Markets Actual Q3 Q4 Q1 Q2 2022
Currency 1141.75 1158 1168 1178 1188 1208
Stock Market (points) 3281.78 3183 3088 2995 2905 2734
Government Bond 10Y (%) 1.89 1.92 1.96 2 2.03 2.12

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 0.70 1.5 1 0.5 0.5 1
GDP Annual Growth Rate (%) 5.90 2.5 3 2.6 2.1 2.5
Unemployment Rate (%) 3.70 3.9 3.8 3.8 3.8 3.8
Inflation Rate (%) 2.40 2.4 3.7 3.1 3 2
Inflation Rate Mom (%) -0.10 0.2 0.2 0.2 0.3 0.2
Interest Rate (%) 0.50 0.5 0.5 0.5 0.5 1.25
Balance of Trade (USD Million) 4440.00 5708 5800 5800 6700 6700
Current Account (USD Million) 10761.20 5500 5000 4500 4500 4500
Current Account to GDP (% of GDP) 3.50 3.5 3.5 4 4 4
Government Debt to GDP (% of GDP) 42.60 52 52 56 56 56
Government Budget (% of GDP) -6.10 -2.5 -2.5 -2.8 -2.8 -2.8
Business Confidence (points) 98.00 89 87 85 83 80
Manufacturing PMI (points) 53.90 53 51 52 52 50
Consumer Confidence (points) 103.20 105 100 108 110 110
Retail Sales MoM (%) -1.80 0.5 0.9 0.5 0.5 0.9
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 45.00 40 40 40 40 40

GDP Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 0.70 1.5 1 0.5 0.5 1
GDP Annual Growth Rate (%) 5.90 2.5 3 2.6 2.1 2.5
GDP (USD Billion) 1630.53 1540 1540 1650 1650 1650
GDP Constant Prices (KRW Billion) 472602.20 470754 478453 484890 482527 490415
Gross National Product (KRW Billion) 454947.30 467437 496410 466776 464501 508821
Gross Fixed Capital Formation (KRW Billion) 142219.00 138224 143284 145917 145206 146867
GDP per capita (USD) 28361.19 27490 27490 28075 28075 28075
GDP per capita PPP (USD) 42251.50 41400 41400 42500 42500 42500
GDP From Agriculture (KRW Billion) 8558.30 7955 8290 8781 8738 8497
GDP From Construction (KRW Billion) 22105.30 22001 22754 22680 22570 23323
GDP From Manufacturing (KRW Billion) 129270.30 124796 129369 132631 131985 132603
GDP From Mining (KRW Billion) 469.70 402 526 482 480 539
GDP From Public Administration (KRW Billion) 28738.90 28978 29366 29486 29342 30100
GDP From Services (KRW Billion) 260912.40 263259 265869 267696 266392 272516
GDP From Transport (KRW Billion) 13118.30 13476 13312 13459 13394 13645
GDP From Utilities (KRW Billion) 12661.30 11514 12413 12990 12927 12723

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 3.70 3.9 3.8 3.8 3.8 3.8
Employed Persons (Thousand ) 27331.00 27000 27500 28000 28000 28000
Unemployed Persons (Thousand ) 1049.00 1150 1150 1110 1110 1110
Labor Force Participation Rate (%) 63.00 62 62 63 63 63
Labour Costs (points) 103.80 142 142 142 142 142
Wages (KRW/Month) 4187464.00 4011000 3962000 4156000 4156000 4121000
Wages in Manufacturing (KRW/Month) 4710398.00 4371000 4307000 4651000 4651000 4427000
Minimum Wages (KRW/Hour) 8720.00 8720 8720 8990 8990 8990
Population (Million) 51.78 51.82 51.82 51.98 51.98 51.98
Retirement Age Women 62.00 62 60 60 62 62
Retirement Age Men 62.00 62 60 60 62 62
Youth Unemployment Rate (%) 8.80 9 8.5 8.5 8.5 8.5
Employment Rate (%) 61.30 58 59 61 61 60

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 2.40 2.4 3.7 3.1 3 2
Inflation Rate Mom (%) -0.10 0.2 0.2 0.2 0.3 0.2
Consumer Price Index CPI (points) 107.39 108 111 110 110 112
Core Consumer Prices (points) 107.52 107 111 111 109 111
Core Inflation Rate (%) 1.50 2 2.5 2.1 2.1 1.6
Producer Prices (points) 109.06 108 109 112 116 112
Producer Prices Change (%) 6.40 4.9 5.3 4.9 6.7 2.5
Food Inflation (%) 6.50 5.5 9.5 4.5 2.5 2.4
Cpi Housing Utilities (points) 104.88 107 109 107 108 110
CPI Transportation (points) 105.64 102 103 107 109 105

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 0.50 0.5 0.5 0.5 0.5 1.25
Interbank Rate (%) 0.75 0.75 0.75 0.75 0.75 1.25
Money Supply M2 (KRW Billion) 3388328.90 3391644 3464273 3536902 3536902 3779000
Foreign Exchange Reserves (USD Million) 454110.00 478541 490991 503441 503441 540791
Loans to Private Sector (KRW Hundred Million) 10221468.00 9902024 10056638 10259701 10436119 10308054
Deposit Interest Rate (%) 0.93 0.93 0.93 0.93 0.93 1.43
Private Debt To GDP (%) 272.78 265 265 263 263 263
Central Bank Balance Sheet (KRW Billion) 553240.40 558198 567108 576017 576017 602747
Foreign Stock Investment (USD Million) 999689.00 950000 950000 900000 900000 900000

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (USD Million) 4440.00 5708 5800 5800 6700 6700
Current Account (USD Million) 10761.20 5500 5000 4500 4500 4500
Current Account to GDP (% of GDP) 3.50 3.5 3.5 4 4 4
Imports (USD Million) 503600.00 43000 43000 44000 44000 45000
Exports (USD Million) 54800.00 49800 49700 50500 50500 51700
External Debt (USD Million) 565896.70 580064 596874 612101 612101 660947
Foreign Direct Investment (USD Thousand ) 8270824.00 9000000 9000000 9000000 9000000 10000000
Tourism Revenues (USD Million) 845400.00 970000 970000 1000000 1000000 1420000
Tourist Arrivals 74463.00 700000 900000 1000000 1000000 1250000
Weapons Sales (SIPRI TIV Million) 827.00 800 800 800 800 800

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 42.60 52 52 56 56 56
Government Budget (% of GDP) -6.10 -2.5 -2.5 -2.8 -2.8 -2.8
Government Budget Value (KRW Billion) -20477.00 9000 -10000 -25000 -25000 -23000
Government Spending (KRW Billion) 81349.10 82254 82388 83464 83057 84447
Government Revenues (KRW Billion) 247759.00 399000 399000 399000 399000 399000
Fiscal Expenditure (KRW Billion) 268236.00 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 39 39 39 39

Taxes Actual Q3 Q4 Q1 Q2 2022
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 45.00 40 40 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 Q3 Q4 Q1 Q2 2022
Business Confidence (points) 98.00 89 87 85 83 80
Manufacturing PMI (points) 53.90 53 51 52 52 50
Industrial Production (%) 15.60 4.6 4 3.2 3.2 3.6
Industrial Production Mom (%) -0.70 1.5 1.3 1.5 1.5 1.5
Manufacturing Production (%) 16.00 5 3.5 2.5 2.5 2.5
Capacity Utilization (points) 104.80 106 107 108 108 109
Bankruptcies (Companies) 23.00 20 25 25 25 25
Car Registrations 141626.00 150000 175000 175000 175000 190500
Leading Economic Index (points) 127.20 126 126 126 126 128
Mining Production (%) 7.50 5.5 5 2.5 2.5 4
Steel Production (Thousand Tonnes) 6000.00 6500 6500 5900 5900 6000
Coincident Index (points) 116.70 115 115 117 117 119
Car Production 3506774.00 4250000 4250000 44000000 44000000 44000000

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) 103.20 105 100 108 110 110
Retail Sales MoM (%) -1.80 0.5 0.9 0.5 0.5 0.9
Retail Sales YoY (%) 3.10 8 8 5 5 5
Consumer Spending (KRW Billion) 212175.70 218249 215944 217692 216631 221343
Disposable Personal Income (KRW Billion) 1938678.90 1974020 1996839 1989085 1979391 2046760
Personal Savings (%) 37.40 35 34 34 34 33
Consumer Credit (KRW Billion) 1764997.90 1723888 1777874 1810888 1802063 1822321
Bank Lending Rate (%) 2.72 2.72 2.72 2.72 2.72 3.22
Households Debt To GDP (% of GDP) 103.80 94 94 93 93 93
Gasoline Prices (USD/Liter) 1.42 1.35 1.28 1.22 1.16 1.1

Housing Actual Q3 Q4 Q1 Q2 2022
Housing Index (points) 116.60 117 119 120 120 125
Home Ownership Rate (%) 58.00 58 58 58.5 58.5 58.5
Construction Orders (KRW Million) 5010598.00 9000000 9000000 9000000 9000000 10000000
Construction Output (%) -7.60 5.5 3.2 2.5 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.