Markets Actual Q2 Q3 Q4 Q1 2022
Currency 1114.44 1120 1126 1132 1138 1149
Stock Market (points) 3125.50 3057 2991 2925 2862 2734
Government Bond 10Y (%) 2.07 2.12 2.18 2.23 2.29 2.4

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 1.70 1.5 1.5 1 0.5 1
GDP Annual Growth Rate (%) 1.90 3.1 2.5 3 2.6 2.5
Unemployment Rate (%) 3.80 3.9 3.9 3.8 3.8 3.8
Inflation Rate (%) 2.60 3 2.4 3.7 3.1 2
Inflation Rate Mom (%) 0.10 0.3 0.2 0.2 0.2 0.2
Interest Rate (%) 0.50 0.5 0.5 0.5 0.5 1.25
Balance of Trade (USD Million) 2930.00 5708 6800 5800 6700 6700
Current Account (USD Million) 1910.00 5500 5500 5000 4500 4500
Current Account to GDP (% of GDP) 3.50 3.5 3.5 3.5 4 4
Government Debt to GDP (% of GDP) 42.60 52 52 52 56 56
Government Budget (% of GDP) -6.10 -2.5 -2.5 -2.5 -2.8 -2.8
Business Confidence (points) 96.00 97 89 87 85 80
Manufacturing PMI (points) 53.70 55 53 51 52 50
Consumer Confidence (points) 105.20 104 105 100 108 110
Retail Sales MoM (%) 2.30 0.5 0.5 0.9 0.5 0.9
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 45.00 40 42 40 40 40

GDP Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 1.70 1.5 1.5 1 0.5 1
GDP Annual Growth Rate (%) 1.90 3.1 2.5 3 2.6 2.5
GDP (USD Billion) 1646.74 1540 1540 1540 1650 1650
GDP Constant Prices (KRW Billion) 472602.20 462104 469228 477297 483089 489229
Gross National Product (KRW Billion) 454947.30 456825 467437 496410 494483 508821
Gross Fixed Capital Formation (KRW Billion) 142219.00 141707 138224 143284 145917 146867
GDP per capita (USD) 28605.70 27490 27490 27490 28075 28075
GDP per capita PPP (USD) 42661.20 41400 41400 41400 42500 42500
GDP From Agriculture (KRW Billion) 8558.30 7857 7955 8290 8258 8497
GDP From Construction (KRW Billion) 22105.30 23419 22001 22754 22665 23323
GDP From Manufacturing (KRW Billion) 129270.30 116703 124796 129369 128867 132603
GDP From Mining (KRW Billion) 469.70 449 402 526 524 539
GDP From Public Administration (KRW Billion) 28517.40 28972 28871 29373 29259 30107
GDP From Services (KRW Billion) 260912.40 262911 263259 265869 264837 272516
GDP From Transport (KRW Billion) 13118.30 13121 13476 13312 13260 13645
GDP From Utilities (KRW Billion) 12661.30 12513 11514 12413 12365 12723

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 3.80 3.9 3.9 3.8 3.8 3.8
Employed Persons (Thousand ) 27313.00 27000 27500 27500 28000 28000
Unemployed Persons (Thousand ) 1073.00 1150 1150 1150 1110 1110
Labor Force Participation Rate (%) 63.70 62 62 63 63 63
Labour Costs (points) 103.80 142 142 142 142 142
Wages (KRW/Month) 4187464.00 3701000 4011000 3962000 4156000 4121000
Wages in Manufacturing (KRW/Month) 4710398.00 4871000 4371000 4307000 4651000 4427000
Minimum Wages (KRW/Hour) 8720.00 8720 8720 8720 8990 8990
Population (Million) 51.78 51.82 51.82 51.82 51.98 51.98
Retirement Age Women 62.00 62 62 60 62 62
Retirement Age Men 62.00 62 62 60 62 62
Youth Unemployment Rate (%) 9.30 9 9 8.5 8.5 8.5
Employment Rate (%) 59.80 58 58 59 61 60

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 2.60 3 2.4 3.7 3.1 2
Inflation Rate Mom (%) 0.10 0.3 0.2 0.2 0.2 0.2
Consumer Price Index CPI (points) 107.46 108 109 110 110 112
Core Consumer Prices (points) 107.42 107 108 111 109 111
Core Inflation Rate (%) 1.40 1.5 2 2.5 2.1 1.6
Producer Prices (points) 107.68 107 108 109 112 112
Producer Prices Change (%) 5.60 4.8 4.9 5.3 4.9 2.5
Food Inflation (%) 7.40 11 5.5 9.5 4.5 2.4
Cpi Housing Utilities (points) 104.71 107 106 107 108 110
CPI Transportation (points) 104.82 100 102 103 107 105

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 0.50 0.5 0.5 0.5 0.5 1.25
Interbank Rate (%) 0.62 0.65 0.65 0.65 0.65 1.4
Money Supply M2 (KRW Billion) 3321850.60 3319014 3391644 3464273 3536902 3779000
Foreign Exchange Reserves (USD Million) 456458.90 466091 478541 490991 503441 540791
Loans to Private Sector (KRW Hundred Million) 10170964.00 9760377 9902024 10056638 10259701 10308054
Deposit Interest Rate (%) 0.94 0.94 0.94 0.94 0.94 1.69
Private Debt To GDP (%) 253.24 265 265 265 263 263
Central Bank Balance Sheet (KRW Billion) 559220.80 549288 558198 567108 576017 602747
Foreign Stock Investment (USD Million) 999689.00 900000 950000 950000 900000 900000

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (USD Million) 2930.00 5708 6800 5800 6700 6700
Current Account (USD Million) 1910.00 5500 5500 5000 4500 4500
Current Account to GDP (% of GDP) 3.50 3.5 3.5 3.5 4 4
Imports (USD Million) 47810.00 42000 43000 43000 44000 45000
Exports (USD Million) 50730.00 48800 49800 49700 50500 51700
External Debt (USD Million) 565896.70 564837 580064 596874 612101 660947
Foreign Direct Investment (USD Thousand ) 4738478.00 9000000 9000000 9000000 9000000 10000000
Tourism Revenues (USD Million) 812500.00 920000 970000 970000 1000000 1420000
Tourist Arrivals 70112.00 300000 700000 900000 1000000 1250000
Weapons Sales (SIPRI TIV Million) 827.00 800 800 800 800 800

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (% of GDP) 42.60 52 52 52 56 56
Government Budget (% of GDP) -6.10 -2.5 -2.5 -2.5 -2.8 -2.8
Government Budget Value (KRW Billion) -16347.00 -25000 9000 -10000 -25000 -23000
Government Spending (KRW Billion) 81349.10 82637 82254 82388 82068 84447
Government Revenues (KRW Billion) 206719.00 399000 399000 399000 399000 399000
Fiscal Expenditure (KRW Billion) 223066.00 415000 415000 415000 415000 415000
Military Expenditure (USD Million) 46056.00 40650 40650 40650 40650 40650
Government Spending To GDP (% of GDP) 31.15 38 38 39 39 39

Taxes Actual Q2 Q3 Q4 Q1 2022
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 45.00 40 42 40 40 40
Sales Tax Rate (%) 10.00 10 10 10 10 10
Social Security Rate (%) 19.24 18.94 18.94 18.94 18.94 18.94
Social Security Rate For Companies (%) 10.11 9.96 9.96 9.96 9.96 9.96
Social Security Rate For Employees (%) 9.13 8.98 8.98 8.98 8.98 8.98

Business Actual Q2 Q3 Q4 Q1 2022
Business Confidence (points) 96.00 97 89 87 85 80
Manufacturing PMI (points) 53.70 55 53 51 52 50
Industrial Production (%) 12.40 5.1 4.6 4 3.2 3.6
Industrial Production Mom (%) -1.60 1 1.5 1.3 1.5 1.5
Manufacturing Production (%) 13.00 6.5 5 3.5 2.5 2.5
Capacity Utilization (points) 105.10 106 106 107 108 109
Bankruptcies (Companies) 12.00 20 20 25 25 25
Car Registrations 125819.00 135500 150000 175000 175000 190500
Leading Economic Index (points) 126.20 125 126 126 126 128
Mining Production (%) 7.50 6.5 5.5 5 2.5 4
Steel Production (Thousand Tonnes) 5900.00 6000 6500 6500 5900 6000
Coincident Index (points) 116.40 114 115 115 117 119
Car Production 3506774.00 4250000 4250000 4250000 44000000 44000000
Electricity Production (Gigawatt-hour) 23374.72 25100 25100 25300 25300 25300

Consumer Actual Q2 Q3 Q4 Q1 2022
Consumer Confidence (points) 105.20 104 105 100 108 110
Retail Sales MoM (%) 2.30 0.5 0.5 0.9 0.5 0.9
Retail Sales YoY (%) 8.60 8 8 5 5 5
Consumer Spending (KRW Billion) 212175.70 219795 218249 215944 217692 221343
Disposable Personal Income (KRW Billion) 1938678.90 1985575 1974020 1996839 1989085 2046760
Personal Savings (%) 37.20 35 35 34 34 33
Consumer Credit (KRW Billion) 1764997.90 1688010 1723888 1777874 1770970 1822321
Bank Lending Rate (%) 2.74 2.77 2.77 2.77 2.77 3.52
Households Debt To GDP (% of GDP) 103.80 94 94 94 93 93
Gasoline Prices (USD/Liter) 1.39 1.25 1.19 1.04 1.07 1.02

Housing Actual Q2 Q3 Q4 Q1 2022
Housing Index (points) 115.10 115 117 119 120 125
Home Ownership Rate (%) 58.00 58 58 58 58.5 58.5
Construction Orders (KRW Million) 7322122.00 9000000 9000000 9000000 9000000 10000000
Construction Output (%) -1.80 3.3 5.5 3.2 2.5 3.2


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