Markets Actual Q3 Q4 Q1 Q2 2023
Currency 1384.77 1398 1417 1436 1455 1495
Stock Market (points) 2382.78 2316 2249 2184 2121 2001
Government Bond 10Y (%) 3.77 3.71 3.8 3.89 3.98 4.17

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) 0.70 0 0.8 1.3 1.3 0.6
GDP Annual Growth Rate (%) 2.90 2.8 2.6 2.4 2.6 2.7
Unemployment Rate (%) 2.50 3.7 3.5 3.4 3.4 3.6
Inflation Rate (%) 5.70 5.7 5.2 3.7 3 2.6
Inflation Rate MoM (%) -0.10 0.1 0.1 0.5 0.5 0.2
Interest Rate (%) 2.50 2.5 3 3.25 3.25 3.25
Balance of Trade (USD Million) -9470.00 6500 5100 5500 5500 6700
Current Account (USD Million) 1090.00 5500 8600 8600 8600 7900
Current Account to GDP (% of GDP) 3.50 4 4 4 4 4
Government Debt to GDP (% of GDP) 42.60 50 50 50 50 53
Government Budget (% of GDP) -6.10 -2.8 -2.8 -2.8 -2.8 -2.2
Business Confidence (points) 80.00 87 80 80 80 80
Manufacturing PMI (points) 47.60 51 50 50 50 50
Consumer Confidence (points) 88.80 103 110 110 110 110
Retail Sales MoM (%) -0.30 0.5 0.5 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 2023
GDP Growth Rate (%) 0.70 0 0.8 1.3 1.3 0.6
GDP Annual Growth Rate (%) 2.90 2.8 2.6 2.4 2.6 2.7
GDP (USD Billion) 1798.53 1710 1710 1710 1710 1780
GDP Constant Prices (KRW Billion) 491877.60 491090 495630 498796 504666 509012
Gross National Product (KRW Billion) 465618.60 483278 503690 466480 477725 517290
Gross Fixed Capital Formation (KRW Billion) 139469.90 143702 144993 142135 143096 148907
GDP per Capita (USD) 32644.67 28075 28075 28075 28075 28075
GDP per Capita PPP (USD) 44116.01 42500 42500 42500 42500 42500
Full Year GDP Growth 4.02 2.5 2.5 2 2 2
GDP from Agriculture (KRW Billion) 7908.70 8480 8583 8934 8114 8814
GDP from Construction (KRW Billion) 21312.50 21791 22081 21958 21867 22677
GDP from Manufacturing (KRW Billion) 132389.80 132242 133124 137416 135832 136719
GDP from Mining (KRW Billion) 424.30 540 496 484 435 509
GDP from Public Administration (KRW Billion) 29683.50 30192 30455 30396 30455 31278
GDP from Services (KRW Billion) 279599.10 276505 279848 279343 286869 287404
GDP from Transport (KRW Billion) 15526.20 14689 14885 14438 15930 15286
GDP from Utilities (KRW Billion) 12403.30 12470 12481 13034 12726 12818

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 2.50 3.7 3.5 3.4 3.4 3.6
Employed Persons (Thousand ) 28194.00 28000 28000 28000 28000 28000
Unemployed Persons (Thousand ) 721.00 1110 1110 1110 1110 1110
Labor Force Participation Rate (%) 64.10 63 63 63 63 63
Labour Costs (points) 126.90 142 142 142 142 142
Wages (KRW/Month) 3928819.00 4026000 4121000 4121000 4121000 4211000
Wages in Manufacturing (KRW/Month) 4220311.00 4446000 4427000 4427000 4427000 4547000
Minimum Wages (KRW/Hour) 9160.00 8990 8990 8990 8990 8990
Population (Million) 51.74 51.98 51.98 51.98 51.98 52.1
Retirement Age Women 62.00 60 60 60 62 62
Retirement Age Men 62.00 60 60 60 62 62
Employment Rate (%) 61.40 61 60 60 60 60
Youth Unemployment Rate (%) 5.40 8.5 8.5 8.5 8.5 8.5

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 5.70 5.7 5.2 3.7 3 2.6
Inflation Rate MoM (%) -0.10 0.1 0.1 0.5 0.5 0.2
Consumer Price Index CPI (points) 108.62 109 109 110 111 112
Core Consumer Prices (points) 106.53 104 105 106 108 107
Core Inflation Rate (%) 4.43 2.1 1.6 1.6 1.6 1.6
Producer Prices (points) 120.47 116 116 120 123 119
Producer Prices Change (%) 9.20 4 2.5 2.5 2.5 2.5
Food Inflation (%) 7.99 8.5 7.8 6 4.5 2.4
CPI Housing Utilities (points) 106.99 108 109 109 110 112
CPI Transportation (points) 117.40 118 118 118 119 119

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 2.50 2.5 3 3.25 3.25 3.25
Interbank Rate (%) 2.89 2.89 3.39 3.64 3.64 3.64
Money Supply M2 (KRW Billion) 3720343.60 3536902 3779000 3779000 3779000 4069517
Foreign Exchange Reserves (USD Million) 436430.00 508722 540791 540791 540791 561540
Loans to Private Sector (KRW Hundred Million) 11460966.00 10783766 10933914 11201525 11544510 11229129
Deposit Interest Rate (%) 2.74 2.74 3.24 3.49 3.49 3.49
Foreign Stock Investment (USD Million) 802823.00 900000 900000 900000 900000 850000
Central Bank Balance Sheet (KRW Billion) 592691.60 576017 602747 602747 602747 638386
Private Debt to GDP (%) 272.78 263 263 263 263 263

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (USD Million) -9470.00 6500 5100 5500 5500 6700
Current Account (USD Million) 1090.00 5500 8600 8600 8600 7900
Current Account to GDP (% of GDP) 3.50 4 4 4 4 4
Imports (USD Million) 66146.00 44000 45000 45000 45000 45000
Exports (USD Million) 56670.00 50500 50500 50500 50500 51700
External Debt (USD Million) 662038.10 612101 660947 660947 660947 725021
Foreign Direct Investment (USD Thousand ) 5639508.00 9000000 10000000 10000000 10000000 10000000
Tourism Revenues (USD Million) 785900.00 1000000 1000000 1000000 1000000 1420000
Tourist Arrivals 99999.00 1000000 1250000 1250000 1250000 1250000
Weapons Sales (SIPRI TIV Million) 827.00 800 800 800 800 800

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 42.60 50 50 50 50 53
Government Budget (% of GDP) -6.10 -2.8 -2.8 -2.8 -2.8 -2.2
Government Budget Value (KRW Billion) -56339.00 -26000 -23000 -23000 -23000 -23000
Government Spending (KRW Billion) 87638.00 87644 88512 88487 89917 90902
Government Revenues (KRW Billion) 376392.00 399000 399000 399000 399000 399000
Fiscal Expenditure (KRW Billion) 432731.00 415000 415000 415000 415000 415000
Asylum Applications (Persons) 6684.00 4350 5500 5500 5500 3800
Military Expenditure (USD Million) 46056.00 40650 40650 40650 40650 40650
Government Spending to GDP (% of GDP) 33.87 39 39 39 39 39

Taxes Actual Q3 Q4 Q1 Q2 2023
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 2023
Business Confidence (points) 80.00 87 80 80 80 80
Manufacturing PMI (points) 47.60 51 50 50 50 50
Industrial Production (%) 1.50 3.2 3.6 3.6 3.6 2.5
Industrial Production Mom (%) -1.30 1.5 1.5 1.5 1.5 1.5
Manufacturing Production (%) 1.50 2.5 2.5 2.5 2.5 2.5
Capacity Utilization (points) 105.70 108 109 109 109 109
Bankruptcies (Companies) 8.00 25 25 25 25 25
Car Registrations 112527.00 175000 190500 190500 190500 190500
Leading Economic Index (points) 129.20 126 128 128 128 130
Electricity Production (Gigawatt-hour) 25208.93 25300 25300 25300 25300 25300
Coincident Index (points) 122.20 117 119 119 119 120
Car Production 3506774.00 44000000 44000000 44000000 44000000 44000000
Steel Production (Thousand Tonnes) 6100.00 5900 6000 6000 6000 6000
Mining Production (%) -11.30 2.5 4 4 4 3

Consumer Actual Q3 Q4 Q1 Q2 2023
Consumer Confidence (points) 88.80 103 110 110 110 110
Retail Sales MoM (%) -0.30 0.5 0.5 0.5 0.5 0.9
Retail Sales YoY (%) -1.90 5 5 5 5 5
Consumer Spending (KRW Billion) 230440.20 226700 230227 228566 236432 236443
Disposable Personal Income (KRW Billion) 2078537.30 1992962 2132579 2128422 2132579 2190159
Personal Savings (%) 35.40 34 33 33 33 33
Consumer Credit (KRW Billion) 1869357.30 1896550 1910479 1904050 1917961 1962062
Bank Lending Rate (%) 4.21 4.21 4.71 4.96 4.96 4.96
Gasoline Prices (USD/Liter) 1.29 1.34 1.39 1.44 1.5 1.5
Households Debt to GDP (% of GDP) 106.60 93 93 93 93 93

Housing Actual Q3 Q4 Q1 Q2 2023
Housing Index (points) 100.70 120 125 125 125 130
Construction Orders (KRW Million) 6933888.00 9000000 10000000 10000000 10000000 10000000
Construction Output (%) 2.00 2.5 2.5 2.5 2.5 3.2
Home Ownership Rate (%) 58.00 58.5 58.5 58.5 58.5 58.5


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. South Korea Forecast - was last updated on Saturday, September 17, 2022.