Markets Actual Q4 Q1 Q2 Q3 2021
Currency 1129.39 1132 1138 1144 1150 1162
Stock Market (points) 2343.91 2292 2242 2193 2146 2050
Government Bond 10Y (%) 1.48 1.52 1.56 1.6 1.64 1.72

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -3.20 1 1 1 1 1
GDP Annual Growth Rate (%) -2.70 0.6 1.2 3.5 3.5 3
Unemployment Rate (%) 3.90 3.7 4.1 4 4 3.8
Inflation Rate (%) 1.00 1.1 0.5 0.8 1.2 1.5
Inflation Rate Mom (%) 0.70 0.2 0.2 0.2 0.2 0.2
Interest Rate (%) 0.50 0.5 0.5 0.5 0.5 0.5
Balance of Trade (USD Million) 8880.00 5800 5800 5800 5800 5800
Current Account (USD Million) 6570.00 4500 4500 4500 4500 4100
Current Account to GDP (%) 3.70 5 4.9 4.9 4.9 4.9
Government Debt to GDP (%) 37.70 44 48 48 48 48
Government Budget (% of GDP) -2.60 -5.7 -6.2 -6.2 -6.2 -6.2
Business Confidence (points) 68.00 65 59 60 60 61
Manufacturing PMI (points) 49.80 48.7 50.2 50.2 50.2 49.7
Consumer Confidence (points) 79.40 70 70 70 70 99
Retail Sales MoM (%) 3.00 0.9 0.9 0.9 0.9 0.9
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 42.00 40 42 42 42 40

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -3.20 1 1 1 1 1
GDP Annual Growth Rate (%) -2.70 0.6 1.2 3.5 3.5 3
GDP (USD Billion) 1642.38 1450 1540 1540 1540 1540
GDP Constant Prices (KRW Billion) 448209.30 471627 468359 463897 463897 485776
Gross National Product (KRW Billion) 443089.50 481566 443230 458598 458598 496013
Gross Fixed Capital Formation (KRW Billion) 137445.70 138138 139613 142256 142256 142282
GDP per capita (USD) 28605.70 26900 27490 27490 27490 27490
GDP per capita PPP (USD) 42661.20 40200 41400 41400 41400 41400
GDP From Agriculture (KRW Billion) 7620.70 8168 8524 7887 7887 8413
GDP From Construction (KRW Billion) 22715.20 22865 23052 23510 23510 23551
GDP From Manufacturing (KRW Billion) 113194.30 126220 125750 117156 117156 130006
GDP From Mining (KRW Billion) 435.80 505 493 451 451 520
GDP From Public Administration (KRW Billion) 27855.70 27628 28190 28831 28831 28457
GDP From Services (KRW Billion) 255006.00 265198 260350 263931 263931 273154
GDP From Transport (KRW Billion) 12726.20 15920 14129 13172 13172 16398
GDP From Utilities (KRW Billion) 12136.70 11098 12266 12561 12561 11431

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 3.90 3.7 4.1 4 4 3.8
Employed Persons (Thousand ) 26787.00 27500 27500 27500 27500 27500
Unemployed Persons (Thousand ) 1088.00 1110 1110 1110 1110 1110
Labor Force Participation Rate (%) 62.50 63 63 63 63 63
Labour Costs (points) 119.30 142 142 142 142 142
Wages (KRW/Month) 3615931.00 3846000 4091000 3701000 4011000 3962000
Wages in Manufacturing (KRW/Month) 3803701.00 4222000 4511000 4871000 4371000 4307000
Minimum Wages (KRW/Hour) 8590.00 8590 8990 8990 8990 8990
Population (Million) 51.71 51.78 52.36 52.36 52.36 52.36
Retirement Age Women 60.00 60 60 60 60 60
Retirement Age Men 60.00 60 60 60 60 60
Youth Unemployment Rate (%) 8.90 8.4 8.4 8.4 8.4 8.4
Employment Rate (%) 60.40 60.5 60.9 61 61 61.5

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) 1.00 1.1 0.5 0.8 1.2 1.5
Inflation Rate Mom (%) 0.70 0.2 0.2 0.2 0.2 0.2
Consumer Price Index CPI (points) 106.20 106 106 106 107 108
Core Consumer Prices (points) 106.18 106 107 107 107 108
Core Inflation Rate (%) 0.90 0.8 0.7 0.9 1.1 1.4
Producer Prices (points) 103.35 107 104 104 105 109
Producer Prices Change (%) -0.40 1.5 1.5 1.9 1.9 1.9
Food Inflation (%) 8.30 2.4 2.4 2.4 2.1 2.4
Cpi Housing Utilities (points) 103.23 105 105 104 104 106
CPI Transportation (points) 99.38 105 102 98.32 101 106

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 0.50 0.5 0.5 0.5 0.5 0.5
Interbank Rate (%) 0.64 1.87 0.66 0.66 0.66 2.12
Money Supply M2 (KRW Billion) 3103778.80 3130000 3130000 3130000 3130000 3130000
Foreign Exchange Reserves (USD Million) 420550.00 421192 423184 425177 427171 429166
Loans to Private Sector (KRW Hundred Million) 9660511.00 8741922 9121177 9798245 9998629 9004179
Deposit Interest Rate (%) 1.02 3.5 1.37 1.37 1.37 1.37
Private Debt To GDP (%) 260.80 261 261 261 261 259
Central Bank Balance Sheet (KRW Billion) 537625.00 504021 506673 506673 506673 514629
Foreign Stock Investment (USD Million) 702507.40 690000 690000 690000 690000 680000

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (USD Million) 8880.00 5800 5800 5800 5800 5800
Current Account (USD Million) 6570.00 4500 4500 4500 4500 4100
Current Account to GDP (%) 3.70 5 4.9 4.9 4.9 4.9
Imports (USD Million) 39170.00 45000 45000 45000 45000 45900
Exports (USD Million) 48050.00 50800 50800 50800 50800 51700
External Debt (USD Million) 503055.00 480648 480648 480648 480648 499401
Foreign Direct Investment (USD Thousand ) 5188027.00 9040000 9040000 9040000 9040000 9040000
Tourism Revenues (USD Million) 505600.00 642000 750000 920000 970000 1420000
Tourist Arrivals 68797.00 95000 1000000 1200000 1200000 1450000
Weapons Sales (USD Million) 688.00 550 800 800 800 800

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 37.70 44 48 48 48 48
Government Budget (% of GDP) -2.60 -5.7 -6.2 -6.2 -6.2 -6.2
Government Budget Value (KRW Billion) -70888.00 18000 18000 18000 18000 23000
Government Spending (KRW Billion) 80151.90 78663 80232 82957 82957 81023
Government Revenues (KRW Billion) 296469.00 425000 425000 425000 425000 425000
Fiscal Expenditure (KRW Billion) 367357.00 399000 399000 399000 399000 399000
Military Expenditure (USD Million) 41157.00 40650 40650 40650 40650 40650
Government Spending To GDP (%) 30.27 38 38 38 38 39

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 42.00 40 42 42 42 40
Sales Tax Rate (%) 10.00 10 10 10 10 10
Social Security Rate (%) 18.94 18.94 18.94 18.94 18.94 18.94
Social Security Rate For Companies (%) 9.96 9.96 9.96 9.96 9.96 9.96
Social Security Rate For Employees (%) 8.98 8.98 8.98 8.98 8.98 8.98

Business Actual Q4 Q1 Q2 Q3 2021
Business Confidence (points) 68.00 65 59 60 60 61
Manufacturing PMI (points) 49.80 48.7 50.2 50.2 50.2 49.7
Industrial Production (%) -3.00 1.8 1.8 1.8 1.8 2
Industrial Production Mom (%) -0.70 1.7 1.7 1.7 1.7 1.7
Manufacturing Production (%) -3.10 1.1 1.1 1.1 1.1 1.5
Capacity Utilization (points) 103.90 105 105 106 106 107
Bankruptcies (Companies) 30.00 27 27 27 27 27
Car Registrations 111629.00 115000 130000 135500 150000 175000
Leading Economic Index (points) 121.20 118 118 118 119 119
Mining Production (%) -3.00 4.7 4.7 4.7 4.7 4.7
Steel Production (Thousand Tonnes) 5830.59 6410 6410 6410 6410 6410
Coincident Index (points) 111.60 111 111 111 111 111
Car Production 3950617.00 4250000 4250000 4250000 4250000 4250000
Electricity Production (Gigawatt-hour) 22533.18 25100 25100 25100 25100 25300

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Confidence (points) 79.40 70 70 70 70 99
Retail Sales MoM (%) 3.00 0.9 0.9 0.9 0.9 0.9
Retail Sales YoY (%) 0.30 5 5 5 5 5
Consumer Spending (KRW Billion) 213186.30 225933 212600 220648 220648 232711
Disposable Personal Income (KRW Billion) 1925872.90 1937428 1948983 1993278 1993278 1995551
Personal Savings (%) 34.50 33.6 33.6 33.6 33.6 32.9
Consumer Credit (KRW Billion) 1637276.40 1609733 1630607 1694581 1694581 1658025
Bank Lending Rate (%) 2.63 3.7 2.82 2.82 2.82 3.95
Households Debt To GDP (% of GDP) 95.90 93.6 93.6 93.6 93.6 94.9
Gasoline Prices (USD/Liter) 1.15 1.1 1.01 0.96 0.91 1.04

Housing Actual Q4 Q1 Q2 Q3 2021
Housing Index (points) 104.90 102 102 102 102 102
Home Ownership Rate (%) 58.00 57.5 58 58 58 58
Construction Orders (KRW Million) 8130912.00 9890000 9890000 9890000 9890000 9000000
Construction Output (%) -9.40 1.9 1.9 1.9 1.9 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.