Markets Actual Q1 Q2 Q3 Q4 2022
Currency 1103.18 1109 1114 1120 1126 1137
Stock Market (points) 3128.28 3060 2993 2928 2864 2737
Government Bond 10Y (%) 1.76 1.8 1.85 1.89 1.94 2.04

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 1.10 0.6 1.5 1.5 1 1
GDP Annual Growth Rate (%) -1.40 1.2 1.5 2.5 3 2.5
Unemployment Rate (%) 4.60 4.1 4.1 4.1 3.9 3.8
Inflation Rate (%) 0.50 0.5 0.8 1.2 1.5 1.7
Inflation Rate Mom (%) 0.20 0.2 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) 6944.00 5708 5800 5800 5800 5800
Current Account (USD Million) 8966.90 7500 5500 5500 5000 4500
Current Account to GDP (%) 3.70 3.5 3.5 3.5 3.5 3.5
Government Debt to GDP (%) 37.70 52 52 52 52 55
Government Budget (% of GDP) -2.60 -2.5 -2.5 -2.5 -2.5 -2.8
Business Confidence (points) 82.00 75 85 80 70 70
Manufacturing PMI (points) 52.90 50 55 53 51 50
Consumer Confidence (points) 95.40 90 105 100 100 100
Retail Sales MoM (%) -1.00 0.5 0.5 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 40 40

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 1.10 0.6 1.5 1.5 1 1
GDP Annual Growth Rate (%) -1.40 1.2 1.5 2.5 3 2.5
GDP (USD Billion) 1642.38 1540 1540 1540 1540 1650
GDP Constant Prices (KRW Billion) 456863.50 468359 454932 468285 470569 482334
Gross National Product (KRW Billion) 456035.70 443230 449736 467437 469717 481460
Gross Fixed Capital Formation (KRW Billion) 134853.00 139613 139507 138224 138899 142371
GDP per capita (USD) 28605.70 27490 27490 27490 27490 28075
GDP per capita PPP (USD) 42661.20 41400 41400 41400 41400 42500
GDP From Agriculture (KRW Billion) 7760.50 8524 7735 7955 7993 8193
GDP From Construction (KRW Billion) 21464.20 23052 23056 22001 22108 22661
GDP From Manufacturing (KRW Billion) 121752.60 125750 114892 124796 125405 128540
GDP From Mining (KRW Billion) 392.40 493 442 402 404 414
GDP From Public Administration (KRW Billion) 27855.70 28190 28274 28552 28691 29409
GDP From Services (KRW Billion) 256838.20 260350 258831 263259 264543 271157
GDP From Transport (KRW Billion) 13147.60 14129 12917 13476 13542 13881
GDP From Utilities (KRW Billion) 11232.80 12266 12319 11514 11570 11859

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 4.60 4.1 4.1 4.1 3.9 3.8
Employed Persons (Thousand ) 26759.00 27500 27500 27500 27500 27500
Unemployed Persons (Thousand ) 1284.00 1110 1110 1110 1110 1110
Labor Force Participation Rate (%) 61.60 63 63 63 63 63
Labour Costs (points) 109.30 142 142 142 142 142
Wages (KRW/Month) 3895894.00 4091000 3701000 4011000 3962000 4121000
Wages in Manufacturing (KRW/Month) 4232213.00 4511000 4871000 4371000 4307000 4427000
Minimum Wages (KRW/Hour) 8590.00 8990 8990 8990 8990 9400
Population (Million) 51.71 52.36 52.36 52.36 52.36 52.61
Retirement Age Women 60.00 60 60 60 60 60
Retirement Age Men 60.00 60 60 60 60 60
Youth Unemployment Rate (%) 8.20 8.4 8.4 8.4 8.4 8.4
Employment Rate (%) 60.40 60.9 61 61 61.5 61.5

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) 0.50 0.5 0.8 1.2 1.5 1.7
Inflation Rate Mom (%) 0.20 0.2 0.2 0.2 0.2 0.2
Consumer Price Index CPI (points) 105.67 106 106 107 107 109
Core Consumer Prices (points) 106.31 106 107 107 111 108
Core Inflation Rate (%) 0.90 0.7 0.9 1.1 1.4 1.6
Producer Prices (points) 103.78 103 103 104 106 109
Producer Prices Change (%) 0.10 0.1 0.7 0.7 2.1 2.5
Food Inflation (%) 6.20 2.4 2.4 2.1 2.1 2.4
Cpi Housing Utilities (points) 103.58 105 104 104 105 107
CPI Transportation (points) 99.71 102 98.32 101 101 103

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 0.50 0.5 0.5 0.5 0.5 1.25
Interbank Rate (%) 0.75 0.67 0.67 0.67 2.12 0.67
Money Supply M2 (KRW Billion) 3197997.40 3130000 3130000 3130000 3130000 3130000
Foreign Exchange Reserves (USD Million) 443100.00 471566 498694 525821 552948 661457
Loans to Private Sector (KRW Hundred Million) 9763726.00 9121177 9608907 9902024 10056638 10308054
Deposit Interest Rate (%) 1.00 0.91 0.91 0.91 0.91 0.91
Private Debt To GDP (%) 260.80 261 261 261 259 259
Central Bank Balance Sheet (KRW Billion) 543579.60 506673 506673 506673 514629 525266
Foreign Stock Investment (USD Million) 774919.80 690000 690000 690000 680000 680000

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (USD Million) 6944.00 5708 5800 5800 5800 5800
Current Account (USD Million) 8966.90 7500 5500 5500 5000 4500
Current Account to GDP (%) 3.70 3.5 3.5 3.5 3.5 3.5
Imports (USD Million) 44462.00 42289 45000 45000 45900 45900
Exports (USD Million) 51405.00 47997 50800 50800 51700 51700
External Debt (USD Million) 510961.10 480648 480648 480648 499401 499401
Foreign Direct Investment (USD Thousand ) 7791129.00 9040000 9040000 9040000 9040000 9040000
Tourism Revenues (USD Million) 512900.00 750000 920000 970000 970000 1420000
Tourist Arrivals 61764.00 1000000 1000000 1200000 1450000 1450000
Weapons Sales (USD Million) 688.00 800 800 800 800 800

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 37.70 52 52 52 52 55
Government Budget (% of GDP) -2.60 -2.5 -2.5 -2.5 -2.5 -2.8
Government Budget Value (KRW Billion) -63264.00 18000 18000 18000 23000 23000
Government Spending (KRW Billion) 80247.40 80232 81354 82254 82655 84721
Government Revenues (KRW Billion) 408760.00 425000 425000 425000 425000 425000
Fiscal Expenditure (KRW Billion) 472025.00 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 39 39

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 42.00 40 42 42 40 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 Q1 Q2 Q3 Q4 2022
Business Confidence (points) 82.00 75 85 80 70 70
Manufacturing PMI (points) 52.90 50 55 53 51 50
Industrial Production (%) 0.50 1.8 1.8 1.8 2 2
Industrial Production Mom (%) 0.30 1.7 1.7 1.7 1.7 1.7
Manufacturing Production (%) 0.70 1.1 1.1 1.1 1.5 1.5
Capacity Utilization (points) 104.50 105 106 106 107 109
Bankruptcies (Companies) 27.00 27 27 27 27 27
Car Registrations 138356.00 130000 135500 150000 175000 190500
Leading Economic Index (points) 124.00 118 118 119 119 121
Mining Production (%) -3.00 4.7 4.7 4.7 4.7 4.7
Steel Production (Thousand Tonnes) 5759.90 6410 6410 6410 6410 6410
Coincident Index (points) 113.70 111 111 111 111 111
Car Production 3950617.00 4250000 4250000 4250000 4250000 4250000
Electricity Production (Gigawatt-hour) 22420.50 25100 25100 25100 25300 25300

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) 95.40 90 105 100 100 100
Retail Sales MoM (%) -1.00 0.5 0.5 0.9 0.9 0.9
Retail Sales YoY (%) -1.50 5 5 5 5 5
Consumer Spending (KRW Billion) 212925.80 212600 216384 218249 219314 224796
Disposable Personal Income (KRW Billion) 1925872.90 1948983 1954761 1974020 1983649 2033240
Personal Savings (%) 34.50 33.6 33.6 33.6 32.9 32.9
Consumer Credit (KRW Billion) 1682119.60 1630607 1661836 1724173 1732583 1775898
Bank Lending Rate (%) 2.71 2.66 2.66 2.66 3.95 2.66
Households Debt To GDP (% of GDP) 98.60 93.6 93.6 93.6 94.9 94.9
Gasoline Prices (USD/Liter) 1.32 1.1 1.01 0.96 1.04 1.04

Housing Actual Q1 Q2 Q3 Q4 2022
Housing Index (points) 108.60 102 102 102 102 102
Home Ownership Rate (%) 58.00 58 58 58 58 58.5
Construction Orders (KRW Million) 8420942.00 9890000 9890000 9890000 9000000 9000000
Construction Output (%) -0.80 1.9 1.9 1.9 3.2 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.