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.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.60 0.9 0.8 0.8 1 1 percent
Unemployment Rate 4.00 3.8 3.9 3.8 4 3.7 percent
Inflation Rate 2.00 1.7 1.8 1.9 2 2.3 percent
Interest Rate 1.50 1.75 1.75 2 2 2.25 percent
Balance of Trade 6552.00 3200 4230 5440 6450 5800 USD Million
Government Debt to GDP 38.00 38.5 39 39 39 40 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 1132.86
 1124 1131 1138 1146 1175
Stock Market 2065.37
points		 2315 2291 2268 2245 2155
Government Bond 10Y 2.22
percent		 2.39 2.41 2.44 2.47 2.59
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.60
percent		 0.9 0.8 0.8 1 1
GDP Annual Growth Rate 2.00
percent		 2.8 2.6 2.7 2.9 2
GDP 1530.75
USD Billion		 1577 1622 1622 1622 1700
GDP Constant Prices 400234.60
KRW Billion		 402648 405892 408704 411841 420148
Gross National Product 406053.70
KRW Billion		 434733 404328 417017 417829 453626
Gross Fixed Capital Formation 117824.70
KRW Billion		 128101 130390 126755 121242 133669
GDP per capita 26152.03
USD		 26500 26800 26800 26800 27200
GDP per capita PPP 35938.37
USD		 36653 37400 37400 37400 38201
GDP From Agriculture 6932.40
KRW Billion		 7271 7692 7484 7133 7587
GDP From Construction 16285.10
KRW Billion		 17876 18209 17664 16757 18653
GDP From Manufacturing 116974.90
KRW Billion		 115005 116608 117442 120367 120003
GDP From Mining 502.00
KRW Billion		 563 571 541 517 587
GDP From Public Administration 24176.90
KRW Billion		 24114 24412 24643 24878 25162
GDP From Services 211761.30
KRW Billion		 213128 215096 216436 217902 222390
GDP From Transport 13200.40
KRW Billion		 13474 13314 13561 13583 14059
GDP From Utilities 7884.20
KRW Billion		 7966 7397 8103 8113 8312
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 4.00
percent		 3.8 3.9 3.8 4 3.7
Employed Persons 26812.00
Thousand 		26810 26830 26850 26880 27500
Unemployed Persons 1122.00
Thousand 		1030 1060 1040 1020 1110
Labor Force Participation Rate 63.50
percent		 63.1 62.9 62.7 62.5 63
Labour Costs 96.50
Index Points		 137 142 138 119 142
Productivity 109.20
Index Points		 108 109 110 109 19.6
Wages 3457189.00
KRW/Month		 3791000 4167000 3832000 4075000 4236000
Wages in Manufacturing 3692181.00
KRW/Month		 4152000 4837000 4059000 4349000 4542000
Minimum Wages 7530.00
KRW/Hour		 7530 8200 8200 8200 8800
Population 51.45
Million		 51.6 51.8 51.8 51.8 52.1
Retirement Age Women 60.00
 60 60 60 60 60
Retirement Age Men 60.00
 60 60 60 60 60
Youth Unemployment Rate 9.00
percent		 8.7 9.1 8.8 8.7 8.4
Employment Rate 61.20
percent		 61.3 58.9 60.2 61.1 61.5
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 2.00
percent		 1.7 1.8 1.9 2 2.3
Inflation Rate Mom -0.20
percent		 0.5 0.6 0.4 0.4 0.2
Consumer Price Index CPI 105.42
Index Points		 105 106 106 108 109
Core Consumer Prices 104.68
Index Points		 105 106 106 106 108
Core Inflation Rate 1.10
percent		 1.1 1.5 1.8 1.7 2.2
GDP Deflator 111.35
Index Points		 114 112 110 113 117
Producer Prices 105.78
Index Points		 106 107 107 108 111
Producer Prices Change 2.70
percent		 3.1 2.8 2.5 2.2 1.9
Export Prices 88.32
Index Points		 87 85.7 86.4 83.8 84
Import Prices 92.06
Index Points		 91 88.5 88.9 91.6 94
Food Inflation 5.60
percent		 2.2 2.5 2.8 2.6 2.9
Cpi Housing Utilities 102.40
Index Points		 103 104 104 104 107
CPI Transportation 106.54
Index Points		 104 105 107 107 109
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 1.50
percent		 1.75 1.75 2 2 2.25
Interbank Rate 1.80
percent		 1.79 1.79 2.04 2.04 2.29
Money Supply M0 99560500.00
KRW Million		 99650000 99870000 99900000 99985000 103000000
Money Supply M1 845314.80
KRW Billion		 863000 881000 888000 910000 950000
Money Supply M2 2642293.00
KRW Billion		 2710000 2750000 2780000 2820000 3130000
Money Supply M3 3725804.50
KRW Billion		 3950000 4055000 4120000 4180000 4350000
Foreign Exchange Reserves 402750.00
USD Million		 401000 401600 402000 402500 402700
Loans to Private Sector 8214650.00
KRW Hundred Million		 8230000 8250000 8270000 8260000 8320000
Deposit Interest Rate 1.67
percent		 1.67 1.67 1.92 1.92 2.17
Private Debt To GDP 253.30
percent		 256 258 258 258 258
Central Bank Balance Sheet 502618.70
KRW Billion		 487000 490000 490150 491000 498600
Foreign Stock Investment 7302.78
USD Hundreds of Millions		 7690 7663 7687 7700 7800
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade 6552.00
USD Million		 3200 4230 5440 6450 5800
Exports 54972.00
USD Million		 48100 49100 50300 51200 50800
Imports 48421.00
USD Million		 44900 44870 44860 44750 45000
Current Account 10831.40
USD Million		 10680 9800 7500 7900 9010
Current Account to GDP 5.60
percent		 6.2 6.1 6.1 6.1 5.8
External Debt 440543.60
USD Million		 450000 436500 427700 421000 431000
Terms of Trade 98.00
Index Points		 95.6 96.84 97.19 91.48 89.36
Foreign Direct Investment 3448981.00
USD Thousand 		8370000 4970000 6830000 4179000 9040000
Capital Flows 9802.30
USD Million		 4900 4500 6300 5200 7500
Tourism Revenues 1356500.00
USD Million		 1350000 1277000 1273000 1375000 1420000
Tourist Arrivals 1278604.00
 1320000 1290100 1195000 1212000 1380000
Gold Reserves 104.40
Tonnes		 104 104 104 104 104
Terrorism Index 0.61
 0.2 0.2 0.2 0.2 0.1
Weapons Sales 587.00
USD Million		 590 550 550 550 560
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 38.00
percent		 38.5 39 39 39 40
Government Budget -2.00
percent of GDP		 -2.3 -2.7 -2.7 -2.7 -3.2
Government Budget Value 15993.00
KRW Billion		 26000 -1800 14000 16000 33000
Government Spending 60585.40
KRW Billion		 59812 60980 61245 62342 62411
Government Revenues 309467.00
KRW Billion		 411000 115200 255000 321000 425000
Fiscal Expenditure 293473.00
KRW Billion		 385000 117000 241000 305000 392000
Military Expenditure 37559.90
USD Million		 38200 39870 39870 39870 40650
Asylum Applications 652.00
Persons		 690 710 730 745 850
Government Spending To GDP 32.26
percent		 33.5 33.4 33.4 33.4 33.7
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence 71.00
Index Points		 75 77 79.2 79.8 83
Manufacturing PMI 51.00
 50.8 51 51.1 51.3 50.9
Industrial Production -8.40
percent		 4.6 0.1 2.1 -1.3 2.5
Industrial Production Mom -2.50
percent		 1.2 1.9 -1.5 2.2 1.7
Manufacturing Production -8.90
percent		 1.8 -1.5 -0.1 0.5 1.1
Capacity Utilization 102.50
Index Points		 103 103 104 104 105
New Orders 9327988.00
KRW Million		 7450000 8210000 7670000 8250000 7860000
Changes in Inventories -1354.20
KRW Billion		 1080 2100 2250 2300 3030
Bankruptcies 41.00
Companies		 41.1 39.9 37.8 31.7 27
Car Registrations 110234.00
 112400 125000 134000 139200 141000
Leading Economic Index 113.40
Index Points		 114 115 115 116 119
Internet Speed 28553.69
KBps		 27600 27200 26900 27300 28000
IP Addresses 25814048.00
IP		 28400000 28900000 29300000 29600000 32800000
Mining Production -13.80
percent		 2.8 -3.1 -5.9 -2.8 4.7
Steel Production 5853.02
Thousand Tonnes		 6220 6030 6090 6130 6410
Coincident Index 109.20
Index Points		 110 110 110 110 111
Competitiveness Index 78.84
Points		 79.34 79.34 79.34 79.34 81.84
Competitiveness Rank 15.00
 15 15 15 15 15
Car Production 4114913.00
 4000000 4150000 4150000 4150000 4250000
Ease of Doing Business 5.00
 5 4 4 4 3
Electricity Production 24472.51
Gigawatt-hour		 23000 23625 23300 23600 24300
Corruption Index 54.00
Points		 54 54 54 54 54
Corruption Rank 51.00
 51 51 51 51 51
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence 99.50
Index Points		 99.3 101 101 102 103
Retail Sales MoM -2.20
percent		 0.5 0.3 -0.7 0.4 0.9
Retail Sales YoY 0.50
percent		 4.5 4.2 3.7 3.9 6
Consumer Spending 191729.70
KRW Billion		 193947 193570 195726 197290 202376
Disposable Personal Income 1722492.80
KRW Billion		 1790000 1870000 1870000 1870000 1950000
Personal Savings 8.80
percent		 9.1 10.3 10.3 10.3 11.4
Consumer Credit 1493155.50
KRW Billion		 1537000 1551000 1583000 1598000 1647000
Bank Lending Rate 3.61
percent		 3.63 3.63 3.88 3.88 4.13
Households Debt To GDP 95.20
percent of GDP		 95.4 95.8 96.1 96.4 96.9
Gasoline Prices 1.48
USD/Liter		 1.31 1.3 1.21 1.12 1.1
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Housing Index 105.60
Index points		 104 105 105 105 104
Home Ownership Rate 56.80
percent		 55 57.1 57.1 57.1 55.8
Construction Orders 4757267.00
KRW Million		 4250000 6770000 7580000 8220000 9890000
Construction Output -16.60
percent		 13.4 -0.1 0.8 0.5 5.9
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 25.00
percent		 25 25 25 25 25
Personal Income Tax Rate 40.00
percent		 40 40 40 40 40
Sales Tax Rate 10.00
percent		 10 10 10 10 10
Social Security Rate 18.81
percent		 18.81 18.81 18.81 18.81 18.81
Social Security Rate For Companies 10.40
percent		 10.4 10.4 10.4 10.4 10.4
Social Security Rate For Employees 8.41
percent		 8.41 8.41 8.41 8.41 8.41
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Precipitation 35.90
mm		 44.24 40.81 116 116 112
Temperature 1.64
celsius		 7.23 1 21.13 16.55 12.13



South Korea - Economic Forecasts - 2018-2020 Outlook