10.3
-72.8
-62.2
135.5
105.9
3.5
-72.3
-75.8
31.2
1,881
1,846
1,773
1,789
1,791
1,526
1,525
1,339
1,593
1,425
1,529
1,488
0.0
-5.7
-18.9
-4.3
-10.2
-29.1
-19.5
-20.1
-10.7
-13.1
-13.5
-23.3
97.7
109.1
108.2
106.2
105.8
102.3
105.4
90.1
93.1
94.5
92.4
102.2
5.6
26.4
-3.5
3.0
-4.9
-10.2
-1.6
-16.5
-5.5
1.1
-10
-9.3
2013 1
2
3
4
5
6
7
8
9
10
11
12
1,847
1,666
2,079
1,846
2,127
1,894
1,935
1,623
1,589
2,606
2,109
1,784
-4.4
-34.4
13.2
0
16.2
10.4
5.5
7.6
-6.1
72.4
27.4
2.4
139
168
121
92
250
212
359
92
71
788
163
124
169.8
-75.8
92.2
63.8
542.9
11.5
15.8
-45.4
-28.5
815.4
28.2
-51.4
1,708
1,498
1,957
1,754
1,877
1,682
1,576
1,531
1,518
1,818
1,946
1,660
-9.2
-18.8
10.4
-2.0
4.8
10.2
3.4
14.3
-4.7
27.5
27.3
11.6
89.8
83.5
100.4
98.2
101.6
102.0
108.0
100.1
88.2
108.9
101.4
108.9
-8.1
-23.5
-7.2
-7.5
-4
-0.3
2.5
11.1
-5.3
15.2
9.7
6.6
2014 1
2
3
4
5
6
7P
8P
1,716
1,848
3,029
2,283
1,842
2,001
1,802
4,117
-7.1
10.9
45.7
23.7
-13.4
5.7
-6.9
153.6
88
120
1,013
97
116
92
89
2,541
-36.9
-28.8
735.6
5.1
-53.4
-56.7
-75.3
2653.2
1,628
1,728
2,016
2,187
1,726
1,910
1,713
1,576
-4.7
15.4
3.0
24.7
-8.1
13.6
8.7
2.9
88.4
93.8
107.6
108.7
107.2
104.4
111.0
90.3
-1.6
12.3
7.2
10.7
5.5
2.4
2.8
-9.8
P: Preliminary
59
25,148
21,648
23,105
7. Value of construction completed and domestic
construction orders received
(current value, billion won)
Period
60
Value of
construction y-o-y
completed change
(Total)
(%)
Type of order
Public
Private
y-o-y
change (%)
Domestic
construction
y-o-y
orders
change
received
y-o-y
(%)
(Total)
change (%)
Type of order
Public
Private
y-o-y
change (%)
y-o-y
change (%)
2011
2012
2013
91,717
88,713
97,938
-0.6 35,120
-3.3 33,807
10.4 34,532
-0.1
-3.7
2.1
51,663
50,622
59,492
-2.2
-2.0
17.5
95,332
89,395
75,644
6.1
-6.2
-15.4
28,624
26,071
24,574
-2.0
-8.9
-5.7
61,839
59,811
48,888
12.3
-3.3
-18.3
2011
19,277
24,057
21,423
26,960
-5.2 7,322
-0.1 9,290
-2.7 7,684
4.4 10,825
-2.1
1.8
-1.5
0.7
11,031
13,339
12,597
14,696
-7.9
-4.3
-4.3
6.9
16,335
25,319
20,444
33,233
-11.5
-0.9
5.6
25.5
4,119
6,311
6,711
11,483
-49.0
-8.4
-1.4
54.5
11,107
17,653
12,871
20,209
20.3
4.7
12.1
15.4
2012
19,275
22,410
21,351
25,676
0.0
-6.8
-0.3
-4.8
7,442
8,892
7,598
9,876
1.6
-4.3
-1.1
-8.8
10,893
12,440
12,676
14,613
-1.2
-6.7
0.6
-0.6
22,671
25,732
18,395
22,596
38.8
1.6
-10.0
-32.0
5,655
5,570
5,401
9,443
37.3
-11.7
-19.5
-17.8
16,309
19,100
12,522
11,877
46.8
8.2
-2.7
-41.2
2013
20,145
25,707
23,679
28,407
4.5 7,005
14.7 9,345
10.9 8,083
10.6 10,099
-5.9
5.1
6.4
2.3
12,375
15,377
14,674
17,066
13.6
23.6
15.8
16.8
13,425
18,143
16,454
27,621
-40.8
-29.5
-10.6
22.2
4,289
5,348
4,910
10,025
-24.1
-4.0
-9.1
6.2
8,781
12,108
11,165
16,832
-46.2
-36.6
-10.8
41.7
2014
21,626
26,116
7.4
1.6
7,144
8,697
2.0
-6.9
13,630
16,470
10.1
7.1
15,501
22,881
15.5
26.1
5,968
6,578
39.1
23.0
9,102
16,002
3.6
32.2
2012 1
2
3
4
5
6
7
8
9
10
11
12
5,796
6,035
7,444
6,844
7,307
8,259
7,037
6,582
7,732
7,343
8,098
10,235
-6.3
13.2
-4.1
-4.5
-1.8
-12.6
4.2
-4.6
-0.5
-7.8
3.0
-8.1
2,123
2,373
2,945
2,644
2,873
3,374
2,372
2,322
2,904
2,591
3,003
4,282
-12.9
17.0
3.1
-3.6
3.0
-10.2
-0.3
-5.6
2.1
-10.7
-5.3
-9.9
3,373
3,405
4,115
3,903
4,106
4,431
4,281
3,943
4,452
4,452
4,773
5,387
-3.3
11.3
-8.2
-4.0
-3.4
-11.8
5.4
-3.8
0.3
-4.7
11.2
-6.0
7,468
8,488
6,714
6,428
7,310
11,993
6,823
5,390
6,181
5,800
7,239
9,556
52.0
108.1
-8.6
-4.2
2.3
4.6
32.3
-28.8
-19.9
-22.6
-19.9
-42.8
2,034
2,218
1,402
1,453
1,061
3,056
2,304
1,316
1,780
1,970
2,105
5,366
54.6
57.5
0.6
1.7
-43.9
2.2
24.2
-12.5
-46.9
-14.9
-29.5
-13.1
5,269 81.4
6,121 144.1
4,918 -13.6
4,461 -3.6
6,133 29.4
8,505
2.7
4,329 39.9
4,032 -30.3
4,161
4.2
3,787 -24.1
4,798 -18.3
3,290 -64.8
2013 1
2
3
4
5
6
7
8
9
10
11
12
6,266
6,222
7,657
8,089
8,142
9,476
7,839
7,657
8,183
8,628
9,083
10,696
8.1
3.1
2.9
18.2
11.4
14.7
11.4
16.3
5.8
17.5
12.2
4.5
2,072
2,345
2,589
2,839
2,805
3,700
2,643
2,561
2,878
2,958
3,124
4,017
-2.4
-1.2
-12.1
7.4
-2.4
9.7
11.5
10.3
-0.9
14.2
4.0
-6.2
3,956
3,650
4,769
4,954
5,062
5,361
4,885
4,810
4,979
5,329
5,625
6,112
17.3
7.2
15.9
26.9
23.3
21.0
14.1
22.0
11.8
19.7
17.8
13.5
3,546
4,431
5,447
4,946
6,073
7,124
5,675
4,708
6,070
7,346
7,895
12,379
-52.5
-47.8
-18.9
-23.1
-16.9
-40.6
-16.8
-12.6
-1.8
26.7
9.1
29.5
1,289
1,287
1,713
1,558
1,559
2,231
1,412
1,493
2,004
1,500
2,648
5,877
-36.6
-42.0
22.1
7.2
47.0
-27.0
-38.7
13.5
12.6
-23.9
25.8
9.5
2,108
2,992
3,680
2,962
4,393
4,753
4,153
3,171
3,840
5,756
5,004
6,070
2014 1
2
3
4
5
6
7P
8P
7,034
6,654
7,938
8,457
8,173
9,486
7,910
7,744
12.3
6.9
3.7
4.6
0.4
0.1
0.8
1.1
2,310
2,207
2,627
2,737
2,580
3,380
2,408
2,295
11.5 4,434
-5.9 4,226.0
1.5 4,971.0
-3.6 5,445
-8.0 5,302
-8.7 5,723
-8.9 5,156
-10.4 5,154
12.1
15.8
4.2
9.9
4.8
6.7
5.5
7.2
5,300
5,393
4,807
7,290
6,427
9,163
6,902
8,445
49.5
21.7
-11.8
47.4
5.8
28.6
21.6
79.3
2,102
2,242
1,625
1,892
2,000
2,686
1,555
1,651
62.9
74.2
-5.2
21.4
28.3
20.4
10.1
10.5
P: Preliminary
-60.0
-51.1
-25.2
-33.6
-28.4
-44.1
-4.1
-21.4
-7.7
52.0
4.3
84.5
3,026 43.5
3,001
0.3
3,075 -16.4
5,388 81.9
4,359 -0.8
6,256 31.6
5,281 27.1
6,605 108.3
8. Composite indices of business cycle

indicators and BSI
Cyclical indicator
of leading index
(2010=100)
Coincident index
(2010=100)
Cyclical indicator
of coincident
index (2010=100)
BSI (results)
BSI (prospects)
2011 1
2
3
4
5
6
7
8
9
10
11
12
101.2
101.5
101.6
101.3
101.6
102.1
102.5
102.8
103.0
103.1
103.1
103.4
100.8
100.7
100.4
99.6
99.4
99.4
99.5
99.3
99.0
98.7
98.3
98.1
103.3
103.4
104.0
104.0
104.8
105.4
106.0
106.5
106.5
106.9
106.8
107.2
101.1
100.9
101.0
100.6
101.0
101.2
101.3
101.4
101.0
101.0
100.5
100.5
99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
93.0
90.1
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
94.8
2012 1
2
3
4
5
6
7
8
9
10
11
12
104.2
105.3
105.8
106.3
106.5
107.5
107.9
108.0
107.8
108.1
108.8
109.5
98.5
99.2
99.2
99.4
99.1
99.7
99.8
99.5
98.9
98.8
99.1
99.4
107.3
108.1
108.4
108.6
108.8
109.2
109.9
109.8
110.3
110.2
110.8
111.4
100.2
100.6
100.5
100.4
100.2
100.2
100.5
100.0
100.1
99.6
99.8
100.0
88.6
92.2
101.4
97.5
95.7
90.4
82.1
84.4
89.3
88.9
82.2
87.0
88.3
91.0
106.1
98.4
104.7
98.3
89.7
82.7
99.5
97.0
92.5
82.0
2013 1
2
3
4
5
6
7
8
9
10
11
12
109.8
110.1
110.7
111.3
112.0
113.1
113.8
114.4
114.6
115.3
116.2
117.0
99.2
99.2
99.3
99.5
99.7
100.3
100.5
100.7
100.4
100.8
101.1
101.5
111.7
112.2
112.3
112.9
113.2
113.9
114.3
114.9
115.1
115.7
116.1
116.7
100.0
100.0
99.7
99.9
99.8
100.1
100.1
100.3
100.1
100.2
100.2
100.4
85.0
83.0
101.3
94.1
97.6
95.0
91.1
89.8
93.0
94.7
91.9
90.5
85.7
86.7
104.4
101.5
99.8
97.2
90.7
92.7
94.4
101.1
94.7
92.6
2014 1
2
3
4
5
6
7
8
9
10
117.6
118.0
118.2
118.8
119.1
119.8
120.3
121.7
-
101.6
101.5
101.3
101.5
101.3
101.6
101.6
102.4
-
117.5
117.9
118.4
118.5
118.5
118.9
119.5
120.3
-
100.7
100.6
100.7
100.4
100.1
100.1
100.2
100.5
-
89.4
87.0
100.7
95.8
93.0
91.3
90.8
89.0
92.3
-
93.4
88.7
104.4
99.5
101.7
94.5
94.0
91.6
93.1
100.7
Sources: Statistics Korea, The Bank of Korea
61
Leading index
(2010=100)
Period
9. Balance of payments (I)
(US $ million)
Current
account
Goods
2011
2012
2013
18,655.8
50,835.0
79,883.6
29,089.9
49,406.0
80,568.6
587,099.7
603,509.2
617,127.6
2011
-3,769.1
-1,921.2
11,994.5
12,351.6
2,453.6
2,520.5
11,435.4
12,680.4
2012
-746.0
11,605.1
16,886.8
23,089.1
2013
Services
Primary
income
Secondary
income
558,009.8
554,103.2
536,559.0
-12,279.1
-5,213.6
-7,927.4
6,560.6
12,116.7
11,424.8
-4,715.6
-5,474.1
-4,182.3
133,839.7
150,171.3
150,723.9
152,364.8
131,386.1
147,650.8
139,288.5
139,684.4
-4,746.0
-3,468.8
-2,163.6
-1,900.7
-195.2
372.1
3,723.5
2,660.2
-1,281.5
-1,345.0
-1,000.8
-1,088.3
1,661.5
8,535.0
15,894.6
23,314.9
144,260.1
150,834.0
149,619.5
158,795.6
142,598.6
142,299.0
133,724.9
135,480.7
-2,970.8
172.0
-679.8
-1,735.0
2,045.3
3,942.3
2,972.2
3,156.9
-1,482.0
-1,044.2
-1,300.2
-1,647.7
10,458.1
20,804.7
23,782.0
24,838.8
12,075.8
19,998.5
23,876.5
24,617.8
146,933.9
153,981.4
153,754.8
162,457.5
134,858.1
133,982.9
129,878.3
137,839.7
-3,512.2
-409.8
-2,062.7
-1,942.7
2,782.6
1,835.0
3,162.8
3,644.4
-888.1
-619.0
-1,194.6
-1,480.6
2014P
15,070.7
24,125.2
17,745.2
26,428.1
152,688.6
159,385.4
134,943.4
132,957.3
-3,618.6
-1,953.9
1,905.8
1,330.9
-961.7
-1,679.9
2012 1
2
3
4
5
6
7
8
9
10
11
12
-2,151.2
-2,409.5
3,814.7
87.8
5,265.5
6,251.8
8,413.0
1,808.7
6,665.1
7,494.2
8,293.6
7,301.3
-1,727.4
-863.1
4,252.0
-222.9
3,387.9
5,370.0
7,529.7
2,118.1
6,246.8
7,472.8
8,580.9
7,261.2
44,738.1
48,304.2
51,217.8
49,330.2
50,854.0
50,649.8
51,530.7
47,379.6
50,709.2
53,409.2
54,492.4
50,894.0
46,465.5
49,167.3
46,965.8
49,553.1
47,466.1
45,279.8
44,001.0
45,261.5
44,462.4
45,936.4
45,911.5
43,632.8
-1,017.2
-2,018.3
64.7
288.4
545.9
-662.3
110.0
-844.3
54.5
-415.4
-833.9
-485.7
1,243.3
873.2
-71.2
364.5
1,660.1
1,917.7
1,260.7
965.2
746.3
867.8
988.6
1,300.5
-649.9
-401.3
-430.8
-342.2
-328.4
-373.6
-487.4
-430.3
-382.5
-431.0
-442.0
-774.7
2013 1
2
3
4
5
6
7
8
9
10
11
12
1,969.3
2,146.5
6,342.3
4,552.9
9,752.2
6,499.6
7,985.1
7,198.0
8,598.9
11,107.9
6,854.8
6,876.1
2,855.2
2,733.1
6,487.5
5,103.3
9,591.6
5,303.6
7,911.7
7,378.1
8,586.7
9,816.8
8,175.6
6,625.4
51,027.4
44,778.4
51,128.1
51,587.2
53,548.1
48,846.1
53,353.6
49,839.2
50,562.0
56,702.8
52,756.9
52,997.8
48,172.2
42,045.3
44,640.6
46,483.9
43,956.5
43,542.5
45,441.9
42,461.1
41,975.3
46,886.0
44,581.3
46,372.4
-1,783.5
-1,394.1
-334.6
5.7
-298.2
-117.3
-1,058.1
-805.9
-198.7
393.5
-1,923.2
-413.0
1,434.6
1,035.1
312.9
-354.1
670.3
1,518.8
1,396.1
912.4
854.3
1,260.6
1,010.9
1,372.9
-537.0
-227.6
-123.5
-202.0
-211.5
-205.5
-264.6
-286.6
-643.4
-363.0
-408.5
-709.1
2014P 1
2
3
4
5
6
7
8
3,285.3
4,499.1
7,286.3
7,124.7
9,080.8
7,919.7
7,843.3
7,274.0
4,367.0
5,403.4
7,974.8
10,648.0
9,133.5
6,646.6
6,794.4
7,444.5
50,599.8
47,993.3
54,095.5
56,721.4
52,383.0
50,281.0
53,811.7
49,005.4
46,232.8
42,589.9
46,120.7
46,073.4
43,249.5
43,634.4
47,017.3
41,560.9
-1,912.1
-1,058.7
-647.8
-1,042.8
-336.1
-575.0
-7.4
-732.6
1,211.4
371.8
322.6
-1,619.7
725.1
2,225.5
1,488.8
1,048.0
-381.0
-217.4
-363.3
-860.8
-441.8
-337.4
-432.5
-485.9
Period
62
P: Preliminary
Exports
Imports
10. Balance of payments (II)

(US $ million)
Capital transfers
& acquisition of Reserve assets
nonfinancial
assets
Direct
investment
Portfolio
investment
Financial
derivatives
Other
investment
2011
2012
2013
-24,315.8
-51,582.4
-76,881.1
-19,931.7
-21,136.2
-16,951.5
13,142.7
6,747.8
-8,287.1
-1,031.3
2,627.8
3,839.7
-2,542.7
-26,637.3
-41,003.7
-112.0
-41.7
-27.8
-13,952.8
-13,184.5
-14,478.5
2011
3,231.1
-8.5
-11,957.3
-15,581.1
-4,872.2
-5,028.1
-4,652.9
-5,378.5
-472.1
4,043.3
8,344.5
1,227.0
922.4
-160.6
-1,535.5
-257.6
11,172.4
3,754.9
-20,439.5
2,969.5
-30.0
-9.7
-5.4
-66.9
-3,519.4
-2,618.0
6,326.1
-14,141.5
2012
-4,564.4
-4,278.7
-18,096.1
-24,643.2
-7,579.6
-4,057.3
-5,705.4
-3,793.9
14,759.6
-6,803.0
4,177.7
-5,386.5
1,198.5
-270.6
595.3
1,104.6
-6,495.1
6,181.1
-13,247.2
-13,076.1
-19.2
-6.7
-9.0
-6.8
-6,447.8
671.1
-3,916.5
-3,491.3
2013
-11,560.0
-16,194.8
-23,107.8
-26,018.5
-5,148.2
-3,297.9
-3,988.6
-4,516.8
-6,461.9
-8,919.2
8,996.0
-1,902.0
1,418.9
-604.6
1,694.0
1,331.4
2,562.0
-7,439.0
-23,231.0
-12,895.7
-3.5
-27.5
12.8
-9.6
-3,930.8
4,065.9
-6,578.2
-8,035.4
2014P
-17177.8
-24,208.1
-3,657.7
-7,552.9
-13,596.7
-5,867.2
892.6
2,083.5
6,207.4
-1,701.9
-2.1
-4.3
-7,023.4
-11,169.6
2012 1
2
3
4
5
6
7
8
9
10
11
12
-1,295.1
435.0
-3,704.3
1,566.7
-2,645.3
-3,200.1
-9,113.6
-3,219.3
-5,763.2
-7,172.4
-9,211.9
-8,258.9
-2,022.6
-3,631.3
-1,925.7
-1,225.9
-1,687.4
-1,144.0
-1,695.4
-1,719.8
-2,290.2
-1,001.3
-1,599.7
-1,192.9
7,904.1
6,238.0
617.5
-3,114.3
-1,893.6
-1,795.1
1,730.8
646.6
1,800.3
-4,742.4
-3,886.7
3,242.6
452.6
245.8
500.1
215.0
-480.7
-4.9
358.8
-35.5
272.0
-137.8
631.8
610.6
-5,167.1
-190.9
-1,137.1
5,832.0
147.6
201.5
-8,171.9
-1,016.0
-4,059.3
185.2
-1,759.5
-11,501.8
-9.6
-5.8
-3.8
0.3
-1.0
-6.0
-5.5
-1.9
-1.6
-4.9
0.7
-2.6
-2,462.1
-2,226.6
-1,759.1
-140.1
1,268.8
-457.6
-1,335.9
-1,094.6
-1,486.0
-1,476.1
-2,597.8
582.6
2013 1
2
3
4
5
6
7
8
9
10
11
12
-3,288.5
-3,297.9
-4,973.6
-1,908.3
-9,945.6
-4,340.9
-9,155.6
-7,937.6
-6,014.6
-9,880.0
-8,399.9
-7,738.6
-1,631.9
-1,145.9
-2,370.4
-21.0
-1,659.7
-1,617.2
-1,301.4
-1,275.8
-1,411.4
-296.1
-2,303.1
-1,917.6
-5,226.0
2,023.2
-3,259.1
-1,873.5
-1,091.4
-5,954.3
1,825.5
1,435.1
5,735.4
4,467.7
-1,522.8
-4,846.9
586.9
686.9
145.1
-313.2
649.2
-940.6
443.3
218.1
1,032.6
713.1
14.0
604.3
3,380.1
-2,870.9
2,052.8
-643.1
-6,804.3
8.4
-8,131.5
-6,631.3
-8,468.2
-10,064.8
-1,742.0
-1,088.9
-8.0
-3.3
7.8
-1.4
-11.2
-14.9
1.1
18.2
-6.5
-2.0
0.0
-7.6
-397.6
-1,991.2
-1,542.0
942.5
-1,039.4
4,162.8
-1,991.5
-1,683.7
-2,903.0
-4,699.9
-2,846.0
-489.5
2014P 1
2
3
4
5
6
7
8
-4,477.0
-6,920.5
-5,780.3
-6,238.8
-8,132.4
-9,836.9
-5,916.9
-7,802.4
529.9
-2,163.5
-2,024.1
-2,157.8
-3,338.8
-2,056.3
-1,011.5
-749.5
-4,193.1
-7,394.4
-2,009.2
1,662.3
-3,311.0
-4,218.5
-1,743.7
504.4
155.5
223.1
514.0
858.1
534.5
690.9
504.1
557.7
1,937.4
4,739.0
-469.0
-5,935.6
3,950.6
283.1
-338.1
-7,288.1
-3.0
3.5
-2.6
2.6
-4.3
-2.6
-6.3
11.2
-2,906.7
-2,324.7
-1,792.0
-665.8
-5,967.7
-4,536.1
-3,327.7
-826.9
P: Preliminary
63
Capital &
financial
account
Period
11. Prices
(2010=100)
Consumer Prices
Period
All Items
Commodity
y-o-y
change (%)
64
Producer prices
Services
y-o-y
change (%)
Core
y-o-y
change (%)
All Items
y-o-y
change (%)
Commodity
y-o-y
change (%)
y-o-y
change (%)
2011
2012
2013
104.0
106.3
107.7
4.0
2.2
1.3
105.7
108.9
110.1
5.7
3.0
1.0
102.7
104.2
105.8
2.7
1.4
1.5
103.2
104.9
106.6
3.2
1.6
1.6
106.7
107.5
105.7
6.7
0.7
-1.6
108.7
108.9
106.2
8.7
0.2
-2.5
2011 7
8
9
10
11
12
104.3
105.0
104.9
104.7
104.8
105.2
4.5
4.7
3.8
3.6
4.2
4.2
105.9
107.1
107.1
106.6
106.8
107.3
6.4
6.8
5.0
4.5
6.0
5.7
103.1
103.3
103.1
103.2
103.3
103.5
2.9
3.0
2.7
2.8
2.7
2.8
103.7
103.8
103.7
103.6
103.9
104.3
3.6
3.5
3.3
3.2
3.5
3.6
107.2
107.4
107.4
107.3
107.0
107.1
7.0
6.9
6.3
5.8
5.1
4.3
109.3
109.5
109.6
109.4
108.9
109.0
9.1
8.9
8.0
7.4
6.5
5.3
2012 1
2
3
4
5
6
7
8
9
10
11
12
105.7
106.1
106.0
106.0
106.2
106.1
105.9
106.3
107.0
106.9
106.5
106.7
3.4
3.1
2.6
2.5
2.5
2.2
1.5
1.2
2.0
2.1
1.6
1.4
107.9
108.5
109.2
108.9
109.2
108.8
107.9
108.8
110.4
109.8
108.9
109.0
4.4
3.9
4.1
4.1
4.3
3.6
1.9
1.6
3.1
3.0
2.0
1.6
103.9
104.2
103.5
103.7
103.9
104.0
104.2
104.4
104.4
104.6
104.6
104.8
2.7
2.5
1.4
1.3
1.3
1.2
1.1
1.1
1.3
1.4
1.3
1.3
104.6
104.7
104.3
104.4
104.6
104.9
104.9
105.1
105.2
105.2
105.3
105.5
3.2
2.5
1.9
1.8
1.6
1.5
1.2
1.3
1.4
1.5
1.3
1.2
107.7
108.4
108.9
109.0
108.4
107.1
106.6
107.2
107.6
106.8
106.1
105.8
3.2
3.1
2.4
1.9
1.0
0.0
-0.6
-0.1
0.2
-0.5
-0.9
-1.2
109.5
110.5
111.2
111.1
110.3
108.4
107.6
108.6
109.2
107.8
106.8
106.4
3.6
3.6
2.7
1.9
0.7
-0.7
-1.5
-0.9
-0.4
-1.4
-1.9
-2.3
2013 1
2
3
4
5
6
7
8
9
10
11
12
107.3
107.7
107.6
107.5
107.5
107.3
107.6
107.9
108.1
107.8
107.8
107.9
1.6
1.6
1.5
1.3
1.1
1.2
1.6
1.5
1.0
0.9
1.2
1.1
109.9
110.4
110.4
109.9
109.6
109.4
109.7
110.3
110.9
110.1
110.1
110.2
1.7
1.6
1.1
0.9
0.4
0.7
1.7
1.5
0.4
0.3
1.0
0.9
105.3
105.6
105.4
105.6
105.7
105.7
105.9
106.1
106.0
106.0
106.0
106.2
1.5
1.5
1.7
1.7
1.8
1.6
1.5
1.5
1.5
1.4
1.3
1.3
105.9
106.2
106.0
106.0
106.4
106.6
106.7
106.7
107.0
107.1
107.4
107.5
1.3
1.4
1.6
1.6
1.7
1.6
1.7
1.5
1.7
1.8
2.0
1.9
106.0
106.7
106.3
105.9
105.6
105.5
105.5
105.8
105.7
105.3
105.1
105.4
-1.6
-1.6
-2.4
-2.8
-2.6
-1.4
-1.0
-1.3
-1.8
-1.4
-0.9
-0.4
106.8
107.8
107.1
106.6
106.1
106.0
106.0
106.2
106.1
105.5
105.2
105.5
-2.5
-2.5
-3.7
-4.1
-3.8
-2.2
-1.6
-2.1
-2.8
-2.2
-1.5
-0.9
2014 1
2
3
4
5
6
7
8
108.5
108.8
109.0
109.1
109.2
109.1
109.3
109.5
1.1
1.0
1.3
1.5
1.7
1.7
1.6
1.4
110.9
111.4
111.6
111.3
111.5
111.2
111.2
111.4
0.9
0.9
1.1
1.3
1.7
1.7
1.4
1.0
106.6
106.7
107.0
107.3
107.5
107.4
107.7
107.9
1.3
1.1
1.5
1.6
1.6
1.6
1.7
1.7
107.7
108.0
108.3
108.5
108.8
108.9
109.1
109.2
1.7
1.7
2.1
2.3
2.2
2.1
2.2
2.4
105.6
105.8
105.7
105.6
105.5
105.6
105.7
105.6
-0.3
-0.9
-0.5
-0.3
0
0.1
0.2
-0.2
105.7
105.9
105.7
105.4
105.3
105.4
105.5
105.1
-1.0
-1.7
-1.3
-1.1
-0.7
-0.6
-0.4
-1.1
12. Employment
Period
Economically active
persons (thousand)
Employed persons (thousand)

All industry
y-o-y
change (%)
Manufacturing
y-o-y
change (%)
SOC & services
y-o-y
change (%)
y-o-y
change (%)
Unemployment
(%)
25,099
25,501
25,873
1.4
1.6
1.5
24,244
24,681
25,066
1.7
1.8
1.6
4,091
4,105
4,184
1.6
0.3
1.9
18,595
19,033
19,347
2.1
2.4
1.6
3.4
3.2
3.1
2011 7
8
9
10
11
12
25,473
25,257
25,076
25,409
25,318
24,880
1.0
1.7
0.7
1.6
1.9
1.4
24,636
24,495
24,318
24,673
24,589
24,125
1.4
2.0
1.1
2.1
2.0
1.9
4,079
4,031
4,014
4,044
4,054
4,071
1.0
-0.7
-1.2
-1.3
-2.1
-2.1
18,844
18,739
18,595
18,856
18,921
18,833
1.9
3.1
2.1
3.2
3.2
3.1
3.3
3.0
3.0
2.9
2.9
3.0
2012 1
2
3
4
5
6
7
8
9
10
11
12
24,585
24,825
25,210
25,653
25,939
25,939
25,901
25,623
25,755
25,787
25,652
25,139
2.0
1.6
1.2
1.6
1.8
1.4
1.7
1.4
2.7
1.5
1.3
1.0
23,732
23,783
24,265
24,758
25,133
25,117
25,106
24,859
25,003
25,069
24,941
24,402
2.3
1.9
1.8
1.9
1.9
1.5
1.9
1.5
2.8
1.6
1.4
1.1
4,034
4,060
4,018
4,027
4,071
4,084
4,114
4,111
4,153
4,188
4,218
4,183
-2.8
-2.1
-2.5
-2.0
-1.6
-1.2
0.8
2.0
3.5
3.6
4.0
2.8
18,631
18,599
18,870
19,103
19,292
19,248
19,265
19,040
19,125
19,128
19,088
19,010
3.5
3.2
3.4
3.1
3.0
2.3
2.2
1.6
2.8
1.4
0.9
0.9
3.5
4.2
3.7
3.5
3.1
3.2
3.1
3.0
2.9
2.8
2.8
2.9
2013 1
2
3
4
5
6
7
8
9
10
11
12
24,901
24,973
25,397
25,928
26,195
26,291
26,301
26,074
26,186
26,268
26,230
25,736
1.3
0.6
0.7
1.1
1.0
1.4
1.5
1.7
1.7
1.9
2.3
2.4
24,054
23,984
24,514
25,103
25,398
25,478
25,473
25,291
25,466
25,545
25,530
24,962
1.4
0.8
1.0
1.4
1.1
1.4
1.5
1.7
1.9
1.9
2.4
2.3
4,189
4,139
4,141
4,192
4,175
4,180
4,167
4,116
4,174
4,218
4,253
4,264
3.9
1.9
3.1
4.1
2.6
2.3
1.3
0.1
0.5
0.7
0.8
2.0
18,810
18,736
18,989
19,303
19,492
19,531
19,577
19,438
19,540
19,558
19,670
19,514
1.0
0.7
0.6
1.0
1.0
1.5
1.6
2.1
2.2
2.2
3.0
2.7
3.4
4.0
3.5
3.2
3.0
3.1
3.1
3.0
2.7
2.8
2.7
3.0
2014 1
2
3
4
5
6
7
8
9
25,650
25,997
26,187
26,714
26,762
26,825
26,891
26,775
26,766
3.0
4.1
3.1
3.0
2.2
2.0
2.2
2.7
2.2
24,759
24,819
25,163
25,684
25,811
25,875
25,979
25,885
25,917
2.9
3.5
2.6
2.3
1.6
1.6
2.0
2.3
1.8
4,280
4,274
4,284
4,288
4,324
4,345
4,358
4,335
4,347
2.2
3.3
3.5
2.3
3.6
3.9
4.6
5.3
4.1
19,376
19,407
19,538
19,819
19,815
19,841
20,003
19,940
19,949
3.0
3.6
2.9
2.7
1.7
1.6
2.2
2.6
2.1
3.5
4.5
3.9
3.9
3.6
3.5
3.4
3.3
3.2
65
2011
2012
2013
13. Financial indicators
(period average)
Period
66
Yields(%)
Stock
Call rate (1 day)
CD (91 days)
Corporate bonds
(3 years, AA-)
Treasury bonds
(3 years)
Treasury bonds
(5 years)
KOSPI(end-period)
2010 7
8
9
10
11
12
2.2
2.3
2.3
2.3
2.4
2.5
2.6
2.6
2.7
2.7
2.7
2.8
4.8
4.7
4.4
4.1
4.2
4.2
3.9
3.7
3.5
3.2
3.4
3.3
4.5
4.3
3.9
3.7
4.0
4.0
1,759.33
1,742.75
1,872.81
1,882.95
1,904.63
2,051.00
2011 1
2
3
4
5
6
7
8
9
10
11
12
2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3
3.3
2.9
3.1
3.4
3.4
3.5
3.5
3.6
3.6
3.6
3.6
3.6
3.6
4.5
4.7
4.5
4.5
4.4
4.4
4.5
4.2
4.2
4.3
4.2
4.2
3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4
3.4
4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
3.5
3.5
2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
1,880.11
1,769.65
1,909.03
1,847.51
1,825.74
2012 1
2
3
4
5
6
7
8
9
10
11
12
3.3
3.3
3.3
3.3
3.3
3.3
3.1
3.0
3.0
2.8
2.8
2.8
3.6
3.5
3.5
3.5
3.5
3.5
3.3
3.2
3.1
2.9
2.9
2.9
4.2
4.3
4.4
4.3
4.0
3.9
3.6
3.4
3.3
3.3
3.3
3.3
3.4
3.4
3.6
3.5
3.4
3.3
3.0
2.8
2.8
2.8
2.8
2.9
3.5
3.6
3.7
3.6
3.5
3.4
3.1
2.9
2.9
2.9
2.9
3.0
1,955.79
2,030.25
2,014.04
1,981.99
1,843.47
1,854.01
1,881.99
1,905.12
1,996.21
1,912.06
1,932.90
1,997.05
2013 1
2
3
4
5
6
7
8
9
10
11
12
2.8
2.8
2.7
2.8
2.6
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.9
2.8
2.8
2.8
2.7
2.7
2.7
2.7
2.7
2.7
2.7
2.7
3.2
3.1
3.0
2.9
3.0
3.2
3.4
3.3
3.3
3.3
3.4
3.4
2.8
2.7
2.6
2.6
2.6
2.9
2.9
2.9
2.9
2.8
2.9
2.9
2.9
2.8
2.7
2.6
2.7
3.1
3.2
3.2
3.2
3.1
3.2
3.3
1,961.94
2,026.49
2,004.89
1,963.95
2,001.05
1,863.32
1,914.03
1,926.36
1,996.96
2,030.09
2,044.87
2,011.34
2014 1
2
3
4
5
6
7
8
9
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.3
2.2
2.7
2.7
2.7
2.7
2.7
2.7
2.7
2.5
2.4
3.3
3.3
3.3
3.3
3.3
3.2
3.0
3.0
2.8
2.9
2.9
2.9
2.9
2.8
2.7
2.6
2.5
2.4
3.3
3.2
3.2
3.2
3.1
3.0
2.8
2.8
2.6
1,941.15
1,979.99
1,985.61
1,961.79
1,994.96
2,002.21
2,076.12
2,068.54
2,020.09
14. Monetary indicators

(billion won)
Period
Reserve money
M1
y-o-y
change (%)
M2
y-o-y
change (%)
Lf
y-o-y
change (%)
y-o-y
change (%)
75,232.0
82,131.1
91,379.4
11.3
9.2
11.3
425,675.1
441,963.6
484,062.9
6.6
3.8
9.5
1,708,984.5
1,798,625.7
1,885,781.3
4.2
5.2
4.8
2,208,170.4
2,379,518.7
2,543,299.4
5.3
7.8
6.9
2011 7
8
9
10
11
12
74,069.7
75,642.3
77,942.2
76,944.6
76,617.3
77,842.5
10.6
12.4
10.9
10.1
10.3
8.9
418,973.1
422,649.3
425,196.4
421,480.1
423,111.9
432,602.2
3.8
5.4
5.1
4.1
2.0
1.6
1,705,451.5
1,719,437.8
1,729,531.1
1,742,645.4
1,753,296.4
1,756,597.4
3.2
4.0
4.2
4.4
4.4
4.4
2,208,624.3
2,230,191.9
2,243,675.6
2,263,627.7
2,279,234.1
2,288,816.9
4.6
5.5
5.7
6.1
6.2
6.2
2012 1
2
3
4
5
6
7
8
9
10
11
12
81,635.4
81,655.3
79,068.0
80,641.8
80,547.7
81,804.0
81,555.7
82,369.1
82,958.7
85,078.6
82,956.5
85,302.7
11.0
8.3
8.3
10.2
9.1
9.5
10.1
8.9
6.4
10.6
8.3
9.6
439,352.9
437,193.9
440,075.4
437,445.3
438,795.3
441,611.0
441,760.6
439,573.2
440,034.3
444,477.8
445,463.9
457,778.9
2.3
1.1
2.1
2.8
3.5
4.7
5.4
4.0
3.5
5.5
5.3
5.8
1,757,058.7
1,762,988.4
1,773,172.9
1,777,114.7
1,784,220.5
1,796,981.5
1,807,289.2
1,817,134.9
1,819,290.1
1,822,420.9
1,830,280.3
1,835,556.7
4.8
5.3
5.7
5.5
5.5
5.9
6.0
5.7
5.2
4.6
4.4
4.5
2,292,213.5
2,302,065.8
2,341,626.9
2,349,723.2
2,357,701.0
2,377,071.3
2,393,737.7
2,405,239.9
2,415,263.5
2,424,000.4
2,440,062.8
2,455,962.9
6.5
7.2
8.8
8.6
8.4
8.5
8.4
7.8
7.6
7.1
7.1
7.3
2013 1
2
3
4
5
6
7
8
9
10
11
12
85,839.3
88,855.7
89,523.5
87,729.0
89,654.8
91,207.6
90,643.7
93,729.6
95,130.6
93,640.4
93,609.9
96,988.5
5.1
8.8
13.2
8.8
11.3
11.5
11.1
13.8
14.7
10.1
12.8
13.7
464,914.5
472,239.6
472,430.1
475,330.0
475,526.7
486,587.5
488,982.7
481,416.9
490,518.7
491,947.9
499,242.7
509,617.9
5.8
8.0
7.4
8.7
8.4
10.2
10.7
9.5
11.5
10.7
12.1
11.3
1,841,128.1
1,857,135.0
1,862,405.5
1,867,726.3
1,870,289.7
1,884,193.2
1,890,728.6
1,888,658.4
1,903,187.1
1,908,557.6
1,923,339.2
1,932,026.4
4.8
5.3
5.0
5.1
4.8
4.9
4.6
3.9
4.6
4.7
5.1
5.3
2,469,789.3
2,488,539.0
2,499,718.1
2,512,459.7
2,518,239.1
2,533,750.8
2,549,443.5
2,557,336.3
2,577,546.7
2,587,071.4
2,605,873.9
2,619,029.5
7.7
8.1
6.8
6.9
6.8
6.6
6.5
6.3
6.7
6.7
6.8
6.6
2013 1
2
3
4
5
6
7
8
98,541.6
100,547.9
100,624.0
98,898.5
101,791.4
101,412.3
101,164.2
107,682.4
14.8
13.2
12.4
12.7
13.5
11.2
11.6
14.9
515,742.5
518,475.5
520,299.0
518,809.3
523,069.9
532,041.2
534,028.8
538,640.3
10.9
9.8
10.1
9.1
10.0
9.3
9.2
11.9
1,937,045.6
1,954,340.7
1,964,954.0
1,970,361.6
1,982,390.9
1,999,376.3
2,013,935.1
2,031,777.2
5.2
5.2
5.5
5.5
6.0
6.1
6.5
7.6
2,635,100.1
2,647,674.0
2,659,370.7
2,669,341.4
2,684,643.9
2,703,088.1
2,725,737.6
2,743,972.5
6.7
6.4
6.4
6.2
6.6
6.7
6.9
7.3
67
2011
2012
2013
15. Exchange rates
(end-period)
\/US $
Period
68
\/100
Won
y-o-y
change (%)
Won
2011
2012
2013
1,153.3
1,071.1
1,055.3
1.3
-7.1
-1.5
1,485.2
1,247.5
1,004.7
2011 7
8
9
10
11
12
1,052.6
1,071.7
1,179.5
1,104.5
1,150.3
1,153.3
-11.3
-9.9
3.3
-2.0
-0.6
1.3
2012 1
2
3
4
5
6
7
8
9
10
11
12
1,125.0
1,126.5
1,137.8
1,134.2
1,177.8
1,153.8
1,136.2
1,134.6
1,118.6
1,094.1
1,084.7
1,071.1
2013 1
2
3
4
5
6
7
8
9
10
11
12
2014 1
2
3
4
5
6
7
8
9
\/Euro
Won
y-o-y
change (%)
6.3
-16.0
-19.5
1,494.1
1,416.3
1,456.3
-1.3
-5.2
2.8
1,353.2
1,396.8
1,536.6
1,458.0
1,475.7
1,485.2
-1.2
-0.7
12.7
4.8
7.4
6.3
1,507.9
1,547.3
1,601.4
1,562.7
1,532.9
1,494.1
-2.9
2.7
2.9
-0.4
1.0
-1.3
1.0
-0.1
2.8
5.8
9.0
7.0
7.9
5.9
-5.2
-0.9
-5.7
-7.1
1,473.1
1,399.2
1,380.7
1,412.0
1,489.1
1,453.8
1,453.6
1,444.0
1,441.1
1,374.5
1,320.6
1,247.5
8.6
1.3
3.7
7.5
11.5
8.8
7.4
3.4
-6.2
-5.7
-10.5
-16.0
1,478.2
1,516.3
1,513.4
1,501.7
1,456.6
1,435.0
1,393.1
1,419.6
1,444.3
1,418.3
1,407.3
1,416.3
-2.4
-2.1
-3.2
-5.6
-6.0
-8.0
-7.6
-8.3
-9.8
-9.2
-8.2
-5.2
1,082.7
1,085.4
1,112.1
1,108.1
1,128.3
1,149.7
1,113.6
1,110.9
1,075.6
1,061.4
1,062.1
1,055.3
-3.8
-3.6
-2.3
-2.3
-4.2
-0.4
-2.0
-2.1
-3.8
-3.0
-2.1
-1.5
1,188.5
1,176.2
1,180.1
1,132.0
1,116.6
1,167.2
1,135.4
1,129.2
1,098.7
1,077.5
1,038.2
1,004.7
-19.3
-15.9
-14.5
-19.8
-25.0
-19.7
-21.9
-21.8
-23.8
-21.6
-21.4
-19.5
1,469.3
1,425.8
1,425.2
1,451.3
1,471.4
1,498.2
1,476.7
1,470.6
1,451.3
1,456.6
1,444.8
1,456.3
-0.6
-6.0
-5.8
-3.4
1.0
4.4
6.0
3.6
0.5
2.7
2.7
2.8
1,079.2
1,067.7
1,068.8
1,031.7
1,021.6
1,014.4
1,024.3
1,013.6
1,050.6
-0.3
-1.6
-3.9
-6.9
-9.5
-11.8
-8.0
-8.8
-2.3
1,043.7
1,044.8
1,038.7
1,005.3
1,004.2
1,000.0
995.7
977.6
960.2
-12.2
-11.2
-12.0
-11.2
-10.1
-14.3
-12.3
-13.4
-12.6
1,473.6
1,463.6
1,469.4
1,425.0
1,389.6
1,384.2
1,371.8
1,336.2
1,333.3
0.3
2.7
3.1
-1.8
-5.6
-7.6
-7.1
-9.1
-8.1
y-o-y
change (%)
Useful websites
http://english.mosf.go.kr
Ministry of Trade, Industry and Energy
http://www.motie.go.kr/language/eng
Financial Services Commission
http://www.fsc.go.kr/eng
Financial Supervisory Service
http://english.fss.or.kr
Fair Trade Commission
http://eng.ftc.go.kr
Ministry of Employment and Labor
http://www.moel.go.kr/english
The Bank of Korea
http://www.bok.or.kr/eng
Statistics Korea
http://kostat.go.kr/portal/english
Royal Guard Changing Ceremony at

Gyeongbokgung
A changing of the guards ceremony is held every day
in front of Gyeongbokgung, to reenact a centuries-old
tradition of the Joseon Dynasty. An officer beats the beopgo
(drum) three times during the ceremony, to mark the
arrival, changing and departure of the guards.
ISSN 2287-7266
ECONOMIC BULLETIN (Republic of Korea)
Republic of Korea
Vol.36 No.10
October 2014
conomic
u l l e t i n
Vol.36 No.10 October 2014
The Green Book:

Policy Issues

BOK Cuts Key Rate to 2.00%
FDI in Jan-Sep 2014 Posts Record High
COP 12 Held in Korea
Measures for Addressing Weak Yen
ECONOMIC
BULLETIN
(Republic of Korea)
For free subscriptions and enquiries, please contact:

Foreign Press Spokespersons Office
Government Complex, 477 Galmae-ro
October 2014
Sejong, 339-012
Republic of Korea
Tel. +82 2 731 1530
Fax. +82 2 731 1540
E-mail. fppr@mosf.go.kr
Website. http://english.mosf.go.kr
Economic Information and Education Center
Korea Development Institute
15 Giljae-gil (Bangok-dong)
Sejong, 339-007
Republic of Korea
Fax. +82 44 550 4941
E-mail. jiyounlee@kdi.re.kr
Website. http://eiec.kdi.re.kr
MOSF / KDI
Tel. +82 44 550 4645

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Economic Bulletin (Vol. 36 No. 10)

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ISSN 2287-7266

ECONOMIC BULLETIN (Republic of Korea)

Vol.36 No.10 October 2014

The Green Book:

2014-2018 Public Institution Financial Management Plan

Economic News Briefing

For free subscriptions and enquiries, please contact:

Tel. +82 44 550 4645

02 The Green Book:

1. External economic situation

5. Exports and imports

6. Mining and manufacturing production

7. Service sector activity

10. Balance of payments

11. Prices and international commodity prices

12. Real estate market

13. Composite indices of business cycle indicators

2014-2018 Public Institution Financial Management Plan

49 Economic News Briefing

Kim Joo-Hoon (KDI), An Il-Whan (MOSF)

1. External economic situation

6. Mining and manufacturing production

T h e G r e e n B o o k : Current Economic Trends

The Korean economic recovery has been slowing

Mining and manufacturing production declined

Exports, which dropped 0.2 percent year-on-year in

The consumer price index (CPI) in September rose

August, rising 0.3 points, and the composite index of

T h e G r e e n B o o k : Current Economic Trends

1. External economic situation

in the Middle East and the property slump in China.

US economic growth in the second quarter of 2014

The housing market is gradually recovering.

Consumption conditions have continued to improve.

Employment has picked up from the previous

Unemployment rate (m-o-m, %)

Conference Board Consumer Confidence Index (1985=100)

US GDP growth and industrial production

GDP (q-o-q, annualized rate)

Industrial production (q-o-q)

US nonfarm payroll growth and unemployment rate

US nonfarm payroll growth (m-o-m, left)

Unemployment rate (right)

(Percentage change from previous period)

1. Preliminary 2. Annualized rate (%) 3. Seasonally adjusted

The Green Book

T h e G r e e n B o o k : Current Economic Trends

Due to the continuing property slump, 36 local

(Percentage change from same period in previous year)

9.1 10.1 10.0

Fixed asset investment (accumulated)

19.6 20.9 20.1 20.2 19.6 17.6 17.3

13.1 12.4 13.0 13.3 13.5 12.0 12.3

-1.9 -1.7 -2.7 -1.7 -1.4 -2.0 -1.5

1. Preliminary 2. Quarterly change: average of monthly change

Chinas GDP growth and fixed asset investment

GDP (y-o-y, left)

Fixed asset investment (accumulated, y-o-y, right)

(Percentage change from previous period)

Consumer prices (y-o-y)

Japans GDP growth and industrial production

GDP (q-o-q, left)

Industrial production (q-o-q, right)

Kim Joo-Hoon (KDI), An Il-Whan (MOSF)